Eighth Juristic Shura Conference Honors Boubyan Bank for Its Sponsoring
Boubyan Bank has announced its sponsorship of the Eighth Juristic Shura Conference, wherein the bank has received recognition in the presence of H.E. the Governor of the Central Bank of Kuwait, Dr. Mohammad Al-Hashel and a number of leaders, and executives of financial institutions and banks working in compliance with the principles of Islamic Sharia.
Sheikh Fawaz Meshari Al Kulaib, Head of the Sharia Audit Department at Boubyan Bank stated: “This year’s sponsorship of the Eighth Juristic Shura Conference emanates from the bank's belief in the important role the Islamic Finance Industry started to play as well as being strategic partners towards enabling the success of this role in the field of Islamic finance on an ongoing basis by complying with all the standards and keeping up with the most modern scientific developments to highlight the impact thereof on economic and social development.
Al Kulaib explained: “Boubyan Bank and its senior management are very keen on supporting the Islamic finance industry and its institutions in addition to fostering innovation and development of Islamic finance products, which are the fruit of the contribution of all Islamic financial institutions. Additionally, the bank aims at improving Islamic banking and financial practices by ensuring to cope with the latest developments in that domain, and meeting the industry requirements in terms of standards providing an advanced level of coherence across the industry, various countries, and at the international level.”
The Eighth Juristic Shura Conference organized by Shura Sharia Consultancy addressed several important subjects starting from the opening speech of H.E. Dr. Mohammad Y. Al-Hashel, the Governor of the Central Bank of Kuwait, titled: “Islamic Finance: Noble Goals, Innovative Approaches”, which tackled the role of Islamic Finance, and the need for it to play a bigger role in the social and economic development, coupled with the keynotes of the conference sessions such as the ways to be followed by the Islamic Finance Industry to reach out for new horizons, and the development of Islamic Finance products, especially sukuk, and many other points discussing Islamic financing and the Islamic finance services.
The GM of Shura Sharia Consultancy Company, Sheikh Abdulsatar Al-Qatan proposed the establishment of a platform for developing and innovating Islamic financial products by all Islamic finance institutions with a technical assistance by the Central Bank of Kuwait so that the national economy may benefit from these products.
Supervision and Sharia Audit
Speaking of the role of Sharia supervision, Al Kulaib stated: “It represents a main pillar and a milestone in the work of Islamic financial institutions not only due to overseeing the soundness of transactions from a Sharia-perspective, but also due to the status and significance bestowed upon it by the highest regulatory authority, namely the Central Bank of Kuwait and its Sharia Governance Instructions. Since its establishment in 2004, Boubyan Bank has been practicing its business in compliance with the Principles of the Islamic Sharia, taking its Sharia Supervisory Board as reference for such principles. The Board comprises of specialized scholars in the jurisprudence of Islamic financial transactions, who study the general policies, contracts and special agreements pertaining to each product in their regular meetings. This builds confidence in the bank on the part of shareholders and transacting parties.”
Al Kulaib concluded by stating: “On behalf of the management of Boubyan Bank, we are pleased to participate in one of the most important conferences supporting the Islamic finance industry in Kuwait and the region, where we managed to bring a wide group of Sharia scholars and representatives of central banks, regulatory authorities, Islamic finance industry professionals, representatives of senior managements of Islamic financial institutions and many other entities under the same roof, which helps them exchange ideas and expertise, thereby leading to the growth of the Islamic finance sector and achieving sustainability.”