During the conference, experts said that Institutional
reforms, effective integration of technology, and adherence to Sharia
objectives are essential for the revival of Waqf and Zakat in Islamic society.
Along with this, there is a need to pay more attention to transparency, skills
development, and promotion of entrepreneurship to eliminate socio-economic
inequalities. It is also necessary to promote these institutions as an
alternative to development models based on commercial activities.
These ideas emerged on the first day of the Professor
Khurshid Ahmed International Conference 2026, jointly organized by the
Institute of Policy Studies and Allama Iqbal Open University under the theme of
Using Waqf and Zakat for Socio-Economic Empowerment in the Context of
Entrepreneurship and Sustainable Development.
The two-day conference brought together national and
international experts, researchers, policymakers, regulators and industry
veterans to discuss innovative practical solutions and approaches to harnessing
Waqf and Zakat as a systematic institutional resource for sustainable and
inclusive development.
Speakers included Prof. Dr. Nasir Mahmood, Vice Chancellor,
Allama Iqbal Open University; Prof. Dr. Anis Ahmed, Vice Chancellor, Rifa
International University; Prof. Dr. Iqbal Khan, Vice Chancellor, Shifa
Tameer-e-Millat University; Prof. Dr. Mohiuddin Hashmi, Dean, Allama Iqbal Open
University; Khalid Rehman, Chairman, Institute of Policy Studies; Prof. Dr.
Atiq-ul-Zafar Khan, Shifa Tameer-e-Millat University; Dr. Ghazala Ghalib, International
Islamic University, Islamabad; Prof. Dr. Kabir Hassan, University of New
Orleans, USA; Omar Mustafa Ansari, Secretary General, Accounting and Auditing
Organization for Islamic Financial Institutions, Bahrain; Prof. Dr. Mehmet
Aswat, Durham University, UK; Dr. Tariq Naseem, Securities and Exchange
Commission of Pakistan; Dr. Tauseef Izad, University of Management and
Technology Lahore; Dr. Fazlur Rehman, Zakat Foundation of America; and Dr.
Salman Syed Ali, Former Research Lead, Islamic Development Bank.
The discussion emphasized that Zakat, as a fundamental
pillar of Islam, and Waqf, as a fundamental Islamic economic institution, have
historically played a significant role in equitable wealth distribution and
social development. However, over time, the scope of both institutions has been
limited in the subcontinent. This change, corruption, and the absence of an
effective system have undermined public trust in institutional economic
institutions.
The speakers pointed out that several Muslim-majority countries
such as Turkey, Malaysia, Indonesia, and Kuwait have attempted to make Waqf and
Zakat functional through institutional reforms, including using financial
technology and artificial intelligence to improve transparency, efficiency, and
accessibility. These global experiences provide valuable guidance for Pakistan,
especially in creating effective and sustainable frameworks to address poverty
and other socio-economic challenges.
It was also emphasized that Islam provides a comprehensive
code of life that encompasses economic, social and moral aspects. In this
context, any Islamic financial model should be formulated in a holistic manner,
taking into account the socio-political realities and systemic limitations of
Pakistan. It is necessary to align the evolution of Islamic banking and finance
in the country with broader development goals so that these models can play an
effective role in inclusive development.
The speakers said that Islamic jurisprudence promotes a
balanced and integrated social concept, which ensures the circulation of wealth
through institutions such as waqf and zakat. Despite the availability of
resources at the global level, poverty and growing inequality indicate that the
current systems have failed to ensure equitable distribution. In such a
situation, the revival of these institutions can be an effective means of
filling these gaps. Moreover, financial assistance alone is not enough; it is
also necessary to equip the beneficiaries with skills and entrepreneurial
capabilities so that the welfare system is aligned with sustainable development
and long-term economic autonomy.
The discussions also criticized the dominant Western concept
of development, which has gradually shifted the focus of human life towards
individualism and market-based decisions, often at the expense of moral and
social values. In contrast, the Islamic framework offers a balanced perspective
that combines collective welfare and moral values. In this context, Zakat and
Waqf emerge as effective means that can restore balance in society and cover
both the material and moral aspects of development.
The participants also highlighted the intellectual legacy of
Professor Khurshid Ahmed and considered it part of a broader tradition of
Islamic thought that is intertwined with reform movements. His contributions
were described as a combination of economic theory, political practice, and
institutional development. It was emphasized that in order to effectively
address contemporary challenges, these ideas need to be re-examined and
interpreted so that Islamic economic principles can be implemented in a
coherent manner rather than in a fragmented manner.
IPS Chairman Khalid Rehman said that rising geopolitical
tensions and economic uncertainty have highlighted the need for alternative
development models that prioritize social welfare and collective well-being.
While conflicts are a symbol of destruction, institutions like Waqf and Zakat
are a symbol of reconstruction and development, especially in situations where
effective resource development becomes essential for peacebuilding.
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