Heads of retail banking of the world’s Islamic banks and several conventional banking counterparts are going to meet on October 12th to debate over the future of ethical retail banking in 2010 – reported AME Info.
The most talked about session of the event is expected to be the ‘International Open Fatwa Session in Islamic Retail Banking’ which will feature Shariah Scholars from around the world on one stage debating on interpretations for major products. Reportedly, this has been a pressing issue for the last decade or so of Islamic Banking, with standardization eluding this industry despite many efforts.
Hamad Buamim, director general, Dubai Chamber of Commerce & Industry, said: “Dubai Chamber is committed to representing, supporting and protecting the interests of the business community, and we have always supported Islamic Banking. We firmly believe that Islamic banking institutions have a great role to play in these economically challenging times as they focus on the adoption of strong corporate governance procedures and a high level of transparency in the financial sector. With more than 300 Islamic banks spread over 90 countries around the world with an annual growth ranging from 10 to 15%, Islamic banking is one of the few financial sectors that has what it takes to overcome current challenges.”
