Islamic finance to override oil price woes, prospects remain strong

The prospects for Islamic finance remain strong despite the inevitable correlation between oil price and Islamic wealth. Bahrain Central Bank Governor Rasheed Al Maraj said while there were some headwinds recently, the long-term growth picture within its strongest markets in the Middle East and Southeast Asia remained robust. There is a clear demand for Shariah-compliant financial products and services. As the industry matures, it is able to do more to meet that demand, he explained. Rasheed also highlighted that it was imperative for the industry to continue addressing challenges that could hamper longer-term growth such as investment in education and training.