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The KAU Department of Endowment for Scientific Research organized a meeting on Monday 24th Zul Hijja 1429, corresponding to 22nd December 2008 at the main Conference and Ceremony Hall under the title of "Islamic Banking: Fraud Versus Commitment".
Sheikh Salih Bin Abdullah Kamil addressed the meeting which commenced at 11.00 a.m. in the presence of HE Prof Osama S. Tayyeb, KAU President, Vice Presidents, Deans of Faculties and a number of students.
Sheikh Kamil cited some examples of the Prophetic Hadith, elucidating why Islam was against those who sold articles that were not in point of fact in their possession, and why Muslims were directed to refrain from lending money at interest.
According to Sheikh Kamil, Islamic banks focus on profiteering, brushing aside the teachings of Islam.
Sheikh Kamil also dealt with a number of issues, including the introduction of Islamic banking services training programmes, and the formation of a review body to assess and monitor the Islamic banking services.
Responding to the participants' questions, Sheikh Kamil attributed the current financial crisis to a set of non-ethical economic practices.
He also asked religious specialists not to rush out fatwas- religious opinions on Islamic law issued by Islamic scholars- and to take their time to vigorously examine the cases before them.
He also called upon all universities to dig deeper into the Islamic economics rather than just concentrating on bank loans.
Sheikh Kamil also opposed the idea of establishing a specialist Islamic economics satellite TV channel due to the low volume of potential viewers. He said brief programmes on economics could be shown instead. Another alternative, according to him, is establishing Islamic banks in non-Muslim countries.
Towards the end of the meeting, Prof Abdurrahman Bin Obeid Al Yoobi, KAU Vice President, presented Sheikh Kamil with a sketch painted by a group of KAU female students as a souvenir.
This was released by Dr Haitham Bin Ahmed Zaka'ee, Supervisor General of Public Relations and Media.
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