Codebase Technologies wins best Islamic Finance solutions provider at GIFA 2025
Codebase Technologies, a global leader in digital banking and fintech innovation, has been awarded Best Islamic Finance Solutions Provider 2025 at the 15th Global Islamic Finance Awards (GIFA). The recognition marks another major milestone in Codebase Technologies’ journey of exponential growth, underscoring its role as one of the fastest-rising fintech enablers in Islamic finance and digital banking.
Earlier this year, Codebase Technologies achieved a landmark milestone by launching one of the APAC’s first Islamic SaaS lending propositions. Delivered for a leading Malaysian financial institution, the project reflects the company’s ability to combine Shariah-compliant innovation with cloud-native technology, further establishing its leadership in Southeast Asia’s fast-growing fintech and digital banking ecosystem. The company has delivered multiple first-of-its-kind projects across multiple geographies, ranging from pioneering digital Islamic banks to cutting-edge Shariah-compliant super apps.
“This award is a testament to our relentless pursuit of innovation and excellence in Islamic finance,” said Omar Mansur, Managing Director – APAC, Codebase Technologies. “Our journey has been defined by groundbreaking projects, strong partnerships, and a commitment to shaping the future of inclusive and ethical finance. To be recognised by GIFA on such a global stage reinforces our belief that the best is yet to come.”
Codebase Technologies’ flagship Digibanc™ platform has been at the core of this success, enabling banks, fintechs, and financial institutions to launch Shariah-compliant products and services at unprecedented speed. With a rapidly growing footprint across multiple markets, the company has become a catalyst for digital transformation in Islamic finance, bridging technology and ethics to create accessible, sustainable financial ecosystems.
The Global Islamic Finance Awards, now in their 15th year, are among the industry’s most prestigious recognitions, celebrating innovation, resilience, and leadership in Islamic finance worldwide. The ceremony, held in Kuala Lumpur, was attended by The Honourable Dato’ Seri Anwar bin Ibrahim, Prime Minister of Malaysia, His Excellency Dato’ Seri Dr Ahmad Zahid Hamidi, Deputy Prime Minister of Malaysia, senior ministers, central bank governors, industry leaders, and distinguished guests from around the world.
As Codebase Technologies looks ahead, the company remains focused on scaling its global presence, pioneering new Shariah-compliant digital solutions, and empowering financial institutions to meet the evolving needs of their customers.
Alhuda Cibe facilitates landmark CRDB-Albarakah Sukuk to boost Islamic Finance in Tanzania
AlHuda Centre of Islamic Banking and Economics (CIBE) served as a Shariah Advisor for the successful issuance of the CRDB–Albarakah Multicurrency Sukuk, structured on the basis of Ijarah. This landmark issuance, approved by Capital Markets and Security Authority (CMSA) and Dar Es Salaam Stock Exchange (DSE) for respective listing, marks a significant milestone in the development of Islamic capital markets in East Africa.
The CRDB–Albarakah Sukuk was launched with a multicurrency structure, offering subscription options in Tanzanian Shillings (TZS) and US Dollars (USD). With a tenor of 5 years and a return of up to 12% per annum (TZS) and 6% per annum (USD), paid quarterly. The Sukuk provides an attractive Shariah-compliant investment opportunity for both local and international investors. The minimum subscription amount was set at TZS 500,000 and USD 1000, making it accessible to a wide range of investors.
As a Shariah-compliant financial instrument, the Sukuk is backed by tangible leased assets under the Ijarah structure, ensuring that all returns are derived from asset-based transactions rather than interest. This aligns with the highest standards of Islamic finance as defined by Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
Mr. Muhammad Zubair, CEO of AlHuda CIBE, commented on the significance of the issuance: “We are honored to serve as the Shariah Advisor for the CRDB–Albarakah Sukuk. This issuance is a pioneering initiative that demonstrates the growing role of Islamic finance in Tanzania and the wider East African region. By structuring this Sukuk on the basis of Ijarah, CRDB has ensured that investors gain access to a secure, transparent, and ethical investment avenue. Importantly, the multicurrency structure widens participation, attracting both domestic and international investors. CRDB stands to benefit from this issuance by mobilizing stable, long-term Shariah-compliant funding that will support its financing activities and strengthen its leadership in the Islamic finance industry via CRDB Al Barakah Banking, i.e CRDBs Islamic Banking window operations.”
Considering the current market dynamics, he further highlighted that the global Sukuk market grew from $904.5 billion in 2023 and is projected to reach $2,160.55 billion by 2028. Annual issuance stood at $197.8 billion in 2023 and $193.4 billion in 2024, with expectations of $190–200 billion in 2025. Foreign currency-denominated Sukuk surged by 29% to $72.7 billion in 2024, largely driven by Saudi Arabia, Malaysia, and Indonesia. Meanwhile, sustainable Sukuk issuance increased to $11.9 billion in 2024 (up from $11.4 billion in 2023), with Saudi Arabia accounting for 38% of total issuance.
The Sukuk was structured and arranged in close collaboration with CRDB Albarakah Banking team and CRDB’s Shariah Advisory Board who respectively approved the final structure, ensuring full compliance with Islamic principles.
This issuance marks an important step in broadening the Islamic finance landscape in Africa, paving the way for further innovations in Sukuk structures and cross-border investment opportunities.
Multicurrency Sukuk issuance carries significant benefits for the wider economy, investors, the bank, and other stakeholders, including the Government of Tanzania. By mobilizing Shariah-compliant long-term funding, the Sukuk supports CRDB Bank in expanding its Shariah Compliant financing capacity, thereby channeling capital into productive sectors of the economy. Investors gain access to a secure, ethical, and asset-backed investment option that provides stable returns while adhering to Islamic principles. For the Government of Tanzania, this initiative deepens the domestic capital market, attracts foreign investment through the multicurrency feature, and diversifies funding sources beyond conventional instruments. At a macro level, it strengthens financial inclusion by offering faith-based investment opportunities and positions Tanzania as a regional hub for Islamic finance, benefitting the financial sector and broader economic development.
Dubai Islamic Bank wins Shaukat Khanum Social Responsibility Award 2024
Dubai Islamic Bank Pakistan (DIB), one of the leading Islamic banks in the country, has been honored with the Shaukat Khanum Social Responsibility Award 2024 by Shaukat Khanum Memorial Trust (SKMT) at a ceremony held in Karachi.
The award recognizes DIB’s continued commitment to social responsibility and its dedicated support towards Shaukat Khanum Memorial Cancer Hospital and Research Centre (SKMCH&RC). Dubai Islamic Bank has played a pivotal role in supporting SKMT’s initiatives, particularly its third and largest hospital in Karachi, which is set to open in 2026.
The Shaukat Khanum Social Responsibility Awards 2024 acknowledged the contributions of 49 esteemed organizations from diverse industries, highlighting their collective efforts towards creating a meaningful impact in society.
Speaking on the occasion, Ms. Fariya Zaeem, Head of Marketing, Dubai Islamic Bank Pakistan, said: “At Dubai Islamic Bank, we believe that true progress is defined not only by financial success but by the positive difference we create in society. Supporting Shaukat Khanum Memorial Trust’s mission to deliver world-class cancer treatment to underprivileged patients is both an honor and a responsibility. This recognition inspires us to further strengthen our commitment to community welfare and sustainable development in Pakistan.”
Dr. Faisal Sultan, CEO of SKMT, expressed gratitude for the unwavering commitment of donors, stating, “Helping the underprivileged, especially those you may never meet, reflects a beautiful, compassionate aspect of our society.” He praised the strong representation of women in leadership roles among the honored organizations and thanked all representatives on behalf of the patients whose lives have been touched by their support.
Dubai Islamic Bank continues to champion initiatives that promote community welfare, healthcare, and sustainable development, staying true to its vision of responsible banking and service to society.
Pakistan’s Economy at a Crossroads:
A Call for Coordinated Action Amidst Flood Crisis and Capital Outflow.
Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman National Business Group Pakistan, Chairman Policy Advisory Board FPCCI, and Former Provincial Minister Information Technology, has stated that in a period of profound challenge and contradiction, Pakistan’s economy is navigating a precarious equilibrium between financial market optimism and the severe realities of an ongoing flood crisis.
“Our nation faces a dual challenge: the devastating aftermath of the 2025 floods and a troubling reversal in foreign capital flows,” said Mian Zahid Hussain. “While the KSE100 index has soared to an all-time high—a vote of confidence in our government’s policy stability under the IMF program—this financial optimism masks a fragile reality on the ground.
A critical point of concern, highlighted by Mr. Hussain, is the significant net capital outflow observed in the first two months of the current fiscal year. New Foreign Direct Investment (FDI) inflows of $364 million were significantly outpaced by the profit repatriation of foreign investors, which more than doubled year-on-year to $593 million.
“This net outflow of $229 million in July and August is a clear signal that existing foreign investors are generating high, quick returns but are not reinvesting them into Pakistan’s long-term productive capacity,” he stated. “This poses a major challenge to our balance of payments and our ability to attract sustainable foreign capital.” This trend, led by China, the UK, and the Netherlands, suggests a diminished long-term confidence from some of the nation’s key investors.
The ongoing floods have delivered a catastrophic blow to both the agricultural and industrial sectors. Reports indicate that up to 60% of the rice crop and 35% of the cotton crop have been destroyed in Punjab alone. This devastation not only threatens food security but also creates a significant supply-side shock, which is expected to cause a spike in domestic food prices and reignite inflation.
Mr. Hussain also noted the cascading impact on the industrial sector. “The destruction of our cotton crop will create a ripple effect throughout the textile industry, our top foreign exchange earner. Meanwhile, for the first time in decades, industrial hubs like Sialkot have also been impacted, with several workshops ‘marooned’,” he said.
We must implement a comprehensive policy to incentivize the reinvestment of repatriated profits within Pakistan. Targeted tax breaks and streamlined regulations could encourage foreign companies to reinvest their earnings back into our productive capacity,” he urged.
He emphasized the need to aggressively pursue diplomatic initiatives to diversify trade partners, referencing recent outreach to ASEAN member states and efforts to strengthen commerce links with Bangladesh.
The recurring nature of natural disasters requires a long-term strategy for climate resilience. Mr. Hussain stressed the need to prioritize investment in climate-resilient infrastructure and diversified agricultural practices to break the cycle of economic stagnation caused by extreme weather events.
“Our economic future hinges on our ability to translate short-term financial optimism into long-term, sustainable growth. This requires a coordinated effort from the government, the business community, and international partners to address these fundamental challenges head-on,” concluded Mian Zahid Hussain.
Thar Foundation expands education, skill development programmes for youth
Thar Foundation has signed new agreements with leading institutions to broaden access to education and skill development for the youth in Thar.
To strengthen technical training and provide international exposure, Thar Foundation has entered into an agreement with TANG Chinese Education & Technology Ltd. The partnership will introduce advanced training modules, a dual diploma program and Chinese language courses to prepare local youth for industrial careers and cross-cultural opportunities. Thar Foundation has previously facilitated training of 74 Thar engineers in China and sponsored six students for post-graduate studies.
In collaboration with ZABTech, Sindh’s largest private provider of technical and vocational training, Thar Foundation recently marked the graduation of 40 students from an IT program in New Sehnri Dars village. The graduates received professional certifications in web development and graphic design, which will enable them to pursue employment in both local and global markets as freelancers.
Thar Foundation has also launched a merit-based scholarship at Mehran University of Engineering & Technology (MUET), Jamshoro. The scholarship will cover tuition, admission and examination fees for high-performing students. Previously, support from Thar Foundation helped 11 MUET students complete their undergraduate degrees.
Mian Zahid Hussain Highlights Strategic Opportunities to Strengthen Pakistan-China Partnership and Address Trade Imbalance.
Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman National Business Group Pakistan, Chairman Policy Advisory Board of FPCCI, and Former Provincial Minister Information Technology, has said that Pakistan-China an “All-Weather Strategic Cooperative Partnership,” identifies critical opportunities for Pakistan to address its persistent trade deficit with China and move towards a more balanced, mutually beneficial relationship.
According to Mian Zahid Hussain a structural trade imbalance has persisted and widened despite the China-Pakistan Free Trade Agreement (CPFTA), as Pakistan primarily exports low-value raw materials while importing high-value machinery and consumer goods. Mr. Hussain emphasized that this issue requires a fundamental strategic shift. “Our reliance on low-value exports is a key weakness,” he stated. “The second phase of the China-Pakistan Economic Corridor (CPEC), which focuses on industrial and technological cooperation, is the perfect vehicle to modernize our industrial base and diversify our export portfolio.”
Mian Zahid Hussain also highlighted a unique and time-sensitive opportunity presented by the ongoing US-China trade conflict. He indicated that this conflict has disrupted global supply chains, creating a “rare and valuable opening” for Pakistan to attract Chinese investment and gain market share, particularly in the textile and apparel sectors, due to its favorable tariff position in the US market.
“This is our moment to act decisively,” Mr. Hussain noted. “We must seize this opportunity to attract foreign investment, move up the value chain, and transition from being a passive recipient of investment to an active and equal partner with our ‘Iron Brother’ China”. He underscored that while the security of Chinese personnel remains paramount, addressing the trade imbalance through strategic economic planning is essential for ensuring the long-term prosperity of the partnership.
Pakistan’s mining sector can grow from $2bn to $8bn by 2030: Shamsuddin Shaikh
Pakistan’s mining sector is on the cusp of transformation, with annual revenues projected to grow from the current $2 billion to $6–8 billion by 2030, if the country seizes the opportunity to tap its vast reserves. This was the central message delivered by Shamsuddin A. Shaikh, CEO of National Resources Limited (NRL), in his keynote address at the Natural Resources & Energy Summit 2025, held at the Pearl Continental Hotel, Karachi.
“Pakistan’s mining sector contributes barely 0.15 percent of global mineral output and just 2–3 percent of national GDP, yet we sit on one of the world’s richest mineral belts. Out of 92 known minerals, nearly 90 percent remain unexplored,” said Shaikh. “If we fail to move quickly, others will step in. This is the time for Pakistani companies and investors to lead through joint ventures and partnerships, creating wealth and jobs at home.”
He highlighted the major projects already in motion, including Reko Diq, which alone could generate $4–5 billion annually, Siah Diq ($1–2 billion), Thar coal expansion ($200 million), and barite, lead and zinc projects ($100 million). Together, these developments are expected to add billions of dollars in annual revenue within the next five years. Beyond 2030, further copper and gold exploration in the Chagai region could generate another $5–10 billion annually.
Shaikh stressed that responsible mining can deliver not just economic gains but also social uplift, bringing jobs, housing, health, and education to impoverished regions. “Mining is not just about extracting minerals — it is about building communities, eradicating poverty, and transforming neglected areas into growth engines for Pakistan,” he said.
Other speakers at the summit echoed this vision. Hassan R. Muhammadi, Founder & Director of Fidelity Insurance Brokers Pvt. Ltd., described the mining and energy sectors as “engines of growth that can create jobs, enhance energy security, and earn foreign exchange.” He emphasized that the insurance sector is ready to support investors with risk solutions that encourage both foreign and local participation.
Khurram Ali Khan, CEO of Fidelity Insurance Brokers Pvt. Ltd., underscored the critical role of insurance in sustaining billion-dollar projects. “In volatile environments, insurance provides the safety net that keeps projects moving and investors confident,” he said.
Muhammad Sohail Tabba, Chairman of Lucky Cement and Lucky Core Industries, pointed to the broader socio-economic benefits of mining. “Pakistan’s rural provinces hold immense untapped potential. Developing these resources, while simultaneously investing in education and capacity-building, can bring prosperity, stability, and peace to entire regions,” he noted.
Speakers also cautioned that without parallel investment in governance, regulation, and human resource development, the sector’s potential could be undermined. Challenges ranging from inconsistent policies to climate-related risks require careful management, with technology and innovation playing an increasingly central role.
The Natural Resources & Energy Summit 2025, themed “Powering Progress: Risk, Resilience, and Innovation in Energy and Emerging Resource Sectors,” brought together policymakers, investors, CEOs, insurers, and international experts. Discussions focused on how mining and energy could become central pillars of Pakistan’s economic future, supported by specialized insurance mechanisms and the adoption of cutting-edge technologies such as artificial intelligence.
With Pakistan at the start of what experts described as a “minerals rush,” Shaikh urged both government and industry to act decisively. “This is Pakistan’s moment,” he concluded. “If we align policies, mobilize local investors, and responsibly unlock our mineral wealth, mining can become a $10 billion-plus industry that powers growth, stability, and pride for the nation.”
ABPL in collaboration with ICCD hosted Halal Reception under the theme “Scaling up Pakistan’s Economy through Halal.”
After successfully hosting Halal Reception under the theme “Scaling up Pakistan’s Economy through Halal” in Lahore in June 2025, Al Baraka Bank (Pakistan) Limited, in collaboration with the Islamic Chamber of Commerce and Development (ICCD), successfully hosted the event in Karachi on 24th September 2025 at Marriott Hotel, Karachi”
The Event in Karachi was designed to further engage local businesses, government entities, and international stakeholders in discussions focused on the Halal economy. The collaboration with ICCD underscores the commitment to creating a robust framework for Halal sector growth.
Al Baraka Bank (Pakistan) Limited is actively contributing to the growth and development of the Halal sector in Pakistan through a series of strategic initiatives and events.
The Bank announced plans to establish a dedicated pavilion at the Makkah Halal Forum 2026. This initiative aims to highlight and promote Pakistani Halal products on an international stage, thereby enhancing the visibility and competitiveness of the country’s Halal exports. The pavilion will serve as a hub for networking among industry players, creating opportunities for partnerships, and exploring new markets for Pakistani Halal products.
Series of workshops in collaboration with ICCD across various Chambers of Commerce throughout the country are planned. These workshops will aim to educate local businesses about the importance of the Halal sector, market trends, and best practices in Halal production and marketing. By equipping businesses with knowledge and resources, these workshops will facilitate entry into the Halal market, enabling companies to meet international standards.
Al Baraka Bank (Pakistan) Limited, in collaboration with the ICCD, is undertaking significant efforts to promote and develop the Halal sector across Pakistan. Through strategic receptions, workshops, and international participation, the Bank is facilitating the growth of this vital industry, which has the potential to uplift the economy and enhance Pakistan’s reputation on the global stage. The ongoing initiatives not only aim to boost economic activity but also to foster a culture of awareness and belief in the value of Halal products among all stakeholders in Pakistan.
High rates fuel ‘investment famine’ in Pakistan: Zahid Hussain
Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman National Business Group Pakistan, Chairman Policy Advisory Board FPCCI, and Former Provincial Minister Information Technology, on September 15 stated his dismay on the State Bank of Pakistan (SBP) to not announcing a substantial cut in its key policy rate and maintaining the rate at 11%. He emphasized that the current restrictive monetary policy is stifling economic growth and investment, creating an “investment famine” across the nation.
Hussain, stated, “While we appreciate the SBP’s commitment to price stability, its current policy rate of 11.00% is an unjustifiable burden on businesses and a significant obstacle to national progress”. He noted that with inflation now in single digits, the interest rate was justified to reduce to nearly 6%, a figure that is reasonable to compete with Pakistan’s regional competitors.
“High borrowing costs are disproportionately impacting our small and medium-sized enterprises and making it impossible for them to expand, innovate, and create jobs,” Hussain said. He reiterated the FPCCI’s demand for an immediate, single-stroke cut of up to 500 basis points, arguing that such a move was essential to rationalize monetary policy and align it with the national imperative for economic and export growth.
Hussain urged the central bank to consider the urgent needs of the private sector and to move beyond a singular focus on price stability to one that also supports economic dynamism, competitiveness, reducing cost of production and boosting of exports which is necessary for filling up trade deficit and controlling dollar shortage. “The time for a bold decision was now. A substantial rate cut was not a risk; but necessary step to unlock our economy’s full potential,” he concluded.
Philip Morris International ranks fourth on Forbes 2025 Net Zero Leaders List
“Our sustainability strategy remains deeply integrated with our business transformation,” explained Jennifer Motles, Chief Sustainability Officer at PMI. “It is a catalyst for building operational resilience, driving innovation, and creating long-term value. Initiatives such as our investment in renewable energy and supply chain optimization are grounded in data, transparency, and an ambition to strengthen both our environmental performance and our competitive position.”
In line with PMI’s strategy, Philip Morris (Pakistan) Limited (PMPKL), an affiliate of PMI, prioritizes sustainability in its operations. Ali Takesh, Chief Executive Officer of PMPKL, in his remarks, stated, “Our climate strategy aims to address pertinent climate change-related risks and build resilience while seizing opportunities presented by a low-carbon future. At PMPKL, we are committed to minimizing our environmental impact, reducing our carbon footprint, and advancing sustainability efforts across Pakistan.”
In 2024, PMPKL’s Sahiwal factory generated 15% of its yearly demand from renewable energy. To conserve the environment, PMPKL’s Green Leaf Threshing Plant (GLT) successfully converted the boiler fuel operation from furnace oil to Liquefied Petroleum Gas (LPG). Due to this conversion, during 2024, a total of 824,200 kg of CO2 emissions is reduced, which corresponds to a 58% CO2 footprint reduction v/s the 2019 baseline. PMPKL ensures that thse fuelwood used by contracted farmers for tobacco curing comes from 100% sustainable sources. This 100% Fuelwood sustainability target has been achieved for every crop year since 2020. Through a diverse range of initiatives, PMPKL is committed to minimizing its environmental impact, reducing its carbon footprint, and advancing sustainability efforts across Pakistan.
Saudi-Pak Defence Pact boosts security and economy: Zahid Hussain
“This landmark agreement, endorsed by Prime Minister Muhammad Shehbaz Sharif and Crown Prince Mohammed bin Salman, not only solidifies our long-standing partnership but also marks the dawn of a new era for our shared future,” said Mr. Hussain. He highlighted the agreement’s core provision that “any aggression against one country shall be considered an aggression against both” as a powerful deterrent. He also noted that this move has strategic implications for Pakistan’s security and influence on the international stage, particularly in light of recent geopolitical shifts in the Middle East.
Mr. Hussain emphasized the economic benefits of the pact, calling it a “security-for-economic stability model” that will ensure continued financial support for Pakistan. He pointed out that Saudi Arabia is Pakistan’s largest source of remittances, with the Pakistani expatriate community of 2.5 million playing a vital role in both economies. The agreement will likely pave the way for increased military modernization, technology transfer, and deeper trade ties, offering Pakistan new opportunities to diversify its exports and achieve a trade surplus.
“The business community is ready to leverage this historic alliance to drive economic growth and stability,” he concluded. “This pact is a testament to our enduring relationship, founded on shared values and mutual respect.” The FPCCI is committed to working with the government to ensure this strategic partnership translates into tangible economic prosperity for the people of Pakistan.
Hussain warns fiscal gains fragile amid floods, inflation, and security threats
Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman National Business Group Pakistan, Chairman Policy Advisory Board FPCCI, and Former Provincial Minister Information Technology, has urged the policymakers to address the profound vulnerabilities that threaten to undermine recent fiscal progress.
Hussain highlighted a sharp dichotomy in Pakistan’s current economic landscape. On one hand, the government has made commendable strides in fiscal management, including a record early debt repayment and a narrowing fiscal deficit. This strategic, top-down approach has strengthened the nation’s standing with international partners, particularly the IMF.
However, this progress is now gravely overshadowed by the catastrophic impact of the 2025 monsoon floods. The climate shock has crippled the agricultural sector, leading to crop destruction, a surge in food prices, and a dramatic drop in consumer confidence. “While the government has impressed international creditors, the reality on the ground is that millions of people are facing economic hardship,” Hussain stated.
He stressed that the stability that has been gained is fragile and susceptible to large-scale, bottom-up shocks. Furthermore, Hussain noted that geopolitical tensions and Indian sponsored serious terrorist attacks on security forces cast a long shadow over the nation’s investment climate.
He called on the government to act decisively by accelerating investments in climate-resilient infrastructure and launching a transparent audit of flood relief funds to rebuild international trust. “The path forward requires not just fiscal discipline but a fundamental commitment to addressing the structural risks that threaten our long-term stability and social well-being,” Hussain concluded.