Alinma Bank, in cooperation with Alinma Investment Company, recently sponsored and organized a seminar for the discussion of Shariah issues related to the practice of short-selling securities. The event was held in Riyadh and was attended by key Alinma Bank staff and executives, as well as researchers, academics, and other specialists and professionals in the fields of Shariah-compliant banking and finance.
Over the course of two separate sessions, attendees discussed both problematic issues with regard to short-selling as well as potential Shariah-compliant solutions to these concerns. Current research on the topic was presented by Shariah specialists from Alinma Bank, as well as by members of the Secretariat of the Shariah Board of Bank Al-Bilad, and members of the Shariah Board of Al Rajhi Capital. The event closed with a recommendation to conduct further, more in depth research into the issue and the Shariah mechanisms that might solve outstanding problems or provide alternatives to short-selling.
Speaking about the event, Alinma Bank CEO, Mr. Abdulmohsen Al-Fares, stressed the importance such seminars and their critical role in addressing contemporary financial issues in light of Shariah principles. Al-Fares emphasized the timely nature of the seminar, given the recent approval of conventional short-selling of securities by the Capital Market Authority. Al-Fares also noted that Alinma Bank, as a fully Shariah-compliant financial institution, would continue to sponsor such events and would continue its own development and delivery of innovative Shariah-compliant products and services that address the real needs of consumers in the Saudi market.
Alinma Bank regularly sponsors seminars and panel discussion on Shariah-compliant banking and finance, and has been a strong, consistent proponent of and advocate for the growth of the sector.