Hijjah 25, 1431, Dec 01, 2010, SPA -- Mohamed Al-Mady, SABIC Vice Chairman and CEO, has said at the foundation workshop of the SABIC Chair for Islamic Financial Markets Studies that “the Islamic finance industry faces major challenges. Our partnership with the Imam Mohammed bin Saud Islamic University is an effort to overcome these challenges. The objective of the SABIC Chair is to develop credible financial instruments that are both economically efficient and Sharia compliant.” "The Islamic finance industry, which is steadily growing day by day, is currently going through its brightest phase. Creative and comprehensive concepts of this industry have contributed to bringing more investments. Some concepts, such as those based on partnership in profits and risks, which control the relationship between financiers and borrowers, have become a catalyst for more responsible financial practices, which are now widely accepted among the banking community," he noted. --MORE
