Posted by: islamicfinancingnews | June 4, 2013

Islamic finance and growth in RGM’s

islam-31 There always seems to be something new happening in the world of Islamic finance. A recent article in the Gulf Times reports Islamic trade finance could become the preferred choice of global trade among emerging rapid growth markets (or RGMs) that include Turkey, Indonesia, Malaysia, Saudi Arabia, the state of Qatar and the UAE.

Referring to a new report from Ernst & Young, one of the “Big Four” accounting firms, many of these RGM’s are looking for ways to expand Islamic trade finance and strengthen the strong links that already exist with other markets that deal in Islamic finance.

As economies mature and wealth levels increase in RGM’s, which have become a significant part of the global economy, there is more demand for sophisticated financial services in these regions that include a high percentage of Muslim populations. The E&Y report indicates the switch to trade in Islamic finance will require a framework to reveal how Islamic financial institutions can add value to businesses in their trade operations, while ensuring talent management remains an important component of their business strategy.

Here at home, practicing Muslims often look to the Internet to find a company that offers Sharia compliant products free from Riba. A review of their website should include customer testimonials and a straightforward explanation of how to obtain proper Islamic loans.

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