DAR AL HARB - JAPAN: LESSONS ON SHARI'AH COMPLIANT FINANCING FOR THE JAPANESE

Japan's first major Islamic finance seminar kicks off

By Miyoko Ishigami (with photos) TOKYO, Jan 22 (KUNA) -- An international seminar on Islamic finance opened here Monday with about 300 delegates discussing such topics as overview and regulatory aspects of Islamic finance, legal and Shari'ah (Islamic law) issues and opportunities for Islamic finance in the world's second-largest economy. Japan's first full-fledged seminar on Islamic finance is aimed at facilitating further understanding of the global Islamic banking industry among local financial community, according to the Islamic Financial Services Board (IFSB), the co-organizer of the event.

The IFSB is a Malaysia-based organization set up by Muslim countries, of which the Central Bank of Kuwait (CBK) is a founding member. Established in 2003, IFSB's membership has grown to 110 members, including Kuwait Finance House (KFH), Boubyan Bank and seven other Kuwaiti financial institutions. At the outset of the two-day forum, Dr. Rifaat Abdel Karim, the IFSB Secretary-General, welcomed the Japanse government's decision to tap the Islamic capital market.

"The move will help develop the market for the issuance and trading of a broader range of Shari'ah compatible long-term financial instruments." With its assets worth more than USD 300 billion and annual growth exceeding 15 percent, Islamic financial service industry promises great potentials, Dr. Karim stressed.Islamic financing is based on Shari'ah, or Islamic law, which prohibits charging or paying interest.

Instead, there are schemes for partnerships in trade in goods and services, direct investment and renting as well as profit sharing. Shari'ah also bans financing businesses related to alcohol, pork, gambling and weapons.

The line-up of speakers includes Salman Younis, Managing Director of Kuwait Finance House and Governor of Bank Negara Malaysia, the country's central bank, to share their experience in Islamic finance with an audience of officials from government agencies, central banks and major financial institutions from the Middle East and Asia.

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First the shari'ah compliant financing system will run parallel to the one established by the West, then it will take over and without blinking too much, infidels around the world shall be doing business in accordance with islamic law, shari'ah...

Ignorance is indeed bliss and Lenin of almost 100 yrs ago was not far off when he said: "The Capitalists will sell us the rope with which we will hang them" ...


Must Read:

Islamic Economics and Shariah Law: A Plan for World Domination


Pertinent Links:

1) Japan's first major Islamic finance seminar kicks off

2) Islamic Economics and Shariah Law: A Plan for World Domination (A Must Read for infidels)