INCEIF's PCEO demystifies Islamic Finance at Taylor's Business School

INCEIF: While Islamic finance has seen impressive growth in the world over the last three decades, its share in the financial sector as a whole is still considered very low, even in the Muslim majority countries. The factors behind this phenomenon are the myths and the misconception of Islamic finance as well as a lot of confusion about the Islamic theory of finance among the public.

Acknowledged as the centre for education in Islamic finance, INCEIF was invited by Taylor's Business School to demystify Islamic finance to its students as well as its faculty members who are mostly non-Muslims.

INCEIF's President and Chief Executive Officer Mr. Agil Natt noted that although Islamic finance was not a new concept, it remained a mystery to many financial professionals.

"There is no mystery about Islamic finance. The key is to be able to apply techniques and financial solutions to local and global needs and adapt them to match Islamic rules and contracts," he said adding that Islamic finance was also often confused with terrorism finance which was somehow involved in financing the terrorist activities of Islamic extremist.

While quoting the HSBC and Citibank as the major players in the Islamic financial services industry, he posed a simple question: "Are they there for the love of religion or are they part of the terrorism activities?," he quipped.

Mr. Agil explained that those players in the industry were mostly for the profits and more players, especially from the non-Muslim countries were coming on-board.

"You do not have to be a Muslim to practice Islamic finance," he concluded.