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Saturday, 23 February 2008

Malaysia Central Banker Says Islamic Finance Market Growth At 20%

TOKYO (Nikkei)--At a Tokyo symposium Saturday, Zeti Akhtar Aziz, governor of Bank Negara Malaysia, said the global Islamic financial market is expanding at an annual clip of 20% and is worth more than 1 trillion dollars, or about 107 trillion yen, including insurance policies.

In her keynote speech on "The Evolution and Opportunities of Islamic Finance" at the Nikkei Islamic Finance Symposium, Aziz pointed out that increased diversity in Islamic financial products, including "Sukuk" bonds, has made them more attractive as investment subjects.

While underscoring the stable nature of the Islamic financial system, Aziz said, "Islamic financial transactions must be always supported by production activity" under Islamic law, or Shariah, which bans interest-based transactions, and is free from potential risks posed by speculative trading and other activities.

In the keynote address prepared by Hamad Saudi Al-Sayari, governor of the Saudi Arabian Monetary Agency, and delivered by Saudi Ambassador to Japan Faisal Hassan Trad, the governor noted, "The Islamic financial services industry is becoming an increasingly important part of the global financial system."

(The Nikkei Sunday edition)

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Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Consultant/Speaker/Motivator : www.ahmad-sanusi-husain.com 
Islamic Investment Malaysia: www.islamic-invest-malaysia.com

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