Establishing Islamic Micro, Small and Medium Financing Banks and Islamic Perspective of Corporate Social Responsibility
6 th – 7 th November, 2019
Institute of Business Management, Karachi
One of the main functions of both the conventional as well as Islamic commercial banks is to take the deposits from the general
public for the purpose of finance to Industrialists, business class and the people who are already rich in general. However, people
who are poor and marginalized are deprived of taking finance from the Islamic banks. Therefore, it is argued that, Islamic banks are unable to cater the micro-entrepreneurs, marginalized clients including small and landless farmers and hence unable to contribute towards the socioeconomic wellbeing of the society.
On the other hand, conventional microfinance banks have become the sole and significant players of providing access to credit to
underserved low income people however, this credit is interest based, as the same emerges through loan contract. Therefore, the
time has now come for the Islamic banks in Pakistan to ponder upon the wellbeing of the marginalized people of the society and to help them keeping away from Riba which is prohibited in the Holy book of glorious Quran by establishing Islamic Microfinancing banks including Small and Medium Enterprises (SME) that will contribute towards the objective of poverty alleviation, generate employment opportunities and enhance economic growth in the country through inclusive Islamic financial products.
In this perspective, the Institute of Business Management (IoBM) with an objective to enhance research opportunities in general, and to reduce the gap between academia and industry in particular, is organizing the 3rd International Conference on Islamic Banking and Finance which provides a platform among academics, Shari'ah scholars and practitioners to share and synthesize their theoretical, empirical and field related knowledge regarding establishment of Islamic micro, small and medium financing banks and also shed light on the Islamic perspective of corporate social responsibility.