Islamic Finance Heading Towards New Destination

The leading Islamic Finance consultancy services provider AlHuda Centre of Islamic Banking and Economics successfully organized International Conference on Ijarah (Islamic Leasing) and Takaful. The event was held on 10^TH -11^TH November, 2021 at Radisson Blu Sisli Hotel, Istanbul Turkey with collaboration of Leasing Association of Uzbekistan and Islamic Corporation for Development of Private Sector. ICD-IsDB is one of the premier Islamic multilateral financial institutions working for the development of the private sector including the Ijarah industry. The lead sponsor for this event was Caiz Holding AG and the technology partner was Codebase Technologies. The media partner for the conference is Web-TV powered by ProShare and Islamic Finance Weekly Nigeria.  The conference hosted delegates from Canada, Malaysia, Uzbekistan, Germany, Dubai, Pakistan and Turkey.

The conference agenda was to explore a new horizon for Ijarah (Islamic Leasing) and evaluation of new dimensions to the world of Takaful. This event projected Islamic finance, its challenges, global reach and future prospects, Ijarah (Islamic Leasing), products, innovative value addition in its product line, Shariah Compliance, Operational aspects, Ijarah Sukuk (Innovative solution to Governing bodies and Islamic Capital market), and Takaful (Islamic Insurance).

In the inaugural session, the Chief Guests were Mr. Ihsan Ovut (Secretary General), The Standards and Metrology Institute for Islamic Countries (SMIIC), and Mr. Botur S. Yusupov (Deputy Chairman) Leasing Association of Uzbekistan. AlHuda CIBE arranged an impressive lineup of 17 speakers from different countries on the subject matter to explore more options for Ijarah (Islamic leasing) and Takaful industry. Mr. Pervez Nasim (Chairman and CEO) Ansar Financial Development Corporation (Canada), Dr. Levent Sumer (Chairman) SMR Strategy Turkey, Ms. Ebru Cetin (Head of Turkey) The Digital Insurer, Mr. Muhammad Salman Anjum (Chief Executive) InvoiceMate, (Head of BSV Blockchain) in MENA and South Asia and many other leading names of industry have participated in the event.

Addressing to the audience, the organizer of International Islamic Leasing Conference, Muhammad Zubair Mughal Chief Executive officer said that Islamic Finance Industry is growing all over the world, for its future direction we need to remove barriers for developing it as equally beneficial alternative financial system. Ijarah is a very convenient product to launch in those jurisdictions where there is no proper legal and regulatory environment available to facilitate Islamic banking and financial products, he added. He argued that due to this feature Ijarah products can be introduced effectively and efficiently in financial markets without introducing any additional legal and regulatory framework for enabling environment for Islamic finance products. 

Muhammad Zubair Mughal said that Takaful is a key to unlock the independence of men. He highlights the concept of Takaful based on solidarity, shared responsibility, and brotherhood among communities to cooperate and be mutually responsible for each other's unwanted uncertainties and financial damages. While narrating the theme and core purpose of the 2^nd International conference on Ijarah (Islamic Leasing) and Takaful, Muhammad Zubair Mughal resonated his thoughts that economic prosperity and well-being massively depends upon banking and finance sector in any country around the world. It is also noteworthy that those sectors are growing. In this connection the Islamic Banking and Islamic finance sectors have shown tremendous emergence globally by double digit growth from the last several years.

The conference will be followed by One Day “Post Event Workshop on Islamic Leasing” dated November 12, 2021. This Workshop will cover a variety of allied topics. To learn more about please visit: https://www.alhudacibe.com/icit2021/.