KFH participates in ‘Kuwait Center for Islamic Economy’ workshop
Kuwait Finance House (KFH), represented by the General Counsel Dr. Anwar Al-Fuzaie, and the Executive Manager Shariaa Control Advisory Dr. Adnan Al-Mola, has participated in the fourth workshop of Kuwait Center for Islamic Economy, with the presence of prestigious legal and economic figures. The workshop that aims at enhancing economic thought by linking among shariaa, economy and law in an integrated way, discussed important topics, of which Sharia Control Quality between Islamic Banks and Banks Converted to Islamic, and the Control Responsibilities in the Professional Ethics.
Al-Fuzaie submitted, in the fifth session of the workshop, a thesis about the control’s responsibilities in both professionalism and ethics where he explained that Fatwa and Sharia Control entities shouldn’t be limited to sharia control tasks of the financial actions that the Islamic financial institutions ink, but rather they should shoulder the responsibility of maintaining the optimal Islamic behavior in corporations commensurate with the honor of Islamic banking, especially in the fields of advertising and social activities. Moreover he underlined the role Sharia Control entities play in contributing in mentoring financial institutions giving the Islamic economy an honorable image.
In addition, he said that when financial institutions follow the Islamic example, they insure the social responsibility and the ethical role in supporting science and scientists, helping the needy, developing the society and protecting the environment through Zakat, and charities.
Meanwhile, Al-Mola tackled during the session the topic of shariaa control at Islamic banks and financial institutions, models and practices. He noted in his thesis that Fatwa and Shariaa Control is one of the most important administrations in the organizational structures at Islamic banks and financial institutions. He added that its mission represents the strategic depth and the distinguished characteristic of Islamic banking and businesses.
Al-Mola explained that Shariaa Control provides consultancies to all sectors and departments of the bank concerning developing shariaa-compliant products and services, not to mention it provides training courses for all employees in coordination with the bank’s training and development activity. He highlighted also the role it plays in raising awareness among employees through awareness programs and making sure they are well educated in Islamic banking matters by Fatwa e-mail to employees along with periodical measurement of their sharia understanding level in coordination with the relevant departments.