KIB sponsors the 7th Shura Fiqh Conference

KUWAIT: Kuwait International Bank (KIB) offered its platinum sponsorship to the 7th Shura Fiqh Conference, which was organized by the Shura Advisory Company in cooperation with the Islamic Research and Training Institute (IRTI) within the Islamic Development Bank (IDB). The conference took place at Jumeirah Messilah Beach Hotel & Spa, under the title “Sukuk: Increasing Efficiency and Sharia compliance”.

This latest conference featured a number of seminars discussing the development of Islamic banking products and services, focusing primarily on sukuk bonds and their Islamic bases. Additionally, the conference also discussed legal principles and risks pertaining to Islamic finance. Attendees included a large group of key members from various Islamic fiqh councils, as well as a selection of international senior experts, including financial experts and scholars in Islamic law and economics.

On this occasion, Dr Mohammed Al-Shamri, Manager of the Internal Sharia Audit Department at KIB, said: “This conference came at an important stage of Islamic banking in Kuwait. As of early 2018, Islamic banks across the country will be required to implement the Sharia Supervisory Governance guidelines, issued by the Central Bank of Kuwait. As Islamic banks are expected to experience a remarkable growth, we must expand our experience and expertise and develop our labor force in order to be able to compete with the ever-changing needs of the market. This rapid growth in Islamic banking will drive Islamic jurists and scholars to research more into the sources of law in Islam and offer more adaptable and realistic guidelines.”

Al-Shamri lauded the conference saying: “We are truly in need of conferences and activities such as these that bring together Shari’ah experts and economists, enriching discussions to offer better perspectives on issues for more well-rounded solutions.” Manager of the Corporate Communications Unit at KIB, Nawaf Najia said: “Our sponsorship of this conference came as part of our strong role in the local community and our interest in developing research in Islamic banking.

Also, the conference discussed topics of great interest to us as it explored a wide range of topics pertinent to an Islamic financial institution, such as various products offerings, sales contracts, Murabha and its impact on business development.” Najia added that the Islamic banking industry has gone through a number of noticeable changes over recent years, showing steady, continued growth. Accordingly, Islamic financial institutions should set clear performance criteria to maintain business strength, stability, and continuity in today’s competitive market.