Hajvery University hosted one day National Conference on Islamic Banking & Finance. The National Conference on Islamic Banking & Finance was attended by prominent speakers who shared their views with the Audience.
The keynote speakers discussed that interest in Islamic banking has grown considerably during the last decade. The main issues of concern are the conceptual framework and viability of interest-free banking, and the assessment of its performance and future. In a world where conventional interest-based finance is the dominant framework, Islamic banking faces many challenges that must be addressed.
The purpose of the National Conference on Islamic Banking & Finance is to analyze the past experiences of Islamic banks, to provide an objective assessment of their success and failure, and to discuss the contemporary issues and challenges confronting them.
The following keynote speaks addressed the Conference:
Mufti Muhammad Iftikhar Baig
Shariah Advisor ABL Islamic Banking
Dr. Professor Muhammad Saad Siddiqui
Islamic Studies Dept. University of the Punjab, Lahore
Mr Yasir Tariq
CEO Wasil Foundation
Dr. Salman Ahmen
Islamic Banking Expert
Hajvery University (HU)
An essential feature of Islamic banking is the prohibition of interest (â€œribaâ€). The interest-free Islamic banking is based on the concept of profit-and-loss sharing, where the lender shares losses with the borrower. The question is whether this system can be relevant in the world of revolutionary, technology-driven global finance. Islamic banks mushroomed across the world. Many conventional banks nowadays have Islamic windows or separate branches that deal with Islamic financial products. The fact that Islamic banks have been around for the last decades and continue to prosper is a proof of the viability of Islamic finance in a world dominated by interest-based banking.