Islamic Finance Focus of Program

The Islamic Economics Institute (IEI) at King Abdulaziz University (KAU) recently hosted students from the Instituto de Empresa University in Spain for Immersion Week (IMW 2013).

The two-day program ended on Nov. 4. The program was organized to enhance the knowledge of students in Islamic economics and finance.
The program was organized through the Saudi-Spanish Center for Islamic Economics and Finance (SCIEF), which was created by KAU and the Instituto de Empresa University in March 2009.
Abdullah Turkistani, dean of the IEI, said many countries, including the United Kingdom, want to issue sukuk or securities that comply with Islamic law. 
Ahmed Beloufi, researcher at the IEI, delivered an introduction to Islamic economics, interest, market discipline and monetary policy effectiveness.
Abdul Azim Islahi introduced the students to Zakat in a lecture entitled "The genesis and development of Zakah" in the first session chaired by Ibrahim Aboulola, a consultant with the IEI. Omar Hafiz, former director of the IEI, chaired the second session.
Munawar Iqbal, editor in chief of KAU's Islamic Economics Journal, introduced the students to Islamic finance, the role of financial intermediation, the rationale and nature of Islamic banks, financial products, Islamic finance laws and the benefits of Islamic banking.