Arab American University organized an awareness lecture on Islamic Banks which aimed to introduce the Islamic Banks idea and fundamentals, hosting Chairman of the Sharia Supervisory Board at the Palestinian Islamic Bank Dr. Husam Aldeen Affaneh.

Preceded the lecture a meeting with the University President Prof. Dr. Ali Zeidan Abu Zuhri, who provided detailed explanation on the university, its establishment, academic programs, future plans, academic achievements, scientific research and community services.

The lecture launched by Acting Dean of the Faculty of Administrative and Financial Sciences Dr. Abdel Basset Rabaiah speech welcoming the audience and stressing on the lecture importance to identify Islamic banks and its idea, especially the increasing demand on them locally and globally.

Chairman of the Sharia Supervisory Board at the Palestinian Islamic Bank Dr. Husam Aldeen Affaneh talked on the idea of Islamic Banks, it was established in the fourth quarter of the previous century starting in Emirates, Egypt and Jordan then followed on Arab and Global levels. Pointing, such banks are making great growth worldwide as it exceeded a 1000 banks, 40% of it in the Arab World.

Stressing on both America and Europe interest in such banks as it wasn’t affected by the world’s financial crisis, pointing 16 universities in the United States started teaching Islamic Banking, the idea of this type of banks is progressing significantly.

Dr. Affaneh explained, the growth rate of Islamic banks is greater than commercial ones. He pointed, in 2016 the ratio reached 25% compared to the growth rate in commercial banks which reached 8%. He explained, Islamic banks in Palestine is a recent idea, the first one established in 1995, pointing that the Islamic banks share in Palestinian market reached 12%.

He pointed, Islamic banks contradicts what’s practiced in commercial banks as 70% of the latter work is lending and borrowing with specific benefits and there’s no such system in its Islamic counterparts as those deal with Murabahah contracts.