Riphah Centre of Islamic Business (RCIB), under the umbrella of Riphah International Islamic University-
Islamabad, ranked as a top category private university by Higher Education Commission (HEC) of Pakistan, is
being established with the vision to have a community of socially responsible and ethically motivated businesses, business leaders and entrepreneurs imbued with the divine command and committed to excel their business, competing in efficiency and quality, knowing that in this competitive world only those succeed who are the best.
“Efficiency with social responsibility” is the RCIB vision in nutshell.
Khurram Khan, PhD Scholar Malaysia, MA (Econ), MBA, DAIBP, CIFE™ has a rich and diversified work experience (banking, management, finance, and corporate affairs ) of more than 35 years with reputed organizations in Pakistan and abroad. He is a widely traveled person and has attended a number of professional courses/workshops, seminars, and conferences at prestigious institutions. He has presented his research papers in international conferences and has also published in International Journals. He has been teaching graduate courses at the Faculty of Management Sciences for the last over four years.
Currently Mr. Khan is writing his thesis on “Islamic work Ethics” for his PhD degree …………………. Presently he is working as Director of Riphah Center of Islamic Business (RCIB).
To have a community of socially responsible and ethically motivated businesses and business leaders and managers imbued with the divine command “O you who believe! Eat not up your property among yourselves unjustly (The Quran 3:29), committed to excel their business, competing in efficiency and quality, knowing that in this competitive world only those succeed who are the best (“And of course, whoever sought the best, will succeed today-The Quran 20:64).
- Creating a community of socially responsible and ethically motivated businesses and business leaders/managers through education, training and research Advising and consulting Maintaining up to date resource centre on all aspects of Islamic business charter to the business leaders andGiving managers with respect to their commitment to ethics, values and social responsibility Liaising with other world communities committed to ethical and socially responsible business.
- Developing ethically and socially responsible human capital in the private sector, public sector, government organizations, non-government organizations at national level and global level interested to conduct their business in ethical and socially responsible ways.
- Improving efficiency and performance of the operations and policies of private businesses, public policy makers, and non profit and welfare organisations, committed to conduct their businesses and policies while adhering to Islamic values/ethics.
- Getting the leaders, managers, policy makers recognized nationally and globally for their commitment to ethical business by awarding a credible and internationally recognized charter to those who meet the required standards.
- For modern financial and commercial institutions, it is wrong to assume that Islamic heritage has nothing to offer or that Fuqaha (Islamic Scholars) have Contributing to the development of a global network of ethical businesses and business leaders and policy makers by liaising with similar communities in other parts of the world.
- Extending frontiers of knowledge to contribute to wellbeing of mankind by conducting original research on issues relating to Islamic business.
Objectives of RCIB
- Developing ethically motivated and socially responsible human resources for:
- Private sector businesses
- Public Administration
- International/foreign businesses
- Building capacity in the area of Public Policy with Islamic vision
- Helping GOs and NGOs to enhance the ethical standards of their practices
- Producing original research through Ph.D Program
- Promoting ethical and socially responsible business and trading.
Why is there a need for an Academic Centre of Excellence for Islamic Business?
Business is not merely a financial science, as it is being understood currently in the modern world. It's science of human behaviour in market place and in organizing production and distribution that society needs for its wellbeing. It's about creating a product or service so good in contributing to the wellbeing of the people that people will pay for it. It is here where we have rich heritage and ultimate divine guidance preserved in the form of volumes of literature on Fiqh al Buyu', Fiqh al Maal, Fiqh of 'Uqud. Riphah Centre of Islamic Business aims at bringing the Islamic model of business in practice; the model that once made Muslims the business leaders of the world.
Business education needs to become a part of our national curriculum and scoring systems. Business education needs to be related to Islamic values as well as to be geared towards ensuring modern scientific standards in education. The need for ethical business is not for Muslim societies alone. The world is recognizing the significance of ethical business. Several renowned corporations and businesses in global scenario are already in process of making their businesses conform to social responsibility and ethical values, and several internationally renowned academic institutions and various NGOs are working for promoting ethical business.
For modern financial and commercial institutions, it is wrong to assume that Islamic heritage has nothing to offer or that Fuqaha (Islamic Scholars) have stopped thinking about modern economic and financial issues. The fact is that Islam has always been dealing with current issues. If we now find a tendency in the market economies in Muslim countries to drift away from the Islamic system and moving towards capitalist or other systems then it is only because human resources are being trained to work for these systems rather than for Islamic system. Islamic system is global in nature and it has a global appeal when it is found in practice. If non Muslim societies do not apply Islamic principles of conomics and finance, then it is only because a practical form of modern scientific applications of these principles has not been presented to the market. We have to present Islamic system as a need for the society. Market will respond to the need. We have the example of Islamic financial institutions. In 30 years period, the market for Islamic institutions has grown from a small niche to a global reality. In the present worldwide financial crisis, Islamic financial institutions have sustained well. This fact has been recognized by the world.
It is this background in which RCIB has been established and given a vision to meet the need of society for business sector that maintains integrity, social responsibility and Islamic values while competing in the national and global competitive business environment. Ethical practices based on Islamic principles would create this environment.
Message of the chairman
At the root of economic and financial problems of the today’s world, is the issue of the governance, and the ethical and moral fiber of the managers and leaders who are managing and leading the businesses. Even the so called most civilized nations of the contemporary world have seen the worst cases of ethical and moral lapses on the part of the world renowned businesses.
Despite so many conferences, seminars and training programs held to create awareness about the ethical and moral fiber in business operations; and despite so many ethical and moral standards laid in black and white obliging the business world to adhere to, a substantial outcome to give relief to economically and financially troubled world is yet to be seen.
Socially responsible businesses and ethically motivated business leaders and managers, is now the dream and need of the world, which is becoming more and more important as the world is progressing. This dream cannot be achieved by simply laying down standards. This can only be achieved by educating the prospective and future leaders in right perspective-education that will motivate them to commit to and adhere to business ethics, and to also inspire them to be socially responsible.
RCIB has been established to face the challenge of producing socially responsible and ethically and morally inspired managers and leaders to improve the business world, and to reduce the economic and financial troubles of the world. RCIB is taking the inspiration from the divine command “O you who believe! Eat not up your property among yourselves unjustly (The Quran 3:29),” for designing all its academic and advisory programs. These elements of Islamic system are the integral part of all the activities of RCIB, and go side by side with the objective of achieving excellence, knowing in this competitive world, only those succeed who are the best (And of course, whoever sought the best, will succeed today-The Quran 20:64)