Karachi (HRNW)- The Department of Economics of the University of Karachi in strategic collaboration with
Meezan Bank Limited arranged a seminar on the ‘role of Islamic finance in the establishment of Islamic economy’ at the Rangoonwala Conference Hall of the KU Applied Economics Research Centre on Thursday.
The Senior Vice President and Group Head of MBL Ahmed Ali Siddiqui said that the Global Islamic finance industry increased its assets by 11 percent to US$4.5 trillion in 2022.
He quoted that according to the London Stock Exchange Group Islamic Finance Development Report 2023, Islamic finance is expected to continue to grow with assets for cast to reach US$6.7 trillion by 2027.
He informed the audience that Islamic finance hardly existed 50 years ago yet today it is a US$4.5 trillion industry with hundreds of specialized institutions in more than 80 countries.
Ahmed Ali Siddiqui shared that we have to promote real economic transactions, participation bases, and asset-backed, and financing that leads to real economic growth and prosperity in society.
He believes in fulfilling socially acceptable and ethical (halal) customer needs and promoting projects that have a socioeconomic impact and benefit society and stresses the promotion of equitable distribution and circulation of wealth in society to help eradicate poverty, and hunger exploitation and calls to avoid all impermissible transactions.
On this occasion, the KU Vice Chancellor Professor Dr Khalid Mahmood Iraqi said that we need to understand the basic Islamic system, which provides economic welfare to the poor and includes their care.
He observed that the Islamic economic system’s main component is providing equal economic opportunities to all individuals. He shared that there have always been questions on Islamic banking, if we look at the basic principles of Islam and adopt them, then Pakistan will become a developed state.
Another speaker, the Executive Director and COO of EFU Life Takaful Azeem Iqbal Pirani said that opening Islamic banks does not mean that we are promoting Takaful and our economy has become Islamic, we have to adopt Islamic principles and truly follow them in every sphere of life, only then our economy will become Islamic economy.
He said that we have to avoid lying, cheating, and practicing other unIslamic actions to make our economy the Islamic financial system.
The CEO of the Habib Mudaraba Muhammad Shoaib Ibrahim said that it is important to promote knowledge and awareness for the development of Islamic banking so that the confusion in the minds of the people can be eliminated and observed that organizing such an awareness seminar is necessary as they help in giving answers to public’s questions and thoughts.
The KU Registrar and the Professor of Economy Professor Dr Abdul Waheed said that Pakistan is one of the countries suffering from malnutrition and hunger. The DGM Islamic Banking and BTD International Fund House, Türkiye, the Director CFA Pakistan Sarwat Ahsan, the CEO, Al Meezan Investment Management Limited Muhammad Asad, the Director, Front Line Advisory Pakistan and MENA Sani e Mehmood, Senior Manager AAOIFI Bahrain Dr Mughees Shakat, Senior Economist, Islamic Development Bank Dr Salman Syed Ali, EVP and HoD MBL Muhammad Farhan Ul Haq Siddiqui and others also spoke on this occasion.