The School of Business Administration at the American University in Dubai (AUD) welcomed Mr. Afaq Khan, CEO of Standard Chartered Saadiq, the global Islamic Banking business of Standard Chartered Bank, for the first time on AUD’s campus to speak to students about the role and scope of Islamic Finance and Shariah-compliant banking in modern economies.
The lecture covered Islamic finance and banking, with special reference to the Middle East, and mentions of Islamic finance products and services, descriptions and examples. Mr. Khan went through a thorough explanation of Islamic banking and the roots and concepts behind their system. He compared Islamic banking with conventional banks and products and demonstrated how they are structured to make profit. He also addressed the huge potential of Islamic banking in the world.
The intention of the lecture was to provide insight and create awareness among AUD students about the relevant topic of Islamic banking and finance and related services. It also enhanced the students’ knowledge on the economic development of the UAE and its financial markets from a direct relevant source. Mr. Khan explained the relevance of Islamic banking in our region and abroad noting why we should care and take notice of Islamic banking as there are currently 1.6 billion Muslims and it is the fastest growing religion in the world.
“It was a very informative and insightful lecture on the importance of Islamic banking and how it differs from conventional banking; it is especially pertinent to us living here in the Middle East and witnessing the importance and scope for Shariah-compliant financial products and services,” commented Ms. Mahvish Gul, AUD Adjunct Professor of Economics.
The Mission of the Bachelor of Business Administration program at AUD is to prepare students with the knowledge, skills and abilities needed to become effective and responsible managers and leaders in today's global economy. The program delivers excellence in business education and guides the diverse student body to become culturally sensitive and critically thinking business leaders for a wide-array of careers in business-related fields and/or graduate studies.
About Afaq Khan
Afaq joined Standard Chartered Bank in 2003 with the task of establishing and launching the Islamic business for the Bank. With close to 25 years of banking experience, Afaq is actively involved with a range of government and industry bodies for the promotion and development of Islamic Finance. He is a member of a number of advisory boards including; the Islamic Banking Committee (Ministry of Finance, Pakistan), the Islamic Finance Advisory Council of the DIFC, the Islamic Finance Expert Group (UK Govt.) and the Task Force of the Hong Kong Monetary Agency. In addition, Afaq is board member of Standard Chartered Saadiq Malaysia Berhad and International Islamic Financial Market (IIFM), Bahrain.