State Minister of Islamic Ministry, Dr. Mohamed Ali has said that the world has embraced that the path of Allah to be the best of paths.
Dr. Mohamed Ali made this remark in the certificate giving ceremony of the “Training Course on Islamic Capital Market” held at the Islamic Center.
Dr. Mohamed Ali said that the whole world now believes that the Islamic finance system is the most beneficial system. He said that every day more and more people embrace this fact.
He said that the Islamic Finance is the main engine of the “SME” of the world’s finance system. He said that the Islamic Banking has been achieving many developments and successes in the world.
Dr. Mohamed Ali said that the Islamic Banking remains not bankrupt in the recent economic crisis faced by the world.
He said that the fact the UK is now teaching and implementing the Islamic Finance system is a proof that more and more countries are embracing it.
Islamic finance is a financial system that operates according to Islamic law (Shariáh). The principles that administer Islamic finance are mutual risk & profit sharing, assurance of fairness, equity and justice with transactions revolving around an underlying business activity or asset. These principles are complemented by the fundamental Shariáh values which prohibit activities that involve interest (riba), gambling (mysir), and uncertainty (gharar). Just like conventional financial systems, Islamic finance features banks, capital markets, fund managers, investment firms, and insurance companies.