The prestigious College of Business and Finance of the Hong Kong University (HKU SPACE) has invited M.H.M.Faizer, Senior lecturer of the Mercury Institute of Management to conduct a comprehensive programme on Islamic Capital Markets (ICM) and Instruments. Mr.Faizer is a pioneer in the establishment of the Islamic banking system in Sri Lanka and served as the first CEO of the First Islamic Bank in the country - Amana. He was the former Deputy Director General of the Board of Investment (BOI) of Sri Lanka. Faizer started his career as a senior project analyst at the NDB bank.

The programme in Hong Kong will cover various aspects and issues pertaining to the ICM and will include Islamic bonds and sukuks, Islamic equity screening process, Islamic mutual funds and trusts. It will also cover the Islamic Real Estate Investment Trusts (IREIT). Shariah principles and requirements governing all these structured products and derivatives will be actively discussed.

There are more than 300 Islamic financial institutions and 80 takaful operators with assets over US $ 1.0 trillion worldwide. Market capitalization of Dow Jones Islamic Index is more than US$ 20 trillion. The global sukuk market is valued at more than US$100 billion.

The ICM refers to a market where the capital market operations and activities are carried out in ways that do not contravene Shariah principles and requirements. Compliance with the Shariah requirements involves.

• Prohibition of payment/receipt of interest or Riba
• Prohibition of activities with elements of Uncertainty or Gharar
• Prohibition of Gambling activities or Maisir
• Prohibition of production and sale of goods and services that are prohibited in Islam

The above distinguishing features and requirements have made Islamic Banking and ICM unique. They provide the required niches that are necessary for the sustainability of the system.
The traditional banking system sooner or later (or rather sooner) will have to embrace these alternatives to prevent total collapse of the global financial system!