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UMT holds 3rd Global Forum on Islamic Economics

Wednesday, February 21, 2018

Speakers, researchers, religious scholars and experts from around the world came out with the latest research and fresh ideas on Islamic economics in the third Global Forum on Islamic Economics, Banking and Finance organized by the Institute of Islamic Banking at UMT.

Dr Hasan Sohaib Murad, Chairman, ILM Tust, who has widely spoken on the subject in a number of national and international forums, said that curiosity in taking up Islam’s interest-free banking system is on rise as many institutions and universities in the western world, especially in Europe and America are conducting research on Islamic economic system. He said the number of graduates studying Islamic Economic System is rapidly growing up whilst the contemporary interest system found in the conventional banking is calling for reforms due to its failure in delivering the relief to consumers. Dr Murad urged that participants to share their research findings with their counterparts in the west.


Dr Muhammad Aslam, Rector UMT, also spoke on the occasion. He said UMT is offering BS, MS and PhD degree programs in Islamic Banking and Finance discipline. He said the varsity is focusing on quality education in all areas including this very new discipline of Islamic Banking that aims at producing leaders of tomorrow.

Prof Dr Nizam-ud-Din, Chairman, Punjab Higher Education Commission, appreciated UMT management for organizing such a wonderful moot. He said much research needs to be carried out on Islam’s economic system and that how it could be beneficial for the world.

Among the speakers who addressed the moot included Dr Rukhsana Kaleem, Dean, IIB, Aishath Muneeza, Deputy Minister Religious Affairs of Maldives, Prof Dr S M Ghazanfar from Moscow, Mufti Imran Ashraf Usmani, Prof Dr Shinsuke Nagaoka from Japan, Prof Dr Ahamed Kameel Mydin Meera from Malaysia, Mufti Aziz ur Rehman from UAE, Mufti Muhammad Muaz Ashraf, Mufti Uzair Usmani, Mufti Hassan Ashraf Usmani, Mufti Hassan Ali and many others.  


The speakers of the global forum urged that Ribah free banking should be promoted as it could provide maximum solutions for financial problems and increase trade and social activity in the Muslim World particularly. They said that fair and honest endeavors should be taken up by the academia practitioners, bankers, policy makers, Sharia scholars and the government to work out a strategy for the implementation of Islamic economics and banking. The speakers seemed in agreement that conventional banking system could not be ignored rather it could be converted into the interest-free system. 

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