Saleem Ullah, Deputy Governor of the State Bank of Pakistan (SBP), has underscored the importance of fully embracing the true value of the Islamic financial system being advanced by the Government of Pakistan.
“While the emphasis has primarily been on offering Shariah-compliant alternatives to conventional banking products, it is crucial that we go beyond this,” he stated. “We must provide a genuine Shariah-based alternative that aligns with Islamic principles in both structure and spirit.”
Addressing at the 8th International Conference on Islamic Banking and Finance (ICIBF 2024) hosted by the Institute of Business Management  , he further emphasized that transforming the entire banking ecosystem is essential to achieving the collective goal of realizing a true Islamic economic system. “We must move beyond this mindset and embrace the Islamic economic system for the greater good”, he added. He called for the creation of a fair, just, and equitable system, one that requires a collaborative approach from all stakeholders.
The 8th ICIBF was attended by Presidents, CEOs, financial experts, and policymakers from Pakistan’s banking and finance sectors to discuss the future of banking and finance industry in lieu of Islamic banking. This was the first major international conference to examine the constitutional amendment mandating the elimination of all forms of Riba from banks by 2028.