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Islamic finance to maintain "original binding principles" to play its role successfully
Speaking on the state of academic studies in the area, Prof. Hassan said lack of reliable data is hindering empirical research, without which the true nature and performance of the Islamic financial sector would not be fully understood.
“In general, there are other potential ways in which Islamic finance can help fulfill sustainable development goals. However, empirical studies to point the way forward are not currently available,” he explained.
He said the contemporary global development agenda offers Islamic finance an opportunity to play a vital role to ease endemic poverty and enhance wealth redistribution. This, he explained, can be achieved through profit-and-risk sharing entrepreneurship, home financing, and Islamic social finance instruments of Zakah, Awqaf, and Sadaqah.
Prof. Hassan urged the IDB and IRTI to build on their efforts of collecting and making available comprehensive and credible Islamic finance data for the use of all industry stakeholders.
Earlier in his opening remarks, IRTI Director General Prof. Mohamed Azmi Omar said the IDB Prize was awarded to Prof. Hassan in recognition of his immense contributions to the development of Islamic Banking and Finance. He said the lecture was organized to stimulate critical discourse that could lead to finding solutions to contemporary issues in Islamic Economics and Finance.
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