LAHORE: Bank Alfalah Islamic Banking has recently signed MoU for Strategic Partnership with Centre for Islamic Finance (CIF) at Lahore University of Management Sciences (LUMS) to jointly setup a research initiative to promote Pakistan’s first ever asset side Musharakah based financing product. The understanding between one of the leading Islamic Banking Institution and Pakistan’s top business school will encourage innovation through developing new products and would help the industry to align itself with the regulator’s preference towards participatory modes of Islamic financing. Dr. Muhammad Imran, Group Head Bank Alfalah Islamic, at the occasion of the signing ceremony said that this partnership will go a long way in realizing the Bank’s vision to launch products and initiatives based on the Islamic principles of Musharakah and Mudarabah. He said, “Innovation is the cornerstone of banking at Bank Alfalah Islamic and this initiative with LUMS would further strengthen Bank Alfalah Islamic’s position as a leader in innovative Islamic banking”.INP
