Departement of Finance

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https://escholar.umt.edu.pk/handle/123456789/509

To be the most innovative and dynamic department recognized for its high quality and creative methodology to disseminate financial knowledge and skills in individuals who will take leadership roles to tackle ever changing financial and economic markets around the globe.

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Browsing Departement of Finance by Author "Sadiq, Ramla"

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    Problems and Issues in Transformation from Conventional Banking to Islamic Banking: Literature Review for the Need of a Comprehensive Framework for a Smooth Change.
    (City University Research Journal., 2015) Rafay, Abdul; Sadiq, Ramla
    During last few decades, conventional financial systems are being transformed to Islamic financial systems in many countries around the globe. One of the major components of Islamic financial system is Islamic Banking. As most of the economies were not ready for this change, Islamic banks and financial institutions were and are confronted by many difficulties primarily due to non-existence of a comprehensive framework. We studied these transformation problems and issues in Far Eastern countries being the first entrants in this transformation phase. Among a large number of problems some are lack of general awareness among various stakeholders, existence of different schools of thought within Islam and insufficient/ineffective legal rules and regulations. Concerted efforts are not made to develop a new framework in line with the sensibilities towards the role of religion in commercial and financial activities of society and to introduce laws compliant with core Shariah principles, prudential standard requirements for supervision, disclosure requirements for financial statements, corporate governance and transparency requirements, new product development requirement, consumer code of conduct to name a few. New entrants in Islamic Banking may take benefit of this learning curve.
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    The Role of Islamic Finance in Sustainable Development.
    (Journal of Islamic Thought and Civilization., 2015) Sadiq, Ramla; Mushtaq, Afia
    The current global inclination is to utilize non-renewable resources responsibly and create a world that future generations can thrive in. In order to achieve this aspiration countries all over the world agreed upon a set of sustainable development goals (SDGs). Sustainable development is a concept that incorporates meeting “the needs of the present without compromising the ability of future generations to meet their own needs”. This depends largely upon economic growth. Islamic finance has been highlighted in recent research regarding impact on financial sector due to its considerable growth. The purpose of this paper is to discuss the major perspectives in which Islamic Financial Institutions (IFIs) play a fundamental role in the achievement of sustainable development goals. The literature suggests five main aspects which are reviewed from the perspective of existing research.