Anwar terms Islamic finance a dynamic area

Tariq Khattak

Wednesday, February 29, 2012 - Islamabad—A 2-day 2nd International Conference on Islamic Business (ICIB- 2012) began at National Institute of Banking & Finance (NIBAF), in Islamabad on Tuesday. The theme of the Conference is ‘Management Shariah Conforming Business: Prospects, Practices and personnel’.

The conference has been organized by Riphah Center of Islamic Business (RCIB), a constituent institute of Riphah International University (RIU) Islamabad.

The Governor of State Bank of Pakistan Mr. Yaseen Anwar was the Chief Guest at the inaugural session.

Speaking on the occasion he said 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. He 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.

The Governor State Bank 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. He said the State Bank, being the regulator as well as the promoter and facilitator of the industry, will look into the recommendations of the Conference for their possible adoption and implementation. He congratulated Riphah International University for organizing such an important event at international level on regular basis.

Dato’ SeriAnwar Ibrahim, Former Deputy Prime Minister, Malaysia and Prof. Khurshid Ahmad, Chairman, Institute of Policy Studies Islamabad were the Keynote speakers on the occasion.

Dato’ SeriAnwar Ibrahim spoke extensively on the crisis and fallacies of Capitalistic Economic Model and through examples in western countries as well as Islamic countries highlighted the success of Islamic finance and banking.

Prof. Khurshid Ahmad, in his keynote address, threw light on global economic problemsand 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 organization to achieve the targets of the Conference.

The Pro-Chancellor of Riphah International University Mr. 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. and said it is designed to enhance the talent and understanding of the financial managers for resolving their problems in accordance with the shariah.

The Conference will hold nine working sessions on Tuesday (28 February 2012) and Wednesday (29 February 2012). 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 / associations for shari’ah conforming business and entrepreneurship during the working sessions.

The first International Conference on Islamic Business and Finance organized by RCIB was held in Islamabad on Feb. 8 & 9, 2011.

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