The Centre for Islamic Business and Finance Research (CIBFR), UNMC is pleased to invite you to a public lecture titled 'Islamic Finance: From Genesis to Reconstruction'.
Islamic Finance has become a global industry, providing services throughout the world in both emerging and established markets. The industry has progressed in terms of development through an increase in market share, as well as an increase in the amount of institutions and the initiatives on the industry-level. Continuous expansion and profitability through the global financial crises reflects the resiliency of the industry. Islamic finance focuses on adhering to Shariah standards as well as providing financial services and products to Muslim investors that are looking to invest in only Shariah compliant assets and secular investors that are looking to invest in ethically-based assets. The essential features of Islamic Finance is to achieve the objectives set forth in Shariah law, which is to maintain high ethical values, create wealth to be equally distributed in the community, and protect religion, life, lineage, intellect, and wealth. This is in contrast to conventional finance, which focuses purely on profit maximisation.
Islamic banking, however, has over the years has converged from an idealist model of profit-loss sharing to a conventional-like banking model as far as the substance versus form debate is concerned. Such conversion to a conventional banking model has much to with the theoretical weakness of conventional banking model and its inappropriateness for adopting the ideal Islamic finance spirit. To reconstruct the Islamic banking industry from an accommodating to a reconstructing phase by a process of mutation and permutations of original Islamic finance contracts, we need to emphasize not only the procedural (form) compliance to the spirit (substance) of Islamic finance. And for this, we need revolutionary Islamic finance scholars and practitioners, and seek their emergence in this industry through education and regulation.
Details:
Date: 28 November 2015, Saturday
Time: 10:00 to 12:30
Venue: The University of Nottingham Teaching Centre, KLTC
Level 2 Chulan Tower No. 3 Jalan Conlay
50450 Kuala Lumpur
About the speaker:
Professor Dr M. Kabir Hassan is Professor of Finance and Hibernia Professor of Economics and Finance in the Department of Economics and Finance. Prof. Kabir received his BA in Economics and Mathematics from Gustavus Adolphus College, Minnesota, USA, and M.A. in Economics and PhD in Finance from the University of Nebraska-Lincoln, USA respectively.
Prof. Kabir is a financial economist with consulting, research and teaching experiences in development finance, money and capital markets, Islamic finance,corporate finance, investments, monetary economics, macroeconomics and international trade and finance. He has done consulting work for the World Bank,International Monetary Fund, African Development Bank, Transparency International-Bangladesh (TIB), Islamic Development Bank, Government of Turkey and many private organisations.