CEDA reviews role of reforms in diversification of economy and surge in non-oil revenues    79 hospitality facilities in Makkah and Madinah face penalties for closure order violations    Saudi Arabia hosts large-scale iftar banquets in Indonesia, Kyrgyzstan, and Malaysia    Saudi Arabia records 23,865 violations in nationwide residency and labor law inspections    S&P upgrades Saudi Arabia's credit rating to A+    Trump orders 'decisive' military action against Houthis in Yemen    US Senate passes Republican spending bill to avert government shutdown    Zelenskyy says territorial control key to peace talks, rejects recognition of occupied regions    Pakistan says train hijacking death toll rises to 30, accuses India and Afghanistan of supporting militants    Al Nassr climbs to third with dominant win over Al Khaleej, Al Qadsiah slips after loss to Damac    Power bank likely caused South Korea plane fire, investigators say    Makkah Lanterns Festival returns for the eighth year as part of Ramadan activities    Crown Prince receives Yazeed Al-Rajhi after historic Dakar Rally 2025 victory    SR17 million fines slapped on 16 individuals and companies convicted of violating Capital Market Law    Saleh Al-Shehri's late penalty rescues Al Ittihad against Al Riyadh    Grand Mufti rules against posting prayers and preaching in mosques on social media    Man lives for 100 days with titanium heart in successful new trial    Argentinian court begins trial of seven healthcare professionals over Maradona's death    Singer Wheesung who wooed Korea with his ballads, found dead at 43    Prince Frederik of Luxembourg dies from rare disease    Real-life shipwreck story wins major book award    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



NCB stresses role of Islamic finance in global economy
Published in The Saudi Gazette on 19 - 04 - 2012

THE National Commercial Bank has recently participated in the annual Islamic Finance Forum organized by Harvard University in the United States.
Held in its tenth session this year, the forum's agenda was focused on discussing the role of Islamic finance in the global economic development, shedding light on the latest challenges facing the growth of the industry and defining the competitiveness and opportunities inherent in Islamic finance as a potential alternative for the conventional financial system.
NCB is a three-year sponsor of the forum, extending its support to the event's organizer, the Islamic Finance Project (IFP), under the Islamic Legal Studies Program (ILSP) at Harvard Law School, Cambridge, US.
Commenting on the sponsorship, Abdulrazak ElKhraijy, Executive Vice President and Head of Islamic Banking Development Group, commended the efforts exerted by the organizers and their relentless contributions to the development of Islamic finance over more than a decade of time. He said the Harvard's Islamic Finance Forum provides a distinctive platform for exchanging knowledge and experiences among industry leaders, scholars and researchers specializing in the Islamic finance field from around the world, which in turn accelerates the pace of development in the industry.
ElKhraijy said the care NCB bestows on such events comes in total harmony with the role it plays as one of the world's pioneers in Islamic banking and the importance the Bank attaches to providing innovative financing solutions compatible with the provisions of Shariah.
ElKhraijy presented a paper on "The Contributions of Islamic Finance to Economic Growth" where he explained the industry's role in the development process, saying "the developmental contributions of the Islamic banking industry are not limited to the direct economic development, but transcends that to embody the social and moral aspects of development as well; elements that are not currently included in the 'Human Development Index' of the UN."


Clic here to read the story from its source.