Tuesday, August 13, 2013

CIMB: Need for a comprehensive, effective regulatory framework in countries where Islamic finance is practised

"There is a need for a comprehensive, effective regulatory framework in the many countries where Islamic finance is practised. Without such support, opportunities to scale up cross-border initiatives will be limited," said Badlisyah Abdul Ghani, executive director and chief executive officer of CIMB Islamic Bank. KUALA LUMPUR: The global Islamic finance industry has never been better, with more regulators being receptive to facilitating its growth, said CIMB Islamic after being named the Global Islamic Bank of the Year and Asia-Pacific Islamic Bank of the Year by The Banker, the world’s longest running international banking publication. “This must be translated, however, into actual regulation to enable real facilitation. "There is a need for a comprehensive, effective regulatory framework in the many countries where Islamic finance is practised. Without such support, opportunities to scale up cross-border initiatives will be limited. "The real growth potential of the industry could be three to four times what it is today,” said Badlisyah Abdul Ghani, executive director and chief executive officer of CIMB Islamic Bank. “Malaysia has the most liberalised and conducive market for Islamic finance, one which all other markets in the world should aspire to be. Sukuk has outpaced conventional bonds in terms of growth and the same can be said about Islamic financing in the banking sector in Malaysia. I don’t see this trend changing.” – Bernama, http://www.thestar.com.my/Business/Business-News/2013/08/06/CIMB-Islamic-wins-accolades-from-The-Banker.aspx

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