Islamic banking assets to reach 1 trillion dollars in 2012: expert

General Press Releases Wednesday June 27, 2012 18:27
กรุงเทพฯ--27 มิ.ย.--AIT

Global Islamic banking assets are set to reach 1 trillion USD in the year 2012. Although this remains a small proportion of global banking, there are positive developments in Islamic finance in countries like the United Kingdom, France, Germany and France. This was stated by Dr. Mohammad Akram Laldin of the International Shari'ah Research Academy for Islamic Finance (ISRA), Malaysia, while delivering a talk on 'The value proposition of Islamic finance and the misconception about it' recently (21 June 2012) at the Asian Institute of Technology (AIT).

Dr. Laldin remarked that to a certain extent Islamic banking has been cushioned from the recent financial crisis. This is primarily because derivative products in Islamic banking are very limited, he reasoned. Tracing the historical landmarks in Islamic banking, Dr. Laldin stated that the challenge is to maintain the growth momentum. He posited questions on whether Islamic finance can offer solutions to world’s financial problems, and whether it could be adopted as the international financial system.

He listed various misconceptions about Islamic finance, stating that there is an incorrect opinion that Islamic financing is for Muslims only. Another misconception is that it is a replica of conventional finance. “Forms and structure of conventional banking and Islamic banking might be similar, but the substance is different,” he said.

The talk was organized by the Muslim Students Association (MSA) of AIT. Welcoming the speaker, Mr. Olivier Drean, Interim-Head, External Relations and Communications Office (ERCO) complimented the role of MSA in organizing the talk. AIT President, Prof. Said Irandoust thanked Dr. Laldin for delivering the talk.

Photo caption: Dr. Mohammad Akram Laldin

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