University of Bahrain hosts Prof. Mohamed Kabir Hassan.. The Economist in Islamic Banking Confirms that Islamic Finance is a mean to Alleviate Poverty
Sakhir – University of Bahrain (Khadija Abdul Salam)
December 6, 2021
The economist in Islamic banking from the University of New Orleans in the United States of America, Professor Mohammad Kabir Hassan, stressed the importance of Islamic finance as an effective means to alleviate poverty in the countries of the Organization of Islamic Cooperation. He also touched on several topics and issues, including investment strategies in financial technology, trade, Algorithms, Cybersecurity, Blockchain, Smart Contracts, and Cryptocurrencies.
Professor Hassan made this statement during a symposium entitled “Financial Technology in Islamic Financial Institutions: Inclusion, Sustainability and Financial Stability”, organized by the Department of Economics and Finance at the College of Business Administration, under the patronage of the President of the University of Bahrain, Dr. Jawaher bint Shaheen Al Mudhakhi, on Tuesday November 30, 2021 at the E-Learning Center.
The symposium was inaugurated by Head of Economics and Finance Department, Dr. Hana Saeed Bawazeer, who briefed the attendants about Islamic finance, Takaful insurance products at competitive prices, green sukuk, and the importance of conformity of all financing, banking and investment transactions with the provisions of Islamic Sharia.
Professor Hassan confirmed that financial technology can overwhelm the entire financial system and that there are some risks of new technologies, including debt accumulation due to the ease of access to loans, the emergence of new methods of fraud and embezzlement. In addition, lack of financial infrastructure may result in problems for many people who lack financial services. Artificial intelligence may lead customers to get products and services that they do not need.
Dr. Hassan pointed out some potentials of financial technology, including expanding the reach of Islamic financial services in and outside core markets, addressing significant financial inclusion gaps in core markets and providing Islamic social finance to support sustainable development goals, and global needs.
At the conclusion of his speech, Dr. Kabir Hassan stated, “I hope that the next fifty years will be the golden age of Islamic finance.” He indicated the need for the cooperation of the main stakeholders in Islamic financial technology, including regulators and Sharia scholars, to have a uniform vision, to make full use of Islamic jurisprudence in transactions, and to achieve the desired outcomes.
For his part, the Dean of the College of Business Administration, Professor Hatem Masri, referred that the college sought since last year to introduce several options in the sub-specialty for Islamic finance students, including business analysis, finance, cloud computing for business, business and international economics, so that students can get a broad perspective that instills in them innovation in the field of Islamic financial industry.
The symposium was attended by the Employer Advisory Committee as well as a number of graduate students, faculty members, and heads of departments.
It is noteworthy that Professor Kabir Hassan is a winner of the Islamic Development Bank Award of 2016 in the field of Islamic banking and finance. He is the most cited researcher in Islamic finance, and has authored a large number of articles in the field of Islamic finance. He is the author of more than 380 research papers in Islamic banking and finance listed in Scopus, Social Sciences Citation Index (SSCI) and Emerging Sources Citation Index (ESCI). He has also provided advice to the International Monetary Fund, the World Bank, Transparency International Bangladesh (TIB), the African Development Bank, and the Islamic Development Bank.