Islamic finance set to surge
The Eurozone crisis and widespread protests against the global financial system present the $1 trillion Islamic the finance industry with a big opportunity to accelerate growth, Hussain Al Qemzi, chief executive of Noor Islamic Bank said at at the 2nd Annual Middle East Islamic Finance and Investment Conference on Wednesday in Dubai.
Source : https://www.marocafrik.com/english/Islamic-finance...
The speaker urged greater cooperation, rather than competition, between the Middle East's Islamic financial institutions is necessary if the industry is to provide a real alternative to the conventional international banks operating in the region the Khaleej Times reported.
However islamic Banks had to grow in size and capacity and cooperate with each other.The islamic finance sector needs to grow from $1trillion to $5 trilliuon and take advantage of markets such as China.
"It is now time to talk about how Islamic finance can contribute to long-term inclusive, equitable and sustainable economic growth not just here, in the Middle East, but in every country across the globe," Mr Al Qemzi said.
Other speakers said that it was essential to utilise untapped liquitity in the Middle East region however islamic finance represented 1 per cent of total bankibg assets with over 50 per cent concentrated in the Middle East region and this represents a unique growth opportunity.The absence of Absence of long-term financing tools and a growing importance of long-term capital projects launched in the region has significantly increased the attractiveness of Islamic finance.
The International Finance Corp (IFC ), a member of the World Bank Group, and Islamic Development Bank (IDB) jointly plan to invest up to $100 million on major infrastructure projects across the Middle East and North Africa, IFC said on Monday.
Both the institutions are pooling in $50 million each to the Arab Infrastructure Investment Vehicle, which is part of the Arab Financing Facility for Infrastructure (AFFI), a joint initiative of the World Bank, the Islamic Development Bank and IFC.
However islamic Banks had to grow in size and capacity and cooperate with each other.The islamic finance sector needs to grow from $1trillion to $5 trilliuon and take advantage of markets such as China.
"It is now time to talk about how Islamic finance can contribute to long-term inclusive, equitable and sustainable economic growth not just here, in the Middle East, but in every country across the globe," Mr Al Qemzi said.
Other speakers said that it was essential to utilise untapped liquitity in the Middle East region however islamic finance represented 1 per cent of total bankibg assets with over 50 per cent concentrated in the Middle East region and this represents a unique growth opportunity.The absence of Absence of long-term financing tools and a growing importance of long-term capital projects launched in the region has significantly increased the attractiveness of Islamic finance.
The International Finance Corp (IFC ), a member of the World Bank Group, and Islamic Development Bank (IDB) jointly plan to invest up to $100 million on major infrastructure projects across the Middle East and North Africa, IFC said on Monday.
Both the institutions are pooling in $50 million each to the Arab Infrastructure Investment Vehicle, which is part of the Arab Financing Facility for Infrastructure (AFFI), a joint initiative of the World Bank, the Islamic Development Bank and IFC.
Source : https://www.marocafrik.com/english/Islamic-finance...