Islamic Finance Looks Promising
With the current world turmoil on equity, commodity, forex (foreign exchange) and structured instruments where most of the products that introduced to investors fail, Islamic Finance looks promising where these products are based on Islamic study and practices in most of the Muslim world.
There are many opportunities for Islamic Finance to lead the financial fraternity into a new growth era; said Prime Minister of Malaysia Datuk Seri Abdullah Ahmad Badawi. He said Islamic Banking and Finance needed to quickly integrate itself with the international financial system and prove itself a viable alternative to conventional financial system practiced in most part of the world.
“The recent global financial meltdown illustrated a desperate need for system based on the principle of profit-sharing, where both parties in the contract are subjected to potential losses and returns.” Abdullah said.
He said by transforming into an essential element of global finance, Islamic Finance would surely end its perceived position as a niche or boutique financial service.
News compiled by MoneyForex Financial Ltd.
