By Emmy Abdul Alim
Interviews with the pros using the speedy worldwide progress of Islamic finance although the trendy Islamic finance approach has existed for greater than 40 years, its dimension and effect within the banking has extended vastly in precisely the decade. This ebook seems to be at Islamic finance from the viewpoint of the specialists shaping the undefined, together with a number of the founders of the 1st Islamic banks-Haj Saeed Lootah, His Royal Highness Prince Mohamed Al Faisal Al Saud, and Sheikh Saleh Abdullah Kamel-as good as different pros who've vastly motivated the industry. Read more...
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Extra resources for Global leaders in Islamic finance : industry milestones and reflections
Islamisation of the Pakistani Economy In 1978 the newly installed military leader, Zia ul-Haq, announced the Pakistani government would enforce Nizam-i-Mustafa, or the Islamic system. Professor Khurshid was summoned back from the United Kingdom, and he assumed the position of deputy chairman of the Planning Commission. He was appointed to the position, he said, as an economist to overlook the Islamisation of the country’s economy. Professor Khurshid went on to become chairman of the Standing Committee on Finance, Economic Affairs, and Planning during his first tenure in the Pakistani Senate from 1985 to 1997.
They realised, 16 GLOBAL LEADERS IN ISLAMIC FINANCE in 1991, that the intended switch to the preferred profit and losssharing system as a replacement for the interest-based system had not, in fact, taken place. Professor Khurshid considers these failed attempts largely the result of a lack of political will. The main drive to Islamise the economy was based on the elimination of riba, or interest, since the Qur’anic injunction against riba is vehement. The ideal alternative to an interest-based system is profit and loss sharing, which still remains under-used in the global Islamic finance industry today due to its higher risks.
The establishment of DIB was backed by the Dubai Ruler’s Decree, and its founding shareholders included the Dubai and Kuwaiti governments. For his business, banking, philanthropic, and social contributions to the United Arab Emirates, Hajj Saeed, as he is known, is regarded as a true visionary and a pioneer. 25 26 GLOBAL LEADERS IN ISLAMIC FINANCE It is a pleasant winter’s morning in Dubai, the comfort of which makes you forget the searing temperatures that scorch most other months of the year.
Global leaders in Islamic finance : industry milestones and reflections by Emmy Abdul Alim