Tishk International University Hosts Thought-Provoking Workshop on the Controversy of Islamic Banking

On Wednesday, February 12, 2025, Tishk International University’s Departments of Banking and Finance, Accounting, and International Relations and Diplomacy came together to host an engaging and thought-provoking International Workshop titled “The Controversy of the So-Called Islamic Banks.” The event brought together students, academics, clerics, journalists, and business professionals for a day of insightful discussions and lively debates.

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. Dr. Mohammad Salih Mustafa, Head of the International Relations and Diplomacy Department, moderated the session, ensuring a smooth and productive flow of ideas.

In the first session, Mr. Zangana outlined the core functions of conventional banks and compared them to the operations of Islamic banks. He then delved into his critiques of Islamic banking practices, questioning their alignment with Islamic principles and their claims of being truly “Islamic.” His presentation sparked curiosity and set the stage for deeper discussions.

Following a coffee break, participants ranging from students and academics to clerics, journalists, and business leaders continued to exchange ideas and debate the topics raised. The break provided an excellent opportunity for networking and informal discussions, adding a vibrant dynamic to the event.

The second session saw Mr. Zangana exploring the controversial aspects of Islamic banking through the lenses of conventional banking systems, legal frameworks, and Islamic jurisprudence. The floor was then opened for participants to share their thoughts, critiques, and questions. What followed was a spirited and intellectually stimulating debate, with Mr. Zangana confidently addressing each comment and criticism with well-reasoned responses.

In his concluding remarks, Mr. Zangana proposed several recommendations, including transforming Islamic banks into investment companies, re-evaluating the concept of interest rates, and revisiting the Islamic understanding of usury (riba) as derived from the Quran and the traditions of the Prophet (Sunnah).

The workshop concluded on a high note, with certificates of appreciation presented to Mr. Zangana and Dr. Mustafa for their contributions. The event not only shed light on a complex and often debated topic but also fostered a sense of community and intellectual curiosity among participants. It was a day where academia, faith, and finance intersected, leaving everyone with much to reflect on.

 The workshop started at 10:30 and continued until 12:45.