Faith and Finance: Multicultural Banks Versus Islamic Banks

UM Financial in our over 5 year of retail Islamic financial products in Canada have come across many other faith groups where usury free products are requested. We are converting our current operations to a Multicultural bank which will be based on two principals 1. Usury free Products and 2. Ethica...

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Bibliographic Details
Main Authors:	Hasan, Aznan, Kalair, Omar
Format:	Conference or Workshop Item
Language:	English
Published:	2010
Subjects:	KBP Islamic Law
Online Access:	http://irep.iium.edu.my/24731/ http://irep.iium.edu.my/24731/1/Faith_and_Finance-_Multicultural_Banks_versus_Islamic_Banks.pdf

id	iium-24731
recordtype	eprints
spelling	iium-247312013-03-21T08:45:48Z http://irep.iium.edu.my/24731/ Faith and Finance: Multicultural Banks Versus Islamic Banks Hasan, Aznan Kalair, Omar KBP Islamic Law UM Financial in our over 5 year of retail Islamic financial products in Canada have come across many other faith groups where usury free products are requested. We are converting our current operations to a Multicultural bank which will be based on two principals 1. Usury free Products and 2. Ethical Filters. We have been approached by segments of the Christian community, specifically Amish and Mennonites sects. We also have been in contact with orthodox Jews whom wish to have usury free products. Financial product structures to the needs of a religious requirement are not unique to Muslims. The Dow Jones Dharma fund is based on Dharmic principals found in Buddhist and Hindu scriptures where such things as animal testing are not permitted. A multicultural bank would avail to the multicultural financial needs of society and be inclusive of Islamic finance. Many of the ethical filters in Islam are the same filters used by Ethical filters which go farther in protecting investors by having active debt ratios management. The Dow Jones Islamic Market Indexes and Standard and Poor Shariah Indexes debt ratio protected investors where companies such as Enron and Worldcom were delisted months before they went bankrupt. Islamic banks have worked in Muslim majority countries but in multicultural countries where Muslims are in minority a multicultural bank is a better business alternative. My paper would focus on how a multicultural bank is a more open, inclusive and inviting mode of finance vs a pure Islamic bank proposal. 2010-03 Conference or Workshop Item NonPeerReviewed application/pdf en http://irep.iium.edu.my/24731/1/Faith_and_Finance-_Multicultural_Banks_versus_Islamic_Banks.pdf Hasan, Aznan and Kalair, Omar (2010) Faith and Finance: Multicultural Banks Versus Islamic Banks. In: Ninth Harvard University Forum on Islamic Finance, 28 March 2010, Harvard University. (Unpublished)
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	KBP Islamic Law
spellingShingle	KBP Islamic Law Hasan, Aznan Kalair, Omar Faith and Finance: Multicultural Banks Versus Islamic Banks
description	UM Financial in our over 5 year of retail Islamic financial products in Canada have come across many other faith groups where usury free products are requested. We are converting our current operations to a Multicultural bank which will be based on two principals 1. Usury free Products and 2. Ethical Filters. We have been approached by segments of the Christian community, specifically Amish and Mennonites sects. We also have been in contact with orthodox Jews whom wish to have usury free products. Financial product structures to the needs of a religious requirement are not unique to Muslims. The Dow Jones Dharma fund is based on Dharmic principals found in Buddhist and Hindu scriptures where such things as animal testing are not permitted. A multicultural bank would avail to the multicultural financial needs of society and be inclusive of Islamic finance. Many of the ethical filters in Islam are the same filters used by Ethical filters which go farther in protecting investors by having active debt ratios management. The Dow Jones Islamic Market Indexes and Standard and Poor Shariah Indexes debt ratio protected investors where companies such as Enron and Worldcom were delisted months before they went bankrupt. Islamic banks have worked in Muslim majority countries but in multicultural countries where Muslims are in minority a multicultural bank is a better business alternative. My paper would focus on how a multicultural bank is a more open, inclusive and inviting mode of finance vs a pure Islamic bank proposal.
format	Conference or Workshop Item
author	Hasan, Aznan Kalair, Omar
author_facet	Hasan, Aznan Kalair, Omar
author_sort	Hasan, Aznan
title	Faith and Finance: Multicultural Banks Versus Islamic Banks
title_short	Faith and Finance: Multicultural Banks Versus Islamic Banks
title_full	Faith and Finance: Multicultural Banks Versus Islamic Banks
title_fullStr	Faith and Finance: Multicultural Banks Versus Islamic Banks
title_full_unstemmed	Faith and Finance: Multicultural Banks Versus Islamic Banks
title_sort	faith and finance: multicultural banks versus islamic banks
publishDate	2010
url	http://irep.iium.edu.my/24731/ http://irep.iium.edu.my/24731/1/Faith_and_Finance-_Multicultural_Banks_versus_Islamic_Banks.pdf
first_indexed	2023-09-18T20:37:01Z
last_indexed	2023-09-18T20:37:01Z
_version_	1777409113381142528

Faith and Finance: Multicultural Banks Versus Islamic Banks

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