Page 5 - CMA Journal (Mar-Apr 2025)

From the Desk of
Chief Editor

Dear Readers,
It is my pleasure to present the March-April 2025 edition of the Chartered Management
Accountant Journal, focused on the important theme of ‘Islamization of Pakistan’s
Economy.’ This topic is especially critical following the Federal Shariah Court’s landmark
directive for the government to eliminate interest (Riba) from the economy and fully
transition to Islamic banking and finance by 2027.
This issue features exclusive interviews of distinguished leaders and experts who play key
roles in advancing the Islamization of the economy and Islamic banking in Pakistan. I
extend my heartfelt gratitude to Allama Muhammad Raghib Hussain Naeemi, Chairman
of the Council of Islamic Ideology (CII); Dr. Mufti Irshad Ahmad Aijaz, Chairman of the
Shariah Advisory Committee at the State Bank of Pakistan; Mr. Irfan Siddiqui, President &
CEO of Meezan Bank Limited; Mr. Yousaf Hussain, President & CEO of Faysal Bank Limited;
Mr. Omar Mustafa Ansari, Secretary General of Accounting and Auditing Organization for Editor
Islamic Financial Institutions (AAOIFI); Mr. Yousef Hasan Khalawi, Secretary General of the
Islamic Chamber of Commerce & Development (ICCD); and Mr. Tariq Naseem, Head of
Islamic Finance at Securities and Exchange Commission of Pakistan (SECP). I am
confident that our readers will find these interviews highly informative.
The Focus section presents 14 carefully selected articles authored by ICMA members and
leading subject experts. These cover a broad range of critical topics, including Shariah
compliance, reforms in Islamic finance and banking, economic growth through
Islamization, the empowering role of microfinance and poverty alleviation, innovations
in digital Islamic banking and fintech, opportunities in Islamic trade, ethical finance
principles, and the expanding halal industry. Notably, the Research and Publications
Department contributes an article on ‘Shaping Pakistan’s Islamic Economy with Halal
Assets and Digital Innovation.’
In collaboration with Gallup Pakistan, ICMA’s Research and Publications Department
conducted a comprehensive survey on Islamic Banking and the Islamization of
Pakistan’s Economy. The detailed Survey Report is featured in this issue, reflecting
valuable insights from members and stakeholders who participated in the study.
Additionally, the department provides two further analyses—a sector brief and SWOT From the Desk of
analysis of Pakistan’s Islamic banking industry, along with an informative piece on the Chief
recently launched ‘Green Sukuk’ initiative by the government.
I trust this edition will serve as a valuable resource, particularly for professionals in Islamic
banking, Shariah scholars, policymakers, ICMA members and students and all readers
interested in Pakistan’s economic transformation. Thank you for your continued support
and engagement.

Muhammad Yasin, FCMA
Vice President ICMA &
Chairman, Research and Publica ons Commi ee
ICMA’s Chartered Management Accountant, Mar-Apr 2025 3