Turkey, Qatar, Malaysia are poised to lead the Islamic finance industry in the coming years, the CEO of Qatar Financial Center said recently.
Speaking to Anadolu Agency in an exclusive interview, the CEO of Qatar Financial Centre Yousuf Al-Jaida said Malaysia could act as a gateway for Islamic finance into Asia, with Turkey into Europe and Qatar The Middle East and Africa.
He stressed that Malaysia was ready with its legal framework to facilitate the sector, as well as such products as Sukuk — a non-interest-bearing note. Qatar and Turkey need to step up efforts to take the industry to the next level.
Underlining that Doha and Ankara needed to step up and do more for the growth of the Islamic finance industry, he said these three countries could form a large platform to share experiences, technology, and know-how in the $2.4-trillion field.
“I think we can create something superb and magnificent for the industry,” Al-Jaida said, adding that Islamic finance is now growing at an even quicker pace than traditional or conventional finance.
The CEO highlighted several new potential fields for the possible growth of Islamic finance. These included Islamic financial technologies, Islamic reinsurance, and Islamic asset management among others.
“I think we have a very bright and rosy future, but there is a lot of work that needs to be done,” he noted.
With economic problems mounting across the globe, Al-Jaida said Islamic finance could be a role model for the world economy.
Touching on Turkey’s Istanbul Finance Center project, expected to be completed in 2022, Al-Jaida expressed optimism in the center’s potential.
“We have been talking to the Malaysians and the Istanbul Financial Center and hopefully, very soon we’re going to be signing a very important MoU,” he said.
Strategically located between European and Muslim countries, the Istanbul Finance Center hopes to become a center of the non-bank Islamic financial sector.
Al-Jaida urged Turkey to collaborate with Qatar and Malaysia to establish Islamic finance as a successful sector in the country.
“Turkey is a massive country. It’s an important financial market. It has opened its doors for foreign investors” asserted Al-Jaida.
He cited Qatar’s investments in Turkey, stressing that Qatar has committed $10 billion as of yet and that 35% of this has been invested.
Turkey should make necessary legal reforms to attract more foreign direct investment, he said, adding: “But there’s no doubt, the Turkish market is very attractive and very interesting.”
The hydrocarbon-rich Gulf state of Qatar currently invests in Turkey’s banking, real estate and health sectors.
“Investments will follow healthy political relations and our relations with Turkey go back hundreds of years.”
Originally published on www.yenisafak.com