Prospects bright for industry in Middle East

Prospects bright for industry in Middle East

While protestors are raging in several Middle Eastern capitals demanding political and economic reforms, regime changes and an end to corruption, there’s been speculation on the impact on Islamic finance.

March 21, 2011 2:11 by Arab News

Tunisia because of its proximity to the European Union, if it develops its Islamic finance industry in the new democracy, could become a bridge between the MENA countries and the Europe in this respect, especially with the French speaking countries both sides of the Mediterranean.

Some Islamic finance entities are also eying a post-Qaddafi Libya with its huge oil resources. One Malaysian entity has even done a feasibility to set up a presence in Tripoli to help guide the country toward developing an Islamic banking legal and regulatory framework.

Hitherto Libyan officials have been ambivalent about Islamic finance stressing they would allow it on a product by product basis taking into regard its risk characteristics instead of introducing enabling legislation for standalone Islamic banks.

The article was originally published in Arab News.

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Tags: Banking, Banking & Finance, gcc, Gulf, Islamic, Islamic finance, Saudi Arabia, Sharia, shariah, sukuk, UAE