Monday, September 1, 2008

Albaraka Islamic economy symposium

The influential Albaraka Symposium on Islamic Economy will take place in Saudi Arabia on Sept 6-7. Malaysia played host to this key event in the Islamic finance calendar in 2001, the first time the event went beyond the Middle East.
The 29th symposium, to be held at the Hilton Hotel in Jeddah, will touch on issues like commodities and the rules that govern them and protection of the capital of deposits by reason of the applicable laws, reports Bahrain’s The Gulf Daily.
Other topics are the acceptance of the shares of a bank that deals in interest as security to the debt of an Islamic bank's customer, using the word "interest" as a substitute to the word "profit" or "yield", buying the shares of a company that has Sharia-compliant purposes but deals in interest-bearing deposits or loans and the subject of defaulting debtors who are capable of paying. The report quoted Albaraka Banking Group president and CEO Adnan Ahmed Yousif.

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