CIMA on Islamic Finance and Banking

(Compiler's note: Wonder how they address Sharia law? rca)

By Quintus Perera – Asian Tribune

Colombo, 10 August, (Asiantribune.com): In recognition of this global trend, Chartered Institute of Management Accountants (CIMA) now offers a certificate course in Islamic Finance and CIMA Sri Lanka Division, as part of its Management Update initiative, has invited Faizal Salieh, Managing Director/CEO of Amana Investments, to make a presentation on ‘Islamic Finance & Banking: The First Principles’ for the benefit of its members on 14 August.

Islamic Finance and Banking has a 40 year history since its origination as an organised practice in the ‘60s. Today it is the fastest growing segment in the global financial industry evoking encouraging responses from a wide cross section of customers, markets, conventional banks, regulators and policy makers across the world.

It is no longer confined to the traditional boundaries of Islamic nations and is spreading in European countries including the UK and Far Eastern countries such as Thailand and Singapore.

Salieh will discuss the core principles underlying the practice of Islamic finance and banking, the conventional definitions and interpretations of usury and interest, the fundamental differences between conventional economic principles and Islamic economic principles and lead the audience to understand the principal differences between Islamic banking and conventional banking including the principles of deposit taking and financing. The session will enable participants to have a clear understanding of the key principles that drive the practice of Islamic finance and banking today. ....