INCEIF: Islamic finance is the panacea to the current financial instability

INCEIF, The Global University of Islamic Finance, believes that Islamic finance is the panacea to the current financial instability. The way forward is to provide a dynamic Islamic business model that is both effective and efficient in achieving financial and social objectives.

With that, INCEIF and Bank Negara Malaysia with the support of INCEIF’s collaborative partner, The World Bank, have organised a one-day Executive Masterclass themed `The Role of Islamic Finance and The Global Financial Stability’.  The Masterclass is a precursor to the three-day GIFF (Global Islamic Finance Forum) 2012.

INCEIF Master Class @ GIFF2012.

The World Bank Managing Director Dr Mahmoud Mohieldin delivered a keynote address on `Global Financial Stability: Role of Islamic Finance’. Other speakers at the Masterclass were:

  • First Holder of INCEIF Chair of Islamic Finance Prof Abbas Mirakhor who spoke on `Back to Basics: Linking Islamic Finance to Real Economy’
  • Islamic Financial Services Board Secretary-General Mr Jaseem Ahmed, `Assessing Regulatory Impacts with Respect to the Current Islamic Banking Business Model’
  • State Bank of Pakistan Deputy Governor Mr Kazi Muktadir, `Banking Business Model Options – Spectrum of Supervisory Approach’
  • Liquidity Management House, Kuwait Managing Director & CEO Mr Emad Yousul Al Monayea, Selecting the Right Business Model in Islamic Banking’
  • HSBC Amanah Malaysia Bhd CEO Mr Rafe Haneef, Merits of Risk Sharing Model vs Debt Based Model for Islamic Finance: Issues and Challenges’
  • Bank Islam Malaysia Bhd Chief Risk Officer Mr Jeroen P.M.M. Thijs, Specific risk Issues for Islamic Banks.

INCEIF President & CEO Mr Daud Vicary Abdullah moderated a roundtable discussion on `The Role of Islamic Finance in Promoting Global Financial Stability’. Making up the panelists at the roundtable were:

  • Prof Abbas Mirakhor
  • Al Baraka Group, South Africa Deputy Chairman Mr Shabir Randeree
  • Bank Nizwa, Oman Chief Executive Officer Dr Jamil El Jaroudi
  • Deloitte & Touche, Bahrain Islamic Finance Group Director Dr Hatim El-Tahir

A total 290 participants attended the Masterclass including international participants from 36 countries.  As a reflection of the growing global interest on Islamic finance, the international participants included those from non-traditional markets such as Ireland, Italy, Romania and Germany.

This is the third GIFF to be hosted by BNM, a triennial event held in recognition of the tremendous international prospect surrounding the thriving Islamic finance industry. Themed “Internationalisation of Islamic Finance: Bridging Economies” in recognition of the tremendous international prospect surrounding the thriving Islamic Finance industry, GIFF 2012 featured financial industry practitioners, regulators, Shariah scholars and business communities from around the globe to discuss the prospects for Islamic finance in bridging economies and strengthening connectivity.

The event is organised by BNM in collaboration with the Securities Commission Malaysia, Association of Islamic Banking Institutions Malaysia (AIBIM), Islamic Banking and Finance Institute Malaysia (IBFIM), Malaysian Takaful Association (MTA), International Shariah Research Academy for Islamic Finance (ISRA) and Bursa Malaysia.

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