International Conference on Islamic Banking & Finance

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3RD INTERNATIONAL CONFERENCE ON ISLAMIC BANKING & FINANCE

Institute of Business Management
Korangi Creek, near Korangi Crossing
Karachi, PK
Karachi, PK

November 6, 2019 – November 7, 2019

One of the main functions of both the conventional as well as Islamic commercial banks is to take the deposits from the general public for the purpose of finance to Industrialists, business class and the people who are already rich in general. However, people who are poor and marginalized are deprived of taking finance from the Islamic banks. Therefore, it is argued that, Islamic banks are unable to cater the micro-entrepreneurs, marginalized clients including small and landless farmers and hence unable to contribute towards the socioeconomic wellbeing of the society.

On the other hand, conventional microfinance banks have become the sole and significant players of providing access to credit to underserved low income people however, this credit is interest based, as the same emerges through loan contract. Therefore, the time has now come for the Islamic banks in Pakistan to ponder upon the wellbeing of the marginalized people of the society and to help them keeping away from Riba which is prohibited in the Holy book of glorious Quran by establishing Islamic Microfinancing banks including Small and Medium Enterprises (SME) that will contribute towards the objective of poverty alleviation, generate employment opportunities and enhance economic growth in the country through inclusive Islamic financial products.

In this perspective, the Institute of Business Management (IoBM) with an objective to enhance research opportunities in general, and to reduce the gap between academia and industry in particular, is organizing the 3rd International Conference on Islamic Banking and Finance which provides a platform among academics, Shari'ah scholars and practitioners to share and synthesize their theoretical, empirical and field related knowledge regarding establishment of Islamic micro, small and medium financing banks and also shed light on the Islamic perspective of corporate social responsibility.

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2nd International Conference on Islamic Banking & Finance

Institute of Business Management
Korangi Creek, near Korangi Crossing
Karachi, PK
Karachi, PK

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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