Omantribune
Oman Tribune
Omantribune
Omantribune Search News
Web Oman
    Google Search Button
      Tribune
- Oman
- Soccer World Cup
- Other Top Stories
- Middle East
- Business
- Sports
- India
- Pakistan
- Asia
- Europe
- Americas
- Columnists
- Editorial
- Oman Mirror
- Special Features
- Cinema
- PDF Pages
- Weather
- Travel
- Currency Rate
- Hospitals
- Pharmacies
- Services
- Flight Timings
- Museum Timings
Omantribune Home Omantribune About Us Omantribune Advertising Information Omantribune Archives Omantribune Subscribe-Form Omantribune Jobs Omantribune Contact Us
Wednesday, April 23, 2014  

Dire need for Islamic banking, says Mahathir
 Staff Reporter

MUSCAT There is a dire need for Islamic banking in this age to make the optimum use of capital available in the Islamic world, according to Mahathir Mohammed, former prime minister of Malaysia.

Non-Islamic countries too can adopt the Islamic banking model, he added while delivering a keynote speech at the first Muscat International Islamic Finance Forum, which was officially inaugurated in Muscat on Sunday.

“The common problem faced by investors is uncertainty in the investment climate. Now that Islamic banking is available there is no reason why Muslims cannot develop their countries,” he said.   

Discussing the role of Islamic finance in the success of Malaysia in achieving industrialisation and economic prosperity, he said even though Malaysia faced a “lack of capital, know-how and technology, management skills and knowledge of the markets,” the country industrialised by inviting foreign direct investment (FDI).  

“Over time, Malaysians acquired the technology, skills, capital and market knowledge and was able to industrialise without too much dependence of FDI.”

Amanie Advisors, a Muscat-based financial advisory, hosted the two-day event under the auspices of His Highness Sayyid Asa’ad Bin Tariq Al Said, Representative of His Majesty the Sultan.  Asa’ad welcomed Mahathir’s speech. Omanis were looking forward to Islamic banking for a long time. Studies have revealed that there are billions of Omani rials invested outside the Sultanate. He hoped this money would come back to benefit the Sultanate’s economy.

Over 500 delegates, including senior industry figures, global investors, takaful operators, and bankers, as well as top Sharia scholars took part in deliberations on the first day. The forum provides a platform for industry leaders to meet and discuss new possibilities and collaborations in Islamic banking and finance, with a special focus on Oman.

The introductory remarks were delivered by Mohammed Daud Bakar, group chairman, Amanie Advisors, in addition to Sulaiman Al Harthy, group general manager Meethaq and Hamdan Al Hinai, chairman, Ahli Bank.

The first day of the gathering brought together senior industry figures, global investors, takaful operators, and bankers, as well as top Sharia scholars. The topics included Islamic finance regulations, financial market development, Islamic finance human development, liquidity management and new finance opportunities in Mena.

Three memorandum of understanding were also signed. A key discussion on the Sharia perspective was also held .

 “We are delighted by the response that the first edition of the Muscat International Islamic Finance Forum has seen. We believe there is a lot to learn from those who have been practising Islamic finance for several years in Oman and the magnitude of reception of this event reinforces our conviction,” said Fahad Bin Mohammed Al Khalili, executive partner of Amanie Advisory House of Oman.

OMAN TRIBUNE
NEWS UPDATES
Oman
HM receives credentials of five ambassadors
Shura Council panel holds meeting
NDC Commandant receives Pak delegation
Sultanate to take part in Cairo Arado forum
140 varsities attend Ghedex
Shura panel set to review Tender Board law issues
Food safety exhibition gets under way
India
Modi disapproves of ‘petty remarks by well-wishers’
Giriraj banned from taking part in Bihar campaign
Congress pulls all stops to defend ‘private individual’ Vadra
Modi has ‘sidelined’ top leaders of BJP
Congress releases hate speech CD
31.7m to vote in Maharashtra
Government did not act on black money ‘directive’
Militants kill 2 village council heads in J&K, issue warning against voting
Teachers force lower caste, Muslim students to ‘clean toilets’
Delhi Police colluded with 1984 anti-Sikh rioters, claims Cobrapost
Sonia’s emotional appeal shows Congress’ fears in Amethi
Pakistan
Senators ask ISI to clear name in scribe attacks, missing cases
Supreme Court stays ASWJ leader’s election
Cops among nine killed in Peshawar violence
Bulldozers turn widow’s home to rubble
Punjab puts 700 sectarian attackers behind bars
Middle East
26 die in attacks as Iraq set for parliament poll
Saudi Arabia reports 17 new cases of Mers, death toll at 81
Libya starts registration of voters for elections
Lebanon MPs to cast vote today to choose president
Former German rapper who joined Isil killed in Syria attack
1 in 5 Iran couples sought divorce in ’13
Asia
US soldiers on Afghan soil to be below 10,000
S. Korea ferry death toll hits 108 as divers speed up recovery bid
Brunei delays implementation of Islamic law amid criticism
Pacifist Japan’s military turns on charm offensive, wins hearts
Submarine drone to continue plane hunt
S. Lanka detains UK tourist over Buddha tattoo
Manila scam mastermind vows to tell all
Business
Arab banks expand across ME as global banks retreat
Mulally to leave Ford, Fields to take over as CEO
Gold extends losses for fourth day
S.Korea posts 4.3% rise in exports
Sensex, Nifty hit record high for second day in row
HDFC Bank Q4 net rises 23%
Toyota India resumes full operations as workers return
India’s gold imports suffer as poll-linked curbs dent buying power
Weak shipments to China hurt Japan’s exports
Novartis, GSK reshape drug industry
Europe
Separatists seize Ukraine building despite peace deal
Sweden aims at boosting defence spending citing threat from Russia
Spanish art fraud suspect freed, to fight US extradition
Russia using energy superpower status to hold others to ransom: UK
Dissenters voice doubts over John Paul II sainthood
Erdogan cracks whip on workers May Day rallies
Sports
Ahmad makes sensational winning start
United show Moyes the door after one season, appoint Giggs interim manager
Van Gaal frontrunner to replace Moyes
‘Moyes sacking showed a lack of decency’
Argentines have a hand in City win as they close gap on Reds
Capello maps out Russia’s path to WC
Grizzlies, Clippers win to level playoff matchups
Ronaldo set to make up for lost time
Ahli Bank win thriller to reach final
Indian School Wadi Kabir, Indian School Ghubra record win
Soft Ball Cricket Tournament held
Maxwell whirlwind torments Hyderabad
Martinez wins on TKO, retains title

Sports


International

© 2013 Oman Tribune. All rights reserved. Best viewed in 800 X 600 resolution