MUSCAT The Islamic banking system, which has been approved in the Sultanate recently, would considerably benefit the society as well as the economy of the country, said Secretary-General of the World Association of Muslim Scholars Ali Mohiuddin Al Qaradaghi, on Thursday.

Talking to Oman Tribune after the inaugural session of the orientation programme on Islamic banking, Al Qaradaghi said that the decision to allow the Islamic banking system was difficult, but the Sultanate would benefit considerably from it.

The two-day event organised by the Ifta office of the Ministry of Awqaf and Religious Affairs of the Sultanate started at the Academy of the Shariah Sciences on Thursday and will conclude on Friday. The researchers of the Ifta office, teachers of the academy and others interested in the subject were present at the orientation programme.

Al Qaradaghi said that the Islamic banking system would not only benefit the society of the Sultanate, but it would also strengthen the economy of the country.

He said that the Islamic banking system has some major challenges and added that the teachings of Islam should honestly be implemented in the system. The availability of trained and skilled personnel to work in the Islamic banking system was less than the current market demand, he said.

During his presentation he compared the Islamic economic system with those of communism and capitalism. He gave examples from the economic policy changes in America during the last two decades. He said that any economic or banking system based on insurance and loans will not be successful.