2nd International Conference on Islamic Banking & Finance

Institute of Business Management

November 2, 2018 – November 3, 2018

Islamic banking was initiated in Pakistan in the year 2002 with an objective to offer not only interest free financing solutions as compare to its conventional counterpart interest based banks but also to contribute towards the wellbeing of the society through its 1st tier products of Mudarabah and Musharakah which ensures price stability, unemployment reduction and economic growth that leads to socioeconomic development in the country. According to the most eminent scholar in the field of Islamic banking, Justice Retd.Muhammad Taqi Usmani inscribed in his book titled, “Introduction to Islamic Finance” contemporary products of Murabaha , Ijarah and Diminishing Musharakah which are being offered by Islamic banks can get Muslim Umma away from interest. However, they are not sufficient to meet higher objectives of Islamic economics and financial system and the real products of Islamic banks are Mudarabah and Musharakah which have got intrinsic capability to meet macroeconomic objectives of price stability, unemployment reduction and economic growth.


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