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 19380 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
Make Up for Ever Introduces for the First Time Its New Active Care-in-foundation to Revive... [5293-Views]
HONOR 2020 H1 Business Achievements in International Markets [3087-Views]
Save up to AED 25,000 on Pre-Owned Lexus Cars with Al-Futtaim Auto Fest [2858-Views]
Panasonic Jaguar Racing Head to Berlin for a Lockdown Showdown [2854-Views]
Here's Why A Silicone Cleansing Brush Champions Other Cleansing Tools and Techniques [2772-Views]
Safe Start-up of Unit 1 of Barakah Nuclear Energy Plant Successfully Achieved [2759-Views]
Samsung Launches Galaxy Watch3 and Galaxy Buds Live [2628-Views]
Schneider Electric Shows They Are Acting to Build a Green and Inclusive Future for All Thr... [2530-Views]
Sony Middle East & Africa Announces ‘Ready for PlayStation®5' for current BRAVIA™ TVs [2255-Views]
UAE Team Emirates Back to Winning Ways [2218-Views]
Lacoste Launches the Roland - Garros Eyewear Collection [2099-Views]
Jafza Sets a New Benchmark With ‘collaboration for Safe and Sustainable Growth' Webinar' [2062-Views]
Win Big at Dalma Mall with the ‘Eid Family Shopping Challenge' [2054-Views]
Introducing the New Omega Constellation Gents' Collection' [1935-Views]
Dubai Sports Council and Ski Dubai to Host One of the World's First Snow Sports Competitio... [1800-Views]
Pre-Orders for Samsung's Galaxy Note20 and Galaxy Note20 Ultra Now Open in the UAE [1792-Views]
The Last Few Weeks of Dubai Shopping Mall Group's Summer Promotion [1714-Views]
Cebu Pacific Advisory: Suspension of Domestic Passenger Flights to/from Manila – Aug 4 to ... [1706-Views]
No Premium Without Responsibility: BMW Group Makes Sustainability and Efficient Resource M... [1673-Views]
Post-COVID Travel is Set to Become Smarter. Here's How. [1628-Views]
DREI Organises Virtual Real Estate Conference With Saudi Partners [1628-Views]
Etihad Airways Introduces Microbebarrier™ Face Protection for Premium Passengers [1611-Views]
RAKEZ Welcomes 100% Foreign Ownership in Mainland with FDI Company Set-Up [1603-Views]
LG Announces Second-Q2020 Financial Results [1599-Views]
Sharjah Shopping Promotions Draws a Smile on Faces of 3 Lucky Winners of (BMW – X2) [1583-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories