The contemporary Islamic finance industry started in the 1970s with the setup of the first Islamic commercial bank. The industry has since developed and witnessed tremendous growth in the various markets globally, as such according to International Monetary Fund (IMF), it has become systematically important in 14 jurisdictions. Additionally, a number of emerging markets are in the process of Islamizing their whole economy. At the same time, the Federal Shari’at Court of Pakistan has ordered the elimination of Riba from the economy. Hence, now is the time to shape the future of this important industry by devising a robust strategy to achieve resilience and sustainability in light of the present challenges. Global inflation, weak socio-economic conditions, climate changes, and geopolitical tensions are some of the major challenges for the whole world. These factors also have a negative impact on the growth of industries including financial industries
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The recent developments and innovations in Islamic Finance, the focus on Islamic economics and finance has intensified worldwide as part of the increasing interest in ethical and social dimensions of financial services.
Muslim economies and financial institutions are striving for decades to develop an Islamic Economic and Finance system with the objective of eliminating poverty and empowering the society. This societal empowerment is not possible with the struggle of a single individual and/or institution.
On March 11, 2020, the World Health Organization declared the coronavirus outbreak as a global threat for world economies and health systems. The World Bank has estimated the possibility of a 5.2 per cent contraction in global GDP in 2020 and more severe socio-economic consequence for years to come.
The year 2020 was considered as a year of digital transformation when technology adoption reached at its zenith not among the individuals but businesses also embraced it. Artificial Intelligence (AI), machine learning, the Internet of Things, and Virtual and Augmented Reality are among the advanced technologies
1st World Islamic Economics Conference (WIEFC 2018) aims to bring together leading International and local academicians, scientists and researchers of Islamic Economics and Finance to exchange and share their experiences and research results on all aspects of Islamic Economics & Finance.
The reason behind the issue of standardization in Islamic banking and finance system is strict conformity with one school of law. The followers of all school of law are present in every region on the earth. There fore, the scholars of every region normally issue edict on the banking product utterly
The moral responsibility of a human is to preserve and protect the environment by establishing the means of some moral principles.
He elaborated the concept that Islamic commercial principles are rooted in the Shari’ah, the faith’s scriptural foundations.
He held an exclusive talk on Sustainability Management and the Future of the Islamic Economy and Finance. He stressed that to achieve the Sustainable Development Goals (SDGs) by 2030, providers of development cooperation need to work together to mobilize financing, provide innovative forms of financing,
