The lecture, which was organized in cooperation with the US Consulate and the American Corner Group at CBA, began with So, an Asian American and native of California, giving a brief explanation in classical Arabic of the topics he would be addressing.
So outlined the general hiring practices at banks and outlined several common banking terms and concepts.
So pointed out that students of finance in the Middle East should be aware of the similarities and differences between conventional and Islamic financial theories.
“I want you students to know that it is important to know about both types and how they are related,” So told a group of 30 CBA finance students at the CBA’s American Corner.
Students were given the chance to ask questions related to banking and finance and the global financial crisis and its causes.
Students also asked about the US subprime lending crisis and the lessons that could be learned from it in relation to implementation of a Saudi mortgage lending system currently under development.
“I don’t believe that the adoption of a mortgage law and the beginning of mortgage loans will have the same effect on the Kingdom as it did in the US,” So said.
He added that the unrestricted authorization of loans rather than the mortgage industry was to blame for the subprime-lending crisis.
“It was because the government and banks began to authorize loans to everyone with a lack of restriction that caused the crisis,” he said.
“However, if the Kingdom implements a mortgage law it will be based on Islamic finance which is a very solid, easy platform, therefore I see nothing wrong with the new law.”
Students commenting after the lecture to Arab News said they found it very interesting and useful.
“I really enjoyed the talk and the ease of being able to ask questions and have them addressed by an expert immediately,” said Zena Al-Haddad, a CBA senior.
Shazeen Chapra, also a senior at CBA, told Arab News the lecture began with the basics but ended with an important dialogue.
“I think the lecture was good because it gives us exposure to the American financial market and first-time knowledge from someone who has experience working for a major financial company in the US,” she said.
So, born in Los Angeles to parents from Hong Kong, studied at Georgetown University in Washington DC before moving on to the London School of Economics. Following graduation, So worked for Citigroup as a corporate banking analyst.
