Tuesday August 16, 2022

Solutions for interest-free economy explored

By Bureau report
August 03, 2022

PESHAWAR: The regulators, practitioners and academicians have joined hands to explore viable solutions for an interest-free economy in the country.

The Centre for Excellence in Islamic Finance (CEIF) IMSciences brought them together by conducting Islamic Banking and Finance Summer School and Product Expo, said a press release.

The 6th three-day Islamic banking and finance summer school and expo was arranged at Nathiagali.

Dr Ishrat Hussain acknowledged the importance of Industry and academia interaction and valued the role played by CEIF-IMSciences.

Dr Amjad Saqib highlighted the role of the Akhuwat organization in the social uplift of financially-excluded strata of society through different schemes, including interest-free loans, which is the main essence of the Islamic financial system.

In addition, a variety of topics from Islamic banking and finance were presented by speakers from regulator, industry and academia.

Dr Muhammad Mohsin Khan, Director IMSciences, offered a vote of thanks.

It may be mentioned here that the CEIF is collaboratively established by the Institute of Management Sciences, Peshawar, the State Bank of Pakistan and the UK’s Department for International Development or DFID to spur financial inclusion in Pakistan.

The strategy of the CEIF is designed on threefold orientations namely academia, research, and industry efforts to boost Islamic Finance and financial inclusion through it.

These three sets of efforts are managed as three chairs: A-CEIF, R-CEIF, and I-CEIF. The starting alphabets represent, Academia, Research, and Industry, respectively.

The CEIF provides a long-term and sustained platform through which the educationalists, researchers, and practitioners alike take benefit to holistically advance Islamic Finance and hence the financial inclusion of society.