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Al-Baraka Symposium Calls For Permanent’ Islamic Bank Fatwas

20.08.2010

Al-Baraka Symposium for Islamic Economics is a two day conference which is calling out for permanent Islamic banking fatwas instead of the current temporary ones.

The initiative was taken in the light of increasing number of Islamic financial institutions along with the growing volume of their assets and deposits, and the consequential interest of many international institutions supporting Islamic banking.The symposium, which is being organized annually during the holy month of Ramadan by Al Baraka Banking Group, would review some banking issues that have surfaced at the Islamic and international levels.

Al-Baraka Symposium Calls For Permanent’ Islamic Bank Fatwas
Al-Baraka Symposium for Islamic Economics is a two day conference which is calling out for permanent Islamic banking fatwas instead of the current temporary ones.

The initiative was taken in the light of increasing number of Islamic financial institutions along with the growing volume of their assets and deposits, and the consequential interest of many international institutions supporting Islamic banking.The symposium, which is being organized annually during the holy month of Ramadan by Al Baraka Banking Group, would review some banking issues that have surfaced at the Islamic and international levels.

The symposium is under the patronage of Sheikh Saleh Bin Abdullah Kamel, chairman of the Board of Directors of Al-Baraka Banking Group and of the Federation of Islamic Banks.In the previous symposia, the fatwas and recommendations issued by the Al-Baraka Symposium for Islamic Economics have become a scientific reference and a database that guide research and fatwas issued by Shariah authorities for banks and Islamic financing institutions, Fiqh academies and different organizations and commissions worldwide.

International Islamic scholars will come together to discuss the key issues of Islamic banking and will be joined by a number of experts in the field of finance, banking business and Islamic financing with the objective of arriving at a set recommendations and religious edicts (fatwas) that would contribute in further enriching and guiding Islamic banking. The highlighted topics in the symposium two day conference will further help to combat challenges in the Islamic banking industry and provide effective solutions to Islamic financial institutions problems.

Other key areas which the Symposium will be focusing on is the designing of Islamic financial tools and the implementation of Islamic banking tools. The difficulties which the Islamic banking industry is undergoing and the problems which include liquidity in the absence of plans by Islamic banks for cooperation among themselves and the availability of investment opportunities based on professional feasibility studies as well as liquidation of investments when needed will also be discussed.

The Symposium can help to identify existing and potential problems and aim to strengthen the sector of Islamic banking and finance which is a thriving sector and diversifying to a global scale.

Source: http://www.globalislamicfinancemagazine.com/index.php?com=news_list&nid=917

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