investment entities ’ combined asset pool is around $ 10. 2 trillion. 4 currently this wealth has been deployed across the private banking departments of global financial players such as ubs, citigroup, standard chartered and hsbc etc. if the if industry augments its absorptive capacity to cater to the growing demand for if products, more and more capital being currently directed into conventional finance, will be invested in if. 11. emerging financial joint ventures and alliances between gcc and europe, as well as asia, have already kick - started the process of if globalization. islamic banks are at the centre of developing these financial linkages between the arab world and europe / asia. cross - border alliances among financial players have encouraged global banks to invest in if, both in europe and through their network in gcc and asia. also, the establishment of newer if hubs and centers are likely to help retain the emerging capital flows from gcc within asia. leading islamic finance houses, old and new, are investing in regional financial hubs aggressively to broaden their reach to capture the high net worth investments into if. extending the outreach, interest in if is now emerging in us, japan, china and australia etc. directional change in flows is already emerging, but meeting the demand for if is critical for enhancing the competitiveness and sustainability of the if industry and institutions, while raising their standing in global finance. 12. the large global financial players have been instrumental in fostering linkages and product innovation. this is largely because the investor community worldwide is being attracted by the “ risk - return ” and other innovative features of islamic products, the product range if offers, and the ethical investment philosophy and governance structure it promotes. worldwide demand for islamic financing is also gaining momentum as if conforms itself to conventional finance by adopting proper regulatory and supervisory frameworks. recognizing the implications of financial globalization on if and if ’ s implications for global finance, multilateral development institutions have been supporting the islamic financial services board ( ifsb ) to ensure effective alignment in the regulatory frameworks, while accommodating modifications and refinements of the special features and modalities of if. 13. investments, partnerships and alliances between the public and private sector, and among global and regional financial hubs, have allowed a two - way transfer of capital flow and knowledge - sharing that is steadily promoting the integration of if with global finance, while encouraging the required financial engineering and product innovation which will enhance if standing and legitimacy, while en

pakistan banking awards 2017 launching ceremony ladies and gentlemen a€ “ assalm o alaykum. after the tremendous success of the 1st banking awards in 2016, i am delighted to address this distinguished gathering of executives and academicians from the banking and finance sector at the launching ceremony of the 2nd pakistan banking awards 2017. as you are well aware, the financial sector plays a pivotal role in determining the overall economic growth and development of a country. the contribution and achievements of the institutions contributing to this sector should be recognized and acknowledged. the initiative of launching the first ever banking awards by the institute of bankers pakistan with dawn media group in collaboration with a. f. ferguson & co in 2016, is indeed a landmark in the history of banking in pakistan. i am delighted that these prestigious awards are now an annual affair and encourage new entrants to make their mark while motivating the established institutions to strive for excellence. these awards honor and promote the efforts of banks for developing new and innovative products and services, while giving them the incentive to enhance their performance for the coming year. they encourage the active participation of banks by setting the benchmark and allowing them to gauge their standing within the industry. most importantly, they inculcate a spirit of healthy competition as the awards are a great source of pride for the winning institutions. the distinguished members of the jury selected are indeed institutions in themselves and are worthy to do the needful. i am confident that like in the past, this year again complete transparency and secrecy will be maintained and all nominations would be made exclusively on merit. this is the essence of building credibility of these awards. it is a matter of satisfaction from the view point of regulator as well that the performance and contribution of banks are being recognized by an independent body in a transparent manner. on behalf of the state bank of pakistan and the organizers, i urge you all to participate and make this magnanimous event a success. i wish you all the very best.