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1 Movement of Islamic Finance By Yusuf Hassan

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Movement of Islamic Finance INTRODUTION TO MY OBJECTIVES I have had a long and successful career in diverse fields, from hospitality, banking, international finance to training & education. My focus now is on what has been the spotlight of my decade long research: Islamic Economics and Finance. It is my belief that Islamic Economics and Finance provide a very potent and necessary route towards which sooner or later the world must turn. This belief springs not only from religious conviction, but also from the sheer practicality of the system as a whole. My research has shown that the financial system currently known as Islamic faces serious shortcomings, making it no more acceptable to the general public than the conventional system. On the contrary, it is because of the impropriety of the current Islamic banking system that it has failed to really make a difference. The scope of my future accomplishments now lies in developing a set of corrective actions for the current Islamic financial system so that the people could actually benefit from it and the doubts of both bankers as well as clients are alleviated. People need to understand the Riba free financial system. Not only the part where it is Riba free, but also its other benefits, such as transparency, devotion to clientele, smooth and sincere conduction of trade and commerce, and the connection between spirituality and materiality. At this point in time, the people at large hardly perceive any difference between the conventional and Islamic systems, and this has a lot to do with the legal documentation, which needs work in order to make it serve its true purpose according to the Islamic Shariah. At present, financial products that are said to be Islamic in nature are nothing but feeble attempts to attract a niche market, that of highly religious people. No product is actually achieving the result of socioeconomic gain, rather they are focusing on economic gain, and that too, mostly for the lending institution itself. Proper training for the staff at Islamic financial institutions is required in order for them to actually help the customer, not throw them a line from a marketing campaign. Not only will this approach benefit the Islamic finance & the banking industry as a whole, it will also bring many new people into the fold of the documented economy. Central banks around the Islamic world are, at this time, just an observer of the Islamic Banking system. Instead, their position should be that of a guide. The present position does not achieve any significant results, whereas the central banks should lead the Islamic financial market and give a direction towards better relations between the Islamic world in banking, financing, investment and trade. Submitting my detail profile enable you to look for your training need at your organization. Yours truly, Yousuf Ibnul Hasan
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