Daily Times

National and international speakers attended the two-day International Conference on Islamic Banking and Finance (ICIBF). It was held at the Institute of Business Management (IoBM) on November 6 -7, 2019. Dr. Ishrat Husain, Advisor to Prime Minister for Institutional Reforms and Austerity, chief guest at ICIBF, during his speech, focused on solving four key problems obstructing Pakistan’s economic growth. These were poverty, economic inequality, regional disparity and illiteracy. Dr. Ishrat Husain’s eight-point agenda included creating a potential for startups, empowering the farmers, utilizing Ijarah in agriculture and that IFIs should focus on program financing. He said that Islamic banking provides a fit for low-cost houses through diminishing Musharaka, which should be promoted. He was confident that investments in low-cost affordable housing schemes will bring positive results and that the government of Pakistan is promoting this initiative.

Dr. Husain stressed the need to facilitate poor students from backward areas. He was hopeful that Islamic banks can finance laboratories through Ijarah and that the government is focusing to upgrade health facilities through the Inshaf Sehat Card. Furthermore, he proposed the IFIs to use technology to evolve the industry. Addressing the audience, Prof.Dr.Kabir Hassan from the University of New Orleans suggested conducting epistemological research and historical analysis. This will streamline data collected for research. He proposed that in future conferences at IoBM there should be a balance between participants presenting academic and research papers. An important point was raised by Dr. Eskandar Shah from the International Centre for Education in Islamic Finance (INCEIF), Malaysia. He proposed to review the policy and regularity framework that is aligned with the sustainable development goals (SDGs). He was confident that more jobs will be created if the baking sector implements a structured ecosystem.

Dr. Ishrat Husain’s eight-point agenda included creating a potential for startups, empowering the farmers, utilizing Ijarah in agriculture and that IFIs should focus on program financing

During his speech, Dr. Dawood Ashraf, Acting Director, the Islamic Research and Training Institute (IRTI) Jeddah, advocated that the industry must understand the language used in research. He said that researchers must use familiar words in their research papers to have a far-reaching impact on the industry. He also suggested providing subsidized financing to small and medium enterprises (SMEs). While addressing the audience, Dr. Syed Irfan Hyder, Rector IoBM, proposed to use Arabic phrases and words in place of difficult terminologies from economic and finance. This will provide a holistic approach to comprehend the study presented in researches. It was proposed by Dr. Karim Ullah, Assistant Professor, Institute of Management Sciences, Peshawar to work on qualitative research and develop experiential research. This will add value to the research conducted in Islamic banking and finance in Pakistan. During the panel discussion on collaborative research, participants reached a mutual consensus that regulators should minimize creditworthiness criteria for social benefit projects.

While speaking at the conference, Dr. Abdulazeem Abozaid, Associate Professor, Qatar Foundation, put forth the idea for Islamic banking practitioners to share their knowledge with conventional bankers and vice versa. This will help both types of bankers to learn from each other. He shared that one person with knowledge of Islamic and conventional banking is required to provide meaningful information to stakeholders. It was recommended by Dr. M. Suhail Rizwan, Assistant Professor, Finance and Investment, NUST Business School that practitioners of Islamic banking and finance must develop their conceptual framework. This must be in the paradigm of Islamic thought. Speaking at the occasion, Dr. Mirza Ikhtiar Baig, Chairman, Baig Group recommended financial institutions to train people on how to use Islamic banking methods. He advised practitioners to guide owners of small and medium enterprises to maintain proper documentation regarding their financial and banking activities.

The writer is an independent researcher, author and columnist