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SBP to establish Centre of Excellence in Islamic Finance Education

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KARACHI: State Bank of Pakistan aimed to establish the Centre of Excellence in Islamic Finance Education (CEIFE) after getting proposals from the HEC certified universities having business schools, reported by External Relations Department of State Bank of Pakistan.

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The Finance Minister Ishaq Dar, addressing at the opening ceremony of proposals received to establish a CEIFE expressed his pleasure on the efforts being made to increase the radius of Islamic banking and finance. He said, “I would like to extend my special appreciation to the State Bank of Pakistan for supporting such initiatives. I am optimistic that this Centre will further strengthen the foundations of Islamic finance in the country through rigorous research and by addressing the challenge of the dearth of human resources.”

The Minister said, both SBP and Government are committed for the development of Islamic banking in Pakistan. After coming to power, our Government established a ‘Steering Committee’ to look after the Islamic banking in the country.

The Governor SBP, Ashraf Mahmood Wathra said the size of Islamic finance industry had reached US$ 1.8 trillion in last four decades.

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According to experts, Globally, Shariah compliant assets are expected to grow 15-20% annually and financial assets are likely to hit the milestone of US$5 trillion by 2020. If talk about Pakistan, by the end of 2018, share of Islamic Banking in overall banking industry will be 15$ that is currently 10%.

The opening ceremony of CEIFE  was arranged after getting proposals from the HEC certified universities preferably with business schools by the end of February 20, 2015. The centre would be established after considering the proposals.

The purpose of CEIFE will be to provide:

1. Arranging education system, training, and research programs for various audience groups;

2. A platform for Islamic finance data, information, best practices, etc;

3. Strong quality assurance framework;

4. Collaboration with the industry and key stakeholders;

5. Best faculty regarding governance, management, and technology;

6. International orientation; and

7. An innovative environment.

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