The Southern Regional Committee of the Institute of Chartered Accountants of Pakistan (ICAP) held a seminar on 'Islamic Financial Instruments' here on Thursday at the ICAP auditorium.
The aim of the seminar was to impart basic understanding about Islamic modes of financing being most commonly used by Islamic Banks in Pakistan, which allows participants for having introduction to Islamic Banking, practical know-how of Islamic banking products such as Murabaha, Ijarah and Diminishing Musharaka which covers almost 90 percent of Islamic banking business in Pakistan.
Najmul Hassan, General Manager, Corporate and Business Development, Meezan Bank Limited was the speaker and Syed Tariq Husain, Chief Executive Officer, Emirates Global Islamic Bank Limited was the session chairman on the occasion.
Najmul Hassan in his speech highlighted the features of Murabaha mode of financing, Sharia basis of Murabaha, Murabaha Documentation, Issues in Murabaha, Murabaha as mode of finance in modern day banking and Application of Murabaha to facilitate Working Capital and Trade Finance.
He also described another very important mode of Islamic financing ie 'Ijarah'. He highlighted features of Ijarah, Sharia basis of Ijarah, difference between conventional lease and Ijarah, process and documentation of Ijarah, application in long term financing and consumer financing, etc. He also described the features of diminishing Musharaka, its Sharia basis and application in long term financing and consumer financing.-PR
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