GFIF 2016

COMSATS Institute of Information Technology Lahore, Pakistan is proudly hosting their 4^th Global Forum on Islamic Finance (GFIF), after successfully organizing three earlier events. GFIF provides a platform to scholars and experts from all over the world to share new ideas on Islamic finance and related fields. It also acts as a medium for all participants to quench their desire to be informed more about the field due to its increasing success in the world market. The theme of the Conference is: "Value Creation and Impact"

Islamic finance is emerging, in many parts of the world, as an alternative system to the conventional one. An investing approach based on “Shariah” or Islamic law, Islamic finance is concentrated in Muslim parts of the world: the Middle East, North Africa, and Southeast Asia.

Islamic finance is increasingly emerging, in many parts of the world, as an alternative financial system to the conventional one. This approach is based on “Shariah” or Islamic law. Modern Islamic financing techniques were developed in Muslim parts of Asia, notably Malaysia. But the boom, since the mid-1990s, has come from the large oil revenues flowing into the Gulf region. Islamic finance is mainly concentrated in Muslim parts of the world: the Middle East, North Africa, and Southeast Asia. Now, the ideas and concepts of Islamic finance are attracting conventional issuers and investors seeking to tap into new opportunities.

One must first understand that the rules of trade and finance are part and parcel of the religion by which Muslims conduct their lives and other finances and businesses. Although, no conclusive data are yet available-a fact reflective of the industry’s youth-many observers estimate the global industry has up to $500 billion in managed assets and a growth rate of 15 percent to 20 percent per annum. Some also counted that between 200 and 300 institutions currently contribute to the industry worldwide.

Islamic financial institutions are those that are based, in their objectives and operations, on Qur’anic principles. They are thus set apart from ‘conventional’ institutions, which have no such religious preoccupations. Islamic banks provide commercial services which comply with the religious injunctions of Islam. Islamic banks provide services to their customers free from interest (riba), and the giving and taking of interest is prohibited in all transactions. This prohibition makes an Islamic banking system differ fundamentally from a conventional banking system. Generally, it also prohibits trading in financial risk (seen as a form of gambling). It also prohibits the collection of payment of interest. It also prohibits investing in businesses considered haram (prohibited, forbidden) such, as those selling alcohol or pork.