Turkey, Malaysia, Qatar can pioneer in Islamic finance

1310

Istanbul

Ready to be taken to the next level, the burgeoning sector of Islamic finance is ready to take root in new regions through Turkey, Malaysia and Qatar, according to a leading figure in Qatari finance.
Speaking to Anadolu Agency in an exclusive interview, the CEO of the Qatar Financial Centre Yousuf Al-Jaida said Malaysia could act as a gateway for Islamic finance into Asia, with Turkey into Europe and Qatar the Middle East and Africa.
He stressed that Malaysia was ready with its legal framework to facilitate the sector, as well as such products as Sukuk — a non-interest-bearing note. Qatar, and Turkey need to step up and do more for the sector, which should be pioneered by Muslim countries.
Underlining that Doha and Ankara needed to step up and do more, he said these three countries could form a large platform to share experience, technology and knowledge in the $2.4-trillion field.
“I think we can create something really superb and magnificent for the industry,” Al-Jaida said, adding that Islamic finance is now growing at an even quicker pace than traditional or conventional finance.
The CEO highlighted several new potential fields for Islamic finance, such as Islamic financial technologies, Islamic reinsurance and Islamic asset management.—AA