IMF: $ 1.5 trillion in assets of Islamic banks around the world

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IMF: $ 1.5 trillion in assets of Islamic banks around the world         Sunday   24   July   2016 | 17:58         The most prominent in the news         Islamic banks have become to acquire a significant portion of the liquidity levels in a number of countries in the world                 An economic study data showed on Sunday that the total assets of Islamic banks around theworld $ 1.5 trillion, since the global financial crisis (in 2008), at a compound growth rate of 17% during that period . She said the study by the Arab Monetary Fund entitled " The repercussions of the growing Islamic banking industry on monetary policy in the Arab countries Management", the period that followed the global financial crisis, has seen a remarkable growth of the activity ofIslamic banking, reflecting the worldwide attention and wide - ranging opportunities forIslamic banking financing . The spread of manufacturing activity morphological on Islamic countries was not restricted, but has expanded to include a number of other countries, especially those representing prestigious centers of global financial activities, including the United Kingdom . According to the study, " it has become Islamic banks possess a considerable amount of liquidity levels in a number of countries around the world part, requiring the central banks continued keep pace with this rapid and successive developments, and the development ofinstruments of monetary policy in line with the growing activities of the industry ." According to the classification of Islamic Financial Services Board, it is a systemic importance of Islamic banks in the six Arab countries , namely: Sudan, Saudi Arabia, Kuwait, Yemen, Qatar and the UAE, and constitute the Islamic banks share in these countries at least 15% of the total banking assets . The study said that Sudan - adopts the banking system Islamist inclusive - tops the states relative importance of the assets of Islamic banking of 100%, followed by Saudi Arabia , which constitute the assets of Islamic banks with about 51% of the total banking assets in the UK, followed by Kuwait 's share of 38% and Yemen 27% and 25% of Qatar and the UAE 18.6 %. The study followed "as well as the approaching of the two Arab countries to become Islamic their banks with systemic importance in the medium term, namely, Bahrain and Jordan."

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«Islamic financial services» signed a memorandum of understanding with the Arab Monetary Fund

the source: 

• Kuala Lumpur - statement

Date: July 26, 2016

Ⅶ Jassim Ahmed Abdul Rahman Al Hamidi after the signing of the agreement | From the source

•  

Both Jassim Ahmed, Secretary General of the Islamic Financial Services Board and Dr. Abdul Rahman bin Abdullah Hamidi Director General Chairman of the Board of the Arab Monetary Fund, signed a memorandum of understanding for an initial period of three years to build and implement a framework for cooperation and coordination.

Between them to strengthen programs and initiatives for the development of the Islamic finance industry in the Arab region and attended the signing Rahman Zahid Khokhar Assistant Secretary General of the Islamic Financial Services Board. Dr. Abdul Rahman Bin Abdullah Al-Hamidi, the importance of the Memorandum of Understanding as a mechanism for cooperation in supporting capacity-building, and to intensify the exchange of knowledge, and strengthen support for access to finance and financial services among Arab countries opportunities.

Noting in this context that the assistance in the development of the Islamic financial services industry, working on capacity-building in the Arab region, it was not one of the most important priorities of the Arab Monetary Fund, still, and we look forward to continue and intensify these efforts to meet the growing needs in the Arab region towards the development of innovative and strong financial systems are capable to compete on the local and regional levels also praised the development and success of the existing between the Arab Monetary Fund and the Council of the Islamic financial services cooperation, expressing his pleasure as it represents a memorandum of understanding of real-time opportunity to promote and strengthen this cooperation.

Exchange of experiences

He said Jassim Ahmed The Islamic Financial Services Board for his part welcomed the formalization of the cooperation between the Council and the Arab Monetary Fund, adding that the cooperation agreement provides a good platform for the Islamic Financial Services Board to establish a partnership and build relationships with members of the Council in the Arab countries.

It is also an opportunity to benefit from the expertise of both institutions and private to enhance communication with Member States to enhance the awareness and the exchange of information and sharing of knowledge, and looked forward as well as employment and training programs aimed at workshops to promote awareness of Islamic finance and support the activation of the IFSB standards, to be conducted joint research on macroeconomic stability and supervision in the Islamic finance sector.

The aim of the joint cooperation in the light of the strategic their plan for the coming years, to strengthen the efforts of all of the Arab Monetary Fund and the Islamic Financial Services Board to take advantage of the core competencies and advantages enjoyed it, to promote programs and initiatives that drive means the expansion of the financial sector and Islamic banking, in order to serve the promotion of financial stability and to promote greater opportunities access for Islamic financial services in the Arab countries.

And determine the Memorandum of Understanding, in particular, the areas of joint action, which will include, but are not limited to the efforts and activities related to the identification and dissemination of good practices in the Islamic financial services industry through to organize joint awareness programs, such as workshops, conferences, and seminars.

And capacity building in the Islamic financial services sector in the Arab region in order to strengthen financial stability and improve access to Islamic financial services opportunities through the organization of dedicated joint training sessions and to provide e-learning programs more broadly.

Significant growth

Islamic financial services industry has achieved on a global level, a significant increase over the past three decades, with an estimated volume of its assets by about $ 1.9 trillion by the end of 2015, with expectations of faster growth in the coming years. This requires continuous growth in Islamic financial services in the Arab region, do more development efforts to reach the potential inherent in the overall economic growth.

This includes the most prominent aspects of development, upgrading of the institutional framework and the legislative and regulatory organizer of these services, and the development of associated risk management practices. By both the Arab Monetary Fund and the Islamic Financial Services Board it will work through a memorandum of understanding, to support the development efforts needed to enhance the role of Islamic finance in supporting the efforts of the Arab countries in achieving comprehensive development.