LAW AND FINANCE
RIYADH, Saudi Arabia ( CNN ) - Saeed Al-Ghamdi, CEO of the Saudi National Bank, one of the largest banks in the country, said that Islamic banking "moving towards working on creating a new generation of Islamic finance solutions" in the seminar discussed the liquidity and exchange problem in Islamic banks to offer a range of new solutions compliant with the law.
The seminar, which was attended by Chairman of the Sharia Board of the Bank and prominent cleric, Abdullah Bin Sulaiman Al Manea, to discuss "liquidity management" in the banks, stressed tightening Ghamdi that Islamic banking, and despite its modernity, but it was "able to achieve the achievements ability made her compete strongly traditional banking . "
He said Abdul Razak Elkhereiji, chairman of the Islamic Group Bank, which was the year subscription recently has the latest waves of controversy doctrinal, legal, economic, The choice of the seminar to the theme of "liquidity management" comes to "clarify the legal and technical aspects," he said, adding that the liquidity and exchange rate management in the treasury "constitute one of the pillars of work banking and financial talk, it is inconceivable today a financial and banking system is devoid of Treasury Products is the most important liquidity management and exchange of currencies and buying and selling of gold and silver products to hedge. "
The seminar also recommended to provide in terms of investment tools suitable for the protection of liquidity in Islamic banks, including the approval of the law and its ability to liquefy when needed and to generate an appropriate return. Also found that there is no obstacle Islamic banks cooperate with the conventional banks for liquidity management "within the Sharia" .
As for the issues of exchange at the Treasury, the symposium has recommended with respect to the purchase of the currencies of the same sex, US Cdolar US dollar and moved from one country to another country, passport download Buyer transportation, insurance, wages and so on, that this is a separate contract, and not provided for in the contract on the cost of financing or the exchange rate difference between the paper currency and currency calculations, but if different races Currency Cdolar Real exchange rate, which may be mutually agreed .
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