04/01/2015 | 04:19 م |
Riyadh - 4-1 (KUNA) - A report in the banking sector of Islamic here today about the existence of a global trend toward reconsideration of the traditional financial system since 2008, which saw the beginning of the global financial crisis and take advantage of the Islamic finance industry.
He described the report prepared and published by the Agency International Islamic News (Ina) this trend as "an unprecedented opportunity for Islamic banking sector in order to prove its success," he said, adding that the world today looking for how to take advantage of the Islamic finance industry, which includes savings and wealth management and support economic growth and exert more influence in global forums and devices decision .
He pointed to shift the center of gravity of the Islamic economy towards the East and the Member States of the Organization of Islamic Cooperation, which accounts for the largest share of the total Islamic financial assets in the world share exceeding 95 percent.
He said that the Islamic finance industry, institutions such as the Islamic Development Bank and the Islamic Financial Services Board can find a strategy clear to work with Islamic countries are members of the Group of Twenty to promote the strong presence of Islamic finance in the world.
The report indicated that the citizen the inherent power of the Islamic financial offer major benefits in terms of stability, inclusiveness and sustainability for economies adopted as well as retaining the growth is intermittently (in the expected average of about 20 per percent per year) amid the difficulties of the global financial system.
The standard growth of the Islamic banking industry and attributed to the growing influence of the Member States of the Islamic Development Bank, which had three of them membership in the Group of Twenty affecting global classification highest Islamic Development Bank through a decade ago, and interest in the steady industry with circles talking about the financial system.
He predicted that the global Islamic bonds exceed the current year of $ 175 billion, a record increase of 59 percent from 2014 and the CAGR for (Islamic finance assets) at a rate of 16 percent during the period from 2006 to 2012.
The report pointed out that growth (Islamic finance assets) slowed in 2013 while it decreased from 7.20 percent in 2012 to 7.8 percent in 2013, despite the achievements of the Islamic banking industry in general of growth during 2012 and 2013 amounted to 2.1 - 3.1 trillion dollars respectively (ie growth of 7.7 percent) and is based on assets disclosed by Islamic financial institutions data.
He said the distribution of the value of these assets came on the different categories of the industry by $ 958 billion to commercial banks and $ 251 billion of the instruments and 44 billion dollars of Islamic funds and $ 26 billion for Takaful and $ 21 billion for other segments.
He predicted that the Islamic finance and banking industry as a whole assets exceed with public access in 2015 two trillion dollars, which represents a small part of the global financial system.
On the second ten-year plan for the Islamic world (2015-2025) between the report that it aimed to urge States Members on the development of structured arbitrator in order to encourage domestic savings and attract foreign investment and facilitate the flow of financial resources and flows of foreign direct investment in a sound and orderly financial system between the Member States of the Organization of Islamic Cooperation.
He said that the next decade, the plan also aims to develop and promote Islamic financial products and strengthen infrastructure Financial basic standards and legislation ongoing work in the financial sectors (banking, insurance and markets financial head) and support the development of national legislative and regulatory frameworks for the promotion of Islamic financial products in the member countries and the world. (end) of Q / A PG
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