In order to strengthen the knowledge and disseminate the true spirit of Islamic Banking, Faculty of Management Sciences, National Textile University Faisalabad organized one day “Islamic Banking Conference” in coordination with State Bank of Pakistan and Meezan Bank, on 14th of October-2019. Mr. Shaukat Zaman, Director State Bank of Pakistan briefed the theme of the conference and encouraged the students to learn and develop new business products under shariah compliants.
Convener of the Conference Dr. Muhammad Shahzad Iqbal explained that the basic purpose of this event was to update the recent developments and innovations in Islamic Finance and to introduce business opportunities for small and medium businesses under Islamic Financial system. Director State Bank of Pakistan along with regional heads of 15 Banks with Islamic products participated in the conference. All the banks displayed their products related to Islamic financial system. Students from National Textile University Faisalabad, Government College University Faisalabad, Government College University for Women university Faisalabad and Agriculture University Faisalabad participated in the conference and learned from the experts.
The scholars explained that Islamic banking, also known as non-interest banking, is a system based on the principles of Islamic or Sharia law and guided by Islamic economics. Islamic banks make a profit through equity participation which requires a borrower to give the bank a share in their profits rather than paying interest. They further added that the growing market of the Shariah-compliant financial products and services is evidence of the greater interest. Islamic financial institutions currently work in over 95 countries worldwide, and the volume of Islamic financial assets issued and managed by Islamic financial institutions has expanded over the last few years, from assets approaching to approximately USD 2.35 trillion in 2022.