IslamicFinance.de

Standardisation of the regulations governing Islamic finance is a must to ensure the globalisation of Islamic finance, according to Hussain AlQemzi, GCEO of Noor Investment Group and CEO of Noor Islamic Bank. Although regional standardisation bodies exist, adherence to their standards varies from country to country and region to region. AlQemzi called for practical measures to be implemented that progressively address impediments to the growth of Islamic finance. He further said that an enabling environment for cross border connectivity through Islamic finance needs to be created. This will require measures to develop domestic capital markets and national market reforms. Domestic markets should also be strengthened by widening the issuer and investor bases, with more issuances in currencies other than the domestic currency, to attract investors from across the globe. And there should be greater collaboration and cooperation among, and between, national economies in which Islamic finance participates, AlQemzi added.

Because of the ongoing unrest in North Africa and the Middle East, many investors from Gulf countries have been directed to Turkey.
Hussain Alqemzi, Noor Islamic Bank’s chief executive officer, stated that the Noor Islamic Bank has been assigned to arrange and manage more than $1.4 billion Islamic finance capital market deals in Turkey in the last 18 months, becoming the most active United Arab Emirate bank in the country.
The total trade volume between Turkey and the six member states of the GCC, Bahrain, Kuwait Oman, Qatar, United Kingdom of Saudi Arabia, United Arab Emirates, reached approximately more than $17 billion last year.