ISLAMIC finance can grow at a faster rate if industry players from this region and the Gulf get th
eir act together and become more innovative, said a Bahrain banker.
Ithmaar Bank chairman Khalid Abdulla-Janahi said more "kitchen work" should come from countries like Malaysia in developing Islamic finance rather than the West.
"It is happening now albeit artificially. There needs to be more innovation for more financial instruments within Islamic financing," he told Business Times in an interview.
There are now several financial instruments in the system, but they have been developed from the Western ones, he said.
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"The (Islamic finance) industry players are not doing enough...we got to look at ourselves and become the drivers of innovation."
Islamic banking has become a buzz word in recent times and countries such as France, Switzerland and the UK are endeavouring to be the hub of the industry.
"A lot of 'kitchen work' for Islamic banking including sukuk, has been undertaken in London.
"(This is because) the Islamic business community (in Asia and the Gulf) is not talking enough with each other to make things take off and become self-reliant," Khalid said, adding that it is the governments which are talking more now.
"Before, everyone wanted to claim to be the centre of Islamic finance, but this was more of the (respective) governments' wish.
Link: http://www.btimes.com.my/articles/rup05d1/Article/
"Industry people (in the private sector) need to bring their heads together as what is being done now among GCC countries like Bahrain, the United Arab Emirates and Saudi Arabia," he added.
Khalid believes that more can be achieved for the players if they complemented each other in banking, insurance as well as business at large.
On its part, Ithmaar Bank, which is listed on the Kuwait and Bahrain bourses, is undertaking some "kitchenwork" with MAA Holdings Bhd and MAA Takaful Bhd in Malaysia.
One of Ithmaar Bank's flagship units is Bahrain-based Solidarity Co BSC, an Islamic insurance company that has a 25 per cent stake in MAA Takaful. - By Rupa Damodaran
Link: http://www.btimes.com.my/articles/rup05d1/Article/
Islamic banking has become a buzz word in recent times and countries such as France, Switzerland and the UK are endeavouring to be the hub of the industry.
"A lot of 'kitchen work' for Islamic banking including sukuk, has been undertaken in London.
"(This is because) the Islamic business community (in Asia and the Gulf) is not talking enough with each other to make things take off and become self-reliant," Khalid said, adding that it is the governments which are talking more now.
"Before, everyone wanted to claim to be the centre of Islamic finance, but this was more of the (respective) governments' wish.
Link: http://www.btimes.com.my/articles/rup05d1/Article/
"Industry people (in the private sector) need to bring their heads together as what is being done now among GCC countries like Bahrain, the United Arab Emirates and Saudi Arabia," he added.
Khalid believes that more can be achieved for the players if they complemented each other in banking, insurance as well as business at large.
On its part, Ithmaar Bank, which is listed on the Kuwait and Bahrain bourses, is undertaking some "kitchenwork" with MAA Holdings Bhd and MAA Takaful Bhd in Malaysia.
One of Ithmaar Bank's flagship units is Bahrain-based Solidarity Co BSC, an Islamic insurance company that has a 25 per cent stake in MAA Takaful. - By Rupa Damodaran
Link: http://www.btimes.com.my/articles/rup05d1/Article/
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