What does US$ 62 billion of Chinese investment in China Pakistan Economic Corridor (CPEC) mean for Islamic Financial Institutions (IIFIs)? Are there business opportunities beyond COEC in Pakistan? To shed light on these questions, IBA Centre for Excellence in Islamic Finance, Karachi, Pakistan conducted an International Forum on Unlocking Islamic Finance Potential in CPEC and beyond on the 17th of January 2017, to critically analyse and discuss the possibilities of Islamic Financing opportunities present in the current economic landscape of the project between China and Pakistan.
In his opening statement, Mr. Ahmed Ali Siddiqui, Director IBA CEIF, highlighted the need to act fast and capture these opportunities presented by CPEC, given that it is only a part of the One Belt One Road project. CPEC passes through 27 Muslim countries, including Pakistan. Hence, the significance of Islamic Finance cannot be ignored. Dr. Farrukh Iqbal, Dean and Director IBA, said that Islamic Finance is a vehicle for long term development with enormous potential that has not yet been fully explored in Pakistan.