IslamicFinance.de

Islamic finance is increasingly important in the global economy and needs to be better integrated into the international financial system, German Finance Minister Wolfgang Schaeuble told at the G20’s Investment and Infrastructure Working Group. The World Bank, Islamic Development Bank and countries including Saudi Arabia and South Africa had shared their practical experiences with asset-backed financing and Islamic finance in particular over the past year, he said. The asset-backed nature of Islamic finance should in theory make it ideal to build highway networks, ports and other big projects. An estimated $800 billion worth of infrastructure financing will be needed each year in Asia alone over the next decade, according to the Asian Development Bank.