On Wednesday, February 12, 2025, Tishk International University’s Departments of International Relations and Diplomacy, Accounting, and Banking and Finance jointly hosted an engaging international workshop titled “The Controversy of the So-Called Islamic Banks.” The event provided a platform for students, academics, clerics, journalists, and business professionals to engage in insightful discussions and debates on this complex topic.

A Critical Look at Islamic Finance

The workshop was led by Mr. Shwan Zangana, an expert in Islamic Finance, and was moderated by Dr. Mohammad Salih Mustafa, Head of the International Relations and Diplomacy Department.

In the first session, Mr. Zangana outlined the core functions of conventional banks and contrasted them with the operations of Islamic banks. He then presented his critiques of Islamic banking practices, questioning their adherence to Islamic principles. This thought-provoking presentation set the stage for a lively and intellectually stimulating debate among the diverse group of participants.

In-depth Discussion and Key Recommendations

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

In his concluding remarks, Mr. Zangana offered several key recommendations:

  • 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 presented to Mr. Zangana and Dr. Mustafa for their contributions. The event successfully shed light on a significant topic, fostering a spirit of intellectual curiosity and critical engagement within the TIU community.

Keywords: Islamic Banking, Islamic Finance, Banking, Finance, Usury (Riba), International Relations, Academic Workshop, Tishk International University, Financial Systems, Economics