Words of Wisdom - the Editor

Peace.
Got busy with a new project. So couldn’t add more news. Although I came across a fine article by a brother on the history and future of Islamic Banking. I was surprised to know that Islamic banking had beginnings in 1975. Wow. That’s almost as early as my birth. And I guess if there are enough like minded people any idea is bound to grow. I too used to wonder if I can invest without plunging into interest based transactions.

UK I noticed is taking some fine initiatives to promote Shariah Finance. Also came across a western brother or atleast who calls Muslims his brothers and sisters but laughs cynically at the DOW Islamic index as 'bending backwards' to accommodate those guys who have four wives and cut of peoples hands. O well some people just don't get it, do they?

Monday, March 2, 2009

Al-Jasser may usher in new banking era

LONDON: The appointment of Muhammad Al-Jasser last month as the new governor of the Saudi Arabian Monetary Agency (SAMA) has been widely welcomed by regulatory officials and bankers both in the Kingdom and abroad.

Al-Jasser up to now served as the vice-governor of SAMA. He succeeds Hamad Al-Sayari, the former SAMA governor. Al-Jasser’s appointment was announced by Custodian of the Two Holy Mosques King Abdullah. The governorship of SAMA carries the rank of minister, which means that Al-Jasser will also sit in the Saudi Cabinet.

The differences in style and personality between Al-Sayari and Al-Jasser could not be more stark. The former, according to bankers, is an introvert — quiet, cautious and bureaucratic. The latter is more proactive, outspoken and approachable. As such, foreign regulatory officials and bankers expect a much more proactive policy approach from the new governor. Others expect SAMA under Al-Jasser to open up to Islamic banking in particular and to show leadership in this field in the light of the growing globalization of the industry.
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