International Conference on Islamic Business
The financial turbulence is increasing in the world day-by-day mainly due to flawed and non-prudent policies and practices of business firms, corporations and the sovereigns. The turbulence is systemic in nature because of value free foundations of the global business and finance and declining ethical and social considerations. The stories about corporate misconduct and financial scandals in the world underscore the need to focus more on disclosure levels, corporate governance, ethical business practices, value based leadership, corporate responsibility, sustainability and consultative decision-making.
The Islamic system of management and finance focuses on effective disclosure requirement and documentation, values inspired personnel, caring employers, socially responsible investments, enhanced supply of risk-related capital, restricted risk taking, balanced return rate structure based on the real assets backed economic activities. It has the potential to provide a sound basis for sustainable development for socio-economic benefit of all business stake holders and the mankind as a whole. Therefore, the global business and management practices need to be geared with Islamic business concepts and practices strictly observing its original contours of management, justice and transparency. Above all, it would need human resources committed to serve the mankind with socio-economic considerations and accountability to the society and the Creator (SWT).
Increasing complexity in the financial products and the markets is further aggravating the problems. A large number of institutions like commercial banks, investment banks, asset management firms, hedge funds, mutual funds, savings banks, insurance companies, etc are source of huge profits and personal wealth for the associated traders and firms, but they serve little socially useful function. They strengthen the process of widening the gap between the wealthy and the poor in both developed and underdeveloped economies. The ICIB is a forum to discuss the potential and challenges in developing models and processes for present day business management in line with the tenets of the Shariah.
The Conference would provide an excellent platform for coming together of the Islamic business management and finance intellectuals, practitioners of Islamic finance industry, Ph. D. / research scholars of the Universities and other stakeholders to discuss the achievements, the challenges and issues faced future potential available, in the fields of Islamic business, banking and finance.