Minister of Higher Education Punjab Raja Yasir Humayon called for strengthening Islamic banking and finance system in the country. He was addressing the 2nd World Islamic Economic and Finance Conference (WIEFC) held under the aegis of Minhaj University Lahore (MUL). The theme of this conference was titled as "Adaptability and Dependability: Oriental and Empirical Innovations in Islamic Finance".
The conference was well-attended by national as well as foreign experts of economy, high ups of business and banking circles, investors, traders and students and research fellows of various academic and financial institutions. He said that establishment of Islamic banks is the dire need of the time.
The first session presided by the Deputy Chairman, Board of Governors, MUL was included a book launching ceremony of the book authored by him, "Islami Ikhlaqiat-e-Tijart (Urdu version of "Business Ethics in Islam", life time awards giving to the eminent personality for their services in the field of Islamic Banking, Finance and Economy; and a presentation on fine tech solutions for "A Halal (Tayyab)/Human and Value based Economic Behaviour" by Fingel Global Canada.
Former finance minister Dr Salman Shah while appreciating the gesture of Minhaj University Lahore to arrange a mega conference, "it is my deep contemplation and suggestion that there should be more and more work done in this respect. There is no doubt that Islamic banking system is matchless; but, due to the fast urbanization the Islamic Banking System is not achieving its desired goal. The Islamic Finance System is asset based. Without creating asset based system, the foundation of Islamic Finance Banking cannot reap the fruit. Innovation is the need of Islamic Banking System. On these vary basis, the concrete infrastructure of Islamic banking system can be built up.
Dr Toseef Azid, Professor of Economics at Qassim University Saudi Arabia, while addressing the conference said that the Islamic economic system is based on justice, Ihsn, Sila -i-Raham, love and it creates the environment where everyone looks after each other.
He elaborated the different cases where debt and its instruments are harmful for the society and where these will work for the protection and construction of Islamic community.
The conference included speeches, paper presentations and penal discussions by eminent local and foreign experts including, Prof Dr Rodney Wilson, Prof Emeritus at Durham University and INCEIF, Pro Dr M Ishaque Bhatti, Director Islamic Banking and Finance Programme, La Trobe University, Australia, Dr Mughees Shaukat, Head of Islamic Finance, College of Banking and Financial Studies, Central Bank of Oman, Dr Waqar Masood, former federal secretary finance, Govt. of Pakistan, Dr Nadeem ul Haque, Dr Amjad Saqib, former VC PIDE Quaid-e-Azam University, Islamabad, Dr Humayun Dar, DG Cambridge Institute of Islamic Finance, UK among many other scholars of international repute.
The topics discussed during the first day of conference include, Lessons from Global Experiences, Inclusive Financial Development, Economic analysis of Islamic Banking and Finance, and Regulation and Stability of Islamic Banking and Finance.
The conference was attended by scholars from United States, United Kingdom, Australia, Malaysia, Netherlands, Uzbekistan and Saudi Arabia also. Their presence is quite honourable for us and shows their confidence in Pakistan as well.
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