Lahore: (April 3, 2018): Hailey College of Banking & Finance, in collaboration with International Center for Education in Islamic Finance (INCEIF), The Global University of Islamic Finance (GUIF), Kuala Lumpur, Malaysia, organized a discussion session to explore the opportunities for collaboration in academic and professional programs of Islamic banking and a seminar on “Prospects and Challenges of Education in Islamic Banking” here on Tuesday.

Principal HCBF Prof Dr Mubbsher Munawar Khan, Dr Mohamed Eskandar Shah from GUIF and senior faculty members were present on the occasion. During the discussion session it was agreed that a concept paper should be developed for exploring the opportunities of mutual co-operation in order to formalize a Memorandum Of Understanding to the benefit of both the Institutions. Dr Khan said that in pursuant to the judgment of the Apex Court regarding elimination of Riba from banking, the banking and insurance sectors of the country are in the process of transformation from conventional modes to Islamic modes.

He added that the State Bank of Pakistan has given a road-map for the banks for this transformation. He said that it was therefore imperative to constantly review the curriculum in order to tailor it to meet the needs of regulators and the players of the industry. The meeting was followed by a Seminar on “Prospects and Challenges of Education in Islamic Banking”. Dr. Eskandarmade a detailed presentation on the need and importance of education in Islamic banking while focusing on the growth of this sector.

He emphasized on the need to strengthen the concept of Uma by making optimum utilization of resources of Muslim countries through synergy. His presentation was well appreciated by students and was followed by an interactive question answer session. Speaking at the occasion, Dr. Mubbsher highlighted the importance of the injunctions of Shariah in all sphere of business activities. He emphasized upon the Muslim countries to make concentrated efforts for increasing their market share in Shariah-compliant products – from manufacturing goods to rendering services, including the products of banking and finance. He pointed out that the phenomenal growth of Sukuk in the worldwide capital markets requires more strenuous efforts in the development of Shariah-compliant equity and debt-based products. He assured that the college would continue to play its role in bridging the gap between the academia and profession thus promoting Islamic philosophies in the areas of Banking, Business Management, Finance and Takaful.