First Islamic finance conf opens in Doha

DOHA, Oct 20 (KUNA) -- Chairman of Qatar Chamber of Commerce and Industry (QCCI) Sheikh Khalifa Bin Jassim Al-Thani opened here on Wednesday the First Islamic Finance Conference with a constellation of eminent international financial experts and economists attending.
The two-day gathering themed "Islamic Financing and the New Economic Reality" aims to debate the challenges facing Islamic financing under the new world economic order.
Addressing the opening session, Sheikh Khalifa said investment in the Islamic financing has had a great significance since the global financial downturn.
"The Islamic banking managed to pursue its robust growth rate and overcome the financial crisis due to its low exposure to risks in contrast to the traditional banking on most of the major markets," he argued.
In their cash liquidity, the Sharia- (Islamic law) abiding banks rely on deposits of clients rather than loans. They keep away from risky speculations, thus curtailing the banks' exposure to debts as is the case in the United States and Europe, Sheikh Khalifa pointed out.
Though the Islamic financial tools came to existence only one decade ago, they kept gaining popularity and maintained a rapid and steady growth rate.
The Islamic banks were more successful than the traditional ones even under normal conditions. They are governed by a resilient framework of the Sharia provisions, the QCCI chief added.
"The lessons drawn from the recent global financial crisis are likely to add to the boom of the Islamic financial tools," he expected.
Sheikh Khalifa voiced hope that the conference would contribute to the flourish of the Islamic finance culture.
The conference is organized by Bait Al Mashura Financial Consulting Company under auspices of Qatari Prime Minister and Foreign Minister Sheikh Hamad Bin Jassim Bin Jabor Al-Thani. (end) ma.gb KUNA 202257 Oct 10NNNN