Riphah International University (RIU)
Riphah Centre of Islamic Business (RCIB)
Riphah Centre of Islamic Business (RCIB) was established in 2009 to meet the challenge of providing socially responsible and ethically inspired professionals, managers and leaders to improve the business world and to serve the Islamic business, banking and finance industries. RCIB is carrying out research and education programs in Islamic Business and Finance for MBA and MS leading to PhD degrees, for publishing the HEC recognized internationally refereed academic journal (Journal of Islamic Business and Management- JIBM) and for organizing academic conferences on various aspects of business and finance in Islamic perspective. RCIB’s special courses designed to create dual expertise in the students have a potential to serve as a milestone towards meeting the challenge of providing socially responsible and ethically inspired professionals, managers and leaders to improve the business world and to serve the business, banking and finance in ethical manner.
|International Conference on Islamic Business (ICIB)|
The Islamic systems of management, business and finance focus on effective disclosure requirement and documentation, values inspired personnel, caring employers, socially responsible investments, enhanced supply of risk-related capital, restricted risk taking and the balanced return rate structure based on the real assets backed economic activities. It has the potential to provide a sound basis for sustainable development for socio-economic benefit of all business stake holders and the mankind as a whole. Therefore, the global business and management practices need to be geared with Islamic business concepts and practices strictly observing its original contours of management, justice and transparency. Above all, it would need human resources committed to serve the mankind with socio-economic considerations and accountability to the society and the Creator (SWT).
Keeping the above objectives in view the ICIB series was initiated a few years ago and so far three conferences have been held successfully. ICIB provided an excellent platform for coming together of the Islamic business management and finance intellectuals, practitioners of Islamic finance industry, Ph. D. / research scholars of the Universities and other stakeholders to discuss the achievements, the challenges and issues faced future potential available, in the fields of Islamic business, banking and finance.
With around assets of US $ 1.8 trillion, Islamic finance is now an important part of the global financial system. Despite the amazing growth during last four decades, it is faced with a number of weaknesses and challenges, the most striking of which is ignoring the most desirable socio-economic aspects and objectives, and hence declining integrity. Its growth has to be associated with socio-economic objectives and the values and ethics accepted globally and cherished by all revealed religions and civilized societies. The scope and range of both Islamic finance and business remains to be further explored and scrutinized to gear it with Islamic business practices and to strictly observe its original contours of Equity, Justice, and Transparency. It is pertinent to note that on account of recent crises in global economy and finance, the moves for ethical finance and value based businesses have been initiated even in conventional social sciences disciplines. It’s time to promote the socio-economic culture suggested by Islam, for benefit of the mankind, in collaboration with such moves and serious minded scholars and opinion makers.
The First ICIB – Feb. 2011
(i) Islamic Development Bank (IDB) through Islamic Research & Training Institute (IRTI), Jeddah.
(ii) State Bank of Pakistan (through its) Islamic Banking Department (IBD) & National Institute of Banking and Finance (NIBAF).
The Conference, first major event held in Pakistan on the subject, turned out to be a unique international event by dint of scholarly contributions by top level economists and practitioners involved in evolution of Islamic finance industry. Spreading over 8 working sessions during two days, the conference discussed the present state of Islamic business and finance and how and in what way the economic problems of the Muslim and other countries could be resolved efficiently. Twenty six presentations / papers were presented in addition to eight presentations made in pre-Conference Workshops on Islamic banking and takaful on February 7, 2011.
The keynote speakers included Dr. Abbas Mirakhor, Dr. Hussain Hamid Hassan, Dr. Monzer Kahf, Dr. Muhammad Umer Chapra, Dr. Akram Laldin, Prof. Khurshid Ahmad (Chairman IPS Islamabad), Dr. Zubair Hasan (Professor at INCEIF, Malaysia), Dr. Munawar Iqbal (Chief Editor, JAKU- Islamic Economics), Dr. Muhammad Qaseem, Shari´ah Advisor, DIB, Pakistan; Dr. Muhammad Tahir Mansuri (IIUI and Shari´ah Advisor, Askari Islamic Bank), Mr. Omar Mustafa Ansari (Ernst & Young Ford Rhodes Sidat Hyder, Karachi), Dr. Zeeshan Ahmed (LUMS), Mufti Najeeb Khan (Shari´ah Advisor, Habib Bank A. G. Zurich), Mr. Rustam M. Idrees (Bank Negara Malaysia) , Mr. Riaz Riazuddin (State Bank of Pakistan) and Mr. Saleemullah (State Bank of Pakistan). Federal Minister for Finance & Economic Affairs, Mr. Abdul Hafiz Sheikh was the Chief Guest while Mr. Yaseen Anwar, the then acting Governor of State Bank of Pakistan was the Guest of Honor in the inauguration ceremony.
The Second ICIB – Feb. 2012
ICIB 2012 was the second successful event that provided a vigorous opportunity for dialogue and discussions between researchers, academics, policymakers, corporate leaders, business managers, practitioners of Islamic banking and finance and the research scholars. Nine working sessions were held on various topics to address the problems, challenges and potential for managing the modern day businesses in Shari´ah conforming way. Two pre-conference workshops on Islamic banking and Takaful were also held on day before the major event.
The Third ICIB – Feb. 2014
The third ICIB was held at the grand Quaid-e-Azam Auditorium, Faisal Masjid Campus of the International Islamic University Islamabad (IIUI) in collaboration with the State Bank of Pakistan (SBP), Higher Education Commission (HEC) and the IIU, Islamabad. The 3rd ICIB focused on equity investments, private equity and venture capital, fund management and governance of Islamic financial institutions for managing and promoting equity related businesses and finance. The academicians from International Shariah Research Academy for Islamic Finance (ISRA), and International Centre for Education in Islamic Finance (INCEIF) Kuala Lumpur, Malaysia provided academic contributions and support that added enormous value to the research oriented event. The policy driven keynote addresses were made by the Deputy Governor State Bank of Pakistan, Prof. Datuk Syed Othman Al Habshi, Chief Academic Officer, INCEIF, KL, Malaysia, and veteran Islamic economist and scholar, Prof. Khurshid Ahmad, Chairman of the Institute of Policy Studies Islamabad.