By Emmy Abdul Alim
Interviews with the pros using the quick worldwide development of Islamic finance even though the fashionable Islamic finance procedure has existed for greater than 40 years, its dimension and impression within the banking has accelerated vastly in exactly the decade. This e-book seems to be at Islamic finance from the point of view of the specialists shaping the undefined, together with the various founders of the 1st Islamic banks-Haj Read more...
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Extra info for Global leaders in Islamic finance : industry milestones and reflections
Example text
Instead, the Islamic finance industry is considered largely risk-averse and primarily uses debt-based modes such as murabaha (cost plus profit) and tawarruq (a commonly used method designed to provide liquid assets such as working capital finance and short-term financing), both of which either resemble conventional interest-based products or have very little links to the real economy, which is an important requirement of shari’ah. 1, it was the government that first started to falter on the plan, and to this day the Pakistani economy is still struggling to achieve its aim of being fully Islamised.
Not only did the bank not have any Islamic banking models to learn from, it also had to grapple with how to stay in business as the only Islamic bank on the much bigger interest-based financial landscape, “When we started, we were the only Islamic bank within a conventional system,” says Hajj Saeed. With no other Islamic banks to trade with, DIB had to interact with the interest-based banks.
I decided that I would take it on myself. ” He installed himself as managing director and the founding chairman of the board of directors, with his brother Sultan as his deputy chairman. They surrounded themselves with other family members to manage the bank. But from the very beginning, he says, he was very cagey of being in charge of such a new and unfamiliar venture. According to him, he requested to be personally liable for any of his decisions that incurred losses for the bank. Hajj Saeed describes the way the bank operated at the time: “What we did, basically, was to take the system of the conventional banks, and we cleaned it of all that go against Islamic teachings and principles.