Towards Qualitative growth and standardization of Islamic Finance
5-6 November 2017, Diplomat Hotel, Manama, Kingdom of Bahrain
Self-evident is the high and rapidly increasing growth rate of the Islamic finance industry, in terms of asset base, scope of financing, and diversity of products as well as geographic spread across Islamic countries and other countries, in addition to the its sophisticated infrastructure and relevant regulations and regimes. All these manifestations have become irrefutably solid facts and realities. In the midst of accompanying jubilation and elation, the current stage would require an increased emphasis on the “qualitative” development of the Islamic finance industry, as might be reflected in its products’ compliance with Shari’ah and its supreme objectives (Maqasid) and noble cause, and a further level of governance and transparency. The industry needs to be further elevated, professionally and institutionally, at the international level, through the development of more professional standards to govern and regulate all its activities and areas of interest and enhance the levels of global adoption and recognition.
In this regard, the 12th edition of AAOIFI-World Bank Conference sheds light on this particular potential from different angles through the lenses of a host of leading experts and scholars, representatives of central banks and regulatory and supervisory authorities, and practitioners.