Kuwait boasts one of the most respected Islamic finance markets in the world. But ever keen to move with the times, the country is establishing a capital markets authority law designed to develop the domestic sukuk market, one of many recent boosts the industry has received.
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Islamic finance's approach to risk sharing makes it less speculative and more disciplined than its conventional counterpart. However, says Dr Ahmad Mohamed Ali Al Madani, the president of the Islamic Development Bank, if the industry is to reach its full potential, more collaboration and innovation is needed.
The Islamic economy – be it the halal industry, tourism, retail, pensions or telecommunications – needs well-regulated, geographically harmonised sharia-complaint finance if it is to realise its full potential, Dubai Islamic Economy Development Centre CEO Abdulla Mohammed Al Awar tells The Banker.
The Islamic finance success story shows no signs of abating, with banks in this field continuing to thrive in spite of continuing global economic pressures and social and political unrest in many of its strongholds. We celebrate the industry’s finest in our Islamic Bank of the Year Awards 2015.
Islamic finance may be a rapidly growing industry, but its pace of development is leading to a variety of shortfalls, from human capital to regulatory harmonisation. Daud Vicary Abdullah, the president of the International Centre for Education in Islamic Finance in Malaysia, explains to James King how his institution could provide the answer to these problems.
Growth in Malaysia's Islamic finance market is outstripping that in both the country's conventional banking market and the Islamic industry in the rest of the world. James King looks at the factors fuelling its success.
That there is a need for microfinance in predominantly Islamic countries is taken as a given by most, yet providing sharia-compliant microfinance seems to be beyond many financial institutions. So what can be done? James King investigates.
Bursa Malaysia is the leading global centre for Islamic capital markets. Its chief executive tells James King that the exchange is still looking to innovate, with expanding the borders of Islamic finance a key priority.
After a false start, Islamic banking has become the fastest growing segment of the Pakistani banking industry, with the full support of the government. Apart from the ever-present challenge of liquidity management, most local Islamic bankers agree that their most important task now is to build awareness in the country.