Islamic economic system rapidly growing

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UMT holds 3rd Global Forum on Islamic Economics

Staff Reporter

Lahore

Speakers, researchers, religious scholars and experts from around the world came out with the latest research and fresh ideas on Islamic economics in the third Global Forum on Islamic Economics, Banking and Finance organized by the School of Islamic Banking at University of Management and Technology here.
Islamic economic system, said the speakers is the future of world economy because of its closeness to the human nature and that it offers interest-free banking way of earning livelihood and prospering likewise.
They said it is baseless to say that Islam does not address today’s financial meltdown where poverty and unemployment rate is increasing with a fastest speed and vulnerable diseases are posing a serious threat to nations around the globe-all this was the result of staying away from the natural economic system, which is nonetheless other than Islam; a complete code of life.
Chairman Higher Education Commission Prof. Dr. Nizam-ud-Din appreciated UMT management for organizing such a wonderful moot. He said much research needs to be carried out on Islam’s economic system and that how it could be beneficial for the world.
Chairman UMT, Dr. Hasan Sohaib Murad who has widely spoken on the subject in a number of national and international forums, said that curiosity in taking up Islam’s interest-free banking system is on rise as many institutions and universities in the western world especially in Europe and America are conducting the research on Islamic economic system. He said the number of graduates studying Islamic Economic System is rapidly growing up whilst the contemporary interest system found in the conventional banking is calling for reforms due to its failure in delivering the relief to consumers. Dr. Murad urged that participants to share their research findings with their counterparts in the west.
Among the speakers who addressed the moot included Dr. Rukhsana Kaleem, Dean School of Islamic Banking of UMT, Miss Aishath Muneeza, Deputy Minister Religious Affairs of Maldives, Prof. Dr. S. M. Ghazanfar from Moscow, Mufti Imran Ashraf Usmani, Prof. Dr. Shinsuke Nagaoka from Japan, Prof. Dr. Ahamed Kameel Mydin Meera from Malaysia, Mufti Aziz ur Rehman from UAE, Mufti Muhammad Muaz Ashraf, Mufti Uzair Usmani, Mufti Hassan Ashraf Usmani, Mufti Hassan Ali and many others.
Rector UMT Dr. Muhammad Aslam also spoke on the occasion. He said UMT is offering BS, MS and PhD degree programs in Islamic Banking and Finance discipline. He said the varsity is focusing on quality education in all areas including this very new discipline of Islamic Banking that aims at producing leaders of tomorrow.
The speakers of the global forum urged that Ribah free banking should be promoted as it could provide maximum solutions for financial problems and increase trade and social activity in the Muslim World particularly. They said that fair and honest endeavors should be taken up by the academia practitioners, bankers, policy makers, Sharia scholars and the government to work out a strategy for the implementation of Islamic economics and banking. The speakers seemed in agreement that conventional banking system could not be ignored rather it could be converted into the interest-free system.
The moot will continue one more day where more speakers would take part in the discussion.

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