August, 8 – 9, 2018 – Karachi, Pakistan – UNDP’s Istanbul International Center for Private Sector in Development (IICPSD) and Islamic Development Bank’s (IsDB) Islamic Research and Training Institute (IRTI) have successfully delivered the first session of the Islamic Finance and Impact Investing Training Program in Pakistan on 8-9 August 2018.
Hosted by the Institute of Business Administration, Center of Excellence in Islamic Finance in Karachi, Pakistan, the training program received high interest from the private sector representatives. Takaful Pakistan Limited, BankIslami and Meezan Bank, the largest Islamic commercial bank in Pakistan provided sponsorship for organization of the training program, which is a unique training for the nascent and promising area of Islamic finance and impact investing.
The program, as one of the main activities of Global Islamic Finance and Impact Investing Platform (GIFIIP)’s work plan, successfully contributed to its purpose of bridging the gap between impact investing and Islamic finance and create an alliance between the two as a potential source of financing for the SDGs. It was well-attended by around 40 participants including representatives of the Central Bank, Islamic banks, Takaful operators and asset management companies of Pakistan as well as Shariah scholars, investment fund managers, regulators, and academics. Positive feedback has been received both from participants and instructors, on how the training program addressed a niche and promising area.
The program will be replicated in other OIC countries such as Dubai, Morocco, Malaysia, and Indonesia. The accreditation process has also been initiated by IRTI and IICPSD, in order to provide the participants with globally-accepted certificates recognized in the finance industry.
For the design of the structure and content of the program, valuable contribution was provided by the Islamic Development Bank, Islamic Research and Training Institute, Institute of Business Administration, Karachi, IBA Center of Excellence for Islamic Finance, Ibn Haldun University, Al Maali Consulting Group, Escarus, Business Call to Action Platform, and IDA Capital.