Dr Humayon Dar

Cambridge Institute of Islamic Finance head

Compiled from 1 recorded interview. Every statement below is drawn from the passage cited beside it.

Dr Humayon Dar is the Director General of the Cambridge Institute of Islamic Finance. He says he is based in London and has many activities in Cambridge. He has said he advises a number of institutions.

Background

Dar says he spent 30 years in Pakistan. He says he is now based in London and has many activities in Cambridge. [1]

Cambridge Institute of Islamic Finance

Dar serves as Director General of the Cambridge Institute of Islamic Finance. He says he advises a number of institutions. He describes himself as neither an economist nor a banker. He says his non-Muslim clients try to observe Sharia compliance more strictly than his Muslim clients. He also says he and his chairman went to Manhattan for a meeting at which he presented a Sharia-compliant product. [1]

Views on Islamic and conventional banking

On pricing, Dar says Islamic banks may use a benchmark to price their products without harm. He says people who confuse benchmark pricing with interest are mistaken. He gives the example of selling a can of Coke at the price of a pint of Heineken, which he says is acceptable from a Sharia viewpoint. He says a non-Sharia-compliant asset, such as wine, cannot be sold or gifted. He says Meezan Bank is profitable because of cost effectiveness, not because of its spread. [1]

On riba, Dar says it is basically a quantitative concept, not a qualitative one. He says base-level riba is as forbidden as the severe kind of riba. He also questions why a person should be penalised for a cause he did not create. [1]

Dar says the first successful Islamic banking experiment took place in 1975 and has sustained. He puts the worldwide assets of Islamic financial services at about 4.5 trillion US dollars. He says Islamic banking and finance is about 1.5 to 1.7 percent of global finance. [1]

Views on Sharia boards

Dar says a Sharia board ensures that an institution's products remain in compliance with Sharia. He says a Sharia board is a regulatory requirement in many jurisdictions, including Pakistan. He adds that the DFSA requires a Sharia board of at least three members. [1]

Views on the Islamic Development Bank

Dar says the Islamic Development Bank has always been sympathetic to its member countries' needs. He says it raises about 5 billion US dollars in sukuk every second year, and that its recent focus is heavily on Africa. He says poorer Islamic countries benefit greatly from the bank, and that it allocates very significant amounts to countries like Pakistan. He also says its exposure to Pakistan is high relative to its allocations. [1]

Views on the economy

Dar says Pakistan's monetary policy for tackling inflation is fundamentally flawed. He says banks collect deposits and invest them in government securities. He says about 30 to 32 percent of Pakistan's population is banked. [1]

On international lenders, Dar says the IMF does not wreck an economy and that the people themselves do so. He says a country in trouble should not go to the IMF. He says the Tarbela dam was built mainly with World Bank financing. [1]

Dar says capitalism is not a religion, and that it is an economic system robust enough to correct its problems. He says he still believes the state is better than the private sector at safeguarding his interests. He says government oversight is fine and should happen, and that he is not necessarily a proponent of Bitcoin because it sits outside government oversight. He also says gold is often romanticised in discussions of money, and that the wealth management of Muslims has begun to localise. [1]

Appearances

DateTitleWhere
2024-09-27 Islamic and conventional banks have the same bottom line Thought Behind Things

Frequently asked questions

Who is Dr Humayon Dar?

Dr Humayon Dar is the Director General of the Cambridge Institute of Islamic Finance. He says he is based in London and has many activities in Cambridge.[1]

What does Dr Humayon Dar do?

Dr Humayon Dar serves as Director General of the Cambridge Institute of Islamic Finance. He says he advises a number of institutions. He also says he is neither an economist nor a banker.[1]

Where is Dr Humayon Dar based?

Dr Humayon Dar says he is based in London. He says he has many activities in Cambridge.[1]

How long did Dr Humayon Dar live in Pakistan?

Dr Humayon Dar says he spent 30 years in Pakistan. He says he is now based in London.[1]

What does Dr Humayon Dar say about Islamic banks and conventional banks?

Dr Humayon Dar says banking products stay the same whether a conventional or an Islamic bank offers them. He says Islamic banks meet customers' financial objectives in the same way conventional banks do. He also says Islamic banks must be as competitive as conventional banks.[1]

What does Dr Humayon Dar say about riba?

Dr Humayon Dar says riba is basically a quantitative concept, not a qualitative one. He says base-level riba is as forbidden as the severe kind of riba.[1]

What does Dr Humayon Dar say about a Sharia board?

Dr Humayon Dar says a Sharia board ensures that an institution's products remain in compliance with Sharia. He says it is a regulatory requirement in many jurisdictions, including Pakistan. He adds that the DFSA requires a Sharia board of at least three members.[1]

What does Dr Humayon Dar say about the IMF?

Dr Humayon Dar says the IMF does not wreck an economy and that the people themselves do so. He also says a country in trouble should not go to the IMF.[1]

References

  1. Islamic and conventional banks have the same bottom line . Thought Behind Things , 2024-09-27.
Show the source passages (45 statements)
  1. Dr Humayon Dar serves as Director General of the Cambridge Institute of Islamic Finance. Humayon Dar serves as the Director General of the Cambridge Institute of Islamic Finance, a research institute focused on the financial sectors of countries with a substantial presence of Islamic banking and finance.
  2. He says he spent 30 years in Pakistan. Pakistan jahan se maine 30 saal guzare us mulk ke andar
  3. He says he is based in London and has many activities in Cambridge. I am based in London, but you know we have a lot of activities in Cambridge.
  4. He says he and his chairman went to Manhattan for a meeting at which he presented a Sharia-compliant product. I myself, my chairman, we went to Manhattan, we had a meeting with him, that uh Rothschild. Usne hamari saari baat suni. I presented the sharia compliant product.
  5. He says banking products stay the same whether a conventional or an Islamic bank offers them. banking products same hi rahengi, whether they are being offered by conventional interest-based banks or by Islamic banks.
  6. He says the value is the assurance that one is doing a task in an Islamic way. Value yeh hai ke ji mera yeh itminan hai ke ji main ek kaam jo hai woh Islami tareeke se kar raha hoon.
  7. He says Islamic banks may use a benchmark to price their products without harm. Islamic banks usmein agar usko benchmark ke taur pe use karke apni products ki pricing kar lete hain toh ismein koi haraj nahi hai.
  8. He says a non-Sharia-compliant asset, such as wine, cannot be sold or gifted. Agar jo hai na yeh mere paas ek wine ki bottle ho, because the asset itself is not sharia compliant, na toh main aapko bech sakta hoon na main aapko hiba kar sakta hoon.
  9. He says pricing a can of Coke at the price of a pint of Heineken is acceptable from a Sharia viewpoint. I am going to sell my one can of coke for the price of one pint of Heineken. This is okay from sharia viewpoint.
  10. He says people who confuse benchmark pricing with interest are mistaken. Toh yeh jo jo benchmarking ko log confuse karte hain ki ji aap interest le rahe hain, interest toh nahi le rahe.
  11. He says Meezan Bank is profitable because of cost effectiveness, not because of its spread. Meezan Bank itna profitable kyun hai? Woh spread ki wajah se nahi hai. Cost effectiveness ki wajah se hai.
  12. He says Islamic banks meet customers' financial objectives in the same way conventional banks do. Outcome uh outcome in the sense jo customer ka objective hai, usko Islamic banks bhi usi tarah poora karte hain jis tarah ke conventional banks.
  13. He says Islamic banks must be as competitive as conventional banks. Business ke andar Islamic banks ko bhi utna hi competitive hona chahiye jitna conventional bankers hain.
  14. He says Islamic banks neither give nor take loans. Ab dekhein Islamic banks jo hai na woh loans toh na lete hain na dete hain.
  15. He questions why a person should be penalised for a cause he did not create. Ki ek banda jisne woh cause hi nahi bana us cheez ki, aap usko penalize kyun karenge?
  16. He says riba is basically a quantitative concept, not a qualitative one. Toh riba jo hai na this is basically a quantitative concept.
  17. He says base-level riba is as forbidden as the severe kind of riba. Toh base level bhi utna hi haram hai jitna ke yeh wala bada sangeen qisam ka riba jo hai woh haram hai.
  18. He says the IMF does not wreck an economy and that the people themselves do so. IMF economy ko tabah nahi karta tabah karne wale hum khud hote hain.
  19. He says a country in trouble should not go to the IMF. Mere khayal mein kisi bhi mulk ko jab woh problem ke andar ho usko IMF ke paas nahi jana chahiye.
  20. He says the Tarbela dam was built mainly with World Bank financing. Tarbela jo dam tha yeh World Bank ki financing se primarily bana jo hai.
  21. He says the Islamic Development Bank has always been sympathetic to its member countries' needs. Islamic Development Bank has always been very sympathetic towards the needs of its member countries.
  22. He says the Islamic Development Bank's exposure to Pakistan is high relative to its allocations. Ab jitni allocations hain ah Islamic Development Bank ki apne member countries ki taraf Pakistan mein woh over exposed hai.
  23. He says the Islamic Development Bank raises about 5 billion US dollars in sukuk every second year. every second year Islamic Development Bank would raise about 5 billion US dollars in the form of sukuk
  24. He says the Islamic Development Bank's recent focus is heavily on Africa. Iska abhi recent focus bahut zyada Africa ke upar hai.
  25. He says poorer Islamic countries benefit greatly from the Islamic Development Bank. However the poorer Islamic countries they are benefiting immensely from Islamic Development Bank
  26. He says the Islamic Development Bank allocates very significant amounts to countries like Pakistan. it is allocating very significant amounts of money for countries like Pakistan as well.
  27. He says the first successful Islamic banking experiment was in 1975 and has sustained. pehla successful experiment with Islamic banking and finance was done in 1975 and this has sustained
  28. He says Islamic financial services assets worldwide are about 4.5 trillion US dollars. 4.5 trillion US dollars, this is the global size of assets of Islamic financial services industry.
  29. He says Islamic banking and finance is about 1.5 to 1.7 percent of global finance. It's about 1.5, 1.7% of the global finance.
  30. He says gold is often romanticised in discussions of money. gold ko ek bada romanticize kiya jata hai
  31. He says Pakistan's monetary policy for tackling inflation is fundamentally flawed. Pakistan ke andar inflation ko tackle karne ke liye jo monetary policy use ki jaati hai, this is fundamentally flawed.
  32. He says banks collect deposits and invest them in government securities. Ab tamam banks logon se paise collect karke woh government securities mein jo hai na invest kar dete hain
  33. He says about 30 to 32 percent of Pakistan's population is banked. Pakistan ke andar 30%, 32% yeh banked population hai.
  34. He says capitalism is not a religion. Capitalism is not a religion.
  35. He says capitalism is an economic system robust enough to correct its problems. Capitalism jo hai na it's an economic system jiske andar itni robustness hai ki jab bhi kahin koi problem aaye toh usko woh correct karne ki koshish ki jaati hai.
  36. He says he still believes the state is better than the private sector at safeguarding his interests. I still believe that government and state is actually better than the private sector when it comes to taking care of and safeguarding my interests.
  37. He says he is not necessarily a proponent of Bitcoin because it sits outside government oversight. I am not necessarily a proponent of let's say Bitcoin because it is uh outside of the oversight of governments.
  38. He says government oversight is fine and should happen. I think government oversight is fine and it should happen
  39. He says he is not an economist, nor a banker. I am not an economist, nor am I a banker.
  40. He says his non-Muslim clients try to observe Sharia compliance more strictly than his Muslim clients. Mere jitne non-Muslim clients hain, woh sharia compliance ko zyada strictly observe karne ki koshish karte hain as compared to my Muslim clients.
  41. He says he advises a number of institutions. as an advisor to a lot of institutions.
  42. He says the wealth management of Muslims has begun to localise. Toh musalmanon ne musalmanon ki wealth management jo hai na localise hona shuru ho gayi hai.
  43. He says a Sharia board ensures that an institution's products remain in compliance with Sharia. Sharia board ka kirdar yeh hota hai ke woh jo bhi products and financial services Islamic banks or other financial institutions they are offering, they should remain in compliance with Sharia.
  44. He says a Sharia board is a regulatory requirement in many jurisdictions, including Pakistan. Bahut zyada jurisdictions mein Sharia board ki establishment, this is a regulatory requirement, including in Pakistan.
  45. He says the DFSA requires a Sharia board of at least three members. this is a regulatory requirement from DFSA that they should have a Sharia board comprising at least three members.