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1 Role of OIC Trade Organizations, Financial Institutions & other Stakeholders in enhancing Intra-Islamic trade Dr. Imran Ashraf Usmani Shariah Advisor.

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Presentation on theme: "1 Role of OIC Trade Organizations, Financial Institutions & other Stakeholders in enhancing Intra-Islamic trade Dr. Imran Ashraf Usmani Shariah Advisor."— Presentation transcript:

1 1 Role of OIC Trade Organizations, Financial Institutions & other Stakeholders in enhancing Intra-Islamic trade Dr. Imran Ashraf Usmani Shariah Advisor and Member Shariah Supervisory Board, Meezan Bank Limited, Pakistan March 19, 2014

2 2 Significance of OIC Facts and Figures about OIC Islamic Banking Growth Worldwide How to enhance intra-Islamic trade About Meezan Bank Limited (MBL) Advisory services offered by MBL Conclusion Presentation Outline

3 Significance of OIC Organization of Islamic Cooperation (OIC) Second largest inter-governmental organization in the world Has membership of 57 states spread over four continents Works to “safeguard and protect the interests of the Muslim world in the spirit of promoting international peace and harmony” 3

4 Facts and Figures about OIC Trade within the OIC today accounts for 17% of total international trade conducted by member states, up from 13% in year 2000 Intra – OIC trade expected to grow to 20% by 2015 The global population of Muslims is expected to reach 2.2 billion by 2030 Global spending in the food and lifestyle sectors by Muslim consumers is expected to surpass $1.62 trillion in 2014 and reach $2.47 trillion by 2018 (Source: CPI Financial) 4

5 Prohibition of Riba in Quran 5 “O you who believe, Fear Allah and give up what remains of your demand for Interest, if you are indeed a believer. If you do not, then you are warned of the declaration of war from Allah and His Messenger; But if you turn back you shall have your principal: Deal not unjustly and you shall not be dealt with unjustly.” (Quran: Al Baqarah : 278, 279)

6 Islamic Banking Growth Worldwide Global Islamic Banking assets are approximately worth US $1.7 trillion Annual Growth of 17.6% over last 4 years 38 million customers globally with Islamic banks Average ROE of 12.6% for top 20 Islamic banks, compared to comparable conventional average of 15% (Source: Ernst &Young) 6

7 How to enhance intra-Islamic trade Share our expertise and achieve synergies Jointly promote intra-Islamic trade globally Join hands for Islamic Finance Research and Development Facilitate each other in our respective countries and in our respective fields for the enhancement of intra-Islamic trade We welcome you to visit Pakistan and give us a chance to facilitate you 7

8 About Meezan Bank Limited (MBL) Largest Islamic Bank in Pakistan with a growing branch network of over 350 branches in 100+ cities across the country Vision: “Establish Islamic banking as banking of first choice” Won the “Best Research and Development in Islamic Finance 2013” award by Global Islamic Finance Awards (GIFA) Asset base of over USD 3.3 Billion ( ↑ 20% since last year) More than 12 years of practical experience in the industry 8

9 Advisory services offered by MBL Shariah Advisory Services to Start-up Firms / Banks / IFIs. Islamic Financial Product Development and Product Refinement Islamic Capital Market Advisory Services Establishing and Managing Islamic Stock Market Indices Shariah Compliant Corporate Restructuring Internal and External Islamic Banking & Finance Training Sessions Shariah Audit/Compliance & Strengthening Internal Shariah Controls Assistance in developing Shariah Supervisory Framework for institutions 9

10 Conclusion And help each other in righteousness and piety, and help not one another in sin and transgression and remain fearing Allah. Undoubtedly, the torment of Allah is severe. (Quran: Surah Maidah : 2) 10


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