Monday, December 19, 2011
World Conference of the economy, Islamic finance begins
Doha: the first annual Eighth International Conference on Islamic Economics and Finance under the banner of (sustainable growth and economic development can cross from the Muslim perspective).
The Qatar Central Bank Governor Sheikh Abdullah bin Saud Al Thani, in a speech opening the two-day conference that Islamic banks over the past years has been able to gain significant momentum in the field of Islamic banking, which has attracted attention both regionally and internationally.
He added that many of the states known Baractha banking for many years began to speak about the benefits of Islamic banking system and the rates of growth, immunity and its ability to respond to the challenges of banking, especially towards the financial crises which emerged clearly during the recent global financial crisis.
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He said in this connection, that success presents Islamic banks to the unprecedented challenges related to standard setting prudential and supervisory and commitment to the continuing ability to meet the increased risks in the banking sector with the required capacity of set high in the light of the interdependence of the banking sector in various countries around the world.
Sheikh Abdullah said in his speech that he does not retreat from the decision to close the branches of Islamic banks, the traditional end of the year in Qatar reference to the closure for reasons relating to the supervision, control and matters relating to monetary policy.
He added that the Qatar Central Bank found through application that the combination of traditional banking and Islamic prejudice free competition and transparency among banks, warning that the confusion between assets and liabilities of Islamic banking and traditional lead to the complexity of risk management and hinder the preparation of financial reports homogeneous based on the same criteria.
For his part, the Director-General of the Islamic Development Bank Dr. Ahmad Mohamed Ali, a civilian in a speech similar Islamic banks seeking to find innovative solutions for the provision of liquidity and the exploitation of short-term deposits in the development of models of innovative financing, or what is known out micro-finance to fund projects for young people.
He stressed the role that can play these operations in the elimination of unemployment among the youth especially in rural areas under the high unemployment rates experienced by Muslim states.
And praised the civilian experience in this regard made by the Islamic Development Bank in Bangladesh in this area and its ability to transform the rural women to productive energies through operations to finance their businesses miniature.
And held the Eighth World Conference of the economy, Islamic financing this year with the participation of a group of economists and the owners and staff of central banks and specialists from 40 different countries will discuss several topics including the economic doctrines and values of Islam and the scope of Islamic Economics and the date thought the Islamic economy and economic management and the effects of Islamic principles on fiscal and monetary policies and other files.
KUNA
