Jeddah (Ina) - as the Secretary - General of the General Council for Islamic Banks andFinancial Institutions Elah Botaiq, the number of working in the Islamic banking institution with 300 Foundation belong to more than 75 countries, manages industry larger than $ 1.8 trillion.
The Botaiq in an interview to the International Islamic News Agency (Ina), on the sidelines of the pond symposium on Islamic Economics, said that Islamic banking is witnessing significant expansion in central Asia, and North Africa, along with the growing interest by European governments of several Islamic Palmsrvih, where some countries such as England and Luxembourg began issuing Islamic bonds, what you think other countries such as Italy in the issuance of these instruments.
He added , as well as Africa is witnessing great interest in Islamic Palmsrvih, this represents a great opportunity for Islamic banks, because the rate of growth in Africa now, one of thelargest percentages, globally, where up to 5 percent , roughly the average growth, compared Europe and some other countries, where the ratio of up to 1 percent, Fbnsp such growth, inaddition to the growth that you know of Islamic banks worldwide, we expect significant opportunities for Islamic banks in Africa in the near future.
but in spite of this international expansion, pointed Secretary the General Council of Islamic banks that Islamic banking is facing a substantial deficit in terms of providing legal environments and control, he said , despite the improvement in the Islamic banks in this respect, but generally there is a significant deficiency, even in the framework of the OIC ,which groups 57 state, because if we reviewed these countries and found that a large number of them does not have anything with regard to the control and supervision of Islamic banks, there are an average of 14 to 15 countries have some of the things, without all thelegal scope of what it means of regulations, oversight, supervision, and structures infrastructure, while there are 2 to 3 states only then integrated system, such as Bahrain and Malaysia, which we find with them , an integrated system for Islamic banking.
the Secretary - General: this in fact is our problem, so we are in the General Council, always demand that supervisory and regulatory authorities, not the benefits to banks Islamic, but equality only traditional banks, pointing out that the absence of such equality harms Islamic banks, in some African countries , for example, there are problems pertaining to taxes, so that a single process if its currency Islamic way, cost you a tax, more than it cost you thesame process in the traditional way.
on the what is being said about the lack of Islamic banks to reference the legitimacy of theUniversity, Secretary of the General Council of Islamic banks acknowledged this problem, he said , in Islamic law there are several doctrines, and sometimes views between these doctrines differ over certain transactions, and perhaps you might find in one state are some differences Statistics in views between the legitimacy of the Committee for a bank, and the legitimacy in another bank, the differences in the partial details of application, not the big things, and sometimes this may hinder the Islamic banking business.
He suggested Botaiq find a body and a reference legitimacy, so that if you signed adisagreement between the banks , referred to the disputed transactions, and ask is itacceptable or unacceptable, pointing out that the creation of such a body could push theIslamic banking. But Botaiq acknowledged the difficulty of the application of this proposal isrealistic, for several reasons, the most important of the different sects, as well asconsidering some countries Shariah matters religious, issues of sovereignty.
On the lack of Islamic banks into instruments to invest huge liquidity, Botaiq said the liquidity management of the largest Islamic banks challenges , both liquidity management of existing terms, or in terms of creating mechanisms to provide liquidity, when Islamic banks are in need of funding for itself and its operations.
He Botaiq: in fact , there is not this mechanisms, such as those available in traditional banks, because conventional banks then mechanisms systematic management of liquidity in the Nahtin: in terms of assets, hand liabilities, other than Islamic banks, forcing them precaution to provide large amounts of unused assets.
He Botaiq to this problem in the liquidity management or created, so devastated Brlakeat Islamic banks, referring to the that there are several local attempts in this regard, in Sudan ,where an attempt was made to create a fund for liquidity management, as well as in Malaysia , where no international body to manage liquidity, but so far there is nothing liquidity in size, and the size of the needs of Islamic banks.
concerning the number of the organizations in the the General Council for Islamic banks andfinancial institutions, Botaiq explained that the Council has a membership of 120 banks from 30 countries, he said , all the major banks worldwide are members here. Pointing out that theCouncil is dealing with the supervisory and regulatory authorities, and with international organizations such as the International Monetary Fund, the World Bank, held in conjunction with workshops and international seminars on topics such as management of liquidity or governance.
Regarding professional development for those working in the field of Islamic banking, Botaiq said: We have several initiatives in this regard, as we give professional certification specialist, such as the Islamic Sairafi certified, also have diplomas specializing in Islamic accounting, and in the forensic audit, and financial markets, noting that the Council isworking through its agents in 20 countries for the development of workers in the Islamic banking capabilities, where done during the past year , 106 courses around the world, came out certificates banking 1,400 participants.
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