SABIC establishes Islamic finance chair at Imam Mohammed bin Saud Islamic University

 

A “SABIC Chair for Islamic Finance Market Studies” has been established at the Imam Mohammed bin Saud Islamic University in line with the company’s efforts to develop and find innovative financial and investment channels that apply Islamic rulings.

The chair aims to enhance research in Islamic finance to support the continuous development of Saudi Arabia. It seeks to develop a knowledge-based economy, perform scientific research based on the needs of the community, and deepen understanding of Islamic finance. Other goals include integration of scientific research between the university and research institutions, provide sufficient financial resources for encouraging scientific research, develop talent in the field, collaborate with the concerned government bodies for issuing and circulating securities, and build Saudi Arabia into a global financial center providing Islamic financial services.

Saudi Arabia’s scientific and research position in the world is expected to get a major boost with the chair, besides encouraging Saudi scientists and researchers. The chair will achieve its objectives through several mechanisms like conducting applied research in Islamic finance and encouraging financial experts and researchers at universities and research centers to create new financial tools for developing the financial market in Saudi Arabia. It will provide consultancies and conduct training programs in Islamic finance, define, follow up and sort out securities and suggest priorities for developing them for the benefit of financial institutions. Moreover, it will organize scientific conferences, seminars and workshops related to Islamic finance, invite expert speakers and support scientific communication programs to conduct research.

SABIC has already established several scientific chairs at various Saudi universities.