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Document Type

Conference Paper

Publication Date

3-31-2004

Conference Name

Annual General Assembly meeting of Islamic Financial Services Board

Conference Location

Nusa Dua, Indonesia

Conference Dates

March 31, 2004

Series

Faculty Research - Book Chapters and Conference Papers

First Page

1

Last Page

5

Keywords

Financial service, Future prospects, Islamic financial service

Abstract / Description

The topic for discussion at this seminar is quite wide-ranging and, therefore, I would like to focus my remarks on six sets of issues that, in my view, will impinge heavily on the success or otherwise of the growth of the Islamic Finance Sector. We have to agree, at the very outset, on the objective which we are trying to achieve. I agree with Dr. Zeti Aziz that our objective is “to nurture a competitive, dynamic, sustainable Islamic Financial Service Industry as an integral part of Global Financial System”. I believe this objective is attainable. At the national level, particularly in countries with Muslim population, Islamic finance industry will provide opportunities to those who are outside the conventional banking due to their faith and beliefs to join the organized financial sector. This, in turn, will lead to financial deepening in the country and hence contribute towards one of the overall national economic goals, i.e. expansion of financial sector. At the international level, the investors will have a new asset class available to them, which may not have high correlation with other asset classes and thus help them in diversification of their asset base and minimize their vulnerabilities.

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