On Wednesday, February 12, 2025, the Departments of Banking and Finance, Accounting, and International Relations and Diplomacy at Tishk International University (TIU) jointly hosted an International Workshop titled, “The Controversy of the So-Called Islamic Banks.” The event ran from 10:30 AM to 12:45 PM and brought together a diverse group of participants, including students, academics, clerics, journalists, and business professionals.
The workshop was led by Mr. Shwan Zangana, an expert in Islamic Finance and the acting chief of the Economics Committee of the Iraqi Forum for Intellectuals and Academics in Istanbul. The session was moderated by Dr. Mohammad Salih Mustafa, Head of the International Relations and Diplomacy Department.
Session Highlights
In the first session, Mr. Zangana compared the core functions of conventional banks with the operations of Islamic banks. He then presented his critiques of Islamic banking, questioning their true alignment with Islamic principles and their claim to be genuinely “Islamic.” This thought-provoking presentation set the stage for an engaging discussion.
After a coffee break that facilitated informal networking, the second session began with Mr. Zangana delving deeper into the controversial aspects of Islamic banking through the lenses of conventional banking systems, legal frameworks, and Islamic jurisprudence. The floor was then opened for a spirited and intellectually stimulating debate, with Mr. Zangana confidently addressing questions and criticisms from the audience.
Conclusion and Recommendations
In his concluding remarks, Mr. Zangana offered several key recommendations, including:
- Transforming Islamic banks into investment companies.
- Re-evaluating the concept of interest rates.
- Revisiting the Islamic understanding of usury (riba) as derived from the Quran and the traditions of the Prophet (Sunnah).
The workshop concluded with certificates of appreciation being presented to both Mr. Zangana and Dr. Mustafa for their valuable contributions. The event was highly successful in shedding light on a complex and often-debated topic, fostering a sense of intellectual curiosity and community among all who attended.
Keywords: Islamic Banking, Tishk International University, Workshop, Islamic Finance, Shwan Zangana, Riba, Sunnah
