ACCA Pakistan hosts Islamic finance debate
WebEx seminars consider opportunities provided by economic conditions
26 Nov 2009
ACCA Pakistan hosted a series of Islamic finance seminars via WebEx in Lahore, Karachi and Islamabad on 24 November.
The event - another example of ACCA's contemporary and modern thinking - considered how the global economic crisis has presented an unprecedented opportunity for Islamic finance to establish itself as a truly global leader in the financial services industry, thereby realising its full, unique potential.
The seminars featured speeches by Dr Afra Sajjad, ACCA Pakistan head of education and policy development, and Aziz Tayyebi, ACCA financial reporting officer and ACCA representative on the Federation of European Accountants' (FEE) Task Force on XBRL and UKTI Accounting Sub-group on Islamic finance. Both led the discussion on the success of Islamic finance in the current economic conditions and ways to bridge this gap.
'Islamic finance is an increasingly viable route for access to finance. Because of its appeal as a potentially ethical form of finance, it has attracted attention in the current economic climate,' commented Dr Afra Sajjad. 'The impressive growth of 10-15% per annum seen in recent years emphasises the potential market for such products.
'Today we have tried to stimulate a discussion around the future of Islamic finance as a mainstream financial service globally and in Pakistan.'
The seminars were very well received, with 55 ACCA members participating in Lahore, 42 in Karachi and 30 in Islamabad.