INVESTORS LOOKING FOR INTEREST-FREE BANKING

MY ASSIGNMENT 26/9/2008 (IBBM)

More investors are looking for interest-free banking. As such, more countries and global financial institutions are having Islamic windows and rolling out Islamic products and services amidst the challenges and uncertainties in the global market.

Director of Banking & Finance Unit of Monash University, Professor Bala Shanmugam said investors' awareness have grown and the essence of Islamic banking has been building up in many parts of the globe.

Speaking to reporters after a preview on the 6th International Islamic Finance Conference 2008 in Kuala Lumpur on Friday, Bala said investors were looking for interest free banking to avail much needed credit for development.

"I think the acceptance is increasing overtime as you know by now nearly 60 countries has got into Islamic finance and even non Muslim countries sucah as the UK, US, Japan of late, Hong Kong, Singapore and all this countries getting into Islamic finance".
SUPER: Professor Bala Shanmugam \ Director of Banking & Finance Unit\Monash University

According to the Malaysia-based Islamic Financial Services Board and Saudi Arabia's Islamic Development Bank the islamic financial services industry worldwide, including banking assets were expected to grow 2.8 trillion US dollars by 2010.

On the conference, Bala said the objective was to provide a platform and communication channel for researchers, academicians and business leaders.

The conference themed "Innovation is Islamic Finance: A fast Track to Global Acceptance" would be held between October 13 and 14 in, Kuala Lumpur. United States, United Kingdom, Iran, and Singapore were among 10 countries participating in the event.(*ENDS*)