World''s Islamic financial market swells to USD 1.7 trillion — CBK

(with photos) KUWAIT , Dec 4 (KUNA) — Volume of the global Islamic financial market has reached USD 1.7 trillion , revealed the Central Bank of Kuwait Governor , hoping the Shariaa-abiding services will grow further and turn much more competitive worldwide.

World''s Islamic financial market swells to USD 1.7 trillion -- CBK

World”s Islamic financial market swells to USD 1.7 trillion — CBK

Volume of the financial Islamic services market, measured by assets’ volume, has exceeded USD 1.7 trillion , making a record jump from only USD 150 billion in middle of the 90s, said Dr. Mohammad Al-Hashel , in a statement he addressed to the opening session of the World Islamic Banking Conference (WIBC 2013) that opened in Manama, Bahrain , on Tuesday.

Number of financial institutions has exceeded 600, operating in 75 states, said the CBK governor in his statement at the Manama -hosted conference, excerpts of which were released in a statement, issued by the CBK in Kuwait on Wednesday. “Although such developments are encouraging, they remain short of what we aspire to with regard of the ambition to make more progress and growth in the Islamic financing industry and bolster this sector competitive status at the international level,” Dr. Al-Hashel said. Dr. Al-Hashel was a keynote speaker at the convention, themed “transformations to boost international Islamic financing competitiveness.” He was invited to the conference by his Bahraini counterpart, Rasheed Mohammed Al-Maraj , considering Kuwait as a pioneer in Islamic finance services.

In contrast to the positive figures reflecting growth of the Islamic financial markets, Dr. Al-Hashel noted that Islamic funding has remained at the ebb, estimated at only one percent of the global financing. The number-one Kuwaiti banker presented several ideas to tackle the Islamic funding weakness, proposing special laws aimed at encouraging such services, boosting supervisory and regulatory systems, giving a role for academic and research institutions.

Underlining pivotal role of the Shariaa supervisory authorities, Dr. Al-Hashel called on the financial institutions to innovate and develop new services. Funding should be available to all consumers, regardless of religious beliefs, and such an approach would make the Islamic financing services competitive vis a vis the classic financing systems. (end) mfs.ysa.rk KUNA 041603 Dec 13NNNN All KUNA right are reserved
For more stories on investments and markets, please see HispanicBusiness’ Finance Channel

 

Source: Kuwait News Agency

http://www.hispanicbusiness.com/2013/12/5/world_s_islamic_financial_market_swells.htm

Islamic Finance Market Hits $1.7 Trln – CBK Gov ‘Number Of Financial Institutions Exceed 600’

KUWAIT CITY, Dec 4, (KUNA): Volume of the global Islamic financial market has reached $1.7 trillion, revealed the Central Bank of Kuwait Governor, hoping the Shariaa-abiding services will grow further and turn much more competitive worldwide.

Islamic Finance Market Hits $1.7 Trln – CBK Gov ‘Number Of Financial Institutions Exceed 600’

Islamic Finance Market Hits $1.7 Trln – CBK Gov
‘Number Of Financial Institutions Exceed 600’

Volume of the financial Islamic services market, measured by assets’ volume, has exceeded $1.7 trillion, making a record jump from only $150 billion in middle of the 90s, said Dr Mohammad Al-Hashel, in a statement he addressed to the opening session of the World Islamic Banking Conference (WIBC 2013) that opened in Manama, Bahrain, on Tuesday.

Number of financial institutions has exceeded 600, operating in 75 states, said the CBK governor in his statement at the Manama-hosted conference, excerpts of which were released in a statement, issued by the CBK in Kuwait on Wednesday.

“Although such developments are encouraging, they remain short of what we aspire to with regard of the ambition to make more progress and growth in the Islamic financing industry and bolster this sector competitive status at the international level,” Dr Al-Hashel said. Dr Al-Hashel was a keynote speaker at the convention, themed “transformations to boost international Islamic financing competitiveness.” He was invited to the conference by his Bahraini counterpart, Rasheed Mohammed Al-Maraj, considering Kuwait as a pioneer in Islamic finance services.

In contrast to the positive figures reflecting growth of the Islamic financial markets, Dr Al-Hashel noted that Islamic funding has remained at the ebb, estimated at only one percent of the global financing. The number-one Kuwaiti banker presented several ideas to tackle the Islamic funding weakness, proposing special laws aimed at encouraging such services, boosting supervisory and regulatory systems, giving a role for academic and research institutions.

Underlining pivotal role of the Shariaa supervisory authorities, Dr Al-Hashel called on the financial institutions to innovate and develop new services. Funding should be available to all consumers, regardless of religious beliefs, and such an approach would make the Islamic financing services competitive vis a vis the classic financing systems.

http://www.arabtimesonline.com/NewsDetails/tabid/96/smid/414/ArticleID/201855/reftab/36/Default.aspx

World Islamic Banking Conference to shape the future of Global Islamic Finance Industry

Manama and Kuwait City – 28 November 2013

ITS to showcase flagship Ethical Islamic Banking Solution to Increase Profitability and Performance.

World Islamic Banking Conference to shape the future of Global Islamic Finance Industry

World Islamic Banking Conference to shape the future of Global Islamic Finance Industry

The World Islamic Banking Conference (WIBC), taking place in Bahrain, is set to act as platform for driving change within the finance industry as leaders are poised to discuss ethical banking solutions and growing Islamic financial institutions.

Under the patronage of His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, and supported by the Central Bank of Bahrain (CBB), the event will be taking place at the Gulf Convention Centre, Gulf Hotel 3-5 December.

A pioneer in Islamic Finance solutions, International Turnkey Systems (ITS), an integrated IT solutions and software services provider, is one of the companies that will be leading discussions at the conference.

Haitham Abdou, Head of Global Financial Solutions at ITS Group will be taking part in a panel discussion on ‘Business and Operational Transformation:

Improving Performance and Profitability’, specifically focusing on technology implementation.

“Shari’a compliant Islamic banking around the world has witnessed a surge in recent years as the global economy continues in search of a financial system that promotes sustainable growth in the aftermath of the financial crisis. While this growth has developed a surge in innovation in the finance industry, the majority of technology and software solutions are still designed for conventional financial institutional structures,” said Haitham Abdou.

“ITS’s Shari’a compliant ETHIX platform can be seamlessly incorporated into an Islamic financial institution to enable the organization to compete more effectively against its’ conventional banking counterparts. In order for the Islamic finance industry to continue growing at this fast pace, institutions need to explore the ways in which they can integrate ethical Islamic solutions with their existing core banking software infrastructure.”

ITS’ flagship Islamic financial technology suite is widely recognized as the most comprehensive, flexible and scalable Islamic banking solution worldwide. Described as a premier total banking solution catering to tier one banks, ETHIX was developed in accordance with Shari’a guidelines. It empowers Islamic banks to improve operational efficiency and reduce cost of ownership in specific areas of Islamic banking, while maximizing opportunities for growth.

With 1,300 participants attending from over 50 countries, WIBC is the worlds’ most influential annual gathering of international Islamic finance leaders shaping the current dialogue between Islamic and conventional banking.

http://www.bobsguide.com/guide/news/2013/Nov/28/world-islamic-banking-conference-to-shape-the-future-of-global-islamic-finance-industry.html