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Director of the International Monetary Fund: Islamic instruments stood at $ 300 billion

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Director of the International Monetary Fund: Islamic instruments stood at $ 300 billion

NOVEMBER 11, 2015

Kuwait - dpa: confirmed Director of the International Monetary Fund, Christine Lagarde, the Islamic instruments increased by 10-fold to $ 300 billion recently, pointing out that most of these instruments are concentrated in the Arab Gulf countries and Malaysia.
She Lagarde, during her speech at the opening of Islamic Finance Conference In Kuwait, which began on Wednesday jointly organized by the Central Bank of Kuwait and the International Monetary Fund, Islamic finance represents a real opportunity for small and medium enterprises, which need financing to jump-start their projects, because Islamic finance participate in the profit and loss, an issue fit into this largely segment of the project.
She said «We know very well that participation in the profit and loss issue of inclusive growth provides, and put more career opportunities in the region, has proved Islamic finance feasibility in infrastructure that have achieved additional growth through investments».
She «promotes Islamic finance stability financial liability, based on the principle of participation in the profit and loss process, which protects the banking sector in the event of any tremor affecting the sector, and enable it to be absorbed better, and provide greater protection for the loss of capital, and this trend is one of the goals of the new global legislation, and Justice noted that principles underlying Islamic finance promote participation and equality and property rights and ethics, all of which represent universal values ​​».
She pointed out that countries such as Luxembourg, Hong Kong, South Africa and the United Kingdom are among the countries that experienced a growth in Islamic asset size over the past years, and that the challenge now is to help policy-makers to gain access to the promotion and development of the industry.
They pointed out that the International Monetary Fund focuses on strengthening the ambitions of sustainable growth in the Arab region.
She pointed to two key points in the field of Islamic finance. First, inclusiveness and integration, where Islamic finance has the ability to integrate, which can get on a broader banking services fill the needs of the residents of the area, as can the Islamic financing link between the credit and security, including fits small and medium-sized companies are able to create jobs in these areas.
The second point is the promotion of stability, where Islamic finance is able to develop assets, especially since he has principle Participation in the loss and profit, in addition to the deposit, which would allow risk reduction.
For his part, Kuwaiti Finance Minister, Anas Saleh, said Kuwait does not overlook the Islamic instruments as an option available and appropriate to finance the current budget 2015/2016 and expected up to 8.2 billion dinars in case prices continued deficit Oil in decline for parity «indicative» price specified in the budget at $ 45 a barrel.
Saleh pointed out that there are a number of economic legislation passed in Kuwait recently, including the Implementing Regulations for the Law of the Capital Markets Authority, which aims to stock market regulation, as well as the public debt law It regulates the issuance of instruments and represents a legal tool to do so.
and the good that the Islamic financial sector began from Kuwait through Kuwait Finance «house» House, pointing out that Kuwait has the largest Islamic financial sector in the world.

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