Page 51 - CMA Journal (Mar-Apr 2025)

Focus Section

7) Environmental Sustainability.

Sharia-compliant finance increasingly
incorporates green initiatives.
Pakistan’s Green Sukuk, launched in
2023, funds renewable energy
projects, aligning economic growth
with climate goals (Ministry of Finance,
2023).
8) Resilience During Global Crises
Islamic banks, with their profit-and
-loss-sharing model, demonstrated
greater resilience during the 2008
financial crisis and the 2020 pandemic
compared to conventional banks. Their asset-backed
financing minimized exposure to speculative bubbles References
(World Bank, 2021).
Chawla, M. I., & Riaz-ul-Huda, A. (2015). Islamization in Pakistan: An
9) Decline in Informal Lending overview. Journal of the Research Society of Pakistan, 52(1).
Zulfiqar, F. (2024). Exploring Trust in Pakistan’s Financial Institutions.
The prohibition of riba reduced predatory lending
practices, particularly in rural areas where informal Tanveer, K., & Tanveer, I. (2023). Islamization in Pakistan & Bangladesh: A
moneylenders (sahukars) previously exploited Comparative Study of Zia ul Haq and Ziaur Rehman. SADIQ Journal of
Pakistan Studies, 3(1), 24-30.
farmers.
State Bank of Pakistan. (2023). Islamic banking industry report. State Bank
10) Positioning in the Islamic World of Pakistan. Retrieved from https://www.sbp.org.pk
Pakistan’s Islamic economic policies strengthened https://tribune.com.pk/story/2537257/heres-how-much-pakistanis-pay-in
ties with Gulf nations and the Organization of Islamic -zakat-each-year.
Cooperation (OIC), boosting trade and diplomatic https://www.middleeastbriefing.com/news/multilateral-trade-between-th
relations. The country’s leadership in the Islamic e-uae-and-pakistan-2023-24-status-and-prospects.
Chamber of Commerce, Industry, and Agriculture State Bank of Pakistan. (2023). Islamic Banking Bulletin: Sukuk market
(ICCIA) enhanced its global economic influence. trends in South Asia (December 2023). https://www.sbp.org.pk/ibd/
bulletin/2023/Islamic%20Banking%20Bulletin-Dec%202023.pdf.
11) Tourism and Halal Industry Growth
Shahariman, A. A. B., Asari, N. A. M. B., Sulaiman, N. A. A. B., & Marzuki, N. A.
Islamization indirectly promoted halal tourism and A. B. (2024). Islamic Principles And Their Application In Personal Financial
the halal food industry, with Pakistan exporting Rs. Decision Making. Accessed: Dec, 15.
40 billion worth of halal meat products to the UAE Ministry of Religious Affairs, Pakistan. (2023). Zakat Fund Annual Report.
(The Middle East Briefing). Available at:
https://issra.pk/pub/insight/2024/Zakat-Collection-and-Distribution-Syste
12) Future Prospects m-in-Pakistan/Zakat-Collection-and-Distribution-System-in Pakistan.

The government’s Pakistan Vision 2047 includes Akhuwat Foundation. (2022). Microfinance Impact Assessment. Available
plans to expand Sharia-compliant fintech and green at: https://akhuwat.org.pk/impact-and-assessment-reports/?utm_ source
=chatgpt.com
sukuk (Islamic bonds), signaling renewed
commitment to Islamic economic principles. Akkas, E., & Al Samman, H. (2022). Are Islamic financial institutions more
resilient against the COVID-19 pandemic in the GCC countries?
Conclusion International Journal of Islamic and Middle Eastern Finance and
Management, 15(2), 331-358.
While the Islamization of Pakistan's economy faced
implementation challenges, its positive impacts — About the Author: The author is an Associate Member of ICMA and
especially in ethical finance, social welfare, and global currently serves as a Senior Executive at Attock Petroleum Ltd. He is an
economic integration — are undeniable. By promoting active member of the ICMA Research and Publication (R&P) Committee
and the Technical Evaluation Committee for the Best Corporate &
financial inclusion, reducing inequality, and aligning with
Sustainability Report Awards of ICMA and ICAP. Additionally, he serves
global Islamic economic trends, Pakistan has laid a strong as the Vice Chairman of ICMA’s Faisalabad Branch Council (FBC). Mr.
foundation for sustainable, values-driven growth. Future Ahmed holds degrees in LLB, M. Com, ACMA, and M.Phil., and is
reforms, particularly those focused on transparency and currently pursuing a PhD in Banking and Finance.
innovation, could further amplify these benefits.

ICMA’s Chartered Management Accountant, Mar-Apr 2025 49