News Digest in Islamic Finance March 2020

Every month we will bring the digest of Islamic finance news to all our readers.

Commentary: How much does the Islamic economy embrace gender diversity and inclusion?

“As women make their mark in entrepreneurship, the corporate world of Islamic finance and banking still lags behind in diversity and inclusion, especially across leadership level.

The greatest inroads for representation and gender parity in Islamic finance has been made by Malaysia and Indonesia, where women are found as CEOs, board members, academics and Shariah scholars at regulatory bodies, Islamic banks and other Islamic financial institutions. These include women taking some of the highest offices in their respective countries.”

 2020: the year sustainable Islamic finance scales?

“Dubai Islamic Economy Development Centre (DIEDC) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) have signed a memorandum of understanding (MoU) to explore the latest developments, risks and challenges in Islamic finance. Under the agreement, the two parties aim to conduct joint capacity-building programmes related to the Accounting and Auditing Organization for Islamic Financial Institutions standards in various jurisdictions, especially in markets new to Islamic banking and finance.”

“The Islamic finance sector is booming. From a market of just $200bn in 2003, the sector is expected to grow to over $4trn in assets by 2030. Much of these funds originate in the majority Islamic countries in the Arab region, yet the investments are global in scope and impact.

As Islamic finance continues to expand in the next decade across regions and asset classes, there is a unique window of opportunity to align elements of these investments with the UN Sustainable Development Goals (SDGs). “

Leave a Comment