"Islamic finance for Asia: development, prospects and inclusive" by Dr. Ishrat Husain
 

Faculty / School

Faculty of Business Administration (FBA)

Was this content written or created while at IBA?

Yes

Document Type

Conference Paper

Publication Date

11-4-2013

Author Affiliation

  • Dr. Ishrat Husain is Dean and Director of the Institute of Business Administration, Karachi.

Book or Conference Proceedings Title

The Asian Development Bank Conference on Islamic Finance

Conference Location

Manila

Conference Dates

Nov4‐5, 2013

First Page

1

Last Page

5

Keywords

Islamic Finance,Asia,Financial crisis

Abstract / Description

The global financial crisis of 2008/09 has triggered a lot of soul searching, new thinking and revisionist analysis in search of an alternative paradigm under which the positive aspects of the international financial system can be preserved and promoted while the destabilizing and negative dimensions are averted, or at least their adverse impact is minimized . It is in this larger context that I wish to explore the possibility of advancing Islamic finance as a possible alternative means of financial intermediation and a reliable instrument of promoting inclusive growth and reducing income inequalities in Asia and the world. Islamic financial service industry (IFSI) has been growing 50 percent faster than the traditional finance. The average annual rate of growth of Islamic financial assets has been about 20 percent. But the total volume of these assts i.e. $ 1.8 trn accounts for an insignificant proportional of the global financial assets. It has a long way to go before it makes an appreciable dent.

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