IBA- CEIF World Islamic Finance Forum (WIFF) 2016

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IBA- CEIF World Islamic Finance Forum (WIFF) 2016

KARACHI: IBA-CEIF is organising World Islamic Finance Forum (WIFF) 2016 Conference on 5-6 September, 2016, here at a local hotel. The inauguration session was graced by the Federal Minister of Finance Ishaq Dar. The Conference aims at bringing together researchers, academicians and practitioners for generating innovative ideas to stimulate Islamic Finance growth while overcoming present-day industry challenges.

Ahmed Ali Siddiqui -Director IBA – CEIF said, “The CEIF is now hosting WIFF for the first time in Pakistan, a unique platform where industry leaders and top academic will interact to generate innovative ideas that can act as a catalyst for growth of Islamic Finance, globally.

He informed that the CEIF had signed MoUs with INCEIF (International Centre for Education in Islamic Finance- Malaysia) and IRTI (Islamic Research and Training Institute- Saudi Arabia) for conducting ground-breaking research and launching a Masters in Islamic Finance Program.

Mufti Taqi Usmani’s said we claim to follow Quran and Sunnah and call out beloved country “Islamic Republic of Pakistan”, besides, our constitution calls for elimination of Riba from the economy. We, being Muslim, are bound to Quran’s injunctions, as Allah in Quran says that if you do not eliminate Riba, you are at War with Me and my Prophet. For as a Muslim, Islamic Banking is not just another parallel way to Bank. We have to end the war with Allah and His Prophet. If Islamic Banking is being promoted with vision, then, all these activities are Ibadat and Jihad. This is what we need today. Pakistan has a huge responsibility on it.

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Mufti Taqi asked Federal Finance Minister Ishaq Dar to come forward and play his role in the elimination of Riba from the country.

He said that the conventional banking system has been in place, since centuries. And it is unrealistic to expect that this shall be scrapped and changed overnight. There has to be a transition. But, how long will this transition last?  If we take the “transition” as an excuse it would just render the efforts useless. What is needed here is political will and not just political wish.

Dr. Ishrat Husain- Chairman CEIF strongly emphasizes on engaging global experts on Islamic Finance to promote transfer of knowledge.

It is learnt at the event that the global Islamic finance assets have surged from USD 150 million in the mid-1990s to around USD 2 trillion by the year 2015. Even, predominantly non-Muslim jurisdictions including London, Singapore and Hong Kong are jumping on the bandwagon and are competing to establish themselves as Islamic finance centres.

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