ISTANBUL
President of the Global University for Islamic Finance (INCEIF) Daud Vicary Abdullah has said, "I don't think [the crisis] will make too much impact on Islamic finance. Rather it can be seen as an aspect for reconstruction. What I find more destructive is Muslims killing Muslims."
Answering an AA correspondent's questions at the 9th International Conference on Islamic Economies and Finance in Istanbul, Abdullah said that in order to promote Islamic finance in the world, there was first a need to get value propositions across and to change perceptions about Islam and Islamic finance.
Citing Islamaphobia as the biggest obstacle in front of the expansion of Islamic finance, Abdullah said, "Unfortunately many people in the West see all of us as terrorists. We can change it through education."
"We are now engaged in Islamic finance education. People who know their subject well should stand and argue against it when they hear something wrong about Muslim world."
Emphasizing the benefits of the Conference in this regard, Abdullah said, "I think this is a huge opportunity, and we are spending more and more time from Asia to Europe and North America. In April 2013 we presented IMF Spring with the values of Islamic finance economic development, and with Turkey already we have done four executive programs, we also have collaborations with universities in Europe."
- Turkey has pivotal role
Abdullah defined Turkey's role as pivotal due to both historical reasons and its economic success.
"I think Turkey is a major trade center, and I think there is enough understanding for the Turkish economy to be influential in the world, not just Europe."
- Islamic finance unaffected by Middle East crisis
Asked about the impact of the political crisis in the Middle East on Islamic finance and especially the oil sector, Abdullah said, "Whereever there is uncertainty, markets do not like it. So oil prices will go up but I don't think that will have too much impact on Islamic finance. Rather it can be seen as an aspect for reconstruction. What I find more destructive is Muslims killing Muslims."
