Thursday, December 6, 2007

Time to take tough decisions

by Arthur MacDonald from The Gulf Daily News (Bahrain)

Speaking on the sidelines of the forum, global director of Dow Jones Islamic indices Rushdi Siddiqui said the industry would have to attract investors from outside the Islamic community to reach its true potential. "We have to decide whether the industry can move forward with strict Sharia-compliant screens on investment products or whether we should have parallel products based on ethical investment," he said ... "Islamic finance is not just for Muslims, it is for everyone who believes in this way of investing." He said that while the Islamic finance industry was growing strongly there was still not enough supply of products. This gap could be crossed by attracting global fund managers and hedge funds into investing in Islamic products like sukuk, he said. "Western finance will come into the industry because Islamic finance is seen as a good investment vehicle," he added.

No comments: