Developing Shari’ah-Objectives Based Index for Islamic Banks

IPS’ Research Fellow Dr Zahid Siddique Mughal presented his work ‘Developing Shari’ah Objectives Based Index for Islamic Banks’ at IPS on August 30, 2018 before a select gathering of senior academics and Shari’ah experts representing Islamic banking and finance industry.

The experts present on the occasion included: Dr Waqar Masood, former finance secretary of Pakistan, Dr Muhamad Tahir Mansoori, member Shari’ah board, Securities & Exchange Commission of Pakistan (SECP), Dr Mushtaq Ahmed, director general, Shari’ahAcademy, International Islamic University, Islamabad (IIUI), Professor Mohammad Ayub, director, Riphah Centre of Islamic Business and member Shari’ah board, The Bank of Khyber, Dr Atiq-uz-Zafar, director general, International Institute of Islamic Economics (IIIE), IIUI, Dr Ghazala Galib, Phd on Islamic Banking & Finance, lecturer, Faculty of Shari’ah & Law, IIUI, Muhammad Sarim Ghazi, manager, Shari’ah Compliance Department, Emaan Islamic Banking, Silk Bank, Syed Abu Bakar, member, Shari’ah Compliance Department, Silk Bank, Emaan Islamic Banking, Aman Ullah Khan, senior IPS associate, Dr Khaleeq-uz-Zaman, Dr Qasim Ashraf and Dr. Syed. M. Anwar.

The experts critically appreciated Dr Mughal’s work and gave suggestions for improvement, which were comprehensively responded to by the author of the draft index. A number of participants underscored the need and importance of such an index to review the conduct of Islamic banks periodically in the light of Shari’ah objectives explained by the founding fathers of Islamic economics such as Dr Nejatullah Siddiqui, Professor Khurshid Ahmad and Dr Umer Chhapra in their groundbreaking work in the field during 1960-80s.

The session was chaired by DG-IPS Khalid Rahman and moderated by Dr Shehzad Iqbal Shaam, senior research fellow at IPS.