Islamic Banking can reach US$ 1 Trillion - Mckinsey and MTI
Studies carried out by both Mckinsey and MTI Consulting point in the
direction of total asset base globally in Islamic Banking can reach USD
1 Trillion in the next three to five years.
This was revealed in the research studies presented by the two
consulting companies at the World Islamic Banking Conference in Bahrain
this week.
The key to continued high growth will be fueled by the adoption of
Sharia-Compliant banking products by the wider population than being
restricted to a core group of niche Muslims, as has been the case in
Malaysia where Chinese are among the major consumers.
The rapid development of the Sukuk (the bonds market) as a corporate
finance tool has drawn industry attention over the last year, with more
complex bonds and related derivatives expected in the market.
The successful development of a robust and resilient Islamic
financial system depends on the ability to integrate its various
components thatinclude the Islamic banking industry; Takaful (an
alternative to insurance); as well as the money and capital markets. Of
equal importance is the marketing and branding of the salient features
of the Islamic Financial Service to reach the target. |