The College of Law organized a practical lecture on Islamic finance for students taking the “Business securities and banking” course. This was done in cooperation with the international law firm Norton Rose Fulbright for legal consultations for the Middle East. The lecture was entitled "Islamic financial industry- securities and Islamic finance" and it was held on Thursday 30/10/2016, in the students’ court in the College building on campus. The aim was to promote strategic partnerships to achieve academic excellence according to international standards via educational programs and extracurricular activities. In attendance were the legal expert Mohammad Sohale Paracha, Islamic finance expert for the company's Office in the city of London branch, faculty members and college students at the University.
Dr. Mohamed Hassan, Dean of the College of Law, stated that the lecture comes within the innovative curriculum to meet the current needs of the labor market and prepare graduates that are able to pursue postgraduate studies efficiently according to the variables and shifts of global economies. Dr. Hassan noted the development of Islamic banking in terms of curriculum, legislation and law, which necessarily requires the preparation of students of the College of Law of the highest international standards in commercial law of Islamic economies. In addition, the goal was to inform students how to deal with judicial and banking securities and Islamic legal instruments and applications, which are known worldwide as "Islamic financial industry", within the strategic vision of the UAE State, so that Dubai city is the capital of Islamic economy in the region and the world.
The legal expert Mohammad Sohale Paracha, from Norton Rose Fulbright in London, gave a comprehensive explanation of the Islamic Sharia’s definition of the basic elements of Islamic finance and its applications in accordance with the rules of international trade and finance of business and finance houses in the world. He presented the advanced financial derivatives that have been developed in accordance with the principles of Islamic law, in asset management and financing on the global level. He also talked about Islamic capital markets and the common elements of different funding systems in the global commercial and investment banks.
The lecturer reviewed the international standards criteria for business securities and banking, and how to meet the current and future challenges of Islamic banks. He spoke about the global shift towards Islamic Economics and he analyzed the transformation to Islamic Economics and its causes, consequences and its financial results. He spoke of its various necessities whether social, economic, legislative and doctrinal legitimacy while addressing the subject of censorship and funding for relies on Islamic Economics applications locally and internationally.