Dr. Mohamed Ali El Gari

Alhamdulillah. I’m very happy to make this statement.

I’m actually the chairman of the Shariah board of Amanie, and I am in this business of advising Islamic banks for the last two decades, maybe more.

It is so thrilling to see Islamic banking now becoming a global business, huge assets, tremendous rate of growth and more is coming from Islamic banking, Islamic finance, where all sectors of the economy will be served by Shariah approved means and products and modes of finance.

In the beginning, Islamic banking, was not, has to prove its existence, but now it is so visible, and it is really making a difference.

Making a difference in terms of being concentrated on the real sector.

Wherever you see Islamic banks, you will see the difference that is Islamic banking is more involved in the real sector, not the just monetary, financial, where money is creating money.

There is that ethical, ethical aspect of Islamic banking. I am advising one bank and we were surprised to see that a lot of customers, who are non-Muslims, who are alternatives, they are coming to this bank.

We want to investigate, what is the, really, the motivation and it turns out that the terms and conditions of the transactions done by this Islamic bank are more fair to customers and customer can see that.

So, this is where Islamic banking is different and I am very happy that Islamic banking now is going into other sectors, not only financial intermediary and of course the future is going to be even more thrilling, Insya’Allah.

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