KUWAIT, Dec 21 (KUNA) -- The 4th Fiqh Conference for Islamic Finance Institutions called here Wednesday for removing the obstacles facing the Islamic Sharia-compliant banking industry which asserted itself as efficient tool for financial management regionally and internationally.
Addressing the opening session of the two-day gathering, Sheikh Ojail Al-Nashmi said the Islamic finance institutions were awarded international certificates for excellence and dynamism in prodding economic development.
"Thanks to the minimum exposure to financial risk, this industry emerged stronger and more credible from the global financial crisis and needs to protect the recently made achievements," Al-Nashmi, the chairman of the conference, stressed.
"Despite the huge amounts of money pumped to the hard-hit economies in the form of bailout and stimulus packages in the wake of the financial crisis, the world economy has yet to recover from the crisis," he argued.
"It's self-evident now that the Islamic finance is the key to addressing the economic challenges," he stressed.
Meanwhile, Secretary General of the Muslim scholars' union Dr. Ali Mohyeddin Al-Qurra said the nowadays world has many peculiarities foremost among which is the fact that its clear advancement and civilization lack moral values.
"The world is in need of the Sharia'-abiding banking which established itself as most suitable financial tool over the last four decades," Al-Qurra opined.
He praised Kuwait for launching research centers for the innovative financial products offered by the Islamic banking institutions.
On his part, representative of the Islamic Research and Training Institute (IRTI) - an affiliate of the Islamic Development Bank (IDB), Sheikh Al-Ayyash Faddad said the Islamic finance expanded rapidly around the globe in the recent years.
He called for enhancing the auditing work of the Islamic financial institutions to ensure their compliance with the provisions of the Sharia and "fiqh' (jurisprudence).
The conference, part or a chain initiated in May, 2006, aims to contribute to the development of this industry and explore new horizons for deriving proper Fiqh rulings suitable for new transactions in the presence of local and foreign financial experts and Muslim scholars. (end) mka.rda.gb KUNA 212147 Dec 11NNNN