Jeddah: The future of Islamic banking came under discussion at a symposium which was organized with an aim at exploring Islamic banking future in the light of regional, Arab, Islamic and international experiences.
The Center of Banking Studies and Islamic Finance (CBSIF) organized the symposium of its own kind which is an affiliate of King Fahad University for Petroleum and Minerals (KFUPM).
According to the Head of the CBSIF, Dr. Salah Al-Shalhoub, the main objective of the symposium was to find out and discuss the views on the future of Islamic banking industry in light of the current situation. The objective also includes discussing the steps through which the industry can grow and develop.
He said that the CBSIF has reviewed experiences of Arab and Islamic countries in this context adding that KFUPM has entrusted the CBSIF to provide all necessary studies and knowledge in this area.
An Islamic finance expert, Sami Al-Suwailim, also shared his views that the industry started off in a normal rhythm within the world economic move.
The complexity and interdependency of the world economies were exposed in the event of global financial crisis occurred in 2008, he added.
Sami said, “The crisis negatively affected all economies, a matter that led the experts to reconsider the whole financial industry and rectify the inherent defects.”
Meanwhile, he said, the Islamic finance industry captured the exceptional attention at country, governmental, corporate and individual levels even in non-Muslims countries too.
He stated, “Accordingly, the Islamic banking system, which used to design products on purely Islamic basis, began to expand these products to meet requirements of customers who felt more secured about their investments, not only in terms of finance but also from Shariah perspective.”
He continued, “The new products will enhance confidence between the Islamic banking system and customers.”
The symposium also reviewed a number of issues such as employment, shift from short-term into long-term funding institutions, unification of Shariah-based references in these institutions, conduction of specialized training courses for those working in the sector and cooperation between scientific chairs in universities and Islamic financial institutions.
By and large, the symposium proved to be a good learning event for all the Islamic finance practitioners who marked their presence in the event and experts believed that the future of Islamic banking industry is going be excellent with exceptional growth.