A Course on Islamic Finance. The Basics of Islamic Finance
A Course on Islamic Finance. The Basics of Islamic Finance
Organizer: The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
Venue: The Kazan Expo International Exposition Center, Kazan
Time and date: May 15, 10:00 a.m.–11:30 a.m.
Invited speaker: Dr. Abdul Rahman Abdulla Al Saadi, advisor on Shariah and Legal Issues at AAOIFI.
AAOIFI is a non-for-profit organization based in Bahrain. It was established to support and promote Shariah standards for Islamic lenders. It also specializes in organizing professional growth programs for Islamic legal accountants, supervisors and forensic auditors in order to improve the sector in general.
As part of the XV The XV International Economic Forum "Russia - Islamic World: KazanForum 2024" a training on the Basics of Islamic Finance was held for participants in the forum.
In opening remarks, Dr. Al Saadi appealed to the Holy Quran, as he said that, under Muslim laws, all wealth belongs to Allah only. Allah delegates the right of property over money to people for a while so that they can use it for good.
While earlier, the speaker said, money was secured with gold, today money is an instrument for measuring the cost of goods or services. “A classic lender views money as goods. And if a lender seeks to gain profit, it lends an individual a million and takes a million and two hundred back. In Islamic finance, money is money and it should comply with all rules,” the speaker explained.
Islamic economics mostly pursues the goal of making people’s lives easier which, in turn, brings in a number of prohibitions and rules. “Islamic banking mostly differs from the traditional one in that it bans accruing any interest on bank accounts. A lender always shares risks and is ready to prevent damage or quickly mitigate it,” Dr. Al Saadi explained. Islamic economics is governed by the ethics and philosophy of Islam. Muslims do not differentiate between the material and spiritual worlds. Any legal or financial actions should comply with Shariah norms. Today, Islamic banking is most developed in such Muslim countries as the UAE, Saudi Arabia, Turkey, Egypt, and Iran.
The training program also covers the principle of risk award and the basic principles of risk distribution, the role of AAOIFI as a standard-setter, the deep understanding of commonly used contracts, observance of Maqasid Al-Shariah in present and future, non-compliance with Shariah laws as a source of all risks, as well as new challenges and opportunities, and the fundamentals of contract making.
The 15th International Economic Forum "Russia - Islamic World: KazanForum 2024" is being held on May 14-19 in Kazan. This year's keynote is "Trust and Cooperation." The main goal of the forum is to strengthen trade and economic, scientific and technical, social and cultural ties between Russian regions and the countries of the Organization of Islamic Cooperation (OIC), as well as to promote the development of the Islamic financial system institutions in Russia.
Venue: The Kazan Expo International Exposition Center, Kazan
Time and date: May 15, 10:00 a.m.–11:30 a.m.
Invited speaker: Dr. Abdul Rahman Abdulla Al Saadi, advisor on Shariah and Legal Issues at AAOIFI.
AAOIFI is a non-for-profit organization based in Bahrain. It was established to support and promote Shariah standards for Islamic lenders. It also specializes in organizing professional growth programs for Islamic legal accountants, supervisors and forensic auditors in order to improve the sector in general.
As part of the XV The XV International Economic Forum "Russia - Islamic World: KazanForum 2024" a training on the Basics of Islamic Finance was held for participants in the forum.
In opening remarks, Dr. Al Saadi appealed to the Holy Quran, as he said that, under Muslim laws, all wealth belongs to Allah only. Allah delegates the right of property over money to people for a while so that they can use it for good.
While earlier, the speaker said, money was secured with gold, today money is an instrument for measuring the cost of goods or services. “A classic lender views money as goods. And if a lender seeks to gain profit, it lends an individual a million and takes a million and two hundred back. In Islamic finance, money is money and it should comply with all rules,” the speaker explained.
Islamic economics mostly pursues the goal of making people’s lives easier which, in turn, brings in a number of prohibitions and rules. “Islamic banking mostly differs from the traditional one in that it bans accruing any interest on bank accounts. A lender always shares risks and is ready to prevent damage or quickly mitigate it,” Dr. Al Saadi explained. Islamic economics is governed by the ethics and philosophy of Islam. Muslims do not differentiate between the material and spiritual worlds. Any legal or financial actions should comply with Shariah norms. Today, Islamic banking is most developed in such Muslim countries as the UAE, Saudi Arabia, Turkey, Egypt, and Iran.
The training program also covers the principle of risk award and the basic principles of risk distribution, the role of AAOIFI as a standard-setter, the deep understanding of commonly used contracts, observance of Maqasid Al-Shariah in present and future, non-compliance with Shariah laws as a source of all risks, as well as new challenges and opportunities, and the fundamentals of contract making.
The 15th International Economic Forum "Russia - Islamic World: KazanForum 2024" is being held on May 14-19 in Kazan. This year's keynote is "Trust and Cooperation." The main goal of the forum is to strengthen trade and economic, scientific and technical, social and cultural ties between Russian regions and the countries of the Organization of Islamic Cooperation (OIC), as well as to promote the development of the Islamic financial system institutions in Russia.
