IBA Faculty Participates in Global Participation Finance Summit (GPAS) Istanbul
Nov 16-17, 2017: Dr. Irum Saba, Assistant Professor
(Department of Economics and Finance) and Program Director (MS
Islamic Banking & Finance), participated in the Global
Participation Finance Summit (GPAS) Istanbul organized under the
auspice of the Presidency of the Republic of Turkey by MUSİAD -
the businessmen association present at 181 locations across 68
countries. It also included Participation Banks Association of
Turkey in collaboration with the Prime Ministry Under
secretariat of Treasury, Central Bank of the Republic of Turkey,
Banking Regulation and Supervision Agency, the Republic of
Turkey Capital Markets Board, Directorate of Religious Affairs
and Higher Education Institution at Haliç Congress Center from
November 16-17, 2017 in Istanbul. The summit was inaugurated by
Deputy Prime Minister of Turkey His Excellency Mr. Mehmet Şimşek
and attended by over 3000 participants.
Dr. Irum delivered a presentation on the merits of ‘Humanist Finance and Wealth Fund Management’. She defined Humanist Finance as ‘Finance for everyone in compliance with Shariah’. Although Wealth Fund Management is equally important for everyone, there is a misconception that it is only for the rich. The basic essence of Humanist Finance is to help every segment of the society without discrimination.
Wealth Fund Management in the case of Humanist Finance should provide end to end solutions by using different products and services for wealth creation, wealth enhancement, wealth protection and wealth distribution, which is in line with Maqasid al Shariah. The number of HNI is increasing in the world and at the same time poverty is also increasing. The Muslim population will be 26.4% by 2030. The total global wealth increased by 6.4% in the past 12 months.
Wealth Fund Management is a niche market. Currently, Saudi Arabia (38%) and Malaysia (29%) are leading the Islamic fund asset industry. Turkey can become the hub of Humanist Finance and Wealth Fund Management but for that, the government and regulators should provide an enabling environment; networking with other markers, adoption of new business models, talent development and creating awareness.