Second Cut of Sharia Compliance in Finance Looks at Impact of Investment

Speaking on the sidelines of the 2015 Sukuk summit held in June 2015 at the Jumeirah Carlton Tower, London, Jaseem Ahmed, Secretary General of the Islamic Financial Services Board (IFSB) stated the Islamic finance industry is now witnessing the coming together of the global community of savers and investors who are interested in ethical finance. He further added such investors are showing an interest in sukuk because of its ethical credentials.

Mr Ahmed was being interviewed in Islamic Finance: Sukuk a program broadcast by the Islam Channel which covered the 2015 Sukuk Summit.

Islamic Finance Needs to Grow Beyond Muslim Countries

Also interviewed was Dr Nik Ramlah Mahmood, Managing Director of Securities Commission of Malaysia, who stated the Islamic finance industry in order to maintain growth needs to expand beyond Muslims countries, and Sukuk issuances by UK and other non Islamic countries are extremely critical to show Islamic finance cuts across the entire finance community. These comments back a similar discussion had by the Turkish Deputy Prime Minister at a recent IMF conference held in Washington.

Industry Challenges

Challenges highlighted at the Sukuk summit were development of human capital within the industry, as well as the need for standardisation.

Jaseem Ahmed on the issue of standardisation stated it should be accepted that diversity will always exist. He added for the most part the IFSB through the Islamic Development Bank’s Sharia advisory board which has participation of the four main Sunni schools of thought as well as Shia scholars in Iran has reached a broad consensus on a set of guiding principles.

Other notable attendees interviewed in the program were Wayne Evans of City UK, Adam Ebrahim CEO of Oasis Group Holdings of South Africa, and Dr Mohammed Daud Bakar Executive Chairman of Amanie Group of Malaysia.

Islamic Finance: Sukuk was broadcast on the Islam Channel in June 2015 and presented by Samina Kiyani. Watch full programme below.