Global executives attend Islamic finance program in Jeddah

The program attracted Nigerian, British, Ugandan, Jordanian, Saudi, Spanish, French, Lebanese and Indian participants.
Updated 15 May 2019

Global executives attend Islamic finance program in Jeddah

Representatives from financial and academic institutions around the world attended a four-day international executive program in Islamic finance in Jeddah.

The program was jointly organized by the Saudi-Spanish Center for Islamic Economics and Finance at the IE Business School in Madrid, the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank, and the Islamic Economics Institute (IEI) of King Abdul Aziz University, Jeddah.

In his opening remarks at the event, Vice Dean of Postgraduate Studies and Research Dr. Hasan Makhethi said the course aimed to enhance knowledge and experience in Islamic finance and provide networking opportunities for participants.

He said the IEI was delighted that the partnership among the organizing institutions has created “a platform for alternative finance in order to raise awareness among academics and business people about the importance of ethics and morals in finance and business.”

“IRTI is an important partner in the success of the program, as it is enhancing both the academic and practical sides of the program,” Dr. Makhethi added.

Dr. Kaleem Alam, program manager, noted that Islamic finance is no longer alien to the world of finance, and that there is growing demand globally, especially in Africa, to learn and implement Shariah-complaint finance.

The program was designed for executives interested in gaining knowledge and developing contacts in the Islamic finance sector. Participants attended workshops, roundtable discussions and academic sessions covering the fundamental principles, key concepts and modes of Islamic finance, as well the importance of ethics in business.

The program attracted participants of Nigerian, British, Ugandan, Jordanian, Saudi, Spanish, French, Lebanese and Indian nationalities. There were also participants from the Saudi Arabian Monetary Authority (SAMA), Jaiz Bank and the Microfinance Support Center Limited (MSC).

Participants also visited a number of organizations in Jeddah, including KAU, IDB, THIQAH, SEDCO Capital and the National Commercial Bank.

Some of the prominent trainers included Dr. Sami Al-Suwailem, Mr. Khalid Gama, Dr. Ahmed Belouafi and Dr. Mansoor Durrani.

Bashair A. Alnahari, a participant from SAMA, said: “It was one of the most valuable and enjoyable programs I have ever attended.”

40% of UAE students’ cars have unsafe tires: Study

Updated 17 sec ago

40% of UAE students’ cars have unsafe tires: Study

A majority of young drivers in the UAE are not taking the required steps to ensure that their cars meet recommended standards of safety when it comes to tire maintenance, with independent tests revealing that over 40 percent of students’ cars are equipped with one or more tires that do not meet recommended safety standards.

These are among the findings of new research undertaken by Continental, a tire and automotive manufacturer, which found that over 50 percent of young drivers aged 18-24 were not checking their tires in line with expert advice, and over 10 percent were ignorant of the importance of the role tires play in road safety. 

This research is the latest undertaken by Continental in the Middle East as part of its “Vision Zero” safety initiative. The German brand focused on relatively new drivers through two studies: One in collaboration with YouGov and another in partnership with the American University in Dubai and University of Dubai. 

Tires should be checked regularly, as unbalanced air pressure, insufficient tread depth and irregular wear can lead to catastrophic tire failure. 

Staff from Continental and its local partner, Emirates for Universal Tyres (EUT), checked 331 vehicles parked at the American University in Dubai and University of Dubai over several days, testing for air pressure, tire sizes, tread depth, wear and punctures. 

Haitham Al-Maaini, acting director, student services department at University of Dubai, said: “Our initiatives come in line with the efforts made by the UAE authorities to reduce fatalities and protect people’s lives from car accidents mostly caused by high-speed driving or using road-unworthy vehicles. Therefore, the comprehensive tire check campaign delivered by Continental at University of Dubai was essential and beneficial to our students.”

Ricardo Martins, head of marketing, Continental Middle East, said: “The number of young drivers in the UAE who are not taking the health of their tires seriously should be a worry to all of us.”

“Checking the safety of your vehicle on a regular basis is the responsibility of each and every driver and is one simple way to minimize the risk of road accidents. That is why we take our global initiative of ‘Vision Zero’ very seriously and why we believe that activities such as this can make a genuine difference.”