The Qatar Financial Center (QFC) aims to serve the $2tn global Islamic finance market through three core geographies as Shariah-principled finance will progressively evolve as the most equitable gateway to financial security, according to its top official.
"Islamic finance is a key focus area for both Qatar and the QFC. This was reaffirmed in 2018, when Qatar launched the world's largest single country Islamic exchange traded fund with an initial asset value of $120mn, and in the QFC’s new strategy, which aims to serve the $2tn global Islamic finance market through three core markets – Turkey, Qatar, and Malaysia," QFC Authority chief executive Yousuf Mohamed al-Jaida told the World Economic Forum on the Middle East and North Africa.
As part of moves towards achieving a sustainable and inclusive economy, the QFC will also continue to participate in meaningful dialogues that create opportunities and collaborations in support of this goal, he said at a panel discussion ‘The Promise of Islamic Finance,’ which delved into crucial issues that impact the realisation of the full potential of the sector.
Asserting that the principle of Islamic finance embodies the concept of sustainable and inclusive growth, he said as this becomes a key priority within the economic growth agendas of the governments and business entities, “Islamic financing will progressively establish itself as the most equitable gateway to financial security."
The panel discussions focused on the growth of Islamic financial sector, which has now surpassed the $1.7tn-mark and continues to hit double-digit growth rates, as well as the potential headwinds such as the need for this flourishing sector to establish a central authority to distinguish Shariah-compliant products. The panel also explored how global standards could be established through public-private co-operation.
The QFC joined a gathering of over 1,000 international leaders from government, business and civil society during the forum, which serves as a platform to collaborate on some of the most pressing challenges facing the region, while generating progress on the regional agenda for inclusive growth, social advancement and sustainable development.
