Adviser to the Prime Minister on Finance and Revenue Mr. Shaukat Tarin and Dr. Mahatir Muhammad former Prime Minister of Malaysia virtually addressed the 10th Islamic Finance Expo and Conference (IFEC) on Tuesday. The conference was New Normal-Digital Transformation & Islamic Economy and was organized by The Professional Network and IBA-CEIF.
Attended by Mr. Mehmood Tareen, Founder & CEO, The Professionals Network, Mr. Irfan Siddiqui, President & CEO, Meezan Bank Ltd., Mr. Muhammad Raza Poonawala SEVP – Group Head Customer Support of Meezan Bank, Syed Amir Ali, President & CEO, Banklslami Pakistan Ltd., Ms. Sima Kamil Deputy Governor, SBP, Younus Hussain, President & CEO, Faysal Bank Ltd., Mr. Sirajuddin Aziz, CEO & Group Financial Services Habib Bank AG Zurich, and Distinguished guest.
While addressing the conference, the Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin stated that Islamic finance is one of the fast growing sectors of the global financial system including in non-Muslim countries.
He emphasized that Islamic finance industry must strive to become an outward looking industry- with a global appeal transcending borders – that presents unique solutions for real world problems. The economic principles taught by the Quran and Sunnah of the Prophet (Peace Be upon Him) provide a useful guide for solving the major economic problems faced by the world today. “No risk, no gain” is the basic juristic principle of Shariah and a normative rule of justice.
A Riba free system thus entails the elements of development of real economy, social justice, transparency, equity and property rights; entitlement to profit – with risk and reward sharing; prohibition of speculative behavior and excessive uncertainty.
On other hand, Deputy Governor State Bank of Pakistan Sima Kamil addressing the three main areas including the customer centric view of digital transformation, what the state bank is doing and how Islamic banks can progress using digital transformation.
Dr. Mahatir Muhammad former Prime Minister of Malaysia In his speech, he said that the first Islamic bank was established in Malaysia in 1983. Later, the conventional banks were also allowed to sell Islamic banking products and services by opening an Islamic window. The customer migration to Islamic banking was initially slow, but eventually non-Muslims also utilized financial tools and services offered by the Islamic banking.
Dr. Mahatir Muhammad further stated that, if a Muslim country is stable both economically and politically; Islamic economic system will continue to grow and transform. He appreciated IBA CEIF and The Professional Networks for organizing the conference.
