Riphah University Holds Conference On Islamic Business

Riphah International University has organized its 5th International Conference on Islamic Business with the theme "Moving to social, ethical and responsible finance by the Islamic banking and finance institutions (IBFIs)".

ISLAMABAD, (UrduPoint / Pakistan Point News - 2nd Mar, 2021 ):Riphah International University has organized its 5th International Conference on Islamic Business with the theme "Moving to social, ethical and responsible finance by the Islamic banking and finance institutions (IBFIs)".

The participants of conference were of the view that the current banking and finance systems have transferred the wealth to the financial sector operating based on interest and trading in absolute risk.

In the backdrop of the failure of the MDGs, the United Nations moved to Value-based Intermediation (VBI) and social finance with sustainable development goals (SDGs), they added.

The UN's 2030 agenda seeks to achieve 17 vital SDGs and 169 specific targets, encompassing the social, economic and environmental dimensions of development. The SDGs' agenda for human dignity, and to leave no one behind', is certainly in line with the principles and objectives of development from the Islamic perspective.

The most renowned Islamic economists, financial experts, researchers and jurists from prestigious institutions around the world made keynote addresses and presented papers on the need for and potential of moving to social finance by the IBFIs.

Among others, they included Mr. Omar Mustafa Ansari, Secretary General of AAOIFI Bahrain, Dr Zamir Iqbal, Vice President of Islamic Development Bank (IDB) Jeddah, Dr Mohammad Akram Laldin, Executive Director of ISRA, Malaysia, Dr Kabir Hassan of the University of New Orleans U.S; Dr. Mehmet Asutay, Director of Durham Centre for Islamic Economics and Finance U.K., Dr. Necdet Sensoy of the Istanbul Commerce University, Prof Dr. Toseef Azid of Qasim University, Saudi Arabia; Dr Adel Sarea of Ahlia University, Bahrain; Prof. Dr. Aishath Muneeza of INCEIF, Malaysia; Dr Dawood Ashraf and Dr Salman Syed Ali of the IDB, Jeddah; and Mr. Mughees od Central Bank of Oman. Many Professors and Islamic finance jurists and practitioners from Pakistan also participated in the Conference deliberations.

The Conference drew around 20 conclusions and made recommendations for regulators and practitioners of Islamic banking and finance, and the policymakers and the States.

The Conference specifically urged the regulators of the financial sector in OIC member countries to introduce and apply the VBI and CSR related rule in their respective markets, as the BNM has already introduced.