Al Manea criticizes SAMA and calls it Islamic banking Criticized by the Council of Senior Scholars Sheikh Abdullah Bin Sulaiman Al Manea SAMA toxic and described it as one of the main obstacles in the Kingdom is not a center of Islamic banking around the world. He appealed to SAMA to establish a system specific to Islamic banking as is the case in traditional banking. The fortification at a seminar of Islamic banking in Riyadh on Thursday evening that 90% of the products of Islamic banking in the world came from the kingdom and all were individual efforts and not the efforts of an official, referring to the importance of developing a system consistent with the position of the Kingdom as the cradle of the message and the Holy land. And explained Sheikh Manea in a seminar on Islamic Banking - control and commitment, organized by the Bank of Riyadh on Thursday evening, there are differences between Islamic banking and the conventional banking, pointing out that some people were seen to Islamic banking as dreams will come true, but it has now become a coveted The ambitious goal at the international level and considers both Malaysia and Britain, the two largest in this direction. For his part, member of the Shariah in Riyadh Bank, Sheikh Dr. Abdullah Al-Mutlaq said that there is no difference between Islamic and conventional banking as one who says that the sale, such as usury, and admitting several mistakes in Islamic banks, but it is attributed to the fact that any human effort being right and wrong, noting to the dilemma of the instability of the staff in Islamic banks. He added that the absolute fine taken from delayed payment of funds from Islamic banks do not fall in bank accounts but have a special account from which are donated to charities supported in Saudi Arabia, contrary to what happens in conventional banks as they benefit from this delay. For his part, demanded an economics professor at King Abdul Aziz University and a member of the Shariah in Riyadh Bank, Dr. Mohammed Al-Qarni the need to clarify the method of financing in Islamic banks for the client, acknowledging heavily procedures and complexities of funding from Islamic banks, also confirmed that he may not be the comparison between Islamic banks and conventional banks because they compare between halal and haram. In answer to the repayment of loans by individuals and convert debts said Sheikh Manea (who heads the Shariah in Riyadh Bank) it may be, but he saw the exploitation of peoples needs, calling for a move away from the debt, which he considered a scourge and described the refinancing as a trap from banks. He pointed out that Dr Al-Qarni no financial education Many customers ask funding without knowing the consequences of it, compared to about financing from banks and funds between the government and private sector banks. Sheikh Abdullah made it clear that the government-owned banks are not profitable. While private sector banks set up to investment objectives, but government agencies were set up to help people, noting that there are a misuse of funds in the projects is not feasible, as well as there are no priorities in some people when requesting loans, as some of them are not looking for banks best terms of interest. And about the existence of censorship of legitimate bodies on the banks said Munia that in the event that the bank is Islamic it should have an oversight committee for its products and transactions and must reports to the Board. He explained that the bank buys and sells, not just transactions on paper, saying that there was a fabrication on the banks in this regard . The Sheikh ِALMUTLAQ said that the mortgage is considered a benefit to the citizen and his descendants unlike some methods of funding, advising banks to make use of real estate financing. As for the exemption of the deceased to complete the payment of a loan , Sheikh AlMUTLAQ made clear that there is no exemption, but holds the insurance companies pay off the loan, and they have got a right of expenses administrative funding ;a method favored by banks. At the end of the seminar questioned Sheikh Manea for not allowing DMI first Islamic bank opened a branch in the UK, despite the efforts that have been made for it. --------------- (Google translation)
Posted on: Sat, 01 Feb 2014 04:51:02 +0000
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