IslamicFinance.de

The Sultan of Perak State, Sultan Nazrin Muizzuddin Shah, spoke at the opening ceremony of the 14th Kuala Lumpur Islamic Finance Forum (KLIFF) 2017. He said Islamic finance has come far but there are at least six challenges at the moment. He said challenges at present include lower oil prices and changes in the global regulatory and supervisory framework. Sultan Nazrin said Islamic finance managed to cope better than its secular counterpart in terms of growth, albeit from a smaller base. Sultan Nazrin addressed the six challenges faced by the industry. In his view, the Islamic banking industry needs to improve profitability, the industry needs to maintain high standards of loan quality and corporate governance. Islamic capital markets need to grow at a faster pace, the negative trends of corporate issuances of sukuk need to be reversed. The Islamic equity market and takaful insurance need more development. Sultan Nazrin reminded that Islamic finance community must not be deviated from the objective of doing good.