Dr Muhammad Tahir-ul-Qadri, the chairman of Board of Governors of Minhaj University Lahore and patron-in-chief of Minhaj-ul-Quran International, addressed the 1st World Islamic Economics & Finance Conference held at a local hotel under the banner of Minhaj University Lahore (MUL). He said that the Islamic banking sector has been expanding in the world and the monetary size of this sector has crossed $ 1 trillion with an average growth rate of 15% to 20% per annum. He said that Pakistan is one of the countries where this sector is progressing fast. He said that if legal hurdles created in the way of this sector on the basis of jurisprudential interpretation by some schools of religious thought are removed, the sector has the potential to register faster growth and achieve expansion in the shortest possible time. He said that there is no second opinion about vibrancy and robustness about the Islamic banking sector to play its role in the global economy. Dr Tahir-ul-Qadri spelled out a principle for the fast-paced growth of the Islamic banking sector. He said that a global Shariah Guidance Authority consisting of religious scholars belonging to all schools of thought should be constituted to present guidelines to the banking sector with an aim to address the problems at the intellectual level. He said that such an Authority should be evenly represented by scholars of all schools of thought and no single scholar/school of thought should have the authority to veto any banking product or service. He said that different views/decisions in different situations are the biggest cause of the jurisprudential difference of opinion. He said that the Islamic world needs to establish international economic profile on solid and stable economic footing at this point in time.
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