KUALA LUMPUR, July 4 (Bernama) — Islamic financial instruments are fast becoming the preferred choice for non-Muslims not only as commercially viable alternatives but also in terms of product, cost and efficiency.
John Zinkin, the chief executive officer of the Securities Industry Development Corporation (SIDC), also said that although the Islamic capital market has grown rapidly, it has not yet to realise its full potential.
Sources of Islamic funds are in excess of US$1.3 trillion but the Islamic capital market represents only US$230 billion, he said in a statement today when outlining SIDC’s Islamic Markets Programme.
Noting that Islamic finance has a presence in over 75 countries, he said although the Islamic finance market is growing at 12-15 percent a year, there is “still enormous scope for further, faster growth with demand far outstripping supply.”
Zinkin said there is a need for an Islamic capital market talent pool to introduce new products in the market as well as awareness of existing products in other jurisdictions in order to fill the gap.
SIDC, he added, plans to organise the Islamic Markets Programme annually as in view of the growing need for a new generation of innovators, regulators, intermediaries and risk managers in the Islamic capital market to sustain the performance, competitiveness and future growth of the industry.
– BERNAMA
