Intellectuals, economists, and scholars from various corners of the globe convened in Muzaffarabad City to engage in insightful discussions on the role of religion, spirituality, ethics, and values in economy and society.
The third International Divine Economics Conference, organized by the Islamic Social Sciences Forum (ISF) of Hadi Foundation in collaboration with esteemed universities and Azad Jammu Kashmir Medical College, commenced in the state’s capital.
The conference aimed at to question traditional economic paradigms and delve into the profound influence of religion, ethics, values, and spirituality on the economy and the society. The distinguished speakers and participants challenged established norms and explored novel perspectives on the interplay between economic systems and the realm of faith.
Presided over by former Chief Justice of Azad Jammu Kashmir Chaudhary Muhammad Ibrahim Zia, the session featured addresses by notable figures such as Prof Christopher Hodshire from the United States and Dr Redek Tadeusz E Biernacki from Chile, who joined remotely. Renowned economist Dr Faheem Khan, Chairman of Hadi Foundation Professor Dr Nisar Hussain Hamdani, and other guests also delivered speeches.
Justice Ibrahim Zia believes isolating economy from religion, values, and social fabric would be counterproductive
In his address, Justice Ibrahim Zia emphasized that Islam encompasses all facets of life, including the economic dimension. He applauded the conference as an excellent opportunity to deliberate on the economic challenges posed by conventional systems and make rational decisions. He stressed that isolating the economy from religion, values, and the social fabric would be counterproductive, highlighting the inherent interconnectedness of these elements.
Dr Nisar Hussain Hamdani provided an overview of the divine economics and shed light on the latest developments in research within this field. He said that the conference would serve as a unique platform for stimulating discussions and debates on integrating religion, ethics, and values into the economy. He said that the conference could challenge conventional wisdom in economics, inspiring economists and social scientists to reimagine the discipline by placing a greater emphasis on the role of religion, ethics, values, and spirituality in shaping economic systems.
The gathering witnessed an address by Professor Christopher Hodshire, who discussed divine economic justice and ongoing collaborations between religious institutions and their impact on poverty at both local and national levels. He highlighted shortcomings and pitfalls of the capitalism and the government policies, providing valuable insights for the participants. The conference comprised several parallel sessions, each chaired by esteemed individuals in their respective fields.
Dr Tariq Majeed chaired a session dedicated to the theme of well-being, corporate social responsibility (CSR), and human capital, which included engaging discussions on research papers and abstract presentations. Another session, led by Dr Zafar Siddiqui, explored subjects of education, human development, and innovation through thought-provoking papers and abstract presentations.
Mufti Umer Amadud Din, a distinguished Sharia scholar and Internal Sharia Audit Expert at Silk Islamic Bank, chaired a session focused on Islamic banking and economy. Co-chaired by Moghees Shoukat, this session witnessed stimulating discussions revolving around research papers and abstract presentations pertaining to the theme. An insightful session, under the guidance of Kashmir Institute of Economics Director Dr Attiqur Rehman delved into the practical applications of divine economics.
Prof Christopher Hodshire discusses divine economic justice and ongoing collaborations between religious institutions and impact on poverty
Scholars presented papers and engaged in enlightening talks, contributing to a comprehensive exploration of this crucial aspect. The concluding session, chaired by Dr Abdul Rasheed from the International Islamic University of Islamabad and co-chaired by Dr Zalakat Khan from the Peshawar University, revolved around the theme of conventional economics, providing a fitting end to the conference.
The scholars and faculty members from the Quaid-e-Azam University, Pakistan Institute of Development Economics, Karachi University, Punjab University, Peshawar University, Abdul Wali Khan University, Mardan University, Bahria University, Air University, International Islamic University, Islamia University of Bahawalpur, Fatimah Higher Education System Karachi, and ISRA University of Hyderabad participated in the conference.