UMT holds global forum on Islamic Banking and Finance

LAHORE: The University of Management and Technology’s Institute of Islamic Banking and Finance held a Global Forum on Islamic Economics, Banking and Finance here at a local hotel. Renowned Islamic finance scholars including Mufti Muhammad Taqi Usmani, Justice Khalil-ur-Rehman  who is chairman Punjab Halah Development Authority, Nazim Saleh Yaqoobi Al-Abbasi from Bahrain, Sheih Esaam Ishaq from Bahrain, Mr. Sohail Zubairi, CEO Darul Sharia UAE, Dr. Imran Ashraf Usmani, Mufti Ghulam Rehman, Mr. Rizwan Ata, Bank Alfalah and other intellectuals addressed the audience that comprised of students, faculty and media.

Mr. Mehmood Shah, Director Institute of Islamic Banking UMT welcome the guests and audience. Expressing their views on the theme of the forum, the scholars said that the contemporary world economy system needed to be updated, modernized and replaced with Islamic financial system that was more comprehensive, capable to eradicate poverty, bring prosperity and remove human financial worries and social chaos.

They said that Islamic banking was rapidly growing sector across the world and during the past 12 years, its cumulative average growth rate had been recorded over 50 percent.  They said that Islamic banking was widely misunderstood by capitalist world but in reality, it was very close to human nature and catalyst agent for real economic change.

The scholars emphasized that it was the duty of all Muslims to differentiate between Halal and Haram and relying on banks was not a enough.**