Page 4 - CMA Journal (Mar-Apr 2025)

President's

Message

Dear Members and Readers,
President's
Message
It is a pleasure to share my thoughts in the current issue of the CMA Journal, which
focuses on the vital and timely theme of ‘Islamization of Pakistan’s Economy’.
Pakistan was envisioned as a state founded on Islamic principles of justice, equity, and
social welfare. In recent years, meaningful efforts have been made to align our economic
system with these values. A major milestone was the historic decision of the Federal
Shariat Court in April 2022, which directed the Government to eliminate interest (riba)
from the economy and fully transition to Islamic banking and finance by the year 2027.
This has set a clear direction for economic reform in line with Shariah principles.
In response, key regulatory bodies such as the State Bank of Pakistan (SBP) and the
Securities and Exchange Commission of Pakistan (SECP) have taken encouraging steps to
support the development of Islamic financial systems. Their role is critical in creating the
enabling environment, regulatory clarity, and institutional support required to achieve
this transformation.
For this shift to be successful, it must extend beyond banking and finance to encompass
public sector governance, taxation, investment strategies, and business ethics. As
professionals trained in management accounting, CMAs are uniquely equipped to
support this transition by promoting transparency, resource efficiency, and
accountability across sectors. Our role in embedding ethical practices and guiding
organizations toward Shariah-compliant systems is more important than ever.
This issue of the CMA Journal presents thoughtful contributions from experts and
scholars on how Pakistan can build a more inclusive, just, and values-based economy. I
commend the Editorial Board for selecting such a significant theme and curating a rich
body of knowledge around it.
I am also pleased to share a major institutional achievement. ICMA Pakistan is all set to
launch the Unique Document Identification Number (UDIN) system for audits conducted
by CMA firms. With formal notification expected soon from SECP, this initiative will
enhance the authenticity, traceability, and professional integrity of audit reports. It
represents a landmark step toward strengthening the role of CMAs in ensuring quality
and transparency in financial reporting.
Let us move forward with unity and purpose to contribute meaningfully to the
Islamization of Pakistan’s economy—upholding the professional values we stand for and
helping shape a future that reflects our nation’s founding vision.

Ghulam Mustafa Qazi, FCMA
President ICMA

2 ICMA’s Chartered Management Accountant, Mar-Apr 2025