Mr. Mahmoud Mohieldin - President's Special Envoy - The World Bank Group
Mr. Mohieldin is the President's Special Envoy - The World Bank Group. His responsibilities include coordinating the World Bank Group agenda on the Millennium Development Goals and the Post-2015 process; supporting the work on financial development, including long term finance and financial inclusion; and coordinating the World Bank's efforts to strengthen partnerships with the UN, multilateral development institutions, and the G-20.
Prior to joining the World Bank, Mr. Mohieldin held numerous positions in the Government of Egypt and served on several Boards of Directors in the Central Bank of Egypt and the corporate sector. He was a member of the Commission on Growth and Development and selected a Young Global Leader of the World Economic Forum in 2005.
His professional reach extends into the academic arena, serving as Member of the Board of several universities in Egypt and holding leading positions in national and regional research centers and think tanks. As a Professor of Economics, he has authored numerous publications and articles in leading journals in the fields of international finance and economics in English and Arabic. Topics include financial reform, prudential regulations, credit markets, exchange rate and monetary policies, trade in services, globalization, corporate governance and competition policy. He received his Ph.D. in Economics from the University of Warwick and a Master of Science in Economic and Social Policy Analysis from the University of York.
Discussants - Walid Hejazi - Associate Professor, Rotman School of Management
Walid Hejazi is an Associate Professor of Business Economics, and Academic Director, at the Rotman School of Management where he regularly teaches Canada's current and future business leaders in the MBA, EMBA, and custom Executive programs. Walid has also developed a successful course in Islamic Finance, which is a for credit course in the MBA program at the University of Toronto. This represents the first such course in Canada. He has published extensively in many business journals and publications.
In keeping with the spirit of Rotman, Walid balances his research activities by helping many of Canada's leading organizations leverage research to develop and deploy new strategies and initiatives. He is also the Rotman lead on the annual Rotman-TELUS IT security study, which surveys hundreds of organizations and analyzes best practices. Walid has also consulted for several branches of the Canadian and foreign governments, on themes related to international competitiveness. He has appeared several times before parliamentary committees on topics related to Canadian competitiveness, foreign investment, competition in the Canadian economy, and international tax structures. He is currently working to enhance the Rotman presence in the Middle East, and has been working closely with Mubadala, an arm of the Abu Dhabi government on Training.
Discussants - Rehan Huda - Director, Amana Canada Holdings
Rehan Huda is currently a founder and Director of Amana Canada Holdings, a firm specializing in structuring Islamic financial products and services for the Canadian marketplace as well as for Middle East investors. Rehan has been a guest speaker on Islamic Economics and Finance at a variety of international conferences and universities and has been interviewed by leading media outlets in Canada and abroad. Mr. Huda assisted in initiating and teaching the first MBA course in Islamic finance at a North American university, the Rotman School of Business at the University of Toronto.
Previously Mr. Huda held various positions within the Canadian federal government including Senior Economist for the Department of Finance and Senior Analyst for the Natural Resources and Industry Departments. He was a recipient of the government's Public Service Award of Excellence for his financial and economic analysis related to the awarding of operating licenses to wireless telecommunication service providers. Mr. Huda currently holds board and advisory positions with several private and public companies across North America.
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At 1:58 The World Bank speaker refers to risk sharing and the need to apply this to banking. There is no reference to risk sharing in fundamental Islamic sources, it is an invention of Islamic scholars. Moreover it is unrealistic to expect the average wage earner who saves some money in a bank from week to week to do financial analysis to assess its risk. Islamic finance does have something useful to say about excessive financial leverage and financial market ethics. However, rather than create an inefficient parallel financial system, Muslims' energies would be better directed by engaging with regulators and legislators to communicate their views on financial issues.
Islamic Economy is build on Partnership in the form of Mudarabah transactions which provides funding for all types of business activities ensuring just and fair outcome for all its parties. However, true Islamic Economy model is not followed or implemented yet. www.almudarabah.com
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