The Institute of Business Administration (IBA) Karachi recently hosted Prof Dr Mohammad Kabir Hassan, the Hamid D. Habib Chair in Finance at IBA’s School of Business Studies (IBA-SBS) and Professor of Finance at the University of New Orleans (UNO), for a series of thought-provoking lectures and discussions. The event, held from January 24 to 27, 2025, brought together students, academics, industry experts, and Shariah scholars to explore the evolving landscape of Islamic finance and its potential for global growth and development.
Engaging Students and Industry Leaders
On January 24, Prof Dr Hassan delivered a captivating guest lecture to over 120 undergraduate students at the IBA Main Campus. Titled “Islamic Finance in the USA: Concepts, Institutions, and Prospects,” the session provided students with a comprehensive understanding of the growth and opportunities in Islamic finance within the United States. Prof Dr Hassan emphasized the role of Islamic finance in promoting financial inclusion and its unique ethical principles, offering students practical insights into its real-world applications.
Later that day, Prof Dr Hassan addressed senior officials and industry experts at the State Bank of Pakistan (SBP). His talk, “The Development of Government Sukuk Market,” delved into the technicalities of sukuk models, their structures, and operational challenges. He underscored the importance of innovation and strategic reforms to strengthen the sukuk market and enhance financial stability. During his visit, Prof Dr Hassan also met with Mr Saleem Ullah, Deputy Governor of the State Bank of Pakistan, to discuss the Islamization of Pakistan’s financial sector and potential collaborative efforts.
Bridging Shariah and Economics
On January 25, Prof Dr Hassan engaged with Shariah scholars in a specialized session titled “Fiqh, Maqasid, and Economic Dimensions of Shariah Decision Making.” The discussion focused on Shariah governance standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), highlighting the integration of Islamic jurisprudence with modern economic practices. The session provided scholars with a deeper understanding of the ethical and economic dimensions of Shariah-compliant finance.
Empowering Faculty and the Public
On the final day of his visit, January 27, Prof Dr Hassan met with the IBA-SBS faculty to share his expertise on publishing in high-impact journals. He offered valuable strategies to enhance the quality and impact of academic research while addressing common challenges faced by scholars in the publication process. This session aimed to empower faculty members to contribute meaningfully to the global discourse on Islamic finance and economics.
Later that day, Prof Dr Hassan delivered a public lecture at the IBA City Campus on “How to Change the Islamic Finance Industry for Growth and Development?” He highlighted the remarkable growth of Islamic finance globally and stressed the urgent need for reform to sustain this momentum. Prof Dr Hassan called for educational advancements to merge Islamic finance ethics with digital literacy, preparing future professionals for Shariah-compliant fintech. He also addressed resistance to change within the industry, advocating for stakeholder collaboration, regulatory reforms, and innovation to drive growth. Additionally, he discussed the importance of improved sukuk pricing models to ensure fair valuations and enhance market practices.
A Call for Collaboration and Innovation
Throughout his visit, Prof Dr Hassan emphasized the need for collaboration among academia, industry, and regulatory bodies to address the challenges facing Islamic finance. His lectures and discussions not only provided valuable insights but also inspired participants to think critically about the future of the industry.
The event concluded with a renewed commitment from IBA Karachi to foster academic excellence and industry collaboration in the field of Islamic finance. Prof Dr Hassan’s visit marked a significant step toward advancing knowledge and innovation in this rapidly growing sector, positioning IBA as a leading institution in Islamic finance education and research.