Monetary Fund: the rapid spread of Islamic banking requires

[Stillw8n]

Monetary Fund: the rapid spread of Islamic banking requires upgrading of its rules

Dr. Jassim Al Mannai, Director General of the Arab Monetary Fund that the rapid spread witnessed by the Islamic banking requires work – very hard – to upgrade the regulations governing the operation of Islamic banks in order to ensure the safety and durability of these banks, and thus maintain its growth pace sustainable .

The immune the opening of the “Islamic banking system is sustainable,” organized by the Fund in cooperation with the Institute of Islamic Research and Training Institute of the Islamic Development Bank, “Despite the modest size of the assets of Islamic banks, which are only one per cent of the total assets of international banks but the sector has grown significantly over the past two decades as it grew by at least 20 per cent since 2000, bringing the total assets of Islamic banks to about $ 900 billion . “

He pointed immune to that the main issues that must be addressed to ensure the banking system sustainable is to strengthen the infrastructure infrastructure for Islamic banks to strengthen their ability to deal with crises, including the development of tools to address liquidity risk, management and maintenance of a sound legal framework and standardization of contracts and provide enough specialists to manage and develop the financial innovations of Islamic character, according to the Emirates news agency .

The immune system in a speech delivered on behalf of him, Dr. Saud Braikan Director, Institute of Economic Policy “in this respect also we must accelerate the process of applying the standards of legality and oversight of Eetmaha Islamic banking system with the traditional banking system in addition to creating common ground for the various regulatory bodies that deal with Islamic banks in order to promote constructive dialogue . “

said The financial sector advanced is the “backbone of the economy,” and for the role it plays in providing resources and convert them less expensive and more worthy investments to support growth and increase prosperity through the mobilization of savings and investment financing and risk diversification .

He pointed out that the Islamic financial sector includes several elements are guided in mobilization and allocation of funds needed to generate economic activity and the overall development .. noting that the most important characteristic of Islamic finance is the need to be financial transactions linked to the economic activity of the real addition to the need to share profits and thus share the risk .

He stressed that Islamic finance has become an increasingly integral part of the global financial system and that of the rapidly expanding Islamic finance as a form of financial intermediation reflects and no doubt its ability to meet the changing pattern of demand by individuals, companies and its ability to survive in an environment more challenging and this has encouraged many global companies to increase their participation in the financial markets Islamic .

The session will focus involving 30 people from 15 Arab countries on the main themes include the global financial crisis and its impact on the sustainability of the Islamic banking system and the theoretical framework-General of the Islamic Bank, and modes of finance in the Islamic bank and investment in the Islamic Bank and Islamic banking services and social responsibility to the bank Islamic and risk management in Islamic banks and Islamic governance in the bank and the main challenges facing the Islamic Bank .

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