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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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The dynamism of Islamic banking

THE process of Islamisation of economic system appears to be gaining momentum over time as many international conventional banks have started to open branches, which operate in accordance with the Islamic Shariah principles not only in some Islamic countries but other countries as well. It has generated wide spread interest not only on the part of economists in the Islamic countries but also in economic profession at large.

Keeping in view the emerging trends, Riphah Centre of Islamic Business, a constituent of Riphah International University organised an International Conference on “Management Shariah Conforming Business” at which State Bank Governor Yaseen Anwar stated that IslamicFinance is one of the most dynamic areas of financial services today. In fact financial and economic devastation caused by the recent financial crisis in the West has provided further impetus to the healthy growth of Islamic financial system, which is increasingly being looked as a prudent, stable and viable alternative to the conventional system. 

The present day economic problems and difficulties can be resolved by the dynamism of Islamic finance and banking. Not only in Banking but also in other financial dealings Shariah compliant products are being offered nowadays. Chairman, State Life Insurance Shahid Aziz Siddiqi in an interview with this newspaper said the SLIC is in the process to offer Shariah Compliant products of Takaful or Islamic Insurance business as an option to the people who desire to get an Islamic Insurance.

World over and particularly in Muslim countries Islamic banking is increasing at a rapid pace. Even a number of USA based banks have started to offer Islamic banking services, especially for their customers in Middle Eastern and Islamic countries. Islamic banks do indeed achieve greater penetration and impact than conventional banks in unbanked and underserved communities in Muslim countries, particularly in low-income communities and those in remote areas to help over come poverty.We would however emphasise that the growth of any industry is subject to overall global environment and so the Islamic banking industry needs to be agile enough to adjust to the ever-changing requirements but at the same time ensuring social and economic justice.

( PakistanObserver, 01 March2012)

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