IslamicFinance.de

Despite the recent global economic crisis, the Islamic finance industry has continued pushing forward strongly. The industry increased its total assets by 23.8 per cent by the end of 2011. This comprised a hefty 22.4 per cent of the total assets of the banking system. As evidenced by The Banker Magazine’s 2011 rankings of top Islamic financial institutions,global recognition has not been in short supply either.

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Since the enactment of the Islamic Banking Act in 1983 Malaysia has been operating with both conventional and Islamic banking systems. According to Islamic principles money lending and investing in businesses that are considered haram are prohibited. Islamic finance is all about accumulating all the available resources and providing financing based on pre-determined profits rather than dealing with interest.

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Islamic finance players should explore opportunities in equity-based financing in making the industry more attractive. Making this call, Bank Negara Malaysia's Deputy Governor Datuk Muhammad Ibrahim said through equity-based financing, industry players could move away from mimicking conventional products and operate truly on syariah compliance.