Centre for Islamic Economics (CIE) was established on Safar 22nd, 1413, corresponding to August 22, 1992, under the chairmanship of Justice (R) Mufti Muhammad Taqi Usmani with the mission to train and develop a team of Shariah-oriented bankers and Islamic professionals to work as change agents in transforming the current interest based financial system into an interest-free Islamic financial sector. CIE has been able to invoke the interest of large numbers of entrepreneurs from trade and industry and executives from within the financial sector for related Islamic business management principles and practices.
The basic rationale for setting up this institution is to propagate the guidelines of an Islamic Economics System by undertaking research to enable the economic, financial and banking activities in Pakistan and other Muslim countries to conform to Shariah and to extend training facilities to personnel engaged in economic development activities in the Muslim world. With the emerging importance of this field a need arises for an organized forum to equip the youth with the education of Islamic economics and finance as well as train the professionals in the practical field so that they can switch their current day business practices to shariah guidelines. Centre for Islamic Economics (CIE), a division of Jamia Darul Uloom Karachi aims to fulfill this need.
A number of seminars and training courses have been conducted by the CIE and more than 6000 professionals representing more than 500 institutions have been trained so far. This institution has published a book on the topic of business conduct and another book on the guidelines regarding Zakat, both in English and Urdu. Introduction of a self-assessment form for Zakat, in both languages also goes to the credit of CIE.
The primary objective of the Centre for Islamic Economics is to carry out concerted efforts in executing each of the following five distinct activities with diligence and persistence:
The basic rationale for setting up this institution is to propagate the guidelines of an Islamic Economic System by undertaking research to enable the economic, financial & banking activities in Pakistan & other Muslim countries to conform to Shariah & to extend training facilities to personnel engaged in economic development activities in the Muslim world.