Islamic Finance's Robust Growth Relects Maturity In Meeting Needs, Says Governor

KUALA LUMPUR, Nov 15 (Bernama) -- The Islamic finance industry has continued to gain strength and stature, recording robust global growth of between 10 and 12 per cent, annually, over the past decade, said Bank Negara Malaysia (Malaysia's Central Bank) Governor Muhammad Ibrahim. Amid a highly challenging global economic environment, the growth reflected the steady advancement and maturity of the industry in meeting the needs of the economy, he said. "As we progress into the new era of growth, our endeavour to enhance the vibrancy of the industry warrants a new way of thinking in the face of increasing competition and profound changes brought about by technological advancements. "In facing these challenges successfully, one of the prerequisites is a pool of talent that is dynamic, adaptable and visionary," said Muhammad in his welcoming remarks at the 'The Royal Award for Islamic Finance Gala Dinner & Award Presentation 2016' on Monday. This biennial royal award initiative, spearheaded by Bank Negara Malaysia and the Securities Commission of Malaysia, recognises individuals who excelled in advancing Islamic finance, globally, through their outstanding contributions and achievements. As for the country, the governor said Malaysia had invested substantially in cultivating talents equipped with the required skills and knowledge needed to compete, to think and to innovate. "Over the last three decades in our journey to develop Islamic finance, a holistic infrastructural ecosystem devoted towards talent development has been conceptualised," he said. On the way forward, Muhammad said it was also important to continuously create distinct value propositions for Islamic finance to chart into new areas of growth. In the case of Malaysia, the need for a new breed of talent is pressing, as we embark on an ambitious target of 40 per cent market share for Islamic finance by 2020. The need is also evident at the global level, as many jurisdictions aspire to develop an Islamic finance centre of their own, said Muhammad. "It is from this perspective that it becomes even more critical for us to nurture the right talents with the best minds to propel the industry into the future, that is estimated to grow its financial assets to US$3.2 trillion by 2020," he added. -- BERNAMA