Released on: October 11, 2008, 11:25 am

Press Release Author: Academy for International Modern Studies

Industry: Financial

Press Release Summary: "Islamic Financial System provides a way to asset based
'Genuine' economical system and a way out from current global financial crunch.
Islamic banking system is based on risk-sharing, owning and handling of physical
goods, involvement of parties in trading, etc. Islamic financial transactions, in
order to be permissible, should be associated with goods, services or benefits",
said Mr. Haris Ahmed in a seminar organized by 'AIMS' in Chatham, United Kingdom.

Press Release Body:
"Islamic Financial System provides a way to asset based 'Genuine' economical system
and a way out from current global financial crunch", said Haris Ahmed, in a seminar
on 1st October 2008 in London organized by 'AIMS'. AIMS or Academy for International
Modern Studies is one of the leading Islamic Finance training and consultancy
organizations based in Chatham, United Kingdom.

Mr. Ahmed, who is a Business Development Executive at AIMS, explained that Islamic
financial institutions are more close to the economy because they have to share the
entrepreneur's risk by providing some capital and sharing the profit after. Islamic
Banks don't give conventional loans with interest but they become shareholders and
they share the risk of the entrepreneurs' success. He explained that Islamic
Financial system prohibits 'interest' but it does not prohibit all gains on capital.
The prohibition of a risk free return and permission of trading makes the financial
activities in an Islamic set-up real asset-backed with ability to cause 'value
addition'. Islamic banking system is based on risk-sharing, owning and handling of
physical goods, involvement in the process of trading, leasing and construction
contracts using various Islamic modes of finance. Islamic financial transactions, in
order to be permissible, should be associated with goods, services or benefits.

Islamic financial products are getting appreciation worldwide and it could provide
safe havens in these challenging times. With US politicians scrambling to fix up the
mess, and leaders on both sides of the American political divide call for changes to
financial regulatory frameworks, it might not sound so far fetched to suggest Wall
Street might learn from Islamic financing. In Islamic finance transactions
undertaken, it's more asset based rather than debt based. The lack of debt in the
Islamic finance sector shields it from many of the problems caused by bad credit.
Banning short selling is one of the decisive elements in Islamic finance so it seems
almost that the conventional markets are looking at the Islamic techniques which so
far did not play any role in conventional markets.

The current Muslim population in the world is more than 1.5 billion, which is
approximately more than 23% of the worlds' population. Islamic Banking is one of the
fastest growing financial sectors, worldwide. The industry size is estimated to be
more than 750 billion and its yearly growth rate is approximately 20%.

In his speech, Mr. Haris Ahmed enlightened that the size of Islamic Finance industry
can grow with a higher percentage, if some of the industry issues are resolved. For
example, it is found in several Islamic financial institutions that human resources
working in IFIs do not fully understand the standards and rulings of Islamic
financial products. Due to this, they couldn't follow the exact operational
mechanism explained by Islamic shariah. In addition to that, the mechanisms of few
Islamic Financial Instruments are unaccepted by several renowned Islamic scholars
worldwide, including sharia scholars in Saudi Arabia, Malaysia, Pakistan, United
Kingdom, Jordon, etc. As a result of these facts and doubts, large Muslim population
is still hesitant to deal with Islamic financial institutions. However, if these
issues are resolved, the size of Islamic Finance industry could grow enormously.

Academy for International Modern Studies or AIMS
(http://www.learnislamicfinance.com), whose objective is to facilitate individuals
to become expert Islamic finance professionals and companies to establish better
Islamic financial system, has made a significant contribution in Islamic Finance
Industry. Over the years it has maintained a purposeful mission of promoting
industry professionalism and best practices in Islamic Banking and Finance industry
through research, consultancy, corporate trainings, seminars, workshops and
publications. AIMS also offers several certifications in Islamic Finance, Islamic
Banking and Islamic Insurance. AIMS has several business partners globally,
including United States, Canada, United Arab Emirates, Nigeria, Mauritius, Ghana,
etc.

Web Site: http://www.learnislamicfinance.com

Contact Details: 244 Robin Hood Lane
Chatham, Kent, United Kingdom.
2084657189
newsletter@learnislamicfinance.com