4th Islamic Banks and Financial Foundations Conference Recommendations

The 4th Islamic Banks and Financial Foundations Conference on June 2nd, 2009 recommended to enroll Islamic banking course in university curricula and establishing a joint course between the Economy and Sharia faculties in order to make graduates qualified in banking and Sharia.

The 4th Islamic Banks and Financial Foundations Conference on June 2nd, 2009 recommended to enroll Islamic banking course in university curricula and establishing a joint course between the Economy and Sharia faculties in order to make graduates qualified in banking and Sharia. The Conference, in a final session, called for finding a legal environment compatible with the nature of Islamic banking and adopting a banking arbitration system to solve disputes related to Islamic banking and developing new formulas of Islamic finance to increase revenues. For his part, Grand Mufti of the Republic, Ahmad Badreddein Hassoun talked about the importance of knowing Islamic banking work characteristics through studying and scientific specialization and intensifying training courses, pointing out that Syria made good steps in the field of Islamic banking. Governor of Central Bank of Syria, Dr. Adeeb Mayaleh pointed out that work is in progress to realize an Islamic banking sector based on the laws of Islamic Sharia to cope up with the requirements of life in Syria. Mayaleh said that Islamic banks in Syria have witnessed a distinguished growth during its short work time which is about 1 and a half year, however, they have 70 000 clients and their revenue volume amounts to 42 SYP billions and 11% of the total revenue volume, indicating that Islamic banks are developmental banks and that the percentage of its investment finance amounts to 60% of its finance. 800 Sharia scholars and Islamic banking specialists from Arab and foreign countries participated in the 2-day Conference. Link: http://www.cibafi.org/NewsCenter/English/Details.aspx?Id=3638&Cat=0