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Islamic finance – conservative, safe and growing dramatically


Themes: Finance

New Executive Education programme for Cambridge Judge Business School

Cambridge Judge Business School is launching a new executive programme focused on the Islamic finance industry, which is fast becoming a crucial component of the global financial picture.

It is predicted that the assets of Islamic banks will reach US$6.5 trillion within the next decade, the fastest growth rate in the worldwide banking industry.

Islamic finance is regarded as more conservative and much safer says Dr Kamal Munir, Reader in Strategy & Policy at Cambridge Judge Business School, who will lead the two-day programmes to be staged in Cambridge, Dubai and London.

He feels that as Islamic banks weathered the financial crisis better, outperforming all conventional banks, they have triggered reconsideration about the nature of the banking system and the risk it entails.

“A number of regulators as well as ordinary savers or customers have started gravitating towards some sort of a model which is more sensible, more ethical, fairer and which takes fewer risks.

“A lot of people have been coming towards Islamic finance. People or institutions such as IMF and so on have been publishing papers on how it provides a much more stable financial system.”

This purpose of the Islamic Finance programme is to reveal the essential dynamics of competing in the Islamic finance environment. It is aimed at a broad cross-section, from bankers involved in both conventional and Islamic banking, fund and wealth managers, regulators or those either new or intending to work in the Islamic finance sector.

Find out more

Learn more about the Islamic Finance programme
Visit Dr Kamal Munir’s faculty webpage

Comments

  • Ahmed

    It is nice to see exploring new ways of doing banking, yet, it is really helpful to clarify what do we mean by “Islamic Finance” ? I am a muslim from Saudi Arabia, and feel that banks there just use the word “Islamic” as a marketing tool. For instance, when people want to borrow money they find traditional banks more merciful than those “islamic” ones in term of interest rate and condition of financing.

    • Danish Javaid

      Very well said Ahmed. I have been assocaied with the Largest Islamic Commercial Bank of Pakstan since last almost 4 years. Yes, there is a difference in lending methodology of Islamic banks as compared to that of conventional banks.

      But I have been dealing with the clients since last 9 years in Pakistan and have noticed a visible difference in the mind-set of those people who have realized the importance of Islamic finance. It’s asset backed financing and primarily this is among one of the major reasons for the success of Islamic finance. Currently, there has been a major shift in the local industry where clients are pleading Islamic Banks to finance their borrowing requirements and have kept conventional banks as there second option and some are even quiting from convetional mode of financing.

      Here, I would request all the readers, not to use word “Islamic Finance” as a marketing tool but kindly follow and implement the true essence of Shariah and its compliance. This is and will remain the key for the success of Islamic finance.

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  • Mohammed Ali

    Salam, I agree with you Ahmed – sometimes I think swapping the word ‘interest’ with ‘profit’ seems to suffice as Islamic banking, especially here in the UK. I am looking at Rare Collectibles and Stamp Investment as a potential new player in the Shariah market.

    The Economist and The Financial Times seem to show sustained and growth over the past 20 or so years.

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