With new Government having Assad Umar as Finance Minister with Economic Advisor and member of Economic Advisory Committee based on the same persons (like Dr Ishrat, Syed Saleem Raza etc. etc.) that served Musharraf government causing economic crisis in 2005 and 2008 with flow of capital outside Pakistan are...
Pakistan is still under rhetoric’swith lot of expectations and speculations. Ruling PTI and establishment are looking to be on one page, whereas PML N and PPP are striving to create some space in the politics of Pakistan. Some recent developments are release of Nawaz Sharif with his daughter and son...
It was March 2001. I telephoned to Research Centre of JS Bank from State Bank but it wrongly met with Mr. Sohail of that Centre. When he knew my name, he requested for a meeting. We met next day and there he proposed introduction of Karachi interbank Offered rate...
Muhammad Arif (Chairman CAIF) UAE Islamic banking assets have risen to $141.5bn. UAE Central Bank official says UAE now holds about 7% of global Islamic banking assets. UAE Islamic Banking and Finance is distinct from other countries due to its tilt, towards new innovations, new ideas based on Islamic principles Saif Hadef...
Muhammad Arif Today we are living in a confused environment. Everything is looking moving towards segmentation. Government is claiming revival of economy with 5.3% GDP growth. This is the same trend where US and other countries are claiming to have moved towards somewhat growth. But on social side this means...
The Islamic financial law has long history but Islamicbanking and finance industry came into existence with profit and loss sharing investment byEgypt’s Mit Ghamr Saving Banks in 1963. After official existence Islamic banking hasgrown in the area of finance, banking, insurance, mortgage, and assets management businesswith annual growth rate...
n finance whether it is conventional or Islamic reward and risk go together, but unfortunately very little is being done specifically in Pakistan to avoid financial risks. In Pakistan Islamic financial institutions whether they are banks or funds or Takkaful (insurance) are new hardly with a life of 8 to...
By launching media campaign on Islamic Banking, State Bank has deviated from its two prime responsibilities. i.e. to Regulate Banking Sector without taking any body’s side and secondly to align whole Banking Sector as part of its Monetary Policy. Islamic Banking now with more than 1300 branches is holding deposits...
Former Member of IFSB on Islamic Money Market, Former Head of FSCD SBP, Former Head of Research Arif Habib Investments, Member visiting Faculty/ KASBIT/BIZTEK/Sheikh Zayed Institute University of Karachi/PAF KIET/MAJU There is a popular belief that Islamic finance or banking is for Muslims for their personal satisfaction and for getting...
Under red hot sun in the month of June, a 7-year old child was sitting outside my house playing with something. He was looking unaware of the intensity of the heat. On asking, what he was doing, the child replied that her mother is working in the next door...
Former Member of IFSB on Islamic Money Market, Former Head of FSCD SBP, Former Head of Research ArifHabib Investments, Member visiting Faculty/ KASBIT/BIZTEK/Sheikh Zayed Institute University of Karachi/PAF KIET/MAJU Like other persons I entered in to Saudi Arabia on April 20 and left on May 17. Within stay I performed...
Muhammad Arif Takaful Industry is growing rapidly around the world with 230 Takaful Companies, 13 Re-Takaful companies with the total volume of $11 Billion. Takaful was started in 2005 in Pakistan when Securities and Exchange Commission of Pakistan (SECP) introduced Takaful Rules 2005 according to which only full fledge takaful...
Former Member of Task Force on Islamic Money Market IFSB, Former Head of FSCD SBP, Former Head of Research ArifHabib Investments, Member visiting Faculty KASBIT/BIZTEK/Sheikh Zayed Institute University of Karachi/PAF KIET/MAJU Islamic banking has emerged as a market phenomenon in 70’s era and then started spreading. It got pace in...
At times we forget the consequences of events once we move away from them. Today, our Financial markets are on recovery and the wounds of the 2008 global financial crisis have healed for active market participants but overall economic scenario is confused. If the governments and each of the regulators...
By Muhammad Arif The very first thing you will see if you take a look at Muslim countries is that; “Muslim countries are poor.” But, it is growing. GDP of OIC (Organization of Islamic Conference) is growing at the rate of 5 percent a year. For example, total GDP of Muslim...
Islamic Banking-lot Needs to be Done Islamic banking has now become a reality but still it needs to be developed a lot. Islamic Banking and Finance based on Islamic economics comes from the trading activities of any society with the objective to achieveits welfare goals. As provided in advertisements of Islamic Banks...