Al-Hashel was a teaching professor at the College of Business Administration, Kuwait University, before joining the Central Bank of Kuwait. Al-Hashel had served as Deputy Governor, Executive Director of Supervision Sector, and off-site Supervision Department Director at CBK. Prior to assuming his position as a Governor, Dr. Al-Hashel is also a member in many regional and international institutions, including the Governing Board of the International Islamic Liquidity Management (IILM), the Council of the Islamic Financial Services Board (IFSB), the FSB Regional Consultative Group for the Middle East and North Africa (MENA), and Chairman of the Board of Directors of the Gulf Monetary Council. Al-Hashel is a member in many Higher Councils in the State of Kuwait, such as: Higher Petroleum Council, Board of Directors at Kuwait Investment Authority, and Chairman of the Board of Directors at the Institute of Banking Studies. He is also the Alternate Governor of the State of Kuwait at the International Monetary Fund, and the Arab Monetary Fund. Mohammad Yousef Al-Hashel is the Governor and Chairman of the Board of Directors of the Central Bank of Kuwait (CBK). Mohammad Yousef Al-Hashel, Governor of the Central Bank of Kuwaitĭr. He has several publications on macroeconomic and financial sector issues in reputed international journals, and is the author of the book on the Macroeconomics of the Arab States of the Gulf, jointly published by the IMF and Oxford University Press (2013). An experienced central banker (Reserve Bank of India, 1988–2004) he has dealt with issues related to monetary policy, exchange rate management, financial sector and debt management issues. Prior to taking this position, he was Advisor to the Executive Director for India, Bangladesh, Bhutan and Sri Lanka in the IMF Executive Board between 20. Prasad obtained a PhD degree in International Banking and Finance from the University of Bombay, India MBA degree in Finance from the University of Pittsburgh, USA and Master of Commerce degree in International Finance and International Monetary Developments from the University of Bombay, India. He has also participated in IMF missions to all GCC countries. He is currently also the mission chief for Oman, and has earlier led missions to Qatar. Prasad, Head of Article IV Consultation Mission to Kuwait, and Deputy Division Chief, Middle East and Central Asia Department, IMF E-mail: Prasad is Deputy Division Chief in the GCC Division of the IMF’s Middle East and Central Asia Department. The panel discussions will be conducted as a conversation among panelists.Ĭonference Coordinator: Mr. Besides the plenary session (with the Managing Director of the International Monetary Fund and the Governor of Central Bank of Kuwait), three other sessions will explore issues centered round increasing financial inclusion and growth through access to finance regulation and supervision to foster stability, and developing Sukuk and other long-term Islamic financing for sustainable development. The one-day conference is designed to encourage broad interaction among delegates. The conference will provide an opportunity for a global policy dialogue among high-level policymakers, including governors of central banks and ministers, regulators, conventional and Islamic standard setters, leading private and public sector financial institutions’ executives, and academics, for drawing a vision for the sustained growth of Islamic finance industry, and provide a platform for continued work in this area. ![]() For this potential to be realized, however, and to allow this industry to develop in a safe and sound manner, a number of challenges will need to be addressed. Finally, its risk-sharing features and prohibition of speculation suggest that Islamic finance may, in principle, pose less systemic risk than conventional finance. Second, its emphasis on asset-backed financing and risk-sharing feature means that it could provide support for small and medium–sized enterprises (SME), as well as investment in public infrastructure. First, it promises to foster greater financial inclusion, especially of large underserved Muslim populations. Islamic finance has the potential for further contributing in at least three dimensions. Although still a small share of global financial assets, its banking segment has become systemic in a dozen countries, with implications for macroeconomic and financial stability. Globally, the assets intermediated by the Islamic finance sector reached an estimated US$2.0 trillion currently, and further growth is expected. ![]() Islamic Finance: Meeting Global Aspirations Kuwait City
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