Dr. Mohd Daud Bakar on ‘Mainstreaming Islamic Finance’

Islamic Finance has been in this world, in the modern history of financial systems in the last forty years; almost four decades.

And everyone and every stakeholder has been hoping to see Islamic banking finance to be operational on the centerstage of the world financial system.

I don’t think we have achieved that level, as yet, but it does not mean we cannot be putting the hope and aspiration to make this Islamic banking finance one day on the centerstage of the financial world.

Mainstreaming Islamic Finance

And this is what we call, ‘to mainstreaming Islamic finance’, to make Islamic finance the mainstream and the preferred financial solution for the financial world to consider.

The efforts should be coming from all the stakeholders and we have many stakeholders of the world, either in Muslim world or in non-Muslim world, they should be able to work together to articulate and to make sure that Islamic finance and banking is one of the preferred solutions with regards to banking, perhaps insurance, perhaps capital markets, funds and SRI, the green activities and what not.

So, Islamic finance and banking has all the ingredients, has all the important DNA to become the preferred solution across the globe.

It is not only limited to Muslims because the very fundamental of Islamic finance and banking is to provide transparency, is to provide real asset economy and perhaps real services economy that can give the real value to everyone in the market.

The trader, the user, the employee, the entrepreneur, the needy, the poor. Everyone would benefit from this system if we are able to put the right scheme of making Islamic banking and finance the preferred choice of financial activities and perhaps will make the Islamic banking the mainstream of the financial practice of the world.

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