IIU campus in Saudi Arabia on the cards

Islamabad: President and International Islamic University Chancellor Mamnoon Hussain on Wednesday said the proposal of establishing an IIU campus in Saudi Arabia had been discussed with the Saudi leadership and that the Pakistani government would keep perusing the matter.

He said this while addressing a seminar on ‘Islamic Banking and Finance in Pakistan: Prospects and Challenges’ organised by the Islamic Research Institute of (IRI) of the university on the Faisal Masjid campus.

The president said he had also discussed the IIU campus's establishment in Saudi Arbia with Prime Minister Nawaz Sharif.

“The menaces of interest taking and corruption have crippled the society and the Allah has declared war on those taking interest on loans,” said Mamnoon Hussain while speaking on scope of Islamic banking and its challenges. He said that use of interest on loans can be curbed by establishing a well-devised strategy with the help of banking experts and Islamic scholars.

“Universities have integral role in discouraging the peril of interest as they can promote the culture of research specifically in the field of Islamic banking which would pave the way for success of society and extinction of interest based environment,” he furthered.

The IIU chancellor hailed the university for introducing degree programmes of Islamic economics and finance while saying that it is playing vital role in producing skilled professionals of the relevant field who acquire education integrated with teachings of Islam.