About International Conference on Islamic Business (ICIB)
The International Conference on Islamic Business (ICIB) is a forum to discuss the potential and challenges in developing models and processes for present day business management in line with the tenets of the Shariah to make the institutions socially useful.
The financial turbulence is increasing in the world day-by-day mainly due to flawed and non-prudent policies and practices of business firms, corporations and even the sovereigns. The turbulence is systemic in nature because of value free foundations of the global business and finance and declining ethical and social considerations. The stories about corporate misconduct and financial scandals in the world underscore the need to focus more on disclosure levels, corporate governance, ethical business practices, value based leadership, corporate responsibility, sustainability and consultative decision-making – all traits celebrated by Islam.
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
The first International Conference on Islamic Business (ICIB-2011) was organized by the Riphah Center of Islamic Business (RCIB) of the Riphah International University (RIU), Islamabad with Support from:
(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 takāful 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, Sharī´ah Advisor, DIB, Pakistan; Dr. Muhammad Tahir Mansuri (IIUI and Sharī´ah Advisor, Askari Islamic Bank), Mr. Omar Mustafa Ansari (Ernst & Young Ford Rhodes Sidat Hyder, Karachi), Dr. Zeeshan Ahmed (LUMS), Mufti Najeeb Khan (Sharī´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
In continuation of the 1st Conference, the second conference (ICIB-2012) discussed the prospects, practices of Sharī´ah conforming businesses and personnel required for the same. As in the case of the 1st conference, ICIB-2012 was organized with support from IRTI, IDB, Jeddah and the State Bank of Pakistan & its training arm, National Institute of Banking and Finance (NIBAF).
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 Sharī´ah conforming way. Two pre-conference workshops on Islamic banking and Takāful 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 Islāmic 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 Islāmic economist and scholar, Prof. Khurshid Ahmad, Chairman of the Institute of Policy Studies Islamabad.
The Forth ICIB – Feb. 2016
The 4th International Conference on Islamic Business held at Islamabad on February 21 and 22, 2016 concluded successfully. It was held in collaboration with the International Islamic University, Islamabad and with support from the Ministry of Planning, Development and Reforms, Government of Pakistan, the Higher Education Commission, Pakistan, the State Bank of Pakistan, the Securities and exchange Commission of Pakistan, the Madina Institute of Learning and Entrepreneurship (MILE), Saudi Arabia, Islamic Research and Training Institute (IRTI) of IDB Group, Jeddah, BNM’s International Shariah Research Academy (ISRA), Malaysia and a number of Islamic banks and other institutions. The theme of the Conference was: Islamic Economics, Finance, Entrepreneurial Development, and Public Policy for Socioeconomic Well-being.
About 150 abstracts were accepted by the Technical Committee from all over the world. After proper scrutiny by the Committee, forty papers were selected on which presentations / speeches were made on areas including: a) Maqāsid al-Sharī‘ah and Islamic finance b) Divine sources and principles and approach to universal values in Divine economics; c) Ethics, justice and human welfare in Islamic perspective d) Islamic economics and finance as a source of socio-economic development – economics and finance in co-operative framework e) Money, monetary policy and potential of Islamic finance f) Potential and challenges in Islamic banking practices On the above areas, ten regular sessions were conducted in both days of the ICIB. Due to the time constraint, four parallel sessions were also 168 Journal of Islamic Business and Management Vol.6 No.1, 2016 conducted separate from the main sessions in the Auditorium. The speakers of the Conference included: Prof. Dr. Abdelrahman Yousri, Dr. Akram Laldin, Dr. M. Fahim Khan who presented the paper by Prof. Anas Zarqa, Dr. Waqar Masood Khan, Secretary Finance, Govt. of Pakistan, Dr. Mughees Shaukat, Dr. Nasim Shah Shirazi, Dr. Salman Syed Ali, Dr. Zamir Iqbal, Dr. M. Ishaq Bhatti, Dr. Asad Zaman, Dr. Muhammad Qaseem, Dr. Zulkifli Hasan; Dr. Sajjad Zahir, Dr. Tariq Majeed. Dr. M. Tahir Mansoori, Dr. Syed Nisar Hussain Hamdani, Dr. Zahid Bukhari, Dr. Mirajul Haq, Dr. Muhammad Hanif, Dr. Muhammad Aqib Ali, Dr. Muhammad Khaleequzzaman, Dr. Muhammad Zaid Malik, Mufti Aziz ur Rehman, Mr. Elvis Deumic (from Qatar), Mr. Amer Khalil ur Rehman, Mr. Omar Javaid, Mr. Muhammad Ayub, Ms. Camille Paldi, Ms. Ankasha Arif, Ms. Asma Faiz, Mr. Bilal Rasool, Mr. Ahmed Ali Siddiqui, Mr. Mahmood Shah Khan, Mr. Muhammad Akhtar, Mr. Iqbal Hashmi, Mr. Agha Ali Javed of Pakistan’s National Rural Support Program (NRSP), Ms.Warda Rasool, Syeda Hameeda Batool Gillani, Mr. Sami-ud-Din and Dr. Kamran Azam (co-authors), Ms. Sabiha Rehman and Mr. Muhammad Burhan (co-authors). The list of the papers / presenations along with the names of the authors / presenters can be seen at Website of the ICIB.
6th International Conference on Islamic Business (ICIB-2023)