"Development of Islamic Financial System in light of Global Challenges: Inclusion, Social Impact, and Sustainable Finance"
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. On the other hand, major developments are taking place in the Islamic finance industry in terms of regulations, Shariah governance framework, the inclusion of the code of ethics, digitalization, fintech, reg-tech and product structuring.
Keeping in view the above scenario, it is important to showcase the value addition of Islamic financial institutions over and above being just providers of interest-free financial services providers. Although there are a number of Islamic financial institutions that are looking at creating value addition for the stakeholders yet it needs to be emphasized that institutions, regulators, policymakers, and customers as well as the general public have to play an important role in achieving Maqasid Al Shari’ah through value addition, financial inclusion, ethics, and sustainable finance.
In view of the above agenda, Minhaj University Lahore is in the midst of organizing the 6th international conference on Islamic economics and finance with the theme of ‘Development of Islamic Financial System in light of Global Challenges: Inclusion, Social Impact, and Sustainable Finance’.
Notwithstanding the continuous discussion and conversation that are currently taking place among academicians, this conference aims to discuss issues, challenges and future road map for Islamic economics and finance. In particular, the conference will address questions.
1. Socio-Economic Impact and Role of Islamic Finance Industry
2. A fully Shari’ah compliant economy – can it sustain and flourish?
3. Islamic Finance, global sustainability and SDGs
4. Conversion of conventional to Islamic Banking: Opportunities and challenges
5. Digitalization of Islamic Finance Industry: Myth or Reality?/ Banking Revolution Industry 4.0
6. Challenges and solutions for Halal Industry
7. Shariah Governance, Audit and Ethics in Islamic Finance
8. Developments of Islamic Fintech and Its Future
9. Islamic Capital Market: Resilience and Growth
Note: Selected Papers will be published in “International Journal of Islamic Economics & Governance, IJIEG.
Deputy Chairman (BOG) Minhaj University Lahore
Director General of the Cambridge Institute of Islamic Finance, a Research Institute, UK
Professor, Economics, Finance & Marketing, La Trobe Business School, Australia