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Islamic Banking Veteran Calls On Sector To Contribute To Social Welfare By Prioritising Sharia-Based Charity Principles |
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Islamic finance sector must address the current lack of focus in social welfare by including Sharia-based charity principles of ‘waqf’ and 'sadaqah' as priority areas, said Dato’ Dr. Abdul Halim Bin Ismail, a veteran in the Islamic banking sector. Speaking at a special face-to-face session at the 10th World Islamic Economic Forum in Dubai today, Dato’ Dr. Bin Ismail said Islamic banking and finance sector has come a long way since the first Islamic bank was established in Dubai in 1975. However, despite considerable growth in the sector, especially in the last 30 years, development of the Islamic banking sector is still an incomplete job, Dato’ Dr. Bin Ismail pointed out. The three-day 10th World Islamic Economic Forum, which concludes today, is being organised by the WIEF Foundation in collaboration with the Dubai Chamber of Commerce & Industry, as part of its efforts to support the vision of the emirate to become the global capital of Islamic economy. “There are areas where more could be done to make Islamic banking sector more aligned to Islamic principles. In particular, Islamic banks need to address the gap in social welfare by prioritising ‘sadaqah’ as a key area,” said Dato’ Dr. Bin Ismail, who pioneered the setting up of the first Islamic bank in Malaysia. Dato’ Dr. Bin Ismail urged banks to collect ‘sadaqah’ from private sector and utilise the funds for investments. Profits derived from such investments must be channeled towards charity, Dato’ Dr. Bin Ismail explained. |
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