The Islamic system of management and finance focuses on effective disclosure requirement and documentation, values inspired personnel, caring employers, socially responsible investments, enhanced supply of risk-related capital, restricted risk taking, balanced return rate structure based on the real assets backed economic activities. It has the potential to provide a sound basis for sustainable development for socio-economic benefit of all business stake holders and the mankind as a whole. Therefore, the global business and management practices need to be geared with Islamic business concepts and practices strictly observing its original contours of management, justice and transparency. Above all, it would need human resources committed to serve the mankind with socio-economic considerations and accountability to the society and the Creator (SWT).
Increasing complexity in the financial products and the markets is further aggravating the problems. A large number of institutions like commercial banks, investment banks, asset management firms, hedge funds, mutual funds, savings banks, insurance companies, etc are source of huge profits and personal wealth for the associated traders and firms, but they serve little socially useful function. They strengthen the process of widening the gap between the wealthy and the poor in both developed and underdeveloped economies. The ICIB is a forum to discuss the potential and challenges in developing models and processes for present day business management in line with the tenets of the Shariah. readmore...>>