Seminar on working system of Islamic banking held

FAISALABAD: In a bid to bridge the gap between academic knowledge and practical industry application, the Executive Society and the Accounting and Finance Society of Faisalabad Business School, National Textile University Faisalabad in collaboration with the State Bank of Pakistan (SBP), organized an insightful seminar on the working system of Islamic Banking.

The event aimed to provide students and faculty with a comprehensive understanding of the principles and operations that distinguish Islamic finance from its conventional counterpart.

The seminar was graced by the presence of Dr. Shahzad Iqbal and Sardar Pervaiz Akhtar, PRO, who, along with their dedicated team, hosted the proceedings.

The event commenced with a warm welcome address by Dr. Sajjad Ahmed Baig, Director of Faisalabad Business School. In his opening remarks, Dr. Baig emphasized the importance of such collaborations in equipping future business leaders with specialized knowledge and highlighted the growing global significance of Islamic finance.

The technical session was led by Ms. Fozia Aslam, Chief Manager at the State Bank of Pakistan, who provided profound insights into the contemporary landscape of Islamic banking. She elaborated on its rapid growth, regulatory framework, and its role in fostering an equitable economic system.

Adding a crucial theological and procedural dimension to the discussion, Mufti Abdul Basit, also from the State Bank of Pakistan, delivered a detailed presentation explaining the complete procedural workings of Islamic banking. He elucidated key concepts such as Mudarabah, Musharakah, and Ijarah, clarifying how Shariah-compliant transactions are structured and executed in practice.

The success of the seminar was the result of immense hard work and dedication behind the scenes. A special mention was given to the team led by Dr. Shahzad Iqbal, comprising Saad Ijaz, Haseeb, Ms. Maheen, Ms. Zilva, and other dedicated student volunteers. Their efforts in organizing, coordinating, and managing the event ensured a seamless and highly informative experience for all attendees.

The session concluded with a lively Q&A segment, allowing students to engage directly with the experts.