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Trade cannot flourish without finance. Letters of credit, trade financing instruments, correspondent banking relationships, and cross-border payment systems are the invisible architecture that makes international commerce possible. For Pakistan and Africa to realise the full potential of their bilateral trade relationship — a relationship currently far below its natural potential — the financial sector must lead the way in building bridges, reducing friction, and creating the instruments that allow businesses on both sides to trade with confidence.
This session, featuring the Deputy Governor of the State Bank of Pakistan and leading commercial banking executives, will confront this challenge directly: what financial infrastructure needs to be built, what regulatory reforms are required, and what Islamic finance instruments are available to fund the Pakistan-Africa trade and investment agenda?
"The single greatest bottleneck to Pakistan-Africa trade is not tariffs, not logistics, not even awareness — it is the absence of reliable, affordable financial channels. Fix the financial plumbing and the trade will flow naturally."
The Deputy Governor of the State Bank of Pakistan's participation in this session underlines the central bank's commitment to facilitating international trade diversification. The State Bank has been actively working to expand Pakistan's correspondent banking network, streamline foreign exchange regulations for trade transactions, and promote the internationalisation of Pakistani financial services. Africa represents a specific priority within this broader agenda.
Key policy areas the State Bank is exploring for Pakistan-Africa financial connectivity include: establishing bilateral currency swap arrangements with selected African central banks, streamlining documentary credit procedures for Africa-Pakistan trade lanes, and creating a dedicated Pakistan-Africa trade finance window through the State Bank's Export Refinance Facility.
Atif Hanif brings the commercial banking perspective — the operational realities, the risk assessment frameworks, and the product development challenges that determine whether a bank can profitably and compliantly serve the Pakistan-Africa trade corridor. His insights will ground the policy discussion in the practical realities of banking operations across emerging markets.
Commercial banks are the frontline of trade finance — they issue letters of credit, provide pre-shipment financing, manage foreign exchange hedging, and maintain the correspondent relationships that allow payments to cross borders. Building a robust Pakistan-Africa trade finance market requires multiple Pakistani commercial banks to develop dedicated Africa desks, train relationship managers with regional expertise, and establish partnerships with African correspondent banks.
One of the most compelling and underexplored dimensions of Pakistan-Africa financial sector cooperation is Islamic finance. Pakistan is one of the world's leading Islamic finance markets, with fully Shariah-compliant banking accounting for over 20% of the domestic banking sector. Across Africa, Muslim-majority populations in North Africa, East Africa, and West Africa represent hundreds of millions of potential users of Islamic financial products.
Both Pakistan and many African nations have demonstrated an extraordinary capacity for fintech-driven financial inclusion. Pakistan's Raast instant payment system and Africa's M-Pesa mobile money ecosystem represent different but complementary innovations. Integrating these digital payment ecosystems — creating direct mobile payment channels between Pakistani exporters and African buyers — could dramatically reduce the cost and friction of cross-border trade settlement for small and medium enterprises on both sides.
The session aims to produce concrete recommendations for the Pakistan-Africa Financial Cooperation Framework, including: establishment of a Pakistan-Africa Banking Association, pilot programmes for bilateral LC (Letter of Credit) issuance, a roadmap for State Bank-to-African central bank MOU signings, and the launch of a dedicated Pakistan-Africa Islamic Trade Finance Facility through the Islamic Development Bank's trade finance arm.
Central banking authorities and commercial finance leaders
Deputy Governor State Bank of Pakistan
President & CEO, Al Baraka Bank Pakistan
Member, Sindh Public Service Commission
CEO and President of JS Bank
Director, Centre for Excellence in Islamic Finance at IBA
Mediator