A Seminar on “Why need to study Islamic banking and Finance?”

The Center of Islamic Finance (CIF) at COMSATS Institute of Information Technology, Lahore campus successfully organized a seminar on need of Islamic Banking and its practices on Wednesday, 18th of May, 2016. Learning areas include:

  • Understanding of Shari’ah Sources of Islamic Banking and its practices
  • The core principle of Islamic Finance; the prohibition of interest (Riba).
  • How Islamic Banking is different than conventional under Shari’ah rulings (a comparison of Asset side)
  • The internationally standardized compilation of Shari’ah rulings governing Islamic Banking Practices

The talk was delivered by Mr. Mujeeb Beig who is the head of Product Development & Research department at Muslim Commercial Bank (MCB). The above mentioned topics were covered at length to consider the difference within Islamic Banking between the concepts of ‘interest’ and ‘profit’ in order to understand how these contracts are different from the conventional financial models. The audience comprised of faculty members, MBO, M.S and Ph.D students and actively participated through provocative questions. Dr. Imran Haider Naqvi, Head of CIF, was also present along with his PhD students. Moreover, Dr.Imran requested the speaker to provide employment opportunities in MCB for COMSATS graduates.The session was concluded with closing remarks by Dr. Imran Haider Naqvi and Dr. Kausar Abbas.