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Islamic finance growing at an average speed of 20% annually: Speakers

February 12, 2014

The speakers at a conference said Islamic finance is growing at an average speed of 20% annually and is fast becoming a global phenomenon.

The two day International Conference on Islamic Business (ICIB 2014) concluded in Islamabad on Tuesday (11th February 2014) with a call on Islamic financial institutions to go for partnership based and equity related investments.

It called for promoting Islamic finance to address the global economic issues.

The moot was organized by Riphah Centre of Islamic Business, a constituent institute of Riphah International University in collaboration with International Islamic University Islamabad (IIUI) & the State Bank of Pakistan (SBP), it was attended by world renowned Islamic scholars and economists from across the globe.

The theme of the conference was “Equity, Venture Capital, Corporate Governance and Institutional Development for Equity Investments: Prospects and Practices from Islamic Perspective”.

The key note speakers, paper presenters and participants of the conference were unanimous that Islamic banking and finance have developed tremendously over the periods of last four decades. They were confident that the Islamic business and finance have the potential to resolve the global economic problems for the greater benefit to the masses.

They said Islamic finance is growing at an average speed of 20% annually and is fast becoming a global phenomenon. It appears to be ideal alternative to conventional Interest based finance, given its core characteristics of Riba free risk sharing finance. Islamic financial systems driven by the teachings of Quran and Sunnah have all the necessary ingredients to serve better the global economic needs. ICIB-2014 will help in creating the much needed awareness among both academic and industry expertise.

The participants lauded the efforts of Riphah International University for organizing series of such conferences giving an opportunity to researchers and scholars to discuss the Islamic banking and finance in depth.

The papers presented in the conference addressed the issues on Islamic Capital markets, Benchmarking, Equity financing, regulatory framework and adoption of AAOIFI standards. This in turn leads to the collection and presentation of high quality research, appropriately justifying the theme of the conference asserting more focus on risk sharing based financing for the future.

This was the 3rd International Conference on Islamic Business organized by Riphah International University. Earlier two conferences were held in February 2011 and February 2012.

ICIB-2014 is particularly important as it plans to discuss the most strategic instruments of investment and finance namely equity, fund management, venture capital and institutions development and governance in this regard.

The Deputy Governor of State Bank of Pakistan Saeed Ahmad was the chief guest at the inaugural session of the conference while Prof. Datuk Syed Othman Al Habshi from Malaysia and Prof. Khurshid Ahmad, Chairman, Institute of Policy Studies Islamabad were the Keynote speakers on the occasion.

The conference held eight working sessions on Monday and Tuesday (10-11, 2014) to discuss various subjects relating to the Islamic business and finance. These included equity, investments, trust and institution building for promoting Islamic finance and corporate governance of Islamic institutions.

The Vice Chancellor of Riphah International University Prof. Dr. Anis Ahmad, addressing the concluding session, congratulated the organizers and participants of the conference for making the event very useful and successful for projecting and creating awareness about Islamic finance and business. He said the chaos created by conventional capitalistic system required the business and finance leaders to think of a value and ethical based finance. Islamic finance provides the best model of such system.

He thanked scholars and researcher for attending the conference and sharing their views to formulate based on teachings of Quran and Sunnah policies to address economic issues. He also thanked international Islamic University Islamabad, Higher Education Commission of Pakistan, International Shari`ah research academy for Islamic finance (ISRA) International centre for education in Islamic finance (INCEIF) and the State Bank of Pakistan for their collaboration and support to make the event a success.

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Source: Baluchistan Express, The

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