Vice Chairman and CEO of Liquidity Management House that is owned by Kuwait Finance House (KFH) Eamd Al-Menaie took part in the annual forum organized by The Banker magazine. The one day forum was held in London and was attended by prominent banking figures from the sectors of banks and financing from all over the world, where several issues concerning Islamic banking and its development have been deliberated, in addition to the role played by fatwa and legislations’ authorities in supervising the business of Islamic banks.
Al-Menaie stated that the conference that is organized for the second consecutive year by The Banker witnessed intense and fruitful discussions that allowed for the exchange of experiences concerning technical matters related to the Islamic banking industry and its latest developments, in addition to the legal challenges facing the industry. He explained that the forum focused on four major issues that include the current form of Islamic banking in light of the various challenges that it faced during the global financial crisis, while the second issue shed light on the sources of research and statistics regarding operations related to Islamic banking, especially the volume of assets and the major players in this industry. He revealed that an international studies center presented important and positive data concerning Islamic banking and its future, where it affirmed the industry’s ability to attract more players and investors to seek high levels of permanent annual growth.
Moreover, he explained that the third issue underscores the main role of Shariah authorities in Islamic banking institutions during the current and future phases, especially regarding supervising and assessing banking and investment companies to ensure that they are Shariah compliant. The final issue tackled the legal challenges that faced the legitimate structures in executing legal commitments for investment contracts.
Furthermore, he noted that KFH participated in the forum through taking part in discussions that tackled the aforementioned issues, since it is considered to be one of the leading institutions that possess accumulative experiences in the field of Islamic banking and financing, which prompts global forums and conferences to ask it to participate in those events that discuss the present and future of Islamic banking.
It is worth noting that KFH took first locally and tenth regionally, in addition to ranking 164 internationally in the best 100 banks’ list that is prepared by The Banker.