A youth immersion program at King Abdulaziz University (KAU) concluded last week with a successful introduction to Islamic economics, finance and the Saudi banking system.
The Saudi-Spanish Center for Islamic Economics and Finance (SCIEF) organized the event to promote Islamic economics and finance for the students of Islamic economics at the University of Madrid.
Abul Raheem Al-Saati, a professor at the Islamic Economics Institute introduced the basics of Islamic economics and explained the Islamic worldview and its economic paradigms.
“In Islam, we require a balance of both material and spiritual needs. Money is a means and not a commodity and has to be combined with real assets and economic activity to grow,” he said. “You must remember: no gain without risk. The risk factor has to be associated with a financer.”
Ibrahim Aboulola gave an overview of where Islamic financial institutions stand today. “From one institution in 1975 to 700 today, Islamic economics has spread to over 90 countries with total assets of $ 1.1 trillion. The Islamic finance volume equals $ 276 billion and the Islamic investment market sits at $ 500 billion with average growth in deposits at Islamic banks equal to 15 percent,” he said.
Candice Liao from the IE University in Taiwan said, “The SCIEF youth immersion program gave me a unique exposure to humane consideration behind Islamic finance.”
Dr. Faisal Atbani, vice dean of the Islamic Economics Institute spoke about the basics of Takaful and general insurance concepts.
“I was impressed with the depth of insight KAU provided and the evolving pace of innovation. I had a very different picture of Saudi Arabia and found the people to be very friendly,” said Mortiz Heck from the IE University of Germany.
Fritjof Franz of the German IE University said he thought Islam was a very rigid religion and innovation in Islamic finance was not possible, but after visiting various banks, he was surprised to learn about innovative financial products available in compliance with shariah.
David Lillu from the IE University of Sweden, a lawyer and a new Muslim said, “After visiting financial institutions, he could see there is the difference between the theoreticians and practitioners of Islamic finance.”
Participants came from Germany, France, Brazil, Sweden, Lebanon, and Singapore to visit the Islamic Economics Institute and the Faculty of Economics and Administration at KAU.
As part of the program, the students visited IEI-KAU, Al Khabeer Capital, Bank Al Jazeera (BAJ), National Commercial Bank (NCB), Islamic Research and Training Institute (IRTI – IDB group), Organization of Islamic Cooperation (OIC), and the Jeddah Chamber of Commerce & Industry (JCCI).
Students praise Islamic Economics Institute
Students praise Islamic Economics Institute
Economic growth and resilience at heart of 2nd AlUla Emerging Market Economies Conference
- Event on Feb. 8 and 9 will bring together ministers, governors of central banks, policymakers, economic experts and international financial institutions
- Emerging-market economies a ‘pivotal element’ in global economic system due to effect they have on growth and stability, says Saudi Finance Minister Mohammed Al-Jadaan
RIYADH: The second annual AlUla Conference for Emerging Market Economies, which Saudi Arabia will host next week, offers a platform to exchange views on global developments and discuss policies and reforms that support inclusive growth and strengthen economic resilience, the Kingdom’s finance minister said.
The event on Feb. 8 and 9 will bring together finance ministers, governors of central banks and policymakers, alongside economic experts and representatives of international financial institutions.
Organized by the Saudi Ministry of Finance in partnership with the International Monetary Fund, it takes place as emerging-market economies face mounting challenges amid rapid global economic change.
Finance Minister Mohammed Al-Jadaan said the decision to host the conference reflects Saudi Arabia’s ongoing commitment to efforts that support global financial and economic stability, and highlights the growing influence of emerging economies on worldwide growth.
Emerging-market economies represent a “pivotal element” in the global economic system due to the direct impact they have on economic growth and stability, he added.
“The AlUla Conference for Emerging Market Economies provides a unique platform for exchanging views on global economic developments, and discussing policies and reforms that will support inclusive growth and enhance economic resilience, in light of broader international cooperation that contributes to confronting common challenges,” Al-Jadaan said.
Kristalina Georgieva, managing director of the IMF, said the event would help emerging economies deal with growing uncertainty driven by technological change, demographic shifts and geopolitical tensions.
“The AlUla conference provides a vital platform for emerging economies to discuss how they can navigate the risks and embrace the opportunities ahead,” she said.
“In these times of sweeping transformations in the global economy, policymakers face a more challenging and uncertain environment. Countries should work together to strengthen resilience through sound macroeconomic and financial policies.”
