Page 9 - NIBAF-Training Matters Oct-December 2021

Four (4) iterations of the 5-day Fundamentals of Islamic Banking

Operations (FIBO) were conducted during the quarter

FIBO-61 was arranged in virtual mode during October 25-29, 2021. The trainers included Mufti Syed Sabir Hussain, Mufti

1 Muhammad Muaz Ashraf, Mufti Uzair Ashraf Usmani and Muhammad Islam Ahmad. The program was attended by 32

participants from various banks, SBP BSC Hyderabad and studnets/faculty members from SZABIST Hyderabad and

ISRA University Hyderabad.

FIBO-62 was arranged in F2F mode during November 15-19, 2021 at NIBAF Peshawar. The trainers included Mufti
2 Muhammad Abu Bakar Sirajuddin, Qazi Abdul Samad and Farid Khan. The program was attended by 31 participants

from various banks and students/faculty members of Peshawar University, Jamia Tayeba Nowshera and Jamia Masjid

Mardan.

FIBO-63 was arranged in virtual mode during November 22-26, 2021. The trainers included Mufti Muhammad Abu Bakar

3 Sirajuddin, Muhammad Abubakar, Rafey Ashraf Usmani and Muhammad Arish Usmani. The program was attended by

16 participants from various banks and SBP BSC Bahawalpur, students/faculty members of Islamia University

Bahawalpur, Jamia Masjid Bahawalpur, Jamia Ul Uloom Qudasia, Jamia Ayesha tul Siddiq lil Banat and Madrassa Jamia

Nizam-e-Mustafa.

4 FIBO-64 was arranged in virtual mode during December 6-10, 2021. The trainers included Mufti Muhammad Naveed
Alam, Qazi Abdul Samad and Ghulam Shabbir. The program was attended by 12 participants from various banks, SBP

BSC Sukkur and students/faculty members of IBA Sukkur.

During the 5-day FIBO program, the participants were Shariah governance framework and Sukuk were also
apprised about Sources & Objectives of Shariah, discussed. The participants largely appreciated program
principles of Islamic Economics and Shariah, basic and delivery of the trainers. Further, they put forth valuable
Concepts of Islamic Banking, key prohibition such as suggestions for improvement of the program.
Riba, Gharar and Qimar. The participants were also
apprised about the time value of money vs time value of
assets and comparison of conventional vs Islamic
banking was also made. Moreover, Islamic law of contract
was also discussed at length.
The trainers also discussed and elaborated through
examples various aspects of Islamic banking operations,
Shariah compliant products based on Murabaha, Ijarah,
Musharaka, Mudaraba, Salam and Ististna. Besides, SBP