Patron, ICRIE, Dr. Hussain Mohi-ud-Din Qadri talked on “Paradigm of Business Ethics in Marketing of Islamic Financial Services” at IBA Karachi.
The key points of his presentation are following:
- It is essential to separate the identity of Islamic economics and Islamic finance industry.
- Achieving the objectives of Islamic law should be the top priority. This calls for offering shariah based products, not shariah compliant or pseudo-Islamic products.
- A strong desire for infinite accumulation of wealth and limitless consumption of resources should not be the aim of the executives of Islamic financial institutions.
- A standardized and integrated model of Islamic finance at global level is a key to achieving more growth and sustainability. In 2017, the market saw a windfall of sukuk issuance. At the same time, cases like the Dana Gas issue acted as a wake-up call for the industry and shifted the attention back to the standardization debate. Investors tend to shy away from uncertainty and they tend to shrink from the commodities they are not able to quantify. Therefore, we think that standardization, of legal documentation and Sharia interpretation, is not only important but also is the way forward for the industry to restore its appeal.
- There is a need to actively react to current social and global issues and address broader challenges such as the preservation of environment, environmental and social well-being.
- A focus on building the awareness of the general public.
- A focus on the poor strata of the society.
- A focus on the needs and the preferences of customers.