Islamic Economics gaining prominence as conventional models struggle to address global shifts
ISLAMABAD, DEC 18 /DNA/ – The School of Economics at Quaid-i-Azam University (QAU), in collaboration with the Institute of Policy Studies (IPS), Islamabad, organized the 2nd International Economics Conference with the theme of Islamic Social Finance and Economic Development.
Held within the University’s premises, the conference brought together distinguished scholars, practitioners, policymakers and academicians from various relevant institutions across Pakistan as well as abroad, discussing the pivotal role of Islamic finance in fostering sustainable economic growth.
The inaugural session of the conference featured prominent speakers including Dr Humayun Dar from the Cambridge Institute of Islamic Finance, Justice Dr Syed Muhammed Anwer, judge, Federal Shariat Court (FSC), and former senator Hafiz Hamdullah. The event was also enriched by the participation of Dr Muhammad Tariq Majeed, director of the School of Economics, and former Dean Dr M Idrees.
Dr Humayun Dar emphasized the relevance of Islamic Economics and Finance in modern times, pointing out that the conventional economic models are losing credibility due to their inherent weaknesses in the face of emerging global challenges. On the other hand, the focus is shifting fast towards sustainable and responsible consumption, which are the principles rooted deeply in Islamic teachings.
The speaker also expressed his interest in supporting the establishment of a Center of Excellence for Islamic Economy at the QAU, pledging financial assistance for its development.
Justice Dr Syed Muhammad Anwer underscored the importance of Islamic social finance in today’s world, advocating to the organizers to hold similar conferences on regular basis in a bid to foster the debates further in this critical area. He also welcomed the initiative to establish a dedicated Center of Excellence for Islamic Economics, highlighting the role it can play in promoting academic and practical research in the field.
Hafiz Hamdullah also commended the organizers to hold this insightful conference, stressing the role events like this can play in promoting an interest-free economy within the country.
The conference concluded with the signing of a Memorandum of Understanding (MoU) between the Cambridge Institute of Islamic Finance and QAU’s School of Economics, marking a significant step to strengthen collaboration for the research and development of Islamic Economics and Finance.
In recognition of his services and contributions to the field of Islamic Economics, Prof Dr Niaz Ahmad Akhtar presented a lifetime achievement award to Justice Dr Syed Muhammad Anwer.
In his closing remarks, the VC-QAU urged the scholars of Islamic Economics to focus on the practical applications of the field alongside its theoretical frameworks, as it can play a vital role in improving the lives of economically challenged communities.
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