 | Pay attention, here. Our financial future is being mapped out without our permission. |
Experts and scholars believe that new Islamic investment tools must be invented to cope with the rapid development of the global economy. The prominent Kuwaiti religious scholar, Sheikh Ajeel Al-Nashmi, called in a statement during the second "fiqh" (jurisprudence) conference for Islamic financial institutions that started on Saturday for taking measures to lure back Islamic funds invested abroad. Investments, including those abroad, should serve this purpose, said the cleric, who also called for innovating new Islamic-complying investment vehicles and forms for sake of competition and realising domestic development.| No mentions of mutual funds, Class B stocks or short trading are in the Koran or the Sira or the Ahadith, AFAIK. But deceipt in the way of warfare is, so the Learned Elders of Islam™ can live out their golden years in a secure luxury flat in Londonistan or Geneva, watching the infidels scuttling to fulfill their every whim, and occasionally wiring funds to Tripoli or Jersey City. |
The Islamic institutions should compete with the convential ones on the basis of Islamic norms and moralistic values, he elaborated.| "No booze, no flooze, no damn dirty Jooze." |
Osama Ibrahim Al-Saleh, Deputy Chief Executive of Investment Dar, urged decision-makers in the business sector, clerics and scholars to help in efforts for expanding Islamic-style businesses and creating "new Islamic investment products that can be kept abreast of global economic development." On his part, Deputy Chairman of Aayan Leasing and Investment Co. Hisham Al-Awadhi confirmed that Islamic transactions had become widely spread, with leaders and clerics investing in billions of dollars.
This form of businesses has become widely spread and needed by the market, he added.
Another participating eminent scholar, Sheikh Mohammad Al-Salami, called for upgrading the methods of Islamic financial investments and compliance by the basics of the Islamic Shariaa (law) to compete robustly in the business market.| When do we behead the first hedge fund manager? |
The conference, due to end on Sunday, addresses various economic and financial issues in light of the Islamic jurisprudence. |