KUALA LUMPUR, Aug 20 — The domestic Islamic finance asset is expected to continue posting double-digit growth at between 10 per cent to 15 per cent over the next five years, said the Association of Islamic Banking Institutions Malaysia (AIBIM).
“The market place and the awareness on Islamic finance is growing across the community and countries around the world.
“The Islamic finance is well accepted now and the number of products are also increasing.
“Products like takaful, will, consumer and corporate products are all maturing and with such maturity level, Islamic finance also grows,” said its President Datuk Mohd Redza Shah Abdul Wahid after a briefing on the upcoming Global Islamic Finance Forum (GIFF 2014) here today. GIFF 2014 will be held from September 2 to 4, at Sasana Kijang, Bank Negara Malaysia, with over 100 thought leaders from around the world expected to share insights and experiences on key issues in the development of Islamic finance industry.
The association today revealed the domestic Islamic finance market share now stands at 24.2 per cent, estimated to be worth RM548 billion, when compared with the total local financial industry which includes the conventional market. — Bernama