Kuala Lumpur, 5 July 2011: The 2nd World Conference on Riba scheduled to be held in Malaysia on 26 and 27 July 2011 will set the stage for an in-depth and comprehensive deliberation on Riba (usury) from all perspectives.
With the theme “The Riba Conundrum: Impartial Outlook from Accounting, Legal and Religious Perspectives”, the conference will be held at the Tun Hussein Onn Hall, Putra World Trade Centre.
Conference Convener, Professor Dr. Ahamed Kameel Mydin Meera said that the conference will critically look at the element of interest, commonly known asRiba in Islamic financefrom the banking and accounting perspectives. It also aims to take Islamic banking as it is practised today to the next level and re-visit the legal tender law to mitigate the use of ‘fiat’ money with gold or community currencies.
“The inaugural World Conference on Riba which was held last November received tremendous support from both Islamic and Western scholars, as well as industry leaders. We discussed the issue of Riba amid signals of another financial crisis looming. This was despite constant reports of economic recovery,” he said.
“Almost nine months later, we see turmoil in Arab countries, weakening US$, sharp rise in gold prices, countries going bankrupt and many other worrying financial developments--- all signalling that the discourse on Riba is even more pertinent in addressing entrenched financial practices which correspond directly to the political and economic upheavals around the world,” said Kameel who is also the Head of Department of Finance, Faculty of Economics and Management Sciences, International Islamic University Malaysia (IIUM).