Lahore  -  Vice Chairman Minhaj University Lahore Dr Hussain Mohi-Ul-Din delivered closing speech on last day of “World Islamic Economic and Finance Conference”, organised by Minhaj University Lahore. He said Pakistan is anticipated to be the world’s fastest developing Muslim economy in regards to the Islamic Banking and Finance by the end of 2018. 

The major conclusion reached during the conference was that Islam could make a tremendous contribution to solving the financial and economic problems of humanity by developing a stable economic system, which would not be subject to global financial crises.  

The conference stressed the importance of seeking a solution to global financial and economic issues through dialogue and by fostering cooperation among all nations of the world in close collaboration with the OIC and the United Nations.  

Scholars and experts present at the conference were united in their resolve to achieve these objectives, which are given the highest priority in Islam.  

The conference suggested that a special working group should be set up under the direction of Shaykh-ul-Islam Professor Dr Muhammad Tahir ul Qadri. This designated working group will work closely with the Government and the State Bank of Pakistan (SBP) in the preparation of an effective action plan. The purpose of this action plan would be to prepare uniform standards and banking products in order to cater the need of the Islamic financial industry of the world.  

The challenges facing the development of Islamic banking in Pakistan depends on the collaborative research activities of Shariah experts and finance experts in both industry and academia.