Islamic finance growing rapidly: Sheikh Khalid

Prominent Qatari entrepreneur and chairman of Ezdan Holding Group, Sheikh Dr Khalid bin Thani al-Thani, has said the Islamic finance industry was growing rapidly within the global financial system.

Speaking about “Islamic banking and Qatari experience” during the first Advisory Board Meeting of the Business, Society and Public Policy (BSPP) Initiative of the Georgetown University McDonough School of Business in Washington, DC, he said discussion on Islamic finance have contributed to the “internationalisation of the industry”.

“In future, Islamic finance may become a discipline within the university curriculum and motivate students and researchers to go deep into Islamic economics,” said Sheikh Dr Khalid, a member of the prestigious
BSPP Advisory Board and chairman and managing director of Qatar’s leading Islamic bank — QIIB.

Sheikh Dr Khalid is the first Arab to occupy the prestigious position as part of the Georgetown University initiative.

He pointed out that the global assets of Islamic banks were currently estimated at about $1.8tn with a compounded annual growth rate (CAGR) of more than 17% between 2009 and 2013.

He said 95% of the global Islamic banking assets are concentrated in some nine markets including five GCC countries – Qatar, Saudi Arabia, the UAE, Kuwait and Bahrain.

Islamic banking customers’ exceed 30mn, two-thirds of whom live in Qatar, Indonesia, Saudi Arabia, Malaysia, the UAE and Turkey. Islamic banking assets in these countries were expected to witness a CAGR of 19% over the next five years and reach $1.8tn by 2019, Sheikh Dr Khalid said.

He noted that Qatar was a pioneer in Islamic banking and had more than three decades experience in the field.

“We have seen considerable interest in Islamic financing and banking,” Sheikh Dr Khalid said.

Recalling the highly successful visit of HH the Emir Sheikh Tamim bin Hamad al-Thani to the United States, Sheikh Dr Khalid said, “Georgetown University is associated with Qatar through its institution in Doha. Georgetown University is one of the most prestigious American education edifices.”

Sheikh Dr Khalid spoke about HH the Emir’s keen interest in the activities of the Georgetown University in Qatar and the benefits students gain through the institution. These students are from different nationalities and include many from the region.

He said education was one of the strong pillars of Qatar National Vision 2030 and it sought to establish a world-scale educational system based on excellence and equip Qataris face global challenges with confidence.

Sheikh Dr Khalid commended the efforts of the Business, Society and Public Policy (BSPP) Initiative of the Georgetown University McDonough School of Business and said, “This is an unprecedented global initiative aimed at providing highly educational and professional approach to students.”

A release said the first advisory board meeting was “aimed at shaping the work scope and objectives of the initiative in strengthening the relationship between students and faculty, as well as prominent thinkers and businessmen.”

This would constitute a landmark in the education of future business leaders.

The meeting was an opportunity for the board members to converse directly with members of the Georgetown administration, faculty and students through several discussions during which they shared their experiences and expertise with future leaders and listened to their ideas and opinions as well as aspirations in line with the initiative’s objective.

*This article was originally published on Zawya on 13 April 2015. Read the original article here.