International Symposium on Islamic Banking in emerging economies

Pakistan can emerge a hub of Islamic banking which is gaining popularity across the globe as the total volume of Islamic banking has touched Rs. 1.4 trillion dollars. This was stated by University of Agriculture Faisalabad Vice Chancellor Prof Dr Iqrar Ahmad Khan at International Symposium on Islamic Banking in emerging economies arranged by the Institute of Business Management Sciences, University of Agriculture Faisalabad in collaboration with Meezan Bank and Dubai Islamic Bank . Social Sciences Dean Prof Dr Iqbal Zafar, Faisalabad Chamber of Commerce and Industry President Suhail Bin Rashid, Dr Ishaq Bhatti from Australia, Salim Ranjha from Akhuwat, IBMS Director Prof Dr Munir Ahmad and Dr Sehar Munir also spoke on the occasion. Addressing on the occasion, the Vice Chancellor said Islamic banking system was getting popularity in the European Union countries. Islam is a religion of peace and providing the solutions to all the problems facing the globe. He said that it was must to polish entrepreneurship skills among the students as a step to fight unemployment. The University was taking all possible steps in this regard. Talking about women, he said that around 40 percent of the students are women at the campus. He also suggested Akhuwat and FCCI mapping out a plan aimed at providing cycles to women students to move in the campus easily. The UAF and FCCI on the event also agreed to set up a committee regarding feasibility about establishing Tower as pattern of the IBA Karachi at IBMS, UAF to strengthen the industry with the help of enhanced collaboration of academia. Suhail Bin Rashid also said that Faisalabad was the second largest economic hub of the country. It is need of the hour to increase the awareness among the people about Islamic banking. He said that companies from Europe and other parts of the globe are willing to invest in Pakistan. He said that the Islamic baking was gaining fame in Europe and United States. Dr Ishaq Bhatti said solution of all economic problems facing the Muslim Ummah is lying in Islamic Banking as per injections of Quran and Sunnah. He said that Islamic banking in Pakistan was started in 1975. He said that 26 percent of the world population consists of the Muslims whereas the non Muslims are also taking interest in interest free economy. We need to tap the potential, he added. Salim Ranjha from Akhuwat said Akhuwat sub-office to be established at the campus. He said they had distributed Rs 6 billion interest free loan among the deserving people in order to make them self reliant and to alleviate poverty. He said that their recovery rate is more than 99 percent. He added that one billion interest free loan is distributed in Faisalabad. He added that as many as Rs 66 million is donated from the people who were once recipient of loans. Prof Dr Iqbal Zafar said gap between haves and have nots had increased. He said that Islamic financial system was the best model to address the issue in order to end the poverty. He said the country can make its name in the Islamic banking. We have to work on it. Dr Munir said that the Islamic banking system had the more potential than the traditional one. He said that his institute was making all out efforts to educate the people about the Islamic banking.