Last updated on September 18, 2014
Homepage | Archives | Contact Us | Week in Town | About Us | Register  Sign In   Email Us Text: Large | Medium | Small
Scotland votes 'No' to independence |  Health services finances 'worsening' |  MP Hancock resigns from Lib Dems |  Court to decide on abuse legal aid |  Video of British hostage released |  Call for more local council powers |  R&A votes to accept women members |  Alice suspect is convicted murderer |  Cancer test 'Jolie effect' found |  Briton killed in Santorini incident |  Archbishop admits 'doubts about God' |  Racist flag unacceptable - Tottenham |  University to spend £150k on chairs |  No DNA matches in Thai murder probe |  Beatles' Eleanor Rigby made from £1m |  Flautist Galway wins lifetime award |  First minister to discuss 'No' vote |  Teenager dies in car crash |  Scots No sparks call for more powers |  Future of council chief is discussed |  Cameron: Let's build a better UK |  Clackmannanshire No is first result |  Tiger victim family 'wants answers' |  Train staff 'missed' trapped woman |  Everton 4-1 VfL Wolfsburg |  Partizan Belgrade 0-0 Tottenham |  Red Bull Salzburg 2-2 Celtic |  Kenya's Westgate attack a year on: Voices from the mall |  'I loved/loathed my 1960s high-rise block' |  The freedivers who swim with whales |  In full: Cameron on UK future |  At-a-glance: Referendum night |  'Electoral fraud' in Glasgow probed |  VIDEO: House of Commons |  VIDEO: Ambulance death woman 'let down' |  VIDEO: Archbishop of Canterbury: 'I doubt' |  VIDEO: Police appeal after art theft attempt |  VIDEO: 'Home of golf' accepts women members |  VIDEO: Nine convicted of 'pyramid scheme' |  VIDEO: Police search Alice suspect's home |  VIDEO: London hosts Turner and Constable shows |  VIDEO: Why are there so many blackberries? |  Landale: What now for UK politics after Scotland's No? |  Could Scottish vote change England? |  Just what exactly is Freudian? |  How real is The Riot Club? |  Quiz of the week's news |  Paradise island murder mystery |  'Scotland writes history' - front pages | 



Tip Us Off
> More Events
 Apex BusinessToday Muscat Daily Al Isboua Al Youm
ITS holds seminar on Islamic banking
Our Correspondent, June 29, 2011 Email to a friend  | Print
Not Rated Rate This Article

The build up to Oman’s introduction of Islamic banking is being heralded by several professional services companies, including IT solutions company International Turnkey Systems (ITS), which held a seminar at Shangri-La’s Barr al Jissah Resort and Spa last week as part of the Oman Islamic Banking Conference 2011.

The seminar, titled ‘Islamic Banking – Towards a New Era of Growing Banking Business’, had  Apex Press and Publishing’s Business Today as media sponsor and was  attended primarily by industry peers and members of the media. Speakers advised prospective Islamic banking vendors on the challenges, opportunities and technology innovations of modern Islamic banking.

The event was followed by three days of one-on-one workshops hos-ted by ITS to assess participating banks’ existing IT infrastructure and advise on implementation of Islamic finance products. Six experts from established Islamic banks and finance companies, and ITS, conducted the seminar, including Dr Mabid al Jarhi, head of training at the Emirates Islamic Bank; Dr Haroun Dharsey, head of operational projects and support at Dubai Islamic Bank; and Mohamed Roushdy, chief information officer at Siraj Finance.

What they anticipate, or hope, is that Oman will emerge as a global competitor in Islamic banking, incorporating the best policies from current Islamic finance providers all over the world. “Islamic Banking is now a global brand serving both Muslims and non-Muslims,” said Mohamed. “It’s important for people to start fast and start right, with quality. Competition is going to be very high and there are many other countries around here looking for Islamic banking.”

“This is a chance for Oman to make its mark,” said Mabid, who is also the president of the International Association for Islamic Economics. “We hope Oman will compete for an advanced position in the world Islamic market. Latecomers can always be frontrunners.”

He also advised for appropriate modifications in the law, distinguishing Islamic banks from conventio-nal banks and including guidelines for Sharia compliance. He added that Islamic banks should not be subjected to regulation by the Central Bank, but should have in-house regulators. Although Islamic banking is currently a US$1tn industry, it is still relatively new the first Islamic bank was only established in 1975 - and constantly undergoing modifications.

With complicated and non-standardised regulations, and a long way to go in the development and training of staff and customer service, Islamic banking only takes a maximum 20 per cent market share in the countries it trades in.

“Islamic banking products by nature tend to be more complex than conventional banking products,” said Haitham Abdo, marketing group director at ITS. “There are huge burdens on Islamic banks to comply with Sharia regulations and profit calculation and distribution is a huge dilemma.”

“Over the last ten years, we have seen Islamic banking operations become more efficient and effective. However, a lot more needs to be done,” said Haroun. “We have to be open minded to an extent and understand that the world will move on, and we want to move on with it.”


Reader Comments

Post a Comment  
Please click post only once - your comment will not be published immediately




Shot of the Week


  © Apex Press and Publishing, P.O. Box 2616, Ruwi 112, Muscat, Sultanate of Oman Tel: +968-24799388 Fax: +968-24793316
Developed By Omania E-Commerce