Qatar’s Islamic finance assets constitute 33% of nation’s total financial system: QFC

The Peninsula

Doha: Qatar’s total Islamic finance assets constitute 33 percent of the nation’s total financial system assets and this has been driven by a CAGR growth of 8 percent since 2015 to $129bn in the first half of 2019, said Yousuf Mohamed Al Jaida, CEO of the Qatar Financial Centre in his address at the International Conference of Islamic Finance, yesterday.

The International Conference of Islamic Finance under the title of “Circular Economy: Towards Impactful, Sustainable and Value-Based Intermediation” kicked off yesterday. The two-day conference is hosted by the Center for Islamic Economics and Finance at the College of Islamic Studies of Hamad Bin Khalifa University (HBKU), a member of Qatar Foundation.

About 54 speakers from inside and outside Qatar will participate in the conference, which discusses enhancing current knowledge and studying prospects for Islamic finance and transitional economies, the evolution of circular economic systems against the backdrop of strong global discussions on climate change, environmental degradation, and related issues, reports QNA.ADVERTISING

Yousuf Mohamed Al Jaida, CEO of the Qatar Financial Centre said: “Allow me to take this opportunity to share with you brief insights into the Islamic Finance industry from the QFC’s recently published report ‘Unlocking Cross-Border Opportunities’. Globally, the Islamic Finance assets are forecast to be worth  $3.2 trillion in 2020. 

Despite the kind of relatively slow growth rate, expected this year, compared to the significant uptick of 10 percent in 2017, the Islamic Finance industry is poised to bolster in specific markets, including Malaysia, Indonesia, Turkey, in addition to Qatar, as stated by the S&P Global Rating. In fact, Qatar’s total Islamic finance assets constitute 33 percent of the nation’s total financial system assets and this has been driven by a CAGR growth of 8 percent since 2015 to $129bn in the first half of 2019.”

Dr Emad Eldin Shahin, Interim Provost and Dean of college of Islamic Studies (CIS) at HBKU, said, “CIS aims to offer a visionary new model for high education in Qatar, creating a nexus of contemporary Islamic Scholarship and innovation and these conferences is step on that road. 

We have been organizing this annual conference on Islamic finance for the past three years. Each year, we select a unique theme, which reflects the trends and developments in this emerging field of Islamic finance and economy. This year’s conference theme will be based on circular economy leading to impact full, sustainable and Value based intermediation”.

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