Islamic banking will overcome hurdles

While the challenges being faced by the Islamic banking industry are formidable, the sector would continue to grow in step with market requirements, stated Abdullah Saif, Bahrain's finance and national economy minister.
He was speaking after inaugurating the 2000 World Islamic Banking Conference yesterday.
He said the industry draws strength from a culture that has always encouraged a wide range of opinion. This promotes innovative solutions compatible with Shariah to accommodate the changing realities of the marketplace.
"The intellectual, ethical and innovative strengths of Islamic finance have enabled Islamic financial institutions to gain momentum in an international movement which has become increasingly aware of the possibilities for conducting financial activities in conformity with the principles of Shariah," he said.
"It has been conservatively estimated that the Middle East region commands international financial assets of over $500 billion, representing a potential major competitive advantage to the Islamic institutions which should be capitalised quickly and consistently," he added.
The meeting was also addressed by Shaukat Aziz, Pakistan's finance minister; Abdullah bin Khalifa Al Khalifa, Bahrain's Monetary Agency governor, and Dr. Zeti Aziz, Malaysia's Central Bank governor.