Media Type

Keynote Address

Publication Date

4-24-2006

Description

The achievements made by Islamic Finance Industry during the last few years have indeed been impressive. The growth rate of 15-20% annually, the evolution of sukuks, fixed income, equity, money market instruments and the attraction of Islamic products among a large variety of issuers and investors globally have been the salient features that have characterized the Islamic Finance Industry (IFI). The highest spread of the industry has taken place in the GCC countries followed by Malaysia, Iran and Sudan. The annual growth rate in GCC countries is 24 percent while in South East Asia it is 26 percent. In all these markets the assets of Islamic banking have grown faster than the overall banking sectors.

Notes

Consolidated version of speeches delivered at the Islamic Financial Services Forum organized by the Islamic Financial Services Board in 2005, the 2nd Pakistan Islamic Banking Conference held at Karachi on November 8, 2006, a speech delivered in 2002, and a paper prepared for a World Bank seminar to be held at Washington D.C. on April 24, 2006. Publication date is estimated. IH0280 (I)

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