Islamic Finance Preferred In Terms Of Product, Cost And Efficiency

Islamic financial instruments are fast becoming the preferred choice for non-Muslims not only as commercially viable alternatives but also in terms of product, cost and efficiency.

John Zinkin, the chief executive officer of the Securities Industry Development Corporation (SIDC), also said that although the Islamic capital market has grown rapidly, it has not yet to realise its full potential.

Sources of Islamic funds are in excess of US$1.3 trillion but the Islamic capital market represents only US$230 billion, he said in a statement today when outlining SIDC's Islamic Markets Programme.

Noting that Islamic finance has a presence in over 75 countries, he said although the Islamic finance market is growing at 12-15 percent a year, there is "still enormous scope for further, faster growth with demand far outstripping supply."

Via Bernama.