Cagayan de Oro hosts international conference on Islamic finance

CAGAYAN DE ORO CITY, Oct. 25 (PIA) — The City of Golden Friendship hosted the first international conference on Islamic Finance, Muamalat and Financial Criminology (IFMFC) last October 23-24, 2013.

The two-day conference, held in Grand Caprice Restaurant, was participated by Islamic bankers, government officials and employees, financial and academic regulators, government auditors, accounting practitioners, financial and academic consultants from Malaysia, Indonesia, Myanmar, Nigeria, India and the Philippines.

Cagayan de Oro hosts international conference on Islamic finance

Cagayan de Oro hosts international conference on Islamic finance

It was organized by the Accounting Research Institute (ARI), Universiti Teknologi MARA Malaysia, Philippine Association of Islamic Accountants (PAIA), Philippine Institute of Certified Public Accountants (PICPA) Cagayan de Oro-Misamis Oriental chapter, National Commission on Muslim Filipinos (NCMF), and Mindanao State University (MSU) Marawi campus.

The IFMFC was aimed at discussing the issues and presenting peer reviewed researches related to Islamic financial products and services development, Islamic accounting and auditing, as well as the challenges and opportunities in achieving a steadfast Islamic industry.

PAIA President Amanoding Esmail said the conference with the theme “Rediscovering innovations in pole vaulting Economy Addressing Challenges (REACH)” was very appropriate and timely.

He said an understanding of Islamic finance is necessary to help sustain economic growth, high investment profitability and make Philippines an extremely attractive site for foreign investment.

Topics discussed by international speakers during the conference included Islamic financial products and services development, management and implementation; role of Islamic finance in industrialization; Islamic accounting and its impact on accountability and good governance; Islamic ethics and governance; Shariah auditing; and financial criminology.

Meanwhile, Dr. Rashidah Abdul Rahman, convention co-chair and deputy director of ARI, was optimistic that the conference has provided a platform for the participants to learn from the experts on Islamic Finance.

She also hopes to see Islamic finance developing in the country as this will contribute towards elevating the Philippines as a business destination in the region.

Oman: Islamic Banking and Finance Conference in March

MUSCAT — A two-day conference on Islamic Banking and Finance will be held from March 26, 2012 at the Al Bustan Palace, a Ritz-Carlton Hotel, Muscat. Organised by OITE Conference, the event will focus on the theme, ‘Innovating the Future of Oman’s Islamic Banking and Finance: Meeting Demands, Maximising Opportunities’.

Following the announcement and recent approval for the establishment of two Islamic banks, namely Bank Nizwa and Al Izz International Bank in the Sultanate, Islamic finance is gaining immense importance in Oman’s banking sector.

“In the struggle to drive long-term sustainability and accelerate economic growth, it is crucial to formulate strong banking reforms, diversify financial assets and execute appropriate investment mechanisms effectively,” said Sherwin Sevillena, Senior Manager — Conferences at OITE.

Sevillena added: “The need to strengthen policies and legal principles intended for implementing Islamic banking for the Sultanate of Oman should seize decisive action by governments and key policy makers to obtain a competitive edge in the regional and global financial markets.”

The conference aims to provide a platform for dialogue and discussions between top leaders, key policy makers and the brightest minds in the industry to formulate winning strategies that will revolutionise the Sultanate’s current financial structure and investment climate.

Besides, the event aspires to develop a concrete blueprint on how to meet the emerging challenges posed by the outcome of financial liberalisation.

Sevillena added: “The event will also discuss the need for a fundamental rethink on how to increase the level of sophistication in building techniques to raise awareness, optimise operation efficiencies and achieve a higher degree of accountability”.

Egypt’s Salafists to found their first Islamic bank

Egypt’s Salafist party, El-Nour, has called for the founding of its first bank in its first economic conference

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Egypt’s Salafist party, El-Nour, in it’s first economic conference, called for the founding of a bank on behalf of the party that aims to contribute to the Islamic banking sector.

The bank will be based on funding for small and medium enterprises as one of the quick keys to help the youth sector.

The participants agreed at the conference, which was held on Sunday 24 July under the title ‘Egypt’s economic revolution blooms’, on the need to establish an Islamic Chamber of Commerce as a mechanism for economic reform, as well as attempt to attract the high capital members of the party. Continue reading

India should open interest-free banking windows in conventional banks

India should open interest free banking windows in conventional banks as a pilot project, Muddassir Siddqui, a leading authority on interest-free banking, today said.

Making a strong plea for launching Islamic banking in India, Siddqui, Partner and Head of Islamic Finance, Middle East, SNR Denton and Company, told reporters here that there was lot of ‘misunderstandings’ regarding Islamic Banking in India. ‘We are just asking for level playing field. We want it in conventional system. We do not want any favours’, he said.

On issues relating to recovery in cases of loan defaults, he said it is done the same way as convetnional banking. Continue reading

Justice Krishna Iyer backs Islamic banking in India

A major campaign to introduce Islamic banking and finance into India was kicked off in the Kerala city of Kochi on Friday with Justice Krishna Iyer taking the lead. “I welcome Islamic finance in India,” said Iyer, a former Supreme Court judge.

“Islamic finance has proven successful in poverty alleviation and promoting sustainable growth in many countries, including the United States, and it is very relevant in our country where 20 million people are starving,” Iyer said.

Justice Krishna Iyer backs Islamic banking in India

The justice made this statement while proclaiming the plan to hold an international seminar in Kochi on Oct. 4-6 on the prospects of introducing Islamic finance in India. He said Islamic finance, which is based on humane principles, was good for all of humanity.

“Those who support humanism should welcome Islamic banking and finance in India,” Iyer told the gathering, which was attended by a large number of prominent personalities including TPM Ibrahim Khan, additional solicitor general of India.

The seminar is organized by the Islamic University in Shanthapuram in cooperation with the Jeddah-based Islamic Research & Training Institute (IRTI) of Islamic Development Bank. International speakers include Bambang Brodjonegoro (Indonesia), Omar Chapra (Saudi Arabia), Mohammed Obaidullah (IRTI), Monzir Kahf (USA), Nazim Ali (Harvard University), Ali Quradagi (Qatar), Hussain Hamid Hassan (UAE) and Nizam Yakuby (Bahrain). Continue reading