The Islamic Development Bank (IDB) is getting the final touch in before setting up office in India. With introduction of Islamic banking, Indian government will certainly gain diplomatic upper hand to make financial dealings with Muslim dominated nations. Islamic Banking will clearly ameliorate the deplorable condition of the poor and marginalized segments of society. However, it won't be very surprising to see if this banking system is turned into a political issue. Certain parties might abhor the use of the word "Islamic" and could term it as anti-Indian. They might argue that the very concept of Sharia banking would go against the secular fabric of the country.
“Financing Development Through Islamic Capital Market – a viable Alternative" was the theme of the a recent 2ND regional roundtable on Islamic finance which held on March 14, 2016. This was towards advancing effort by the Securities and Exchange Commission (SEC) at expanding the depth of the Nigerian Capital Market and promoting financial inclusiveness through the Capital Market. This was in line with the SEC’s strategic Ten year Master Plan on Non-Interest Capital Market. The workshop aimed at encouraging states to explore the alternative model for financing infrastructure projects through Islamic Capital Market Products such as Sukuk.
Islamic finance growth will stay strong this year, as Southeast Asia drives demand for financial products that comply with Islamic or Sharia law, debt watcher Standard & Poor's said.
But the Philippines is unlikely to benefit from this since Islamic banking remains an uncharted territory here, an official of the country's lone Islamic bank said on Monday.