LONDON (AP) - The rule is simple, no transactions relating to alcohol, pornography, or anything that damages morale coupled with the removal of interest, then that's the cornerstone of Islamic financial system, which could still survive amid the growing collapse of the state of the world economy, on the contrary , Islamic banks have the opportunity to continue to grow.
World financial crisis provides an opportunity for Islamic banks based on a number of Gulf countries.
Unlike Western banks, Islamic banks only slightly affected by the wave of financial crisis, and experts believe that it was because sharia law is totally based on the Muslim holy book, the Koran, which is the word of God.
Islamic banks also do not know the inter-bank loans because the funds are funds that they manage their own deposits, Islamic banks also do not want to deal with risky debt bonds. Moreover, Islamic law prohibits interest and encourage sharing system, which means that all kinds of investment, the better the results gain or loss, will be divided equally between the bank and its clients.
The fact that Islamic banks have only the minimum effects of the global crisis makes Islamic banks more attractive in the eyes of investors, especially those incorporated in the Gulf Cooperation Council (GCC), who kept an eye on the value of their investments amid tersungkurnya commercial banks, according to a new report , who was named the development of Islamic finance in the GC, from the London School of Economics and political knowledge (LSE).
"There are many questions that arise about the values in the conventional financial system, and as an alternative, Islamic banks will be ogled, especially because of the establishment of Islamic banks is due to the need for morality in financial transactions, based on the guidance of religion," said the authors of the report , Professor Rodney Wilson, who wrote the report for program development, governance and globalization in the Gulf countries.
The demands of the Muslims of the world, amounting to 1.3 billion people to the way investments are in accordance with their beliefs means that the assets in accordance with Islamic law range between $ 700 million to $ 1 trillion, with some estimates stating that such assets grow to reached $ 1.6 trillion at the end of 2012.
The value of assets in accordance with the guidance of sharia in the GCC, whose members include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, estimated at more than $ 262 billion.
"The increasing international interest in Islamic financial system has been noted in the GCC, and this will encourage the acceptance of local government and the bank's clients, because Islamic banks work through a crisis and no one needs a bailout from the government," said Wilson.
Wilson said that the GCC there is in the heart of the Muslim world terdsebut making the area a strategic center of the Islamic banking system can link with Europe, Asia and Africa, and argues that the spread of Islamic bank branches GCC is an indication that it was happening.
Furthermore, the global economic recovery is likely to benefit the GCC as oil and gas prices go back up, so that the fresh funds will go to Islamic banking to expand wider.
In addition to being supporters of Islamic banking until now, Saudi Arabia could be a global leader in Islamic finance industry worldwide if the Saudi Arabian Monetary Agency (SAMA) and capital market authorities to move more proactive in promoting the Islamic industry.
However, the differences of regulation and harmonization between one thought with another thought, just a handful of major barrier Islamic banking system to grow across borders, mainly European countries that have a community of Muslims in large numbers.
While the industry is expanding into countries of non-Muslim or secular states, the need to provide knowledge about the Islamic banking sector is increasing.
When an existing sign that cultural barriers are not an issue, this week a training program based in London was launched by the mayor of London, Ian Luder, to enable the European bank branch to better adjust to persyarakat Islamic financial system.
"Although the center hit by a wave of financial crisis, the Islamic financial system continues to grow rapidly as an alternative banking system for Muslims and non-Muslims. (Islamic System) will be an important component for a new global financial infrastructure," said Luder.
The program, which will be run by UK Islamic banking center, run to provide training and research for government and private organizations such as insurance companies, banks, non-financial businesses, and instiutsi-academic institutions.
"Islamic financial sector is developing in an ever-increasing levels, due to the strong financial principles and ethical values, which prohibits interest and encourage risk-sharing systems and the sharing of results between the two parties," said Akmal Hanuk, IBFC-UK managing director.
The value of the assets of sharia in the GC exceeds $ 262.6 billion if the value of the assets of Saudi Arabia, Kuwait, UAE, Bahrain and Qatar combined. With total assets of sharia worldwide reached approximately $ 640 billion at the end of 2007, it indicates that the GCC countries contribute 41% of the overall value.
World financial crisis provides an opportunity for Islamic banks based on a number of Gulf countries.
Unlike Western banks, Islamic banks only slightly affected by the wave of financial crisis, and experts believe that it was because sharia law is totally based on the Muslim holy book, the Koran, which is the word of God.
Islamic banks also do not know the inter-bank loans because the funds are funds that they manage their own deposits, Islamic banks also do not want to deal with risky debt bonds. Moreover, Islamic law prohibits interest and encourage sharing system, which means that all kinds of investment, the better the results gain or loss, will be divided equally between the bank and its clients.
The fact that Islamic banks have only the minimum effects of the global crisis makes Islamic banks more attractive in the eyes of investors, especially those incorporated in the Gulf Cooperation Council (GCC), who kept an eye on the value of their investments amid tersungkurnya commercial banks, according to a new report , who was named the development of Islamic finance in the GC, from the London School of Economics and political knowledge (LSE).
"There are many questions that arise about the values in the conventional financial system, and as an alternative, Islamic banks will be ogled, especially because of the establishment of Islamic banks is due to the need for morality in financial transactions, based on the guidance of religion," said the authors of the report , Professor Rodney Wilson, who wrote the report for program development, governance and globalization in the Gulf countries.
The demands of the Muslims of the world, amounting to 1.3 billion people to the way investments are in accordance with their beliefs means that the assets in accordance with Islamic law range between $ 700 million to $ 1 trillion, with some estimates stating that such assets grow to reached $ 1.6 trillion at the end of 2012.
The value of assets in accordance with the guidance of sharia in the GCC, whose members include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, estimated at more than $ 262 billion.
"The increasing international interest in Islamic financial system has been noted in the GCC, and this will encourage the acceptance of local government and the bank's clients, because Islamic banks work through a crisis and no one needs a bailout from the government," said Wilson.
Wilson said that the GCC there is in the heart of the Muslim world terdsebut making the area a strategic center of the Islamic banking system can link with Europe, Asia and Africa, and argues that the spread of Islamic bank branches GCC is an indication that it was happening.
Furthermore, the global economic recovery is likely to benefit the GCC as oil and gas prices go back up, so that the fresh funds will go to Islamic banking to expand wider.
In addition to being supporters of Islamic banking until now, Saudi Arabia could be a global leader in Islamic finance industry worldwide if the Saudi Arabian Monetary Agency (SAMA) and capital market authorities to move more proactive in promoting the Islamic industry.
However, the differences of regulation and harmonization between one thought with another thought, just a handful of major barrier Islamic banking system to grow across borders, mainly European countries that have a community of Muslims in large numbers.
While the industry is expanding into countries of non-Muslim or secular states, the need to provide knowledge about the Islamic banking sector is increasing.
When an existing sign that cultural barriers are not an issue, this week a training program based in London was launched by the mayor of London, Ian Luder, to enable the European bank branch to better adjust to persyarakat Islamic financial system.
"Although the center hit by a wave of financial crisis, the Islamic financial system continues to grow rapidly as an alternative banking system for Muslims and non-Muslims. (Islamic System) will be an important component for a new global financial infrastructure," said Luder.
The program, which will be run by UK Islamic banking center, run to provide training and research for government and private organizations such as insurance companies, banks, non-financial businesses, and instiutsi-academic institutions.
"Islamic financial sector is developing in an ever-increasing levels, due to the strong financial principles and ethical values, which prohibits interest and encourage risk-sharing systems and the sharing of results between the two parties," said Akmal Hanuk, IBFC-UK managing director.
The value of the assets of sharia in the GC exceeds $ 262.6 billion if the value of the assets of Saudi Arabia, Kuwait, UAE, Bahrain and Qatar combined. With total assets of sharia worldwide reached approximately $ 640 billion at the end of 2007, it indicates that the GCC countries contribute 41% of the overall value.
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