Shafqaat Ahmed

Al Baraka Bank issues Rs1,500m tier-II #Sukuk

Al Baraka Bank Pakistan Limited (ABPL) has announced the successful issuance of its A rated privately placed tier-II Modaraba Sukuk. The Rs 1,500 million Sukuk issue was subscribed by a diversified investor base, in total, a number of 12 institutional investors participated in the issue. The Sukuk has a 7 years tenor, is redeemable at maturity and has a Call Option which is exercisable after 5 years with SBP’s consent. ABPL’s first tier II Sukuk issue of Rs 2,000 million was launched in 2014, as the first of its kind transaction in Pakistan. Speaking on the occasion, Shafqaat Ahmed, CEO of Al Baraka Bank Pakistan, expressed his thanks to all the investors for showing their continued confidence in the bank. He also appreciated the support and guidance extended by the State Bank of Pakistan.

IBA establishes Centre for Excellence in Islamic Finance

Institute of Business Administration (IBA) announced the establishment of the Centre for Excellence in Islamic Finance at IBA. IBA has launched IBA-CEIF in collaboration with Meezan Bank and Dr Ishrat Hussain will be Chairman CEIF, while Irfan Siddiqui, CEO Meezan Bank Ltd, Hassan Bilgrami CEO BankIslami Ltd, Shafqaat Ahmed CEO Al Barkah Bank Ltd, Junaid Ahmed CEO Dubai Islamic Bank, Dr Imran Usmani, Shari'ah Advsior Meezan Bank Ltd, Samar Hasnain Executive Director, Development Finance Group State Bank of Pakistan (SBP) and Ahmed Ali Siddiqui, Founding Director of CEIF, are founding members of Board of Management (BoM).

Talking to newsmen here on Friday at IBA city campus, Dr Ishrat Hussain, Chairman CEIF, said that the Center had been set-up with the objective to bridge the gap between trained human resource and industry's growing requirement. He hoped that IBA-CEIF will play a vital role for providing skilled and qualified workforce to the Islamic Banking Industry of Pakistan. On the occasion Ahmed Ali Siddiqui, Founding Director of CEIF and Dr Zeeshan was also present.

Al Baraka to enter mutual fund industry in June

Al Baraka Pakistan Limited (ABPL) will enter the mutual fund industry by June this year and funds will be established in collaboration with a well-established fund manager.
ABPL President Shafqaat Ahmed highlighted that the growth of Islamic income funds has outpaced the growth of the overall mutual fund industry in recent months.

Appointment: Al Baraka appoints CEO

Shafqaat Ahmed has been appointed first president and chief executive officer (CEO) of Al Baraka Bank (Pakistan) Limited.
The newly constituted board held its first meeting on Monday.
he new bank is estimated to be worth about $582 million and has about 89 branches across the country.

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