Dubai PR Network, Online Press Release from Dubai and Middle East
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
Noor Islamic Bank's CEO Calls For Global Body to Regulate Islamic Finance Industry
 

Standardisation Critical To Future Growth

Dubai, July 31, 2013: Standardisation of the regulations governing Islamic finance is a must to ensure the globalisation of Islamic finance, according to Hussain AlQemzi, GCEO of Noor Investment Group and CEO of Noor Islamic Bank (Noor),

Speaking at a DIFC hosted conference on the future of Islamic finance, jointly organised by Noor and Thomson Reuters, AlQemzi said the lack of standardisation is holding back the growth of Islamic finance.

Although regional standardisation bodies exist, adherence to their standards varies from country to country and region to region. “It is a real concern that there is no authoritative global body to regulate and promote Islamic finance, AlQemzi said.

“Disagreement and different interpretations, over what is Shari'a compliant and what is not, continue to make it difficult to establish the necessary regulations for the industry to develop globally accepted products.

“Some people argue that standardisation is an unrealistic goal, given the fragmented nature of Islamic finance. I do not agree. There is a need for balanced, globally accepted, regulation that does not impede growth, or allow for abuse,” AlQemzi added.

Industry estimates put the value of the Islamic finance sector at US $1.5 trillion, little more than 1% of the overall global financial sector. And, despite impressive annual growth rates of 15% to 20%, AlQemzi said there is no real tangible evidence that Islamic finance is a world force.

Even in Muslim countries, conventional finance has a larger market share than Islamic finance. For example in Malaysia, AlQemzi told delegates, Islamic lending accounts for just 26.6 per cent of overall lending. While in the UAE, Islamic finance accounts for only 12 per cent of the financial sector.

Al Qemzi called for practical measures to be implemented that progressively address impediments to the growth of Islamic finance.

“We need to create an enabling environment for cross border connectivity through Islamic finance,” he said. “This will require measures to develop domestic capital markets and should go hand-in-hand with national market reforms, based on common international standards.

“Domestic markets should also be strengthened by widening the issuer and investor bases, with more issuances in currencies other than the domestic currency, to attract investors from across the globe.

“And there should be greater collaboration and cooperation among, and between, national economies in which Islamic finance participates,” AlQemzi added.

Since its launch in 2008, Noor has gained a reputation for offering innovative, client-focused, banking products and services. It continues to lead the retail banking market in providing convenient banking solutions, including the UAE's first fully operational mobile internet banking experience in the Arabic language. Noor was also the first Islamic bank to offer an on-line account opening service and the first UAE bank to operate a 24/7 branch. Its insurance arm, Noor Takaful, was the first Takaful operator to offer online insurance services and products.


Posted by : Dubai PR Network Editorial Team
Viewed 18995 times
PR Category : Banking & Investments
Posted on : Wednesday, July 31, 2013  1:20:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Ajman Bank Declares 2nd Quarter 2013 Results, Reports Strong...
Next Story : Islamic Banking Division of United Arab Bank to disburse mea...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Drops of Youth [13127-Views]
Go Neutral with Palladio Beauty [10876-Views]
Valentine's Gifts to Fall in Love With [10327-Views]
Reveal Your Cosmic Beauty With These Gift Sets From Wet n Wild [9980-Views]
Start the Year with Gorgeous Glowing Skin with a Little Help from DERMAdoctor [8406-Views]
The Tag Heuer Autavia [8095-Views]
Corum Admiral's Cup Legend 47 Worldtimer' [7875-Views]
Regulator at pole position [7759-Views]
Parmigiani Fleurier creates horological history with world's first wristwatch with Islamic... [7564-Views]
Dubai Jewellers Expect a Steady Sale During the 25th Dubai Shopping Festival Promotion [7052-Views]
Kanz Jewels proves to be a lucky destination for jewellery shoppers during DSF 2020. [6820-Views]
Malabar Gold & Diamonds - New Store opened in Kanpur, UP, India [6820-Views]
OMEGA Ready to Time The Winter Youth Olympic Games Lausanne 2020 [6716-Views]
The Winter Youth Olympic Games Lausanne 2020 [6692-Views]
Show your Support for Australia alongside THT – That Hair Tho [6252-Views]
Eberhard & Co. Gilda timepiece makes an extraordinary Valentine's Day gift [6039-Views]
Corum And Joachim Horsley Light Up The Folies Bergère [5191-Views]
Seha Leads Discussions in Pediatric Medicine [4776-Views]
Former United Nations Secretary-General Ban Ki-moon delivers keynote speech at inaugural G... [4764-Views]
Valentine's Day Fashion and Gifting - Steve Madden [4544-Views]
Zeitun Cosmetics Launch in UAE [4477-Views]
Spice It Up With Szechuan! Shake Shack is Celebrating the Chinese New Year With an Asian-i... [4349-Views]
Fashion and Gifting for Valentine's Day - ECCO [4002-Views]
Celebration in Bahrain for Aga Khan Award Laureate “Revitalisation of Muharraq” [3928-Views]
Marks & Spencer Welcomes Spring with its Midi Dress Edit [3880-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories