He noted that the fact that countries of the Organization of Islamic Cooperation possess an impressive 98 percent share of the global Islamic finance assets, necessitates the development of solutions that "commensurate with this increase and steady growth."
Moreover, Dahlawi said "this years' 34th Symposium on Islamic Economics has connected jurisprudence with contemporary economic issues to find solutions to challenges faced by the Islamic banking industry." He said one of the most prominent topics discussed was zakat on debt, especially with the widespread presence of financial institutions specialized in financing from private companies and banks, in addition to the increase in demand for private and public financing, whose notable effects are apparent on the financial statements of various companies and institutions."
"Recently, the Islamic banking sector has been witnessing a remarkable growth, with an increase in Islamic financing by 27 percent in one year from $800 billion to $1.1 trillion," he pointed out.
He noted that global Islamic financing centers are mostly concentrated in the Middle East, including Iran, whose share is estimated at 35.7 percent of the total Islamic financial assets, followed by Saudi Arabia with 13.9 percent, the United Arab Emirates with 8.7 percent, Kuwait with 7.3 percent, Bahrain with 5.3 percent, Qatar with 4.8 percent, and Malaysia with a 12.3 percent share.
Dahlawi further said the Islamic banking sector would witness an increasing demand, "especially with the expected solutions and outcomes of Islamic banking and financing specialized seminars such as this one."
Standard & Poor's earlier forecast that sukuk sales are to double and reach $3 trillion by 2015 in light of companies which are working to capitalize on this growing and promising market.
itqan Capital, a member of Al Baraka Banking Group, and one of the leaders in providing investment offerings and opportunities to high net worth individuals in Saudi Arabia, participated in the recently held Al Baraka 34th symposium for Islamic Economic. The two-day symposium, held under the patronage of Al Baraka Banking Group's Chairman Sheikh Saleh Abdullah Kamel, highlighted and discussed a number of emerging banking and financial themes.
The 34th symposium in Jeddah was attended by a number of Itqan Capital's top clients, who were attentive to the lively discussions on various Islamic financing and economic topics, with the participation of a large number of global experts and scholars specialized in the Islamic banking and financing sectors.
(Zawya / 21 July 2013)
Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com