Global Islamic finance event kicks off in Makkah

Image from Um Al-Qura University

Makkah, (IINA) - Saudi Minister of Education Ahmed Al-Issa on Sunday opened the activities of  the first global event on Islamic finance, which is being organized by Um Al-Qura University of Makkah, Arab News reported.
Addressing the event, Salih Al-Aqla, dean of Faculty of Economics and Islamic Finance and Head of the Organizing Committee of the Conference,  said the conference would explore multiple economic issues.
The three-day event, titled "Efficiency and financial stability," will be addressed by Saudi Arabian Monetary Agency (SAMA) Governor Fahad Al-Mubarak, Senior Vice President of the World Bank (WB) Mahmoud Mohieldin, in addition to experts and researchers from inside and outside the Kingdom.
He said many world countries have given utmost care to Islamic banking instruments for being a safe haven for the protection of individual and communal economy, a matter that prompted these countries to set up Islamic banks or branches within (traditional) banks.
He noted that the scientific committee of the conference had received 1,034 papers representing 58 countries. Of them, 75 work papers were approved which, reflected an unprecedented number of papers to be presented at a conference related to Islamic economy.
Um Al-Qura University Rector and Head of the Higher Supervisory Committee of the Conference Bakri Assas stressed the importance of the conference in revising and assessing the principles of Islamic economy.
He said the conference has attached special priority to Makkah in the development of Islamic banking. He added that Islamic banking had experienced three major stages: First fear from failure (first half of the 20th century); timid beginnings or emergence of very few Islamic institutions and the third stage where Islamic banks have had a reputable place in the economic arena.
Referring to the current stage, he said we have entered into the fourth stage, which necessitates revision and assessment. Later, the conference held three sessions in which the first discussed instruments of financial risks, efficiency and financial stability in Islamic economy, and governance of Islamic financial institutions, respectively.
SM/IINA

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