CIMA deliberates on Islamic finance and banking

Asiantribune:The growing demand internationally for Islamic finance has made CIMA to be the first professional accountancy body globally to offer a ‘Certificate in Islamic Finance’ that covers Islamic commercial law, Islamic banking and Takaful, Islamic capital markets and instruments and Accounting for Islamic financial institutions

Mr Faizal Salieh, Managing Director/CEO of Amana Investments Ltd, spoke to a cross section of members and passed finalists of the Chartered Management Accountants body (CIMA) on Islamic finance and banking: the First Principles‘at a programme organised by the Management Information and Resource Centre of the CIMA Sri Lanka Division.

Mr Salieh who counts over 30 years of banking experience including conventional commercial banking, development banking and Islamic financial services elaborated on the principles of the Sharia law and explained how Islamic banking and financial services have developed in keeping with these principles. He also spoke on the Islamic financial products and introduced several key technical terms used in the industry.

Islamic Banking has a 40 year history since it originated as an organized practice in the ‘60s. Today it is the fastest growing segment in the global financial industry evoking encouraging responses from a wide cross section of customers, markets, conventional banks, regulators and policy makers across the world. It is no longer confined to the traditional boundaries of Islamic nations and is spreading in European countries including the UK.