Centre for excellence in Islamic Finance to be set up: Dr Bodia
Professor Dr Mahmood Ahmed Bodla, Director, COMSATS Institute of Information Technology, Lahore Campus said that COMSATS is planning to establish Center for excellence in Islamic Finance. The purpose behind the establishment of this Center is to train skilled manpower for Islamic banking industry.
Copyright Business Recorder, 2013
Bodla was talking to media on the second day of the "global forum on Islamic Finance: new realities and new challenges" organised by COMSATS Institute of Information Technology (CIIT) in collaboration with First Global Forum on Islamic Finance (GFIF) and Lancaster University UK. Former Governor State Bank of Pakistan Dr Ishrat Hussain chaired the session on Islamic finance and socio-economic development.
Bodla said that Center will be a hub for research on the emerging issues of Islamic finance. It will also be a hub for sharing new research, fresh ideas and innovation for management researchers, academicians and researchers. Samir Alamad from Islamic Bank of Britain delivered his keynote address on implementation of Sharia governance in Islamic Banking: the role of Sharia supervisory committee. He said that although Islamic banking is considered new to UK yet the UK financial regulators apply equal legal treatment for conventional and Islamic finance.
CEO Akhuwat Foundation Pakistan Dr Amjad Saqib explained the Akuwat model of micro finance. He said that in micro finance banking biggest issue is high interest loans. He also said that they introduced interest-free model of micro finance and up till now they had disbursed interest-free loans of Rs 385 billion to the poorest of the poor and there return rate is 99.9 percent. Amjad said that they work on the philosophy of borrowers become lenders adding that they did not take money on high interest rates and instead of that philanthropists used to give them money without interest and that money is distributed among the needy.
Dr Zamir Iqbal from World Bank discussed the relevance of Islamic finance in post-financial crisis environment. Earlier on Monday Deputy Governor, State Bank of Pakistan, Kazi Abdul Muktadir was the chief guest of the inaugural session. In his opening address Kazi Abdul Muktadir said it is really encouraging that the participants and delegates from across the globe are here along with national representatives of various sectors.
The Secretary, Ministry of Science and Technology, in his inaugural address said that he is glad to see that CIIT has successfully gathered so many distinguished academics, researchers and leaders of the Islamic banking and financial services industry and related institutions not only from within Pakistan but also from around the world. He said that he is confident that this forum will help gaining knowledge and wisdom to develop and promote the Islamic financial system to promote economic growth and development. He congratulated COMSATS Lahore Campus team for organising such an international event in Pakistan despite security reasons.