Islamic finance is moving to a new stage: Al-Jasser

SINGAPORE. May 9. KAZINFORM Islamic finance, which puts emphasis on sharing of risks between contracting parties has an enduring appeal, especially in the aftermath of a global financial crisis, says Muhammad Al-Jasser, governor of Saudi Arabian Monetary Agency (SAMA). He said Islamic financial products could now compete with others on their own merits in the global marketplace; Kazinform refers to the Arab News.
None
None
He made this comment while addressing the Sixth Annual Summit of the Islamic Financial Services Board (IFSB) that began here on Thursday. It is attended by leading figures in the Islamic financial services industry who pointed out that the unique features of Islamic finance could contribute to resilience and depth in the global financial system. They also stated their firm commitment to its continued soundness and stability, taking account of the possible changes in the global financial architecture. The summit, held under the patronage of Singapore?s senior minister, Goh Chok Tong and themed ?The Future of Islamic Financial Services?, is hosted by the Monetary Authority of Singapore (MAS) and attended by more than 250 Islamic financial services industry stakeholders from across the globe. ?Islamic finance is now moving to a new stage whereby, rather than being driven by individuals? decisions based on faith, it is now competing on its own merits in terms of efficient products and services in the global marketplace,? said Al-Jasser, who is also chairman of the Council of the IFSB. He cautioned that the recent crisis has shown, among others, the failure of self-regulation. This implies that the Islamic financial services industry needs to meet the global standards and best practices for risk management, capital adequacy, corporate governance and transparency; Kazinform cites the Arab News. See www.arabnews.com for full version
Currently reading