The Singapore Conference on Islamic Finance 2008 was organised by Saw Centre for Financial Studies and NUS Business School on 22nd Apri 08, at Intercontinental Hotel Singapore. There were 4 sessions : http://www.sawcentre.nus.edu.sg/

1. Fundamentals of Islamic Finance
2. Islamic Finance Regulations
3. Opportunities and Challenges in Islamic Finance
4. Innovation and Development is Islamic Products.

The speakers are experts in the field of Finance, and Islamic Finance , in particular.

I share some of the summary of the presentations.

1) The difference in Islamic Finance to conventional finance is that Islamic Finance conform to Syariah Law.

Syariah – is the body of Islamic religious law. Syariah deals with many aspects of day-to-day life, including politics, economics, banking, business, contracts, family, hygiene, social issues and every-else necessary. ( from Speaker : Raj M Maiden, Five Pillars Associates ).

For example, if I want to do a business which is Syariah compliance, my business must not deal in HARAM products, eg pork, drugs, gambling, alchohol.

In any business dealings, the transaction must be free of at least the following items like riba ( interest ), rishwah, (corruption ), masyir (gambling), Gharar (unnecessary risk) and jahl ( ignorance).

There are equivalents in Islamic Financial Instruments and Conventional instruments such as deposit ( wadiah ), investment deposit ( mudaraba ).

2) Islamic finance products have been in the market for many years , and it’s well established in prominent Islamic countries eg Malaysia, Indonesia, Pakistan, Bangladesh, Sudan, Egypt and gulf countries. Singapore and some other cities like London , Hong Kong, have also grown their business based.

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