The 4th international conference on Islamic business by the Riphah international University discussed the theme: Islamic Economics, Finance, Entrepreneurial Development, and Public Policy for Socio-economic Well-being. Initially, the 4th Conference was planned to be held at Madinah al-Munawarah. MoU was signed with the “Madinah Institute of Learning and Entrepreneurship (MILE)”. But, due to some unavoidable circumstances and consequent Visa related administrative issues, all organizers including Riphah University, MILE and the M/o Planning, Government of Pakistan, agreed to change the venue from Madinah alMunawarah to Islamabad. Accordingly, the Conference was held at the Quaid-e-Azam Auditorium, Faisal Masjid Campus of the International Islamic University Islamabad (IIUI) on February, 21 & 22, 2016.
A pre-conference workshop was held on 20th February, 2016 on “Financing and Investment on the basis of Contractual mushārakah (shirkah al-‘aqd)” in which five presentations were made by Mr. Muhammad Ayub, Secretary General of the ICIB, Mr. Amer Khalil ur Rehman, Chief Executive Officer, Bakhtar Bank Afghanistan, Mufti Aziz ur Rehman, Manager-Sharī‘ah at Mawarid Finance, UAE, Mr. Ahmed Ali Siddiqui, Executive Vice President, Meezan Bank and Mr. Muhammad Asad, Chief Investment Officer, Al Meezan Investment Management Limited. Very well attended and highly interactive workshop discussed the new kind of contractual partnership namely running mushārakah originally conceived by Mufti Muhammad Taqi Usmani in his book, “An Introduction to Islamic Finance” in 2000 and developed and practiced by the Meezan Bank in Pakistan for working capital finance as alternative to conventional Overdraft (OD) since 2008. While Mr. Ahmed Ali explained very skilfully the concept and the procedure of the product being used mainly for financing to the corporate sector, the participants tried to critically examine its features. Renowned scholars including Dr. Yousri Ahmed, Dr. M. Tahir Mansoori and a number of other participants expressed serious concerns about the product in which Meezan bank was charging fixed return like the case of OD and forfeiting its right to get profit over and above the OD related target rate. Dr. Akram Laldin, Executive Director of ISRA, while concluding the Workshop, expressed the hope that with mutual discussions and dialogue, the issues will be resolved.
In the heavily attended inaugural session of Conference held in the morning on 21st February, 2016 the messages of the “Patron-in-Chief” of the ICIB 2016, Prof. Ahsan Iqbal, Federal Minister of Planning, that of renowned Islamic economist Prof. Khurshid Ahmad and Chairman, SECP, Mr. Zafar Hijazi were read. Mr. Saeed Ahmad, Deputy Governor SBP and Justice (R) Khalilur Rahman delivered keynote addresses. Prof. Dr. Anis Ahmed, Vice Chancellor of the Riphah International University acknowledged and appreciated the support provided by the IIUI, the State Bank of Pakistan (SBP) and other institutions for organizing the conference. They paid gratitude to the academia and the management of International Shariah Research Academy for Islamic Finance (ISRA) and Islamic Research and Training Institute (IRTI) for their academic contributions and support that added value to the research oriented event. Dr. Ahmad Yousif A. Al-Draiweesh, President IIUI, also made a welcome speech and appreciated the speakers and the delegates of the Conference. In the following pages, we give Communiqué of the ICIB-4, Messages of the Dignitaries and the speeches by the Keynote speakers in the inaugural session, and main points, findings, recommendations and suggestions given by the paper presenters / scholars participating in the Conference.
Keywords: Divine economics, Islamic finance, Public policy, Human well-being, Maqāsid al-Sharī‘ah, Financial derivatives, Shirkah al-‘Aqd, MLP sukuk, Waqf alligned sukuk, Monetary reforms, State enforced charity.
Vol 6 Issue 1 (December-2016)