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
"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
"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
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
He called for enhancing the auditing work of the Islamic financial
institutions to ensure their compliance with the provisions of the Sharia and
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)
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