The School of Economics at Quaid-i-Azam University (QAU), in collaboration with the Institute of Policy Studies (IPS) in Islamabad, organized the 2nd International Economics Conference on Islamic Social Finance and Economic Development.
The conference, held within the University’s premises, brought together distinguished scholars, practitioners, policymakers, and academicians from various relevant institutions across Pakistan and abroad. It discussed the pivotal role of Islamic finance in fostering sustainable economic growth.
The conference’s inaugural session featured prominent speakers, including Dr Humayun Dar from the Cambridge Institute of Islamic Finance, Justice Dr Syed Muhammed Anwer, a judge at the Federal Shariat Court (FSC), and former senator Hafiz Hamdullah. Dr Muhammad Tariq Majeed, director of the School of Economics, and former Dean Dr M Idrees also participated, enriching the event.
Dr Humayun Dar emphasized the relevance of Islamic Economics and Finance in modern times, pointing out that the conventional economic models are losing credibility due to their inherent weaknesses in the face of emerging global challenges. On the other hand, the focus is shifting fast towards sustainable and responsible consumption, which is deeply rooted in Islamic teachings.
The speaker also expressed interest in establishing a Center of Excellence for Islamic Economy at the QAU, pledging financial assistance for its development.
Justice Dr Syed Muhammad Anwer underscored the importance of Islamic social finance in today’s world, advocating for organizers to hold similar conferences regularly to foster further debate in this critical area. He also welcomed the initiative to establish a dedicated Center of Excellence for Islamic Economics, highlighting its role in promoting academic and practical research in the field.
Hafiz Hamdullah also commended the organizers for holding this insightful conference and stressed how events like this can promote an interest-free economy within the country.
The conference concluded with the signing of a Memorandum of Understanding (MoU) between the Cambridge Institute of Islamic Finance and QAU’s School of Economics, marking a significant step toward strengthening collaboration in the research and development of Islamic Economics and Finance.
Prof Dr Niaz Ahmad Akhtar presented Justice Dr Syed Muhammad Anwer with a lifetime achievement award for his services and contributions to Islamic economics.
In his closing remarks, the VC-QAU urged the scholars of Islamic Economics to focus on the practical applications of the field alongside its theoretical frameworks, as it can play a vital role in improving the lives of economically challenged communities.
