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The Center for Islamic Economics and Finance at Qatar Faculty of Islamic Studies (QFIS), a college of Hamad Bin Khalifa University (HBKU), recently held a public lecture on “Innovation and Risk in Islamic Finance”. At the event, Dr. Monzer Kahf, Professor of Islamic Finance at the university, discussed various Shariah-approved risk management arrangements and tools, as well as Islam’s innovative approach to the provision of financing through sale-based, lease-based and sharing-based contracts.
Attended by more than 60 people, the lecture detailed the characteristics of financial products in Shariah, the risk profile of classical financial contracts, and innovative Islamic financial products. Dr. Kahf, who is an international consultant, trainer, and lecturer who has published more than 29 books and in excess of 100 articles on Islamic finance and economics, shared insights from his research.
The lecture addressed the impact of the global financial crisis on different markets in the world, and highlighted the resilience of Islamic banks in the face of this crisis, which raised interest in Islamic finance and attracted the attention of specialists. Dr. Kahf also discussed the innovative approach of the Islamic financial sector on the concept of financing. He focused on the results of this innovation as the heart of financial operations that benefit of the economy.
Commenting on the future of the sector, Dr. Kahf noted: "This innovation brought by Islamic finance, enables the economic system to retain the financial and human resources in the sector through producing and exchanging these resources, rather than dragging them out to utilize them in speculations and financial assets as it is well-known in the modern capitalism. It also makes financing sector friendly for the community and the environment by adopting a rule of ridding financing of what is harmful, without imposing additional standards other than what is determined by science as beneficial.”
As one of the fastest growing areas of international finance, the principles, premises and institutions of Islamic finance are becoming increasingly relevant for the formulation of policies and management of businesses. The Center for Islamic Economics and Finance at QFIS is dedicated to producing relevant research into the national, regional and international development of the sector in order to expand knowledge of Shariah-approved financial products, economic development, financial inclusiveness and sustainability.
The Center takes an interdisciplinary approach in studying the relationship between the Islamic faith and economic phenomenon pertaining to the behavior of individuals, institutions, and markets, often organizing events that bring academics, policymakers, the private sector, and the public together to discuss critical issues in the field of Islamic finance.
To learn more about the Center for Islamic Economics and Finance and upcoming events organized by the Qatar Faculty of Islamic Studies, please visit: http://qfis.edu.qa/.