Muslims urged to incorporate Islamic teachings in economic system

IIUI holds workshop on enhancing the financial capability of underprivileged

The Muslim world must strive to include Islamic teachings in the modern economic system.

This was stated by International Islamic University Islamabad (IIUI) President Dr Ahmed Yousaf Al-Draiweesh during a two-day international workshop on enhancing the poor’s capability and financial inclusion from Islamic perspective at the Faisal Masjid Campus of the varsity on Monday.



According to an IIUI statement, the workshop was organised by the International Institute of Islamic Economics (IIIE) of IIUI in collaboration with Islamic Research and Training Institute, Islamic Development Bank (IRTI/IDB), Jeddah.

On the first day, experts from Brunei Darussalam, Saudi Arabia, Indonesia, Algeria, Malaysia, Germany, Bosnia and Herzegovina and other countries discussed topics such as the role of Islamic microfinance in socio-economic development and economic empowerment of women in three sessions.

Islamic financial institutions have to play their role since objectives of value orientation pertaining to Islamic finance are ignored, Dr Al-Draiweesh said.

He added that economic disparity is a global issue caused by the presence of riba (usury) and the absence of Zakat (charity). He further said that the youth must be cognisant of future challenges with a limpid concept of just distribution of wealth and discouragement of riba.

The IIUI president urged Islamic economic researchers and experts to devise a policy which discusses the sustainability of financial inclusion programme, women empowerment in economics, the role of Islamic banks and financial literacy.

Dr Abdel Rahman Elzahi, a senior research economist at IRT/IDB, said that Islamic economics and finances have contributed significantly over the past three decades across the world. He went on to say that the two-day workshop was focused on Islamic financial inclusion to achieve sustainability and that experts in the workshop will assess the capability and access the full range Islamic financial service by users.



IIIE Director-General Dr Atiquz Zafar talked about the workshop sessions and details of research papers by experts. He also apprised about the research activities and joint ventures with IRTI.

The inaugural ceremony was also joined by IIUI vice presidents, deans, DGs, faculty members and students.

Published in The Express Tribune, December 12^th, 2017.