Karachi, First International Forum of Islamic Banks and Financial Institutions held under patronage of Dr Fayez al-Tarawneh Jordan Prime Minister organized by General Council of Islamic Banks & Financial Institutions – Bahrain and Strategy – ended Friday in Amman. Emerging trends of Islamic Banking in Arab Countries, Legal, Taxation matters of Islamic banking, Role of International Institutes in Islamic Banking, finance, Importance of Education, awareness of Takaful, Islamic banking etc. were discussed by experts of Pakistan, Malaysia, Palestine, Indonesia, Bahrain, UAE, Qatar, Saudi Arabia, email message received here said.
Addressing concluding session, CEO AlHuda Centre of Islamic Banking & Economics Muhammad Zubair Mughal said Islamic banking is growing at very rapid pace. Central Asian Countries (Kazakhstan, Afghanistan, Tajikistan, Uzbekistan, Kyrgyzstan, Azerbaijan) and African Countries (Nigeria, Tanzania, Kenya, Ghana, Tunisia, Senegal etc) are new destinations of Islamic Banking and Finance where rapid increase in its demand is being observed. Majority of these countries are providing shield to Islamic banking and Finance industry by bringing alterations in laws through parliaments.
He said market of Islamic finance reached to $1.3 Trillion, in which share of Islamic banking is 77% ($1 Trillion), Sukuk 14% ($180 Billion), Islamic Funds 5% ($64 Billion), Takaful 1% ($12 Billion). Share of other Islamic financial products like Islamic Leasing, Mudarabah Companies, Islamic Microfinance, Islamic REITs is 3% ($44 Billion).
He said in comparison with rate of growth, Islamic banking graduates are not being produced due to which there is lack of supply of manpower than demand. He said Islamic banking and finance should not be only for well-off, business personnel or middle class but its benefits also disseminated to poor through Islamic Microfinance so that they could get rid of poverty.