KARACHI: Blame it on either the absence of institutional support or a lack of eagerness on the part of the academia, the reality remains that business students in Pakistan had so far no textbook on banking and finance that described the complex relationship between the financial system and economic development in Pakistani context.
It was this academic vacuum that made Dr Shakil Faruqi write a two-volume book titled “Financial System and Economic Development – Pakistan,” which was launched at the Institute of Business Administration (IBA) on Monday in a ceremony chaired by IBA Dean and Director Dr Ishrat Husain and attended by IBA faculty members, students, economists and many former and current State Bank officials.
Formerly associated with the World Bank, Dr Faruqi has a PhD in economics from the University of Pennsylvania. He now teaches at the Lahore School of Economics (LSE), which is also the publisher of the two-part book.
Speaking on the occasion, former head of World Bank’s Learning Centre Tariq Hussain termed the book unique because it explained the theory of banking and finance by linking it to its actual application in the economy of Pakistan.
He said the chapters on Islamic finance discussed the issue in a purely academic manner. “It says what Islamic finance is and what it’s not. Also, it does this in an academic, rather than argumentative, way.”
Addressing the ceremony, Dr Faruqi said his students knew about the US Federal Reserve more than they knew about the State Bank of Pakistan (SBP) because the textbooks they used were by American authors. Saying that his students often complained finance was a dry subject, Dr Faruqi stated, jokingly, that his task was to make it as interesting as a Bollywood movie.
The first volume of the book has chapters on the financial system, interest rate, financial savings, credit system, Islamic banking, monetary management, etc. The second volume has chapters on the financial market, securities market, assets, yields, returns, trading in derivatives, capital market, long-term debt market, stock market, portfolio financing, etc.
The first and second volumes of the book cost Rs1,900 and Rs1,600, respectively.
Published in The Express Tribune, February 21st, 2012.
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Awesome! Hats off to Dr. Shakil Farooqi!
Lahore School of Economics is the BEST university for Economics ! And without a doubt has the BEST teachers!
It has been a great honor to study from a great teacher and mentor Dr. Shakil Faruqi. His book provides an insight into the financial markets of Pakistan and supports it with facts and figures. Studying Dr. Shakil's book Financial System and Economic Development (vol.I&II) from him has been a great experience and in my opinion nobody could teach it as well as him.
I myself have the honor to read and study the book under the shadow of Dr. Shakil and I must say the book is of high quality and provides deep insights in the financial system and economic development of Pakistan supported by key financial and economic data.
Great Job. Yes, such a book has long been overdue! This is so true that when we step out of academia, we know more about Fed than SBP.
Finally... About time we got our OWN book .. thanks doC!
Great Job Done Doctor Sahib
Qudos to Dr Faruqi for including 'Islamic Banking' in his book. Knowledge of Islamic banking will give our students a headstart in the murky bad,bad world of international finance. Knowledge is temporary, faith is permanent.