Faculty at SAHSOL Publishes 'Islamic Finance in the Financial Markets of Europe, Asia and America'

Dr. Faiza Ismail, Assistant Professor-Tenure Track, Shaikh Ahmed Hassan School of Law (SAHSOL) has published the first-ever book on Islamic finance operations in the Eurozone. Islamic Finance in the Financial Markets of Europe, Asia and America highlights that a well-structured legal and judicial system encourages a financial system that stabilises the economy.

Currently, London, out of the top five international centres of finance is the only one that has developed a ‘Western Hub of Islamic Finance'. It is competing well with Malaysia, the regional hub of Islamic Finance. However, after Brexit, Islamic finance service providers in London have got an incentive to operate in Dublin to tap the Euro market.

Dr. Ismail’s book also throws light on the criticism faced by Islamic banks including debates around profit and interest. “This debate can be resolved when Shariah scholars in Islamic banks take a bigger role than advisors. Shariah scholars acting as directors for an Islamic financial Institution's board of directors will help us overcome criticism of Islamic banks regarding interest,” explains Dr. Ismail.

For her, the journey to becoming a published writer began quite early. A chatty child, who loved reading and writing, realised over time that she liked to analyse texts. “Critical analysis was like second nature to me,” says Dr. Ismail. At one point in her life, she aspired to be a journalist since she was continuously concerned about social and national issues including women’s rights and terrorism. However, her passion to speak up for social injustices combined with a deep analysis of issues led her to take up the field of legal academia. Later on, she turned to legal academic writing to “resolve the bigger issues of poverty alleviation and illiteracy”.

A PhD in Business and Law from the University College Dublin, Dr. Ismail interned for a short while with a well-known law firm in Karachi during her LLM and realised that academia gave her a sense of purpose. Publishing her Master's dissertation was another sign. “I felt so satisfied publishing about Guantanamo Bay prisoners and human rights violations committed through manipulation of the law that I decided to study for doctoral research,” she recounts.

After completing her PhD, she worked as a Consultant with the Institute of Business Administration, Karachi and then joined LUMS as an Assistant Professor - tenure track. This was the start of a new stage in her life.

“LUMS has given me immense support, respect, and love. I am grateful to the University for all the professional support it has offered me during my entire career,” says Dr. Ismail.

Speaking on how LUMS supported her for the book, she says, “The LUMS community is like a family to me and the campus is a second home. The University has given me immense support in terms of mentors and friends, which I will cherish all my life. All have been very open to sharing their experiences and guiding me all along the project. I certainly owe my book to this wonderful institution”.

She especially credits Dr. Martin Lau, former Dean of SAHSOL who made her turn her doctoral thesis into an academic book. Later on, Dr. Muhammad Azeem, Assistant Professor, SAHSOL kept guiding her.

Dr. Ismail shares a message for the younger generation or anyone who wishes to pursue an education in Law and also wants to go into publishing, “People who are passionate about Law are inherent writers. Legal skills give you a unique understanding of problems which is not so evidently known to the world. So apply your legal skills to contemporary issues in your writings. It is your duty to benefit the world with your unique perspective which will solve many problems, educate, as well as entertain others. Remember great leaders like Abraham Lincoln and Muhammad Ali Jinnah were lawyers. Through your writings, you reflect leaders in you.”