In 2009 alone, Middle Eastern countries are expected to channel 1.5 trillion US dollar into their investment funds, ready to be supplied to investment destinations around the world.
Background
Naturally, many countries quickly responded to the profusion of investment funds by developing Islamic-based financing and banking in the hope of enticing these funds to invest in their countries. As a result, Islamic banking and other Islamic financial products quickly became a global trend, even in countries where Moslems do not make up a majority.
The increasing enthusiasm in developing Islamic banking system has led to the adaption of a dual banking system and driven the huge growth in Islamic Banking assets. By adopting a dual banking system, Islamic banking can be developed alongside existing service and providing a broader range of banking services for public and investors
Worldwide growth in Islamic banking assets is estimated to be 27% in 2008, much higher than the 19% growth in conventional banking.
A number of countries in Asia have developed and positioned themselves as Global or Regional Islamic financial hubs links global regions.
To compete with UK, which was first recognized by the world’s banking community as an Islamic financial hub, Malaysia has worked hard to become one of the Southeast Asia’s financial hub by positioning itself as the world’s largest issuer of global bonds (sukuk). By the end 2007, Malaysia accounted for a staggering 65% of the world’s sukuk issuance.
No comments:
Post a Comment