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Multinational Financial Management

Title: Awareness of Islamic Banking

and Finance
Date: 03-05-2017

Venue: Buraq Marriage Hall, Sahiwal, Pakistan.

First of all I would like to especially thanks to respected Dr. Khurum Abbas
shb to allow us to attend the seminar at Sahiwal. The agenda of this seminar
was about the awareness of Islamic Banking and Investment. The seminar
was very interesting and gave several opportunities to learn many things. It
was a great experience for me to explore my knowledge and there were
some questions in my mind which have been cleared now after attended the

The main agenda which was discussed is to make the investment through
proper Islamic Shariah. The speaker, who especially came from Karachi, kept
a vast knowledge and grip on all aspects regarding Islamic investment.

The points which were discussed there about

Car financing
Qard Hasna

I learnt a lot of things there which I would like to try cover in my report.

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Firstly, the main thing that I learnt there is tries to always investment in
Islamic banking except conventional banking. The basic reason of this that
conventional banks use our cash and further invests in a business that can
be legal or illegal. The banks especially invest in Forex and stock exchange
which is illegal in Islam and we provide them cash and banks further use our
cash in these sector but Islamic banks invest in those sectors which are
according to Shariah and Islam promotes these initiatives.

Secondly, if you purchase car from conventional banks than all the
damages either occur from natural disaster bear by the lessee and all the
taxes have been paid by the lessee too where in Islamic banking all the
losses beard by the lesser that are Islamic banks.

Thirdly, there is need to educate the people about Haram and Halal
business. If you invest in conventional banks who offer 6% interest to you at
every month, same like Islamic banks also give you 6% profit every month
but in case of loss than both parties have to bear the losses were in
conventional banks only the banks will bear the loss but that is not according
to the Islamic laws.

Fourthly, IMF and World banks also forcing the rest of world to invest in
Islamic banks that are much safer and also according to Shariah. The director
of IMF really focused on his current debate about the significance of Islamic
banking etc.

Fifthly, Islam forbidden us to invest in Haram business and it is really

prohibited in Islam. There are many Ahadees related to Prophet Muhammad
P.B.U.H where they strongly condemn the Riba and there are many strong
verses present about the prohibition of Riba.

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I learnt that there are much more education required to educate the people
about Islamic Banking and convince them to invest in Shariah compliances.
For example, if any individual plans to buy a home than Islamic banks
provide you the finance to build the home and divide the proportionate of
finance and after the accomplishment of home than an individual pay back
the cash and Islamic bank shall provided you the percentage of share
regarding your home. If we discuss about the conventional banks they
provide you the cash for a specific period of time and an individual has to
pay back the cash with interest to the bank at any cost otherwise bank has a
right to bid your property at any time if you are unable to payback their

At the end there was a question and answer session where the different
participants shared their views and concern about Islamic banking system
and the speaker gave the reasonable answer to the participants according to
the Shariah.


At last, I want to share my point of view that Islamic banks also use KYBER
and LIBOR system for house mortgage which needs to be improved in future
and should introduce their own system that should be clean from KYBER and

End of Agenda:

The seminar was ended at sharp 2 o clock and at the end there was a good
refreshment program for the audience and the speaker indulge himself with

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the audience and took their views and appreciated their presence as well as

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