Islamic finance industry growing considerably

MENAFN - Kuwait News Agency (KUNA)) The Islamic finance industry has grown considerably in recent years, both locally and internationally, with an increase in the number of Islamic Sharia (law) compliant institutions, clients, and services offered, said Governor of the Central Bank of Kuwait Sheikh Salem Abdulaziz Al-Sabah on Sunday.

Speaking at the inauguration of the International Conference for Islamic Finance and Investment, he said Kuwait's Islamic finance activity dated to 1977 and now there were three Sharia-compliant banks and 31 investment companies.

These, he said, accounted for 26 percent of the local market, noting that the central bank had been working with these bodies since the early 1980s.

The whole world is becoming more interested in the Islamic finance industry, he said, citing as an example the UK where Islamic finance tools witnessed a noticeable growth and proved to be popular.

Many countries have begun preparing legislations allowing for the introduction of Sharia-compliant institutions, he said, noting this global expansion required the habilitation of human resources and workforce.

For his part, Secretary General of the Accounting and Auditing Organization for Islamic Financial Institutions Dr. Mohammad Al-Shaar said it was important to further develop international standards so as to guarantee the expansion of the Islamic finance industry.

The two-day conference will focus on developments in the Islamic finance industry and issues related to Islamic banking and finance institutions