Insight of Seminar Lecture of Dr. Zamir Iqbal

Dear Colleagues and Members!

Islamic Banking Center (IBC) of King Saud University Organized a Seminar on Tuesday March 08, 2016 at Conference Room of Islamic Banking Center (IBC).

The main theme of seminar was the “Role of Islamic Finance in Enhancing Shared-Prosperity”.  The speaker of the seminar was Dr. Zamir Iqbal (Director of World Bank Global Center for Islamic Finance Development)

Prof. Dr. Mohamed Al-Jarrah, Chair of Economics Department and Director of Islamic Banking Center, King Saud University was head of the organizing Committee. The banking practitioners, faculty members from the various departments and graduate students were among the participants and attendees.

Dr. Zamir Iqbal started his lecture by highlighting the growth of Islamic Banking and Finance Industry over the last 30 years. He states that Islamic Banking and Finance Industry performed very high growth both in assets and outreach in last 30 years. Started with a humble accumulation of US$196 billion in 1995-6 the Islamic Banking and Finance Industry have now US$ 200 trillion in her assets basket. Many multilateral and local banking institutions are now offering Islamic Banking and Finance services either through stand-alone banking branches or dedicated Islamic Banking Services Windows. Moreover, Islamic Banking Finance is now expanding its outreach both in term of branch network as well as its product offerings and reaching to remote parts of the world and meeting the needs of Muslims and non-Muslims equally.

He presented the latest statistics about the Islamic Banking and Finance Industry and elaborated the recent development in Islamic Banking and Finance Industry in terms of Islamic Bond (Skuk) Issues, regulatory changes in the Africa (especially in Morocco) to accommodate the Sharing the profit and loss principle in the banking practices, and product development in the West and the rest of the world on the Islamic principles.

Having the unique advantage of Asset-Based Financing and promoting real economic practices, Islamic Banking is less fragile to default, that is the reason that during the last several financial crises not a single Islamic Bank was suffered, he claimed.

During the lecture, the attendees also participated in the discussions and shared their views and observations on Islamic banking practices. The constructive debate continued even during the refreshments which were offered during this seminar.

Dr. Zamir Iqbal is a lead economist and specialist in Islamic Banking and Finance practices, he is director of World Bank Global Center for Islamic Finance Development in Istanbul.

03/09/2016-10:43 427
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About IBC

The establishment of Islamic Banking Center (IBC) at the department of economics is another leading and appreciable initiative of towards achieving the excellence in the research and development at King Saud University. The Center is established with the generous funding donated by the Shaikh Saleh Abdullah Kami, Chairman and Founder of Dallah Al-Barak Holding Foundation, as an expression of his keen interest in the promotion and facilitation of Islamic banking and finance studies and practices. The Center’s budget will come primarily from Sheikh Saleh Kamel Waqf donated to King Saud University for this purpose. Read more...

Director Message

Dear Colleagues and Practitioners Very warm welcome, Last three decades were the period of major developments, emerging trends, and new beginnings. Besides the respectful recognition from the academia and policymakers, Islamic Banking System has achieved a historic high growth rate and now it holds a significant share in the global financial market... Read more...