Bahrain : source www.cibafi.org/
Global platform needed for Islamic finance
The growing Islamic finance and Islamic banking industry has produced
a wide variety of new Shariah-compliant products and structures.
The global Islamic finance industry, which has made tremendous
developments over the last few years, is now worth more than
$1 trillion and is growing rapidly.
This has increased the number of Islamic banking and financial
institutions, and also a variety of Islamic financial services products.
Rushdi Siddiqui, global head of Islamic finance and OIC
(Organization of the Islamic Conference) countries at Thomson Reuters,
New York, who was in the Kingdom recently, discussed a number
of important issues with Arab News in an interview.
Talking about moving Islamic Finance to 2.0, Siddiqui says :
“The Islamic finance industry suffers from two major problems.
1. The information search costs for Shariah-compliant structures, transactions,
products, institutions, scholars, etc., in one place supported by real time news
is very high. And you cannot ‘google’ this information.
2. The Internet has made the world flat, and the Islamic finance industry needs
to have global connectivity, where, say, Islamic Bank of Thailand treasury can
connect with counter-parts at Al-Hilal Bank (UAE) and/or Qatar Islamic Bank
and/or Bank of London Middle East (UK)”News Center Financial Industry ::Global platform needed for Islamic finance
CIBAF
General Council for Islamic Banks And Financial Institutions
Address: P.O.BOX : 24,456 Busaiteen -
Muharraq Building 2886 – Road 2843 – Block 228 –
Busateen-Bahrain
Telephone: 0097317357300
Fax: 0097317324902
E-mail: info@cibafi.org
WEBSITE: www.cibafi.org
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