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The rise of Islamic finance – Knowledge Works finance knowledge

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Since its formation in the mid-1970s Islamic finance has grown rapidly, and appears to have come of age since the global financial crisis by nearly doubling in size from just over US $600 billion in 2007 to approximately $1.2 trillion in 2010.

In this latest Knowledge Works seminar Professor Mervyn Lewis will share the secrets of what makes Islamic finance a success and what attracts investors.Professor Lewis will explore Islam itself, and shari’a law, for these provide the religious and ethical principles underpinning the system.

Professor Lewis will also examine how Islamic banking and finance operate in practice, including Islamic investment funds and sukuk (bonds) that tap new global market segments and have driven the system’s rapid growth. The seminar will close by considering the ways in which Islamic finance provides a viable and distinctive alternative to conventional finance.

This insightful Knowledge Works lecture is a not to be missed event for those conducting business or collaborating with Islamic finance organisations, or those simply seeking greater insight and understanding of Islamic business and its future.

Professor Mervyn Lewis is Professor of Banking and Finance at the University of South Australia and is a Fellow of the Academy of Social Sciences in Australia. Previously he was Midland Bank Professor of Money and Banking at the University of Nottingham and has been a Visiting Scholar at the Bank of England as well as the Inaugural Securities Commission-University of Malaya Visiting Professor.

Professor Lewis has published 22 books, 70 articles and 81 chapters and his research volumes include Islamic Banking (2001), Islamic Finance (2007), Handbook of Islamic Banking (2007) and An Islamic Perspective on Governance (2009).

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The rise of Islamic finance – Knowledge Works
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37 thoughts on “The rise of Islamic finance – Knowledge Works finance knowledge”

  1. Islamic banking system for development and uplift the poor people but interest based system exploit international economic system like a pyramid structure only few 100 people control the wealth of all world

  2. Banks are distorting teaching of Islam by using ulemas who are spreading misinformation with reference to interest, so that they would not be paying justified profit to muslim clients, according to Ulemas of Jamia Azahar, there is no Islamic or non Islamic Banking, according to Quran all types of money exchange with free will on both sides is allowed.Even Prophet exchanged 2 camels for one camel,So muslims should claim profit on their money deposited in multibilliuon dollars banks but should avoid loans which are very expensive or of very high interest.Currency notes their value change daily so this is a new thing and does not use to exist even couple of hundred years ago, so it is injustice with Islam relating currency notes with other items like wheat or silver or gold and imposing same rules for paper notes as for gold coins, to make rules about paper currency notes thorough full consultation of muslim scholars is needed.


  4. My takeaway was that Muslims truly practice and apply their religious beliefs in how they lead their life – Finance in this case.
    As per the professor, the global financial crisis could have been prevented if Islamic finance principles were followed.
    How could a man in a desert 1400 years ago come up with such laws that apply to finance which are still relevant to date and far superior to the (scholarly and recently developed) conventional banks?

  5. That is such a beautiful explanation, let's hope the lecturer is a Muslim, but if he is not, may Allah guide him to Islam, it's truly clear from his lecture that Islamic finance is the best solution to be offered to the modern world and in turn it can balance the spread of wealth and eliminate the puberty altogether with the implementation of Zakat which is the legal 2.5% of ones wealth accumulated (and that 2.5% has nothing to do with interest whatsoever), untouched but it can be included with that wealth added to what's already there for a period of time be it a 6 month period to the completion of the Islamic year and not the Gregorian calendar and this must be cleared!!, the Zakat of that entire saved wealth should be deducted in order to give in accordance to the Islamic conditions.

  6. All you find in the Quran is a half dozen verses on the prohibition of riba as practiced by unscrupulous unregulated moneylenders, riba is not defined and there is debate about what the prophet meant by riba. There is usually an accompanying reference to injustice. Conclusion – riba is about financial exploitation, not about reasonable interest in modern financial markets. Risk – there are some references prohibiting gambling. The rest of Islamic finance is an invention of Islamic scholars.
    Muslims may wish to call the list of sharia compliance finance rules described by the lecturer "Islamic finance" . But to assert that all of this is based on the revelations from Allah is going too far.
    Its interesting that Islamic banks fared better in the 2007-08 financial crisis as the lecturer notes, as they were less leveraged and did not play with derivative based securities. There is now a literature on the subject that maybe there is "too much finance" going on, too many opaque layers, and excessive financial fragility in conventional finance. This for me is the useful insight from Islamic finance.

  7. Why do many people believe in European/US Electronic media propaganda? They have tall buildings & carpeted roads, fake Fancy appearance on main stream media+ paid scholars ( Who already have mindset of conclusion against Islam) . If, They wanna criticize Islam. They must criticize… But, Tell all observed things in front of people with open heart & mind. People will decide. Which one is true?? This man really amazing 😉

  8. I see the difference ein comments. From media channels and educational. Educational comment section actually have people who want to learn. And I praise u all. However media well u know.

  9. In Poland, despite close interaction with western banking system, there was no banking crisis and subsequent depression. Why? Edit: and no islamic influence, I suppose. May be more decency, less greed, more due diligence.

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