Islamic banking ‘viable option for non- Muslims too’

Viewed by: 58
Not rated yet
 Islamic banking ‘viable option for non- Muslims too’ Dr El-Karanshawy (left) with Dr Nienhaus at the event.
11:57 PM
9
March
2013



By Joseph Varghese/Staff Reporter



Islamic banking is a highly viable option for non-Muslims as well, said Dr Volker Nienhaus, professor of economics and former president of the University of Marburg, Germany, at a recent lecture
in Doha.
He also observed that while Islamic banking comprises only around 10% of global banking, it is growing steadily. Dr Nienhaus made the statements while delivering a lecture on the topic, “ Islamic Finance for Non-Muslim Clients: Are There Great Potentials?” at Qatar Faculty of Islamic Studies (QFIS), Education City.
Speaking on the benefits of Islamic financing for non-Muslims,  Dr Nienhaus said: “Islamic banking has come a long way and become a viable option for everybody, including non-Muslims. A Shariah-compliant banking scheme is a better financial option as it has no excessive risks and does not engage in questionable businesses.”
Islamic banking, he added, is fundamentally not too different from conventional banking except for the fact that it does not deal with any “haram” product.
Dr Nienhaus said socially-responsible investment was gaining momentum around the world and Islamic banking could benefit from this.
“In 2010-2011, socially-responsible investment was worth $3tn in the US, while it was around $8tn in Europe. The total amount of Islamic banking for the same period was $1.6tn. The value of global financial assets through conventional banking was about $180tn,” he said, adding that socially-responsible investment was also in keeping with the ethical aspects of Islamic banking.
Dr Nienhaus stressed that Islamic banking had to go through various filters to ensure that it fully complied with all Islamic principles of financing. “Firstly, it goes through industrial screening to make sure that it does not involve any of the products that are ‘haram’ to Islamic beliefs. Then, it undergoes financial screening to ensure that the companies have a very tolerable ratio of commercial interests.”
He highlighted that in the Kuala Lumpur Stock Exchange, 85% of the shares were Shariah-compliant.
QFIS dean Dr Hatem el-Karanshawy welcomed the gathering and moderated the question-and-answer session.




Add to:

Add Comment
Please make sure the following errors to complete the comment
  • Please write a comment first
  • Sorry.. You cannot use HTML code here
  • Sorry.. you have exceeds the maximum charcter limit
Disclaimer: To use comment service please Login To add your picture and your name to your comments and the appearance of comment in less time
guest
guest
guest
(guest@site.com)
Select Mood Normal Cry Happy Nice Shcoked

Number of characters allowed no more than 1000 Letter

Adding a comments means you have read and agreed onComments Posting ProtocolsAnd You bear the moral and legal responsibility for the publication of this comment on Gulf times portal.
Readers mood after comment
Comments /Number of comments (0)
Order Comments
الصفحة 1 من 0
رقم الصفحة اذهب

Report Abuse

Choose Abuse Reason
  • advertising
  • Not related to subject
  • Offensive
  • Wrong Words
Send
Gulf Times SERVICES
Weather
Prayer times
Newsletter
Currency conversion
Embassy Services

* RequiredFields

Sender Name*
Sender E-mail*
Receiver Name*
Receiver E-mail*
Message