SINGAPORE - Islamic financial sector is predicted to grow two-fold compared to conventional banks. Total assets of Islamic banks this year is expected to reach $ 1 trillion. Total assets than liabilities in 2009 grew 4.2 percent to USD410 billion.
"(Bank Syariah) The more widely accepted and has appeal as a more ethical investment makes this inudstri kalil grow two fold compared to conventional," Singapore Trade and Industry Minister Lim Hng Kiang as he opened the World Islamic Banking Conference Asia Summit, as quoted from Channel News Asia, Wednesday (06/16/2010).
Like conventional banks, said Lim, who also serves as Chairman of the Monetary Authority of Singapore (MAS, Islamic banks also declined due to the global financial crisis. "However, the popularity of sharia banks continued to rise. In general, Islamic financial outlook remains positive," he said.
Lim added, as a world financial hub, Singapore is ready to help promote Islamic finance. Middle East (Timtem) and Asia can work together to develop and explore all the Islamic finance for mutual benefit. He considered that Singapore could follow the steps the United Arab Emirates (UAE) working on the Islamic finance market.
UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi UAE Islamic banking presents targeted to grow four percent in 2010 and 2011. Total deposits from the UAE grew 6.4 percent to USD266, 8 billion and total loans increased 4.1 percent to USD275 billion.
Asset growth also occurred in Islamic banking in Bahrain, a $ 26 billion in 2009. Year 2000, assets of Islamic banking in Bahrain, only $ 2 billion. Islamic bank's market share also rose from 1.8 percent in 2000 to 11 percent in 2009.
Bahrain Central Bank Governor Rasheed Mohammed Al Maraj believes the Islamic finance industry is more resistant than conventional in the face of the global financial crisis, the first phase (2007-2009). Therefore, Islamic banks do not invest in financial products toxic.
"Nevertheless, the Islamic finance industry still has to learn from global financial crisis," said Al Maraj.
Al Maraj rate, Islamic banking still has to anticipate the second phase of the global financial crisis. Therefore, this second crisis will give big impact to the Islamic financial sector.
(Second phase of crisis) would reduce liquidity in all markets in large numbers and a global economic slowdown would lower the eligibility of all creditors, including Islamic financial institutional clients.
"Principles of finance, which do not concentrate on risks and not rely on collateral that has no realistic valuations applied to the Islamic and conventional institutions," said Al Maraj.
According to Al Maraj, practitioners must work to ensure that the foundations of the Islamic finance industry is strong enough to support business growth. So it is more resistant in the face of the second phase of crisis.
Expert opinion, the financial attractiveness of sharia on the non-Muslim customers continue to rise. Islamic Finance Asia is predicted to grow 10 percent over the next 12 months. Practitioners perbakan sure, the Islamic finance industry will continue to attract new customers.
These developments have consequences for central banks and experts to anticipate future risks. They need to fix the regulatory and supervisory framework that Islamic financial institutions more resilient in the face of risk in the future.
"(Bank Syariah) The more widely accepted and has appeal as a more ethical investment makes this inudstri kalil grow two fold compared to conventional," Singapore Trade and Industry Minister Lim Hng Kiang as he opened the World Islamic Banking Conference Asia Summit, as quoted from Channel News Asia, Wednesday (06/16/2010).
Like conventional banks, said Lim, who also serves as Chairman of the Monetary Authority of Singapore (MAS, Islamic banks also declined due to the global financial crisis. "However, the popularity of sharia banks continued to rise. In general, Islamic financial outlook remains positive," he said.
Lim added, as a world financial hub, Singapore is ready to help promote Islamic finance. Middle East (Timtem) and Asia can work together to develop and explore all the Islamic finance for mutual benefit. He considered that Singapore could follow the steps the United Arab Emirates (UAE) working on the Islamic finance market.
UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi UAE Islamic banking presents targeted to grow four percent in 2010 and 2011. Total deposits from the UAE grew 6.4 percent to USD266, 8 billion and total loans increased 4.1 percent to USD275 billion.
Asset growth also occurred in Islamic banking in Bahrain, a $ 26 billion in 2009. Year 2000, assets of Islamic banking in Bahrain, only $ 2 billion. Islamic bank's market share also rose from 1.8 percent in 2000 to 11 percent in 2009.
Bahrain Central Bank Governor Rasheed Mohammed Al Maraj believes the Islamic finance industry is more resistant than conventional in the face of the global financial crisis, the first phase (2007-2009). Therefore, Islamic banks do not invest in financial products toxic.
"Nevertheless, the Islamic finance industry still has to learn from global financial crisis," said Al Maraj.
Al Maraj rate, Islamic banking still has to anticipate the second phase of the global financial crisis. Therefore, this second crisis will give big impact to the Islamic financial sector.
(Second phase of crisis) would reduce liquidity in all markets in large numbers and a global economic slowdown would lower the eligibility of all creditors, including Islamic financial institutional clients.
"Principles of finance, which do not concentrate on risks and not rely on collateral that has no realistic valuations applied to the Islamic and conventional institutions," said Al Maraj.
According to Al Maraj, practitioners must work to ensure that the foundations of the Islamic finance industry is strong enough to support business growth. So it is more resistant in the face of the second phase of crisis.
Expert opinion, the financial attractiveness of sharia on the non-Muslim customers continue to rise. Islamic Finance Asia is predicted to grow 10 percent over the next 12 months. Practitioners perbakan sure, the Islamic finance industry will continue to attract new customers.
These developments have consequences for central banks and experts to anticipate future risks. They need to fix the regulatory and supervisory framework that Islamic financial institutions more resilient in the face of risk in the future.
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