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Islamic banks face challenges to improve

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Sun, 2007/07/01 - 19:18 by Muslim Investor

A forum organized by the International Centre for Education in Islamic
Finance (INCEIF) and Tadhamon International Islamic Bank was held last
Thursday at the Mövenpick Hotel in Sana’a. The objective of the forum
was to highlight the developmental needs of the global Islamic
financial services industry, which is growing at an annual rate of
15-20 percent, according to the INCEIF. Participants in the forum
discussed the success of Malaysia in its multi-phase development of the
Islamic finance industry, Shariah regulations in financial matters, and
the trends in Islamic capital markets.

“Islamic banks in Yemen should be merged to be able for
competition,” Ahmed Dameem, Assistant Governor of Central Bank of Yemen
said during a forum entitled The Islamic finance service industry. The
Central Bank of Yemen is currently examining some 8 requirements for
the establishment of new Islamic banks in Yemen. The idea of
establishing these new banks was proposed during a conference on
international investment in Yemen, held last April. During the
conference, many business people offered to establish new Islamic Banks
because they understand that there are many investment opportunities in
Yemen. These banks would provide financial services to people and
corporations who invest in Yemen.

“The requirements we’re studying are all in accordance with Yemeni
finance legislation,” said Ahmed Dameem, the Assistant Governor of
Central Bank of Yemen. "We are confirming that the requirements fully
apply the conditions of finance legislation," he said. “There is huge
potential for Islamic financial services industry to grow in Yemen,
given that the population is predominantly Muslim,” said Agil Natt,
President and Chief Executive Officer of INCEIF. “Furthermore, due to
Yemen's strategic location and its proximity to both the GCC countries
and Africa, the country could see higher investments and trade flows
given the revenue from high oil prices and strong economic growth in
the region,” said Natt.

Via Yemen Observer.

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