Islamic economic moot announces formation of thinkers’ forum

LAHORE: The third two-day World Islamic Economic and Finance Conference concluded here on Sunday, giving an action plan for the year and announcing formation of a thinkers’ forum.

The forum will serve as a platform for suggesting solutions to economic and financial issues, being faced by the Muslim world.

According to a press release, the Lahore Declaration Action Plan 2020, presented by Deputy Chairman of Minhaj University’s Board of Governors Dr Hussain Mohayuddin Qadri, calling for developing innovative economic and financial solutions for uplift and empowerment of the poor and underprivileged communities.

It urged all public and private sector institutions and organisations, including regulators and legislators, to collaborate for reducing poverty and sharing prosperity. The Islamic financial tools like Zakat, Waqf and Takaful could contribute towards scaling up efforts in commercially non-viable but socially vital projects and programmes to uplift standard of living in diverse communities.

A uniform and obligatory universal wealth levy like Zakat and Takaful-based cooperative system can help check wealth inequalities and mobilise funds for overcoming hunger and poverty. Interest-based world economy continues to enslave the poor nations, causing brain drain from the poor to rich nations. The Muslim economists and platforms like World Islamic Economics & Finance Conference (WIEFC) should suggest solutions to policy-influencing multilateral institutions like World Bank, International Monetary Fund (IMF) and the United Nations (UN).

It urges Muslim countries that while implementing the Sustainable Development Goals (SDGs), use Maqasid al-Sharia to define solutions in accordance with the Islamic principles of justice and equitable distribution of wealth. It calls for digitisation of Islamic finance industry in view of the tech-savvy young consumers. It highlights the need for internationally uniform Halal certification standards and curbing misuse of Halal Logo.

It underscores the need for tapping the blue economy for Islamic finance industry and linking particularly its Sukuk product with this emerging type of economy.

Dr Qadri congratulated Minhaj University VC Dr Sajid Mahmood Shehzad and Pro-VC Dr Shahid Saroya for successfully organising the world moot. Of the research papers read during the conference, the one penned by Dr Mehboobul Hassan was declared as the best and the author was given $1000 cash award.

The State Bank’s paper was chosen as the second best. Those who attended the concluding session included Punjab Higher Education Commission Chairman Dr Fazal Ahmed Khalid, known showbiz personality Usman Peerzada, Nazariya Pakistan Trust Secretary Shahid Rasheed, Tehreek-i-Pakistan Workers’ Trust Deputy Secretary Chaudhry Usman, and Women Development Chairman Tanzeela Imran.

Cambridge, US, DG Dr Kabeer Hassan, and Islamic Finance, England, DG Dr Humayun Dar presented their papers in the concluding session.

Earlier, former finance secretary Masood Khan, ex-federal finance minister Dr Hafeez Pasha, IBA Karachi Director Dr Ahmed Ali Siddiqui, Federal Board of Investment Additional Secretary Saleem Ahmed Ranjha and Dr Rizwan Malik from Behrain participated in the panel discussion.