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Friday, 2 March 2012

Islamic finance most dynamic area of financial services

Islamic finance is one of the most dynamic areas of financial services today. Financial and economic devastation caused by the recent financial crisis has provided further impetus to this healthy growth momentum as the Islamic financial system is increasingly being looked at as a prudent, stable and viable alternative to the conventional system.

This was stated by State Bank of Pakistan Governor Yaseen Anwar, who was speaking as chief guest at the inaugural session of two-day 2nd International Conference on Islamic Business here on Tuesday at National Institute of Banking and Finance.

The conference titled ‘Management Shariah Conforming Business: Prospects, Practices and personnel’ is being organised by Riphah Center of Islamic Business (RCIB), a constituent institute of Riphah International University (RIU) Islamabad.

Institute of Policy Studies Islamabad Chairman Prof. Khurshid Ahmad were the keynote speakers on the occasion.

A number of Islamic business and finance scholars and economists from all over the world will present papers and presentation on business and management systems and institutions, finance (institutions), banking, ‘Takaful’, HR, marketing , regulatory bodies and associations for Shari’ah conforming business and entrepreneurship during the working sessions.

The SBP governor said despite all these positive developments during the last decades there exist many critical issues to be addressed to sustain the growth momentum on a long-term basis.

He said it is very encouraging to see that Riphah International University has arranged the second International Conference to discuss the critically important issues pertaining to Islamic finance product, monitory policy in an Islamic economic system and liquidity management.

Prof. Khurshid Ahmad, in his keynote address, threw light on global economic problems and the role of Islamic Ummah. He said the present day economic problems and difficulties can be resolved adopting Islamic finance and banking. Dr. Abdelkader Chachi, Economist, IRTI-IDB, Kingdom of Saudi Arabia, in his address, appreciated the holding of International Conference on Islamic Business and extended full support of his organisation to achieve the targets of the conference.

Pro-Chancellor of Riphah International University Hassan M Khan, in his speech, said RCIB is holding the second conference ICIB-2012 for promoting and developing research culture and capacity building of different cadres in Islamic business and finance. Vice Chancellor of Riphah International University Prof. Dr. Anis Ahmad, in his welcome address, explained the aims and objects of the conference.

(InternationalTheNews, 01 March2012)

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