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Jeddah, Kingdom of Saudi Arabia: – An international conference jointly organized by the Islamic Research and Training Institute (IRTI) and Institute of Business Management (IoBM) has discussed the modalities and benefits of moving the Islamic banking industry foward towards establishing Islamic trading houses.
IRTI, a member of the Islamic Development Bank (IsDB) Group, is a global think tank specialized in the provision of innovative solutions in Islamic economics, banking and finance. IoBM, located in Karachi, Pakistan, aims to be a market leader in providing quality education and corporate training in the field of Islamic banking and finance.
The two institutions collaborated to organize the 2nd International Conference on Islamic Banking and Finance, held on 2-3 November 2018 in Karachi, Pakistan, with high-level participation of experts and leaders from the global Islamic financial industry.
The theme of the conference was “Attaining Macroeconomic Objectives of Price Stability, Unemployment Reduction and Economic Growth through 1st Tier Products of Islamic Banking and Finance and Moving Forward towards Establishing Islamic Trading Houses.” The objective was to disseminate, share and enhance the knowledge of Islamic banking and finance through presentation of research papers, panel discussions and keynote speeches by leading industry stakeholders from around the world.
In a message to the conference, Director General of IRTI, Dr. Humayon Dar, said, “I am delighted to note that for the second year running, the Institute of Business Management (IoBM) is holding the international Conference on Islamic Banking Finance. IRTI’s partnership with the IoBM will not be limited to organizing the annual conference; we are hoping to work with the IoBM on more impact-oriented activities and stay on the course of innovation, in line with the IsDB Group’s Vision.”
Dr. Dawood Ashraf, Senior Researcher in Islamic Finance at IRTI, participated in a panel discussion entitled, “Moving Forward from Islamic Banking to Islamic Trading House: Opportunities and Threats”. He suggested that banks are financial intermediaries, and that moving from intermediation to trading may compromise the financial stability of the system.
During the panel session, a double Islamic financing contract entitled ‘double Mudaraba model’ was presented as an alternative to the existing banking model for Islamic banks where Islamic banks can invest their liquidity in market tradable special purpose Mudarabas.
In a note after the conference, IoBM said the choice of speakers and presenters, the content of presentations, the sponsorship support, and the networking opportunities all contributed to the success of the event.
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About the IRTI:
The Islamic Research and Training Institute (IRTI) is a Member of the Islamic Development Bank (IsDB) Group responsible for enabling the development and sustenance of a dynamic and comprehensive Islamic financial services industry, which supports socio-economic development of member countries and Muslim communities worldwide. More information about IRTI is available on www.irti.org. For media enquiries, contact Habeeb Idris Pindiga (hpindiga@isdb.org).
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