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The rise of Islamic finance - Knowledge Works

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Lecture details Since its formation in the mid-1970s Islamic finance has grown rapidly, and appears to have come of age since the global financial crisis by nearly doubling in size from just over US $600 billion in 2007 to approximately $1.2 trillion in 2010. In this latest Knowledge Works seminar Professor Mervyn Lewis will share the secrets of what makes Islamic finance a success and what attracts investors.Professor Lewis will explore Islam itself, and shari'a law, for these provide the religious and ethical principles underpinning the system. Professor Lewis will also examine how Islamic banking and finance operate in practice, including Islamic investment funds and sukuk (bonds) that tap new global market segments and have driven the system's rapid growth. The seminar will close by considering the ways in which Islamic finance provides a viable and distinctive alternative to conventional finance. This insightful Knowledge Works lecture is a not to be missed event for those conducting business or collaborating with Islamic finance organisations, or those simply seeking greater insight and understanding of Islamic business and its future. Professor Mervyn Lewis is Professor of Banking and Finance at the University of South Australia and is a Fellow of the Academy of Social Sciences in Australia. Previously he was Midland Bank Professor of Money and Banking at the University of Nottingham and has been a Visiting Scholar at the Bank of England as well as the Inaugural Securities Commission-University of Malaya Visiting Professor. Professor Lewis has published 22 books, 70 articles and 81 chapters and his research volumes include Islamic Banking (2001), Islamic Finance (2007), Handbook of Islamic Banking (2007) and An Islamic Perspective on Governance (2009). Visit the Knowledge Works website at www.unisa.edu.au/knowledgeworks
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Text Comments (25)
good summary...although i disagree with much of the products that have been labeled as Islamic.
Gboy Johnson (8 months ago)
Very informative lecture. The key to bringing up the poor and middle class societies.
Trixie Trueblood (11 months ago)
What is the difference between paying rent and paying interest? They are one in the same, as far as I can see
LLMood (2 months ago)
lets say you buying a car via a bank interest: you are paying for the value of the car plus a percentage of the value (interest), the value of the interest depends on how early or late your making your payments. so your paying for the loan and not for the commodity you set to buy islamic: you are buying the car from the bank at a fixed price that, you are paying for a product. interest is causes inquality and massive concentration of capital in the hands of few, increases in living costs a study in germany should that when %80 percent of the population paid more interest than the received, %10 percent paid as much as they recevied, and the top %10 received more than they paid and 8 times more than the 90 combined.
9/11 TRUTHSEEKERS (11 months ago)
WOW, I hear these rules and I have to say, I agree 1000%. I am doing my best for The Truth Movement to see and Understand all of this and be enlightened to the fact that this system helps to UNENSLAVE HUMANITY!
Tahera Chaudhary (1 year ago)
Islam is a Holistic religion, human needs, both spiritual and physical should be dealt as one unit. Islamic Banking, involves free trading and not monopolistic policies which combine with tech and machines creating unemployment. With free trade and easy small businesses opportunities, will make people independent and less dependent on financial institutions.
Mamoun Ali (1 year ago)
Thanks for the excellent lecture, Professor Lewis if this is Islamic Finance, please with the same objectivity look into the comprehensiveness of Islamic teachings.
M D (2 years ago)
Very interesting, thank you for this video! I learned a lot.
Roger K Olsson (2 years ago)
Thanks for sharing!
Professor Lewis thank you very much for your conference and your analyse for ISLAMIC BANKING.
John Kim (3 years ago)
Professor Lewis gives a very good overview and brief background of Islamic finance along with their potential benefits. However, he only compares the Islamic banking system to the U.S. financial system and only provides analogies in certain areas. He doesn't bring up and regulations such as Solvency II which have some similarities with Islamic banking in terms of goals of mitigating risk and which is arguably between Islamic banking and the U.S. system. He doesn't bring up mutual insurers which operate similarly to some Islamic financial institutions. He doesn't bring up how some of these developing Islamic countries have complex property rights issues which make the contract regulations a lot less powerful. He doesn't mention how much Islamic banking is integrated into the economy and to a point where we can question whether some of them are truly Islamic banks. Not bad but only the iceberg of a very complex institution.
Mohamad AlSamman (3 years ago)
Most populous Islamic country is Indonesia with more than 204 million Muslims not India.
Howard (17 days ago)
He was perhaps talking in a historical sense where Pakistan, Bangladesh, Sri Lanka, Nepal, Maldives, Sikkim, or even part of Afghanistan all belong to an idea called THE INDIAN SUBCONTINENT?
Muad J (2 years ago)
The slide he was speaking about was in reference to the country which has the highest number of muslims that are a minority. Whilst Indonesia is indeed the most populous Islamic country, muslims there form the majority. In india however, the muslim community is a minority, relative to its 1.2 billion+ population. Hope this clarifies..
Kiazim Jabolani (3 years ago)
Hi, guys! Please tell me when this lecture was held?
toh786 (2 years ago)
The channel is called "University of South Australia".
Samia Djellal (4 years ago)
great lecture ,greed , misleading informations,speculation,poor governance , fiqh el mouamalt el malia ,is against all these in islam,many thanks for your objectivity in analysing the classic banking system , and it s faileure,the islamic financial transaction and the real economy work in peer. thank you
Muhammad Ashri (4 years ago)
By far, the easiest-to-understand, well structured lecture on Islamic Finance I've found so far. Not to mention, a well-done explanation on the theoretical and practical issues. There's definitely more to Islamic Finance, but dear Sir, you hit the mark in compressing it all into 40 minutes. Many thanks for producing this video lecture!!
Anuar Safian (5 years ago)
Indeed Sarah , to develop Islamic finance took a long time of hving 2 compete with the existing system & oppose the minds of Muslims in Islamic countries about their k'ledge in Islamic finance & still assume Islamic banking system is Riba system . In Malaysia there are efforts to improve the system from time to time . M'sia & Brunei hv implemented Shariah Compliance in Islamic banks,other Islamic countries hv achieved basic sharia . I already transfer my financing to KFH ( branch in M'sia)
Sarah ayu Putri (5 years ago)
I think it's not easy to develop Islamic finance I'm Indonesian even in Indonesia, which is known as country with the largest Muslim population in the world, has a new Islamic bank in 1992 and then must wait for 10yrs later then came the government support in the form of legacy that permit banks to operate by the sharia system although the current practice of many islamic banks still not pure sharia, but their effort to provide finance which avoid usury would deserve our appreciation and support
Muhamadridwanafandi Iwan (11 months ago)
betul mbak... semua butuh proses... kalau pemerintah berpihak ke Islamic bank, Insya Allah akan berkembang pesat...
slol28 (5 years ago)
you are generalizing too much. the problem is that Islamic finance is not available for everyone who wants it. i live in america and it's very few banks do islamic banking and in very selective areas. another problem is that even in Islamic countries, Islamic banking is not totally islamic. it contains some aspect of pseudo-ribah.
Islam Australia (5 years ago)
Australian Centre for Islamic finance with all resources on Islamic finance in available at Auscif (dot) com
sidkings (5 years ago)
Unfortunately most Muslims know very little about Islamic Finance and Shariah compliant transactions. This also highlughts the ignorance amongst most Muslims with the interpretation of the Quran and Sunnah. This stems from the lack of Knowledge, education and just plain old poverty. Imran Hosein details the differences between Western and Islamic Banking. Please watch the link below. Gold Dinar - Islam and Future of Money - Maulana Imran Hosein /watch?v=moQOFxMxTOM

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