World Islamic Economics & Finance Conferences serve as blockchain to bring at the doorstep of the conference participants to be abreast with novel technological revolutions, particularly relevant to the financial services. Pursuing this chain of Conferences Minhaj University organized World Islamic Economics & Finance Conference (2020) under the theme “People Empowerment, Social Innovation and Role of Islamic Economics and Finance” has been imitated at Minhaj University Lahore on January 26th & 27th (2020)
Dr. Muhaamad Ishaq Bhatti( La Trobe University, Australia ) briefed,’’ The conference will focus on the consensus that the Islamic Banking and Finance Industry (IBFI) should be more inclined towards ethical and social concerns than the conventional system. Furthermore, the optimal role of governance, innovative products and their mechanisms in providing stability and trust will be an essential part of the main theme.WIEFC have participants and delegates not only from Pakistan but also from other countries like Australia, France, Malaysia, Saudi Arabia, Oman, Indonesia, Nigeria, UK, USA and many others.”
Dr.Hussain-Mohi-ud-Din Qadri. Deputy Chairman BOG-MUL said, ’ Minhaj University Lahore, firmly believes that the Islamic banking sector progression is a panacea to accelerate sustainable economic development lead to the prosperity of any country. The Muslim world needs to form its Economic identity based on robust and stable Islamic foundations, which is not possible without standardizing and harmonizing laws, economic system, and the products in a viable and innovative way on the pattern of state of Medina.
Honourable Ghulam Sarwar Khan, Federal Minister for Petroleum held in high esteem the efforts of Minhaj University in the role of Islamic Economics development by conducting such conferences. The Government is striving to promote and create awareness of the system of Islamic banking beside the conventional banking system is streamlining the economics and financial discipline through Islamic Banking Sector.”
Dr.Sajid Mahmood Shahzad, Vice-Chancellor said, Minhaj University ventured on a quest to bring the leading national and international economists, bankers, financiers, executives, businessmen, legislators and researchers to one platform in 2018, with the aim to address the ever-changing economic issues of the Islamic World and Pakistan. The conference recommended a counter-strategy to thwart the economic crisis caused by poverty, unemployment and unwanted wars. It is with the vision to break through the concept of “Taqlid al-Madhahib” based on Sheikh ul Islam Professor Dr Muhammad Tahir ul Qadri’s vision to build bridges among various schools of thought to promote global Islamic Finance. “
Dr. Muhammad Shahid Soroya Pro-Vice-Chancellor while welcoming the participants of the conference said,’’ The WIEFC(2020) envisages addressing local and global challenges of Islamic Finance and Economics and tries to grasp the economics lessons from the state of Madina and utilize them as solutions to the financial problems of the Muslim world.
The panellist of the first-day session concluded,’’ The state of Medina is this materialistic world termed as a philosophical concept, removed from the daily life of the society. But It manifests itself in all the different aspects of lives. What makes the trader, banker, agriculturist or research and development scientist perform his job to the best of his ability? In capitalist economies, it is the notion of competition. This involves the necessity to constantly produce more new things for profit to keep up with others and this makes for wastage and often generates unbridled greed. But in an economy based on Islamic principles, the idea of man representing God on earth gives businessmen a feeling of co-operating with others for the good of society as a whole, including him. Thus Quranic guidance enables man to conserve and use prudently all the resources of the earth that God has given mankind on the very doctrines of state of Medina.”
World Islamic Economics and Finance Conference 2020 (3rd WIEFC 2020)
