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Monday, 14 September 2009

Further strengthening of Islamic banking called for

JEDDAH - Saleh Kamel, chairman of the Al Baraka Banking Group, has inaugurated the two-day 30th symposium on Islamic Economy on Wednesday at the Jeddah Hilton.
He urged in his speech all Islamic banks to strengthen their Islamic banking services.
“The Islamic banking is a real message and method in the economy,” he said, addig “I hope we don’t change the terms without applying the Islamic principles.”
He also said that Islamic banking should be purified from all the impurities it suffered from during the past years.
Saleh has earlier talked to Al-Sharq Al-Awsat Arabic newspaper about the impurities and said “Islamic banking has had lot of differences in the Fatwas that conflicted with each other.”
He said in the interview that there had been a lot of differences in views regarding some products such as Tawarruq and Murabaha.
Adnan Ahmed Yousif, president & chief executive of ABG, revealed a new identity of Al Baraka Banking Group.
A number of high caliber scholars and Islamic finance experts presented their research papers that discussed the financial derivatives and their role in the global financial crisis, the practical applications of the Ijarah described on liability, security and debt insurance and the extent to which non-Shariah laws may be accepted as governing laws in respect of agreements and contracts to which an Islamic financial institution is a party. - SG

(By Jassim Alghamdi/Saudi Gazette)

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