6th World Islamic Economics and Finance Conference (WIEFC 2023)

ABOUT 6th WIEFC 2023
The contemporary Islamic finance industry started in the 1970s with the setup of the first Islamic commercial bank. The industry has since developed and witnessed tremendous growth in the various markets globally, as such according to International Monetary Fund (IMF), it has become systematically important in 14 jurisdictions. Additionally, a number of emerging markets are in the process of Islamizing their whole economy. At the same time, the Federal Shari’at Court of Pakistan has ordered the elimination of Riba from the economy. Hence, now is the time to shape the future of this important industry by devising a robust strategy to achieve resilience and sustainability in light of the present challenges. Global inflation, weak socio-economic conditions, climate changes, and geopolitical tensions are some of the major challenges for the whole world. These factors also have a negative impact on the growth of industries including financial industries. On the other hand, major developments are taking place in the Islamic finance industry in terms of regulations, Shariah governance framework, the inclusion of the code of ethics, digitalization, fintech, reg-tech and product structuring.