DFSU, SBP BSC (Bank), Rawalpindi organized a seminar on “Islamic Banking & Finance: Issues, Challenges & Way forward” on October 19, 2010 at Faisal Masjid Campus of International Islamic University, Islamabad with the objective of creating awareness & removing misconceptions /myths regarding Islamic Banking. The seminar was a joint effort of DFSU Rawalpindi, International Islamic University and Habib Bank, Islamic Banking Services. The event provided an opportunity to participants to give/share feedback & to understand issues involved in Islamic Banking.
The session was chaired by Professor Dr. Fateh Muhammad Malik, Rector, International Islamic University Islamabad. Renowned speakers and experts in the field were invited to speak up upon the current issue related to Islamic banking. Mr. Saleemullah, Director Islamic Banking Department, SBP, while discussing the scope of Islamic banking said that the biggest challenge to promote Islamic banking in the country is lack of awareness about Islamic banking concepts among general public. The second major issue, according to him, is capacity of banking sector where share of Islamic banking needs to be improved. In this regard, he added, SBP is extending all kinds of assistance to the stakeholders for promotion of Islamic banking in the country.
Prof. Dr. Munawar Iqbal, founding Director of IIIE, Islamabad and former Chief of Research, Islamic Banking and Finance Division, Islamic Development Bank, Jeddah, while discussing the Shariah compliant nature of contemporary Islamic banking explained that “most modern contracts are hybrids and involve departures from classical conditions. Those conditions were set by jurists suiting the conditions of their time. They can be changed in view of the changed circumstances. What is important is to examine that any contract does not violate any condition established in the basic sources of Islamic law. Within these limits, variations on classical contracts should be acceptable.”