Doha, Qatar - Speaking at the 10th International Conference on Islamic Banking and Finance in Doha, Dr. Ahmad Mohamed Ali, Chairman of the Islamic Development Bank (IDB) Group emphasized the increasing global demand for the Islamic financial industry as more and more entities begin to welcome the industry including universities, centers of studies and research, specialized associations, supervisory and control boards, international financial institutions, infrastructure institutions for Islamic
finance industry and Shari’ah supervisory and control boards.

He pointed out that the Islamic financial assets maintained high levels of growth, which now stand at 17% and estimated the total Islamic financial assets worldwide to stand at US$ 1.6 trillion. They are expected to rise to US$ 4.2 trillion by 2020 according to specialized studies, he added.

Citing the role of the IDB Group in supporting the Islamic financial industry, he stated that the Group has been able to create a convenient environment for the Islamic financial industry by encouraging financial integration through development of the Zakat, Awqaf and Micro-finance sectors; supporting studies and research in the field and building of human capital and developing relevant products for the growth of the industry.

In his speech, the IDB Group Chairman presented a number of essential issues for discussion comprising development of mechanisms for building reference standards for the Islamic financial industry; development of research and knowledge instruments; building human capital; developing financial products which would be within the reach of those segments without sufficient access to banking services. “Most important among these products is Islamic micro-finance, which could help reduce poverty and
unemployment”, Dr. Ali said. He also spoke of the diversification of the Islamic financial industry and the establishment of an integrated system of institutions and financial markets that would meet all the requirements of development at all levels, in addition to developing innovative mechanisms for management of liquidity in Islamic financial institutions.

The international conference was jointly organized by several bodies including Qatar’s Faculty of Islamic Studies (Member of Hamad Bin Khalifa University), Qatar Central Bank and the Islamic Research and Training Institute (IRTI - member of the IDB Group) and attended by more than 700 officials, bankers and financial experts from nearly 50 countries.

During the 39 working sessions, the conference discussed 158 scientific and working papers on subjects such as: Islamic social financing; pioneering in business; reforms in the field of Islamic banking and behavior and ethics in Islamic economics; development of banking products and Shari’ah supervisory boards; education; human capital development in the field of Islamic economics, etc.