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Saturday, 23 February 2008

Bank of Japan Governor Sees Islamic Finance Spurring Global Market Growth


TOKYO (Nikkei)--In his opening speech at the Nikkei Islamic Finance Symposium in Tokyo Saturday, Bank of Japan Governor Toshihiko Fukui said, "Development of the Islamic form of finance will contribute to diversifying the international financial market and transactions" and help fuel an expansion in the market and business opportunities.
Islamic finance is now an essential factor in understanding the international financial mechanism, Fukui said.
He pointed out that diversity in Islamic financial services is "important also from the perspective of stability in the financial markets or systems" and thus "has a positive impact on the world economy" by improving the function of distributing resources around the globe.

However, Fukui also referred to problems with Islamic finance, saying, "Not a few aspects of this form of finance still remain unknown," including the way of arbitrage trading between Islamic financial vehicles and conventional financial products.
Fukui expressed his hope that such global organs as the Islamic Financial Services Board and the Accounting and Auditing Organization for Islamic Financial Institutions will play even more active roles in pursuing "healthy and stable Islamic financial services."

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