Islamic Finance Market

Assignment 27/2/2009

ISLAMIC FINANCE MARKET NOT SEVERELY HIT BY ECONOMIC CRISIS
Wan Nor Azura Bt Mior Abdul Aziz

The Islamic finance market is not severely hit by the global economic crisis compared to the conventional market as it is backed by real assets.
 
Dr Zaha Rina Zahari, co-author of an Islamic Finance Encyclopedia, said the Islamic market was not greatly affected as many Islamic finance products were structured in a more transparent way.
 
"So hopefully will not be affected as badly but global markets been what it is, you can't help be affected, you will be affected, you will be affected, I am not saying that you won't, you will but probably lesser extent than the conventional market", she said. 
 
Zaha Rina said the Global Islamic Financial Services Industry had experienced spectacular growth in the last 4 decades, driven in part by the greater awareness and understanding of Shariah Compliant Instruments.
 
She was speaking to reporters after the launch of her Islamic Finance Encyclopedia by Securities Commission (SC) chairman Datuk Seri Zarinah Anwar at Bukit Kiara on Friday.
 
In her speech, Zarinah said The Encylopedia was set to become a useful reference material for anyone seeking  quick references in understanding the terminologies of Islamic Finance.

"Well this is an important initiative we welcome contribution  to the compilation of knowledge and information on Islamic capital market as you know the Islamic capital market is very important segment of our financial system this is an area where malaysia have competitive edge", Zarinah said.
 
Zarinah said Malaysia had a comprehensive Islamic finance system with a comprehensive Islamic capital market comprising products such as bonds, unit trust, private equity and fund management.
 
The encyclopedia was co-authored by Dr Zaha Rina, Prof Dr Bala Shanmugan and Nafis Alam, all of whom are renowned individuals in their respective fields.
 
(**ENDS**)