Monday, 28 November, 2022

StanChart holds session on Islamic perspective on wealth creation, distribution

Standard Chartered Saadiq Bangladesh recently hosted a fourth session of its living Islam series, titled "Islamic Perspective on Wealth Creation, Accumulation, and Distribution."

Clients and individuals interested in gaining a deeper understanding about wealth and finance in the light of Islamic principles and values were invited to take part, said a press release, reports BSS.

Mufti Yousuf Sultan, member, Shariah Committee, Standard Chartered Saadiq Malaysia, led the session and shared his knowledge on the topic. A life-long learner and renowned scholar, Mufti Yousuf Sultan is an expert on Islamic finance and banking.

Also present were: Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh; Khurram Hilal, Chief Executive Officer, Islamic Banking, Standard Chartered and Head, Group Islamic Product, Standard Chartered; and Ali Allawala, Head, Islamic Banking, Standard Chartered UAE and Head, Consumer, Private and Business Banking, Group Islamic Banking, Standard Chartered.

During the session, Mufti Yousuf Sultan, member, Shariah Committee, Standard Chartered Saadiq Malaysia, commented on the importance of viewing financial matters through an Islamic lens.

He touched upon the responsibilities that Muslims have in relation to the acquisition and distribution of wealth, as well as one's commitment to the greater community.

He said, "The ultimate ownership of wealth belongs to Allah SWT, while human beings are just trustees. Hence, a believer must adhere to Islam in regard to how one earns, and where and how one spends it. Islam encourages wealth accumulation through work and business and discourages being idle."

Sabbir Ahmed, managing director, head of Consumer, Private and Business Banking, Standard Charted Bangladesh, said, "There is a growing need for Islamic finance facilities in Bangladesh and a desire to do what is right - to adopt Islamic banking and ensure that it has a positive impact and contributes to change. Throughout our lives we earn and accumulate wealth.

With this comes the need to distribute wealth - a need centred around the Islamic philosophy of giving back to the wider community. We had the privilege to learn from Mufti Yousuf Sultan, who in addition to academic and professional qualifications, brings fascinating insights and life experiences to the table."

Standard Chartered Saadiq is the only international Islamic banking proposition in Bangladesh. For the last 18 years, Standard Chartered Saadiq has been pioneering change and innovation across Bangladesh and beyond. As a thought leadership platform, Living Islam engages and facilitates conversation between Islamic scholars and experts, clients, regulators, and other stakeholders on highly relevant and impactful topics. In April of 2022, Standard Chartered Saadiq organised a live webinar, titled "Learnings from Ramadan - the month of reflection," as part of series. Previously, the platform has hosted sessions on the topics of "Business Ethics" and Understanding how Sadaqah can be an Islamic response to a pandemic."

Mufti Yousuf Sultan is a Certified Shariah Advisor and Auditor (CSAA) from the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Bahrain. He is also an AAOIFI.