KIB sponsors 8th Shura Sharia Fiqh Conference
KUWAIT: Kuwait International Bank (KIB) announced its participation as main sponsor of the 8th Shura Sharia Fiqh Conference. The two-day event is organized by the Shura Sharia Consultancy Company under the patronage and attendance of the Governor of the Central Bank of Kuwait, Mohammad AlHashel. Taking place on December 8 to 9 at the Four Seasons Hotel in Kuwait, the conference will be attended by a group of leading Islamic scholars, Islamic financial industry and fiqh experts, and international Sharia supervisory boards.
The conference will feature three workshops to discuss a number of key Islamic finance products, including diminishing musharaka to finance fixed assets, share adjustment according to Islamic fiqh, and entering into sale or lease contracts where a late penalty is imposed, and where a lessee cannot terminate the contract. On this occasion, Vice Chairman and Chief Executive Officer, Raed Bukhamseen, said: “Our participation in this conference in its eighth edition reflects KIB’s interest in matters related to Shariah and its commitment to supporting these conferences that shed light on the Islamic banking and finance sector.”
The Islamic banking industry is witnessing continuous growth. Accordingly, Islamic financial institutions should set clear performance criteria to maintain business strength, stability, and continuity in today’s competitive market. KIB continues to offer new Shariacompliant products and services that are flexible and easy-to-use.
Bukhamseen also thanked the Governor of the Central Bank of Kuwait (CBK) Dr Mohammad Al-Hashel, for his patronage and participation in this conference. He also lauded the efforts made by the CBK in supporting the Islamic banking industry in order to achieve further development and improvement through policies and regulations that govern the local sector. Bukhamseen also noted Hashel continuous support of conferences and events related to Islamic finance and its development; thereby strengthening and regulating the Islamic banking sector in Kuwait.
Meanwhile, Manager of the Internal Sharia Audit Department at KIB, Mohammed Al-Shamri, said:
“KIB’s sponsorship of this conference for a second consecutive year came as part of its key role in the community and its commitment to participating in various events and activities that positively impact the community; particularly events that contribute to the development of the Islamic banking sector.”
Shamri noted that the conference will discuss several key topics, focusing on fixed asset financing, sales contracts and leasing, as well as adjustment of corporate shares according to Islamic fiqh. These discussions contribute to the Islamic financial renaissance that is currently taking place, which is supported by the collective efforts of fiqh experts who offer more adaptable and realistic guidelines.