Compliance with Shariah-based finance principles and standardization of products are enablers to effective and seamless ratings of Islamic Finance assets globally.
Mr. Bashar Al-Natoor Fitch Rating’s Global Head of Islamic Finance said this while reviewing the “Fitch Ratings Assessment of Islamic Finance Growth in Nigeria and Africa”.
Speaking on the opportunities for non-Interest banking products in frontier economies like Nigeria, the Fitch Rating’s global head of Islamic finance said there are large potentials for the non-interest finance market in Nigeria, but that there were many ways to achieve growth in the market using different models.
He classified the models as top-down and bottom-up models. According to him, the top-down models are the countries that have an agenda to grow their Islamic Finance industry and are having milestones, strategies, and world-class agendas to achieve that.
He cited Malaysia as a country with an Islamic finance market that has evolved for over 15 years. —Agencies