Prof Hussein Hassan delivers seminar on Islamic Financial Product Development

Professor Hussein Hamed Hassan delivered a seminar under the theme: 'Islamic Financial Product Development: a contemporary approach' today at the Markfield Institute of Higher Education.

Prof Hassan chairs or is member of the Shari'a Supervisory Boards of more than 20 Islamic financial institutions across the world including Emirates Islamic Bank, Dubai Islamic Bank, National Bank of Sharjah,Islamic Development Bank and others.

Prof Hassan who is considered to be among the pioneers of Islamic Financ, received his PhD from Al-Azhar University and holds a number of degrees in Law and Economics from Egypt and the USA. He served as Assistant Professor, Associate Professor and Professor of Shari'a in the Faculty of Law and Economics at Cairo University.

In his presentation Prof Hassan said that the most important aspect of Islamic financial product development is that it must be based on the teachings of the Qur'an and the Sunnah of the Prophet. He went on to explain the difference in concept between Islamic banking and conventional banking, in that conventional banking is based on debt and interest whereas Islamic banking is based on partnership and profit sharing.

He then went on to discuss the failure of the current global economic system and the main factors that contributed to this are: being interest based, excessive uncertainty and speculation. He said that the current system needed to change rather than to be mended as is being done today.

The seminar, which was attended by a large number of students and other guests, concluded with a lively question and answer session.