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Lessons from Islamic Banking
Posted on 24/06/09
University of Leicester
If Western banks had been operating on a similar system to Islamic Banks, would the global recession have been avoided? Would an Islamic Insurance system have been more robust and less prone to the issues that led to the collapse of the world major insurance companies? In short, are there lessons for western banks from Islamic Banks?
From its beginnings as a collapse in the sub-prime housing market to a major global crisis, the impact of the current calamity is clear, but developing new practices which can address the issues that led the world to the brink of collapse are a vital part of recovery.
In order to address this fundamental question how do we stop it from happening again?, The University of Leicesters School of Management is hosting a conference to consider potential lessons from the Islamic Banking and Finance sector.
Professor Martin Parker, Director of Research for the Management School commented, It is important for everyones future that we study the current crisis in order that more sustainable financial practices can be developed. This conference is a contribution to that project.
The conference, to be held on 2nd and 3rd July, will consider topics such as:
Is the current form of Islamic banks, which has been developing its own practices over recent decades, more resilient than current Western practices?
With the underlying principle in Islamic banking that the transaction be free from the interest of element and backed up by a tangible asset make it more robust?
Would globalisation make the Islamic system vulnerable?
Does the obligation of Islamic Financial Institutions on transparency make it less vulnerable ?
Conference coordinator, Dr Ibrahim Umar, said This is an opportunity for economists, business practitioners, Islamic scholars, and private industries such as banking and insurance to come together to consider whether we can learn lessons from the Islamic system and, if so, what benefits might be achieved. It also gives us the opportunity to consider what potential situations or factors may have a detrimental effect in the future. The conference is open to both academics and practitioners. I hope that anyone who has something to add to the debate will attend.
These and a variety of other topics will be covered during the two day conference. To reserve a place at this event, please email Ann Byrom ulsmtemp1@leicester.ac.uk for further details.
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