Karachi: The third Annual Global Shari’ah Majlis, hosted by Standard Chartered Bank on Wednesday, emerged as a seminal event in the Islamic finance industry, discussing transformative strategies under the theme “Islamic Finance: Transforming for a Better Tomorrow.” This hybrid event brought together eminent Shari’ah scholars and industry leaders from around the globe.

According to Standard Chartered Bank, the timing of the Global Shari’ah Majlis is particularly significant following the recent passage of a constitutional amendment by Pakistan’s parliament. This legislation mandates a full transition from conventional banking to an Islamic banking system by January 1, 2028, aimed at bolstering the legal framework for Islamic finance in Pakistan.

Rehan Shaikh, CEO & Head of Coverage at Standard Chartered Pakistan, highlighted the importance of the event, noting its alignment with the State Bank of Pakistan’s vision for a complete transition to Islamic financial practices by 2027. He emphasized that such forums are vital not only for promoting the role of Islamic banking but also for positioning Pakistan as a leader in global financial innovation. Shaikh pointed out that Islamic finance holds the potential to enhance financial inclusion, foster economic resilience, and address social inequalities through sustainable practices.

The 2024 Global Shari’ah Majlis served as a critical platform for discussing the integration of sustainability into Islamic finance, underscoring the industry’s evolving role in global markets.