Al Salam Bank's Shari'a Board Chairman receives Honorary Doctorate

31/07/2013 09:32 AST

Durham University, UK, has granted the Chairman of Shari'a Fatwa and Supervisory Board at Al Salam Bank-Bahrain Dr. Hussein Hamed Hassan an Honorary Doctorate in Civil Law, for his contribution to Islamic banking and finance and described him as "one of the founding fathers of Islamic finance".

The degree was presented to Dr. Hussein Hassan during a special ceremony held at Durham Cathedral recently.

In his speech, the Dean of Durham University Business School Professor Rob Dixon said that this degree was presented to Dr. Hussein in recognition of his academic and educational contributions to Islamic banking and finance in particular, his contributions to product development and his contributions to the knowledge and skills developments in Islamic banking and finance.

Professor Dixon pointed out that Dr. Hussein's contribution to Islamic finance product development is seen as innovative that include the world's first convertible Sukuk or Islamic bond, multiclass securitisation Sukuk, currency rate swaps, personal finance, and many others.

On this occasion, Dr. Hussein said that "recognition from eminent western universities, of the capabilities and tools of Islamic finance as a viable alternative to existing interest-based financial system is a great honor to the entire industry."

Mr. Yousif Taqi, Board member and Chief Executive Officer of Al Salam Bank-Bahrain, congratulated Dr. Hussein on receiving this recognition, reflecting his achievements in the Islamic banking industry.

He highlighted that Dr. Hassan has been the Chairman of the Bank's Shari'a and Fatwa Supervisory Board since its inception and has immensely contributed by providing guidance and support in developing innovative and complex Shari'a compliant products offered by the Bank to its Retail, Corporate, Private and Investment banking customers.

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