The 6th AlBaraka Forum Regional Conference recently convened in Karachi, Pakistan, under the timely theme “Islamic Economy in the Digital Age: Innovation within the Framework of Compliance.” This pivotal event united leading policymakers, financial experts, scholars, and regulators to explore the rapid evolution of the Islamic Digital Economy. Specifically, discussions centered on aligning digital transformation with Islamic finance principles. Organized by the AlBaraka Forum for Islamic Economy, in collaboration with the Islamic Chamber of Commerce and Development, the conference facilitated crucial strategic dialogue.
Insights from the State Bank of Pakistan Governor
H.E. Mr. Jameel Ahmad, Governor of the State Bank of Pakistan, addressed the conference, underscoring the profound changes sweeping through global finance. He emphasized that instant payment platforms, innovative distribution models, and artificial intelligence are now integral operational realities, not mere concepts. Consequently, over 70% of people globally now utilize some form of digital financial system, with more than 80% expressing a willingness to transition. This data clearly indicates a fundamental shift in consumer behavior and expectations regarding financial services.
Key Themes and Discussions
The conference encompassed a series of comprehensive panel discussions. These sessions delved into vital topics such as Digital Islamic Banking, the future of Islamic investment, and robust Shari’ah compliance and governance frameworks. Furthermore, experts discussed Waqf and Zakah, the broader impacts of digital disruption, and Pakistan’s crucial role as a burgeoning Islamic Digital Economy leader in Asia.
Aligning Innovation with Islamic Finance Principles
Mr. Yousef Hassan Khalawi, Secretary General of the AlBaraka Forum for Islamic Economy, delivered opening remarks, stressing the strategic imperative of integrating digital innovation with core Islamic finance principles. He asserted that if Islamic finance successfully embraces the digital economy within banking, it will advance concurrently with conventional banking systems. The true differentiator, he noted, lies in how innovation is governed and meticulously aligned with values, compliance, and institutional integrity.
Reflecting on the Forum’s research and conference themes, Mr. Khalawi further elaborated on the evolving landscape. He stated, “The challenge today is no longer whether the Islamic economy can be digitalized, but rather how this transformation is effectively managed.” Consequently, achieving sustainable digital Islamic finance necessitates robust institutional frameworks and proactive engagement from scholars, regulators, and industry leaders. This collaboration ensures that innovation remains consistent with Shari’ah objectives and fosters long-term economic stability.
Recognizing Leadership in Islamic Finance
A significant highlight of the conference involved the presentation of an honorary trophy to H.E. Mr. Jameel Ahmad. The Secretary General of the AlBaraka Forum presented this award, acknowledging Governor Ahmad’s outstanding leadership and invaluable contributions to advancing Pakistan’s financial and regulatory landscape. In addition, AlBaraka Bank Pakistan received a commemorative trophy. This recognition honored their role as the Platinum Sponsor of the conference.
Mr. Muhammad Atif Hanif, CEO of AlBaraka Bank Pakistan, accepted the award. He commented, “Pakistan’s banking sector demonstrates continuous progress. By seamlessly integrating digital solutions with the principles of the Islamic Digital Economy and Shari’ah compliance, we empower broader societal engagement through a more inclusive, accessible, and trusted financial system.”
Charting the Future of the Islamic Digital Economy
A key highlight was the premiere of a documentary titled “Islamic Economy and the Advancement of Digitalization Across Asia – The Pakistan Experience.” Produced by the AlBaraka Forum, this film offered an in-depth look at Pakistan’s pivotal role in shaping the regional Islamic Digital Economy. It specifically highlighted themes of financial inclusion, digital innovation, and robust institutional frameworks.
The conference concluded with concrete, forward-looking outcomes. These included a strong call for establishing a transparent and integrated framework for digital Islamic banking. Furthermore, participants emphasized strengthening coordination among banks, Shari’ah boards, and financial regulators. Ultimately, these efforts aim to reinforce Pakistan’s standing as a regional benchmark for a stable, inclusive, and institutionally governed Islamic Digital Economy.
This landmark event benefited from the participation of a distinguished array of senior leaders, regulators, and scholars. Noteworthy attendees included H.E. Mr. Zafar Masud, Chairman of the Pakistan Banks’ Association; H.E. Mr. Muhammad Nassir Salim, President & CEO of HBL; Mr. Mohammad Shoaib, CEO of Lucky Investments Limited; H.E. Mufti Dr. Irshad Ahmad Aijaz, Chairman of the SBP Shari’ah Advisory Committee; and H.E. Dr. Umar A. Oseni, Secretary General of the OIC Arbitration Centre. Their presence collectively underscored the conference’s profound institutional, regulatory, and scholarly significance.
