KFUPM to offer new Islamic banking course

Updated 22 September 2013
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KFUPM to offer new Islamic banking course

The volume of Islamic banking globally reached $1.5 trillion and estimated to hit $2.1 trillion by 2015, or an increase of 30 percent, local media said quoting experts.
Meanwhile, head of the Excellence Center for Banking Studies and Islamic Finance at Dhahran-based King Fahd University for Petroleum and Minerals (KFUPM), Salah Al-Shalhoub stated that the university plans to introduce a program for executive master in Islamic banking to provide trained and qualified cadres for the labor market in the Kingdom.
There is a considerable expansion of Islamic banking in the Kingdom in the last 10 years as well as cooperative insurance companies and sukuk (Islamic bonds) markets, Shalhoub told Al-Riyadh daily.
He said Islamic products have widely and noticeably spread in the banking sector and the growth rate of Islamic banking in the Kingdom has been estimated at 30 percent per annum.
He said the Islamic banking applied in the Kingdom was an important stage for the establishment of a solid base for this kind of banking.
Though the existence of Islamic (advisory) boards in banks is important, it is not the required mechanism to achieve sustainable development of Islamic banking and there must be clear-cut regulations derived from Shariah and properly applied to ensure the safety of accounting procedures in accordance with the known and accepted accounting principles in the banks, he was quoted as saying.
Dean of the Institute of Islamic Economics at King Abdulaziz University Abdullah Quriyan stated that Islamic banking is widely applied in Saudi Arabia, Malaysia, Britain, and other GCC countries.
“Full leadership of the Islamic banking should originate in the Kingdom which is being strongly sought in this direction, especially if we take into consideration the fact that liquidity in all countries applying Islamic banking is mostly Saudi capital,” he said.
He urged the Saudi Arabian Monetary Agency (SAMA) to issue regulations and systems to help organize the Islamic banking in the Kingdom.
On the other hand, professor of the Chair of Custodian of the Two Holy Mosques for Islamic Jurisprudence and scholar at Harvard Law School, Frank Vogel, said the Kingdom lacks legislations from the concerned bodies supervising Islamic banking.
He said Islamic banking needs qualified and skilled cadres to improve Islamic banking which, he said, is attainable if appropriate academic programs are adopted and introduced.


UK core pay growth strongest in nearly 11 years, but jobs growth slows

Data showed the unemployment rate remained at 3.8 percent as expected. (Shutterstock)
Updated 16 July 2019
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UK core pay growth strongest in nearly 11 years, but jobs growth slows

  • Core earnings have increased by 3.6 percent annually, beating the median forecast of 3.5 percent
  • The unemployment rate fell by 51,000 to just under 1.3 million

LONDON: British wages, excluding bonuses, rose at their fastest pace in more than a decade in the three months to May, official data showed, but there were some signs that the labor market might be weakening. Core earnings rose by an annual 3.6 percent, beating the median forecast of 3.5 percent in a Reuters poll of economists. Including bonuses, pay growth also picked up to 3.4 percent from 3.2 percent, stronger than the 3.1 percent forecast in the poll. Britain’s labor market has been a silver lining for the economy since the Brexit vote in June 2016, something many economists attribute to employers preferring to hire workers that they can later lay off over making longer-term commitments to investment. The pick-up in pay has been noted by the Bank of England which says it might need to raise interest rates in response, assuming Britain can avoid a no-deal Brexit. Tuesday’s data showed the unemployment rate remained at 3.8 percent as expected, its joint-lowest since the three months to January 1975. The number of people out of work fell by 51,000 to just under 1.3 million. But the growth in employment slowed to 28,000, the weakest increase since the three months to August last year and vacancies fell to their lowest level in more than a year. Some recent surveys of companies have suggested employers are turning more cautious about hiring as Britain approaches its new Brexit deadline of Oct. 31. Both the contenders to be prime minister say they would leave the EU without a transition deal if necessary. A survey published last week showed that companies were more worried about Brexit than at any time since the decision to leave the European Union and they planned to reduce investment and hiring. “The labor market continues to be strong,” ONS statistician Matt Hughes said. “Regular pay is growing at its fastest rate for nearly 11 years in cash terms and its quickest for over three years after taking account of inflation.” The BoE said in May it expected wage growth of 3 percent at the end of this year.