The Chief Executive Officer of Qatar Financial Centre (QFC), Yousuf Mohamed Al Jaida, has said that the outlook of Islamic finance pointed towards a strong future growth and embracing innovation, technological advances and financing instruments would provide untapped market access to Islamic finance.
He stated this at the fourth Islamic Financial Services Board (IFSB) Innovation Forum in Qatar.
The forum, organised by QFC and IFSB, and patronised by Qatar Central Bank (QCB), was attended by key stakeholders from the global Islamic finance community.
Addressing the forum, Al Jaida said: “While sustainability efforts are government-led, environmental preservation and social developments are shared responsibilities of the public and private sectors.
“Today, the global Islamic finance industry is worth over $2 trillion and is projected to grow to nearly $5 trillion by 2025.”
He stated that the annual event had been instrumental in facilitating the exchange of views, building stronger alliances, broader interlinkages and identifying market gaps and opportunities that lead to the development of the Islamic financial services industry.
“Looking globally, we can observe that capital markets are rampantly developing and adopting relevant sustainability standards and green taxonomies.
“This reality demands adapting innovative forms of sustainable financing instruments which are divergence to the Islamic finance principal.
“In fact, industry experts project that Shariah-compliant ESG investment will grow significantly in the coming years as demand for ethical financing increases and awareness of climate change and social justice broadens.
“A lot can be done to scale Islamic finance and enhance financial inclusiveness. Embracing innovation, technological advances and financing instruments alike can provide untapped market access to Islamic finance,” Al Jaida, while working on policies and regulations remains the main building block to take the industry to the national level of growth.”
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