The first two-day World Islamic Economics & Finance Conference (WIEFC 2018) organized by Minhaj University in collaboration with Islamic Development Bank, Jeddah & Islamic Research, and Training Institute began, here on Wednesday. The conference has brought together some of the leading international and local academicians, scientists and researchers of Islamic Economics and Finance to exchange and share their experiences and research results on all aspects of Islamic Economics & Finance.
It has also provided a premier interdisciplinary platform for researchers, practitioners and educators to present and discuss the recent development and innovations, trends, and concerns as well as practical challenges encountered and their solutions.
The conference is being attended by known economists from UAE, Australia, UK, America, Saudi Arabia, Indonesia, Malaysia etc. Dr Hussain Mohi Uddin presented welcome address. On the first day different sessions were arranged. Professor Dr Masood ul Alam Ch, Professor Dr Muhammad Ishaq Bhatti, Vice Chancellor Dr Muhammad Aslam Ghouri and international scholars from different universities presented their research papers.
In his keynote address, Head of Pakistan Awami Tehreek, Dr Tahirul Qadri said Islamic banking is growing globally, its annual growth rate is 15 to 20 percent and its volume has crossed US one trillion dollars. He said Pakistan is one of those countries where Islamic banking is constantly growing. Islamic banking has potential to play an active central role in international financial system. Differences among Islamic Schools about banking and their discriminatory application must be replaced with universally acknowledged code which would ensure lasting development.
He suggested that the Islamic world should form a "Global Sharia Finance Guidance Authority" represented by scholars of all schools of thought whose rules would be applicable in all Islamic Banks at regional as well as international level, thus eradicating monopoly of a single school of thought in any region.
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