Search: 
Last updated on July 24, 2014
Homepage | Archives | Contact Us | Week in Town | About Us | Register  Sign In   Email Us Text: Large | Medium | Small
UK border staff 'not ready' for Ebola |  'Concern' rating for three new jails |  Fire breaks out at power station |  Costly rural parcel charges tackled |  Two thirds of pier saved despite fire |  Firefighters to strike over eight days |  Academy trustee is new Ofsted chief |  Airline axes Gatwick bag handler |  Nato 'unprepared for Russia threat' |  Man jailed after door banging death |  DUP and Sinn Féin 'make budget deal' |  Experts call for new Scottish towns |  Minister wants UK animal tests ban |  Local mayor raises Palestinian flag |  Weightlifter held over Games attack |  Assault charge footballer in custody |  Tags plan to cut alcohol-linked crime |  Invictus Games a struggle, says Harry |  Museum bids for virgin sculpture |  Woman sacked after becoming pregnant |  Irish president honours WWI soldiers |  400 jobs saved in oil refinery sale |  Iconic Snowdon views set for sale |  Major roads closed for cycling event |  Actor Kenny Ireland dies aged 68 |  Inmate 'bites' prison officer's ear |  'Toilet phone' teacher gets life ban |  England win to level India series |  Glazers in £88.7m Man Utd share sale |  Everton complete Lukaku signing |  The perils of the Streisand effect |  American Vogue's first black cover girl |  The dead dog that changed colour twice |  Campaign targets modern slavery |  Swinney says 'Yes' better for firms |  We'll keep tightening sanctions - PM |  VIDEO: House of Commons |  VIDEO: Harry wants to get wounded working |  VIDEO: What was in WW1 British soldier's kit? |  VIDEO: Is it a 'good' summer for insect bites? |  VIDEO: Modern slavery targeted in campaign |  VIDEO: Glasgow 2014 items for auction |  VIDEO: The rise and rise of video blogs |  VIDEO: Is your big tummy a diabetes warning ? |  VIDEO: Broads-view opens up Norfolk waterways |  What happens to burned piers? |  On the march with the Clydesider army |  Is show season making a comeback? |  The very public NHS privatisation debate |  Unlikely link in Milltown Cemetery |  Sir Bobby's legacy five years on |  After Blue Monday, seize Thursday |  'Tax cuts' and pier fears - front pages | 

 [HyperLink20]


eid

Tip Us Off
Events
> 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

 

 



MyWeek
 

Shot of the Week

Poll
 


  © 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