30 January, 2015 AsiaNews.it Twitter AsiaNews.it Facebook            

Help AsiaNews | About us | P.I.M.E. | | RssNewsletter | Mobile





mediazioni e arbitrati, risoluzione alternativa delle controversie e servizi di mediazione e arbitrato
e-mail this to a friend printable version


» 05/21/2010
MALAYSIA
Islamic finance growing, looking to non-Muslims
The sector, which is worth more than a trillion dollars, is growing rapidly. According to Moody’s, it could grow fivefold. Participants at the World Islamic Economic Forum hear how it could become an instrument for long-term economic stability.

Kuala Lumpur (AsiaNews/Agencies) – In the midst of a world crisis, Islamic financing is growing.  “In some countries, growth is as much as 10-15 per cent annually,” Malaysian Prime Minister Najib Razak said in opening the annual World Islamic Economic Forum in Kuala Lumpur.

Forum participants encourage Muslim countries to back Islamic financing, counting on the positive trend of the sector, which could also interest non-Muslims. “The time is right for this," Razak said.

Indonesian President Susilo Bambang Yudhoyono said Islamic finance is a fast-growing sector, and that it should strive to attract all investors including non-Muslims. "Muslim nations have a good opportunity to achieve greater growth," he said.

Moody's Investors Service has forecasted Islamic finance has a market potential of five trillion dollars.

Muslim countries must continue to play a leading role in transforming this sector from being considered niche banking into something that is widely accepted as central to long-term economic stability around the world

Islamic banking, a booming trillion-dollar industry, prohibits the payment and collection of interest, and bans gambling, so highly complex instruments such as derivatives and other creative accounting practices are banned.

The sector also shuns investments in gambling, alcohol and pornography in favour of ethical and socially useful investments.

Real assets must back transactions, whilst the customer and the institution share the risk of any investment and divide any profits between them.


e-mail this to a friend printable version

See also
07/24/2006 MALAYSIA
Muslim students and clerics against civil courts
03/20/2004 malaysia
If elected Islamic party wants impose headscarves and ban miniskirt
01/13/2006 MALAYSIA
Malaysia, Abdullah freezes Islamic bill
04/05/2008 MALAYSIA
Proposal to apply sharia to non-Muslims also
10/16/2008 MALAYSIA
Malaysian government bans Hindu movement

Editor's choices
IRAQ
The children of Mosul and the future: the "five-star" refugee camp
by Bernardo CervelleraIn the garden of the parish of Mar Elia beside the tents there are containers that serve as classrooms for the children and as a library. Another serves as a room for sewing. A children's choir. Fr. Douglas: "Taking care of refugees does not just mean thinking about eating, drinking, medicines, injections, vaccinations ... The displaced persons need to do something and to cultivate hope."
IRAQ
Way of the Cross: the refugees from Mosul beyond the emergency
by Bernardo CervelleraThere are at least half a million people who have taken refuge in Kurdistan to flee from ISIS. In the Shlama Mall at Erbil: 350 people living in the skeleton of a building under construction, with draped sheets and blankets serving as walls. The ordination of a young man, also a refugee, shows that with the flight, there is something that has not been destroyed: the faith, the traditions, the priesthood.
IRAQ - VATICAN
As 'Adopt a Christian from Mosul' continues, Mosul bishop notes that Jesus is born amid refugee containers
by Amel NonaPersecuted by the Islamic state, refugees have lost everything: belongings, home, jobs, school, and their future. Yet, their faith and mission remain strong. For them, almost 900,000 euros have been raised and sent. Pope Francis sends a message of closeness. The campaign continues according to the Patriarch of Baghdad's proposal of fasting and moderation at Christmas and New Year, with the money saved offered to the Christians of Mosul.

Dossier

by Giulio Aleni / (a cura di) Gianni Criveller
pp. 176
Copyright © 2003 AsiaNews C.F. 00889190153 All rights reserved. Content on this site is made available for personal, non-commercial use only. You may not reproduce, republish, sell or otherwise distribute the content or any modified or altered versions of it without the express written permission of the editor. Photos on AsiaNews.it are largely taken from the internet and thus considered to be in the public domain. Anyone contrary to their publication need only contact the editorial office which will immediately proceed to remove the photos.