[islam-info] Media Release - Global Financial Crisis Open Workshop in NSW

[MCCA Events]

Media release

31 October 2008

Australian Muslims to hold open workshop and prayers to ride through the
financial crisis

 

Be it the consequences of irresponsible wars and invasions, or the
irrational exuberance of short sellers, or the catastrophe of subprime
lending, or the mismanagement of leveraged products, or whomsoever you wish
to blame, global markets are facing unprecedented meltdown and doomsayers
see little promise in the Australian federal bailout package. Ironically,
Wall Street has noticed that Shariah-compliant investments--which avoid
speculative risk and debt-ridden greed--have fared much better in these
troubled markets. In the past few years, Shariah-compliant investments in
Western markets have grown to more than half a trillion dollars. Islamic
financing is attracting huge academic curiosity. Many experts are wondering
if Islamic financing could have prevented the meltdown that global markets
are facing primarily due to mortgage debt and mortgage-backed securities-now
being referred to as "toxic investments." 

 

On the eve of Friday 31 October 2008, one of Australia's foremost Islamic
Scholars and MCCA's Shariah advisor, Dr. Ibrahim Abu Mohammad will be joined
by leading Australian Muslims in a workshop to discuss the causes of the
present financial crisis, suggest remedies to fine tune and enhance the
present international financial system and collectively pray for safe
passage during the present financial storms. This presentation will
highlight the fundamental principles of Islamic financing.

Keysar Trad, president of the Islamic Friendship Association of Australia
Inc stated that: "The fear of recession is now a global phenomenon which
requires unity amongst nations and experts in order to resolve the financial
crisis, with experts already
<http://www.theage.com.au/national/recession-set-to-start-forecaster-2008102
9-5bgl.html?page=-1> forecasting that a recession will hit us within months
we need to band together to heal the system that serves our financial needs.
This event is a step towards that healing process". 

Dr. Ibrahim Abu Mohammad, the keynote speaker and chairman of the Australian
Institute of Islamic Culture re-iterated that: "It is possible to employ the
principals of Islam to come out of the present financial crisis, not by
dismantling the financial system as a whole, but rather, through correcting
its course and broadening the sphere of benefit that can come from it so
that this benefit is not exclusive to the wealthy alone." 

 

Professor Akhtar Kalam, the chairman of the MCCA Islamic Finance has
re-inforced that: "Stock markets around the world have rattled and as
Islamic stocks too operate in the wider global stock markets they too has
felt the impact, but they are sheltered by a historical and theological
tendency to avoid credit. Due to restrictions placed by Sharia compliant
markets, the impact is much lower. As a matter of fact Islamic indices are
in a stronger position than conventional stockmarkets because of the
Shariah-compliant financing sector's reluctance to embrace wholesale credit.
The entire Islamic financing system is based on asset-financing. Islamic
institutions like MCCA do not lend money, rather they invest in the assets
required".

 

Detail of the event:

Time: 8:00 PM, Friday 31 October 2008

Venue: Granville Town Hall

Address: 10 Carlton St. Granville

 

 

 

Authorised contact: Keysar Trad 

Phone: 0410 336 922

 

About the speakers:

Dr. Ibrahim Abu Mohammad, chairs the Australian Institute of Islamic Culture
and Quran Kareem radio.  He is the author of several books and is a
contributing writer for the respected Egyptian paper Al Ahram.  He is an
Islamic thinker and scholar whose main focus on the means within Islam to
make peace a universal realtiy.

 

Professor Akhtar Kalam is a Professor in Electrical Engineering and former
Deputy Dean at the Faculty of Health, Engineering and Science at Victoria
University. He is a graduate from the Universities of Bath (UK), Oklahama
(US) and Aligarh (India) in Electrical Engineering. He is a Fellow and/or
chartered member at the Institution of Engineers in Australia, UK & US. 

 

Professor Kalam is author of many books, publications, articles and papers
in his 27 year academic life. He is  Chairman of MCCA - Islamic Finance &
Investments, a position held since 2005, Director since 2002 and is a
founding member of MCCA (1990).

 

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