Dubai Islamic Bank concludes a three-day conference on Islamic finance

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The event, which took place in cooperation with the Islamic Development Bank and Islamic Universities League, featured eight discussion sessions on the development of Islamic banks. Dr Abdullah bin Abdul Mohsin Al-Turki, General Secretary of Muslim World League, Chairman of Islamic Universities League, participated in the conference which was also attended by prominent personalities in the field of Islamic finance as well as Islamic scholars, top bankers, and economic experts attended the event.

Participants urged Islamic Banks to re-evaluate their investment tools and structure their financial solutions to fulfil requirements of the society's development. They said that these financial structures should comply with the Islamic principles, adding that 'Musharaka' is considered among the best tools of investment in Islamic finance.

Recommendations focused on the importance of initiating diverse financial solutions which are aimed at preserving the nation's interests and money of Muslims.

Participants also asked Islamic Banks to establish saving funds and increase investment in development of local society, as well as supporting small and medium enterprises in the agricultural and industrial sectors. Recommendations also focused on supporting 'Al Zakaat Fund' and encouraging bank customers to deposit their 'Zakaat' in Islamic banks.

Establishing Islamic financial structures, launching investment funds based on 'Al Waqf' principle, and allocating money to support establishment of research centres, hospitals, orphan homes, mosques, were also among the recommendations.

Participants called for enhancing role of Fatwaa boards in Islamic countries to discuss major issues pertaining to Islamic Finance and issue 'Fatwaa' covering various issues facing Islamic banks.

Recommendation also focused on strengthening relations between Islamic banks and central banks, and asked governments of Islamic countries to adopt a developed monitoring system aimed at enhancing crisis management.

The Islamic Universities League also recommended to compile all researches on Islamic finance in a comprehensive encyclopedia, adding that the information of the encyclopedia shall be available on line. The League urged to establish new colleges and universities, as well as investing in human capital, publishing and analyising the thoughts of Islamic finance founders, and spreading awareness on how Islamic finance function.