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According to Khaleeji Commercial Bank chairman Dr Fuad Al Omar, ethics and ethical conduct have a special place in Islam.
The Islamic banking industry globally needs to improve in this area.
Not only that, ethical institutions typically attract better and more committed workforce, have better brand recognition with customers and suppliers and as a result enhance shareholder value in the long term.
Integrity, honesty and transparency are the most important components of ethics in Islamic banking.
Apart from that, he stressed Islam also emphasises self-regulation, self-evaluation and continuous monitoring and review of one’s own acts.
The CBB said some of the key recommendations that emerged from the discussion include, the structuring of holistic financial incentives for bank management in a way that they do not create ethical issue such as accrual system for out of the ordinary and large bonuses or claw-back provisions would reduce the temptation to show short-term performance at the cost of long-term value enhancement.
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