IIUM President: Islamic Finance Industry Worth More Than US$2 Trillion This Decade.

M’sia must provide best Islamic financial, commercial services.

KUALA LUMPUR: The International Islamic University Malaysia must remain the leader spearheading talent development in the field of Islamic Banking and Finance. This is because of the trust the Malaysian governent has put on IIUM as the main provider and resource institute on the Islamic Finance under the government’s key result area within the nation’s Economic Transformation Programme.

IIUM in particular and Malaysia as a nation must provide the best Islamic financial and commercial services in its entirety to position the country as a hub for Islamic banking and finance, says International Islamic University Malaysia (IIUM) President, Tan Sri Dato’ Sri Utama Dr Rais Yatim.

He said Malaysia must attract both Muslim and non-Muslim segments of global finance. London will join the ranks of Dubai and Kuala Lumpur as hubs for syariah-compliant Islamic Banking and Financial services. Britain is expected to become the first non-Muslim nation to raise money by issuing a government bond-style “Sukuk” compliant with Syariah law as part of a bid to transform London into a global capital of the Islamic finance sector. This is expected to happen after the 9th World Islamic Economic Forum (WIEF) which was held in London in late October this year.

“This is reachable and possible because of our past experiences, our legal framework and business infrastructure and the fact that we are now up there in the upper standards of doing business worldwide,” he said in his keynote address at the First Asean International Conference on Islamic Finance

[6-7th November, 2013].Rais said the Islamic Finance industry this decade has been evaluated to be worth more than US$2 trillion (RM6 trillion) globally and will continue to grow at a robust 15 percent annually and has attracted more than 75 countries to join the bandwagon.

“Specifically highlighting the sukuk or Islamic bond, it has attracted an increasing number of fans in western countries,” he said.  Speaking to reporters later, Rais said the IIUM would continue to instil within its capability the necessary expertise that the country needs to propel Malaysia as the hub of Islamic banking and finance.

“This can be achieved through various processes such as to create a pool of expertise locally as well as work together with the professors from other universities,” he said.  Rais said the university will cooperate with the world’s top universities to bring the experts and leading lecturers to the university so that the university’s testimonial could be understood and be recognized by the outside world.

“Our centre of Islamic banking here is going to be practical institution that will churn out more expertise that we need and hopefully this will be within our reach from now until the end of next year,” he said.  Over the 30 years since its existence, the IIUM has produced more than 200 graduates who are equipped with the theoretical and practical aspects of Islamic Finance, Islamic economics, Islamic law and Islamic studies.

“In banking and finance, there are 160 shariah committee members of banks and takaful companies, comprising the teaching staff of this university.  IIUM contributes more than 25 percent of the total shariah committee members appointed by banks and takaful companies and this figure will be increased from time to time,” Rais added.

Source of Article: IIUM