Public, Private Experts Give Insight Into Islamic Finance(2)

Government officials and private-sector leaders from home and abroad shared their views on the current state of Islamic finance at the Nikkei Islamic Finance Symposium in Tokyo Saturday.

Zeti Akhtar Aziz, governor of Bank Negara Malaysia, gave a keynote speech on "The Evolution and Opportunities of Islamic Finance."

Following are highlights of Aziz's speech.


1.The evolution of Islamic finance is evidenced in five dimensions of its development


*Islamic finance is a viable and competitive form of financial intermediation

-- Seen by borrowers as an alternative means of financing

-- Seen by investors as a new asset class

-- Exceptional growth both in Muslim world where the growth is premised on religious and business considerations, and also in the Western world where the growth is much more commercial and business driven.

-- Islamic finance is among the fastest growing financial segments in the world with an estimated annual growth in the region of 15-20 percent...Continue