Q. To what extent has the growing internationalisation of the Islamic finance industry contributed to the success of the sharia-compliant banking sector in the Gulf over the past year?
A. Besides the opening of Islamic banking businesses, or windows, by traditional global conventional banks including Citi, Standard Chartered Bank, Royal Bank of Scotland and DBS Bank, a number of new players in the international sukuk segment have also played a role in the internationalisation of the Islamic finance industry, with Gulf Islamic institutions being the direct beneficiaries. Goldman Sachs issued its debut sukuk, as did South Africa, the UK and Hong Kong this year.
