Islamic Banking Trip
A group of 33 students from SP Business School went to Malaysia to learn about Islamic banking and finance in Oct 2010. Below are the reflections from three of the participants.
We had engaging speakers from Bank Negara, Kuwait Finance House, Bank Islam and International Centre for Education in Islamic Finance (INCEIF). They touched on the development of the Islamic banking market and the differences between Islamic Banking products and conventional banking products. Though similar in function, Islamic anking operates in accordance with Shariah rules.
Interestingly, Islamic banking is not offered exclusively to Muslims. I was surprised to learn that more than 70% of the customers of Islamic Banking were non-Muslims! The growth rate is faster than conventional banking, and there are many opportunities in this market for those who are keen.
We even had the rare honour of visiting the dealing room of Kuwait Finance House and spoke to the many patient brokers who explained to us the nature of their work. Other than the seminars, what made this trip worthwhile were the friendly companions, delicious food and shopping! The food and time spent together at the open air food street, Jalan Alor was awesome. It really makes a big difference when the company you’re with, are so friendly and enthusiastic.
This trip not only allowed me to make new friends, it has also opened my eyes to what Islamic banking was about. I must admit, before this trip, I hardly knew anything about Islamic banking. At the end it turned out to be an interesting study trip.