Lebanon will host a conference on transparency and risks in Islamic banking institutions in March, organizers said Tuesday, January 16. The conference—entitled "transparency, limitations, and managing risks in Islamic banking institutions—will be held in a Beirut hotel March 20-21.
The event is organized by the Islamic Development Bank, the Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions, the Central Bank of Lebanon and the Beirut-based International Business Alliance Group.
Islamic financial institutions are estimated to have a total of $140 billion invested in more than 40 countries. Those investments are growing annually by 15 to 20 percent.
Interest is banned under the Islamic banking system, as the Sharia laws of the Muslim religion forbid usury. —(AFP)
© Agence France Presse 2000
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