Islamic wealth management is going to become be the “new frontier” for the global Islamic finance industry as a growing number of Islamic high-net worth individuals keeps looking for Shariah-compliant types of investment. According to Thomson Reuters’ Global Islamic Asset Management Outlook 2015, Islamic funds – which are already a $60bn industry – are forecast to grow to at least $77bn by 2019, but the latent demand for Islamic funds is projected to grow even higher to $185bn, highlighting “substantial growth opportunities” for an industry that is supposed to struggle to reach its potential in the near- to mid-term to bridge the $108bn demand-supply gap.
It seems that the rapid success of Islamic banking in Switzerland has slowed down. A few years ago, Islamic financial products were considered the biggest potential market for the financial sector. International banks were rubbing their hands at the prospect of the large influx of money from Muslim clients who wanted to invest their money according to Islamic law.
Accordingly, Swiss banks decided to join the party. Both UBS and Credit Suisse launched investment funds guaranteeing customers they are fully compliant with Sharia (Islamic law).
Zurich Insurance Group Ltd, a composite insurer, is considering a foray in the Islamic insurance market in Malaysia.
Chief executive officer Martin Senn said an exposure in Islamic insurance will make Zurich strategically stronger in the domestic market.
"We will consider Islamic insurance," Senn told reporters here on Thursday.
Takaful that is an Islamic mode of insurance is emerging worldwide as a very viable model and being used successfully as engine of growth in a number of Muslim countries.
Pak-Qatar Takaful Chief Executive Officer, Pervaiz Ahmad stated this while speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Saturday. He said that Islamic mode of Banking and all its tools are making place in Pakistan, when compared to conventional mode of banking, though it is a highly untapped market as yet.
Millennium Private Equity Ltd., a Dubai government-linked investment company with about $5 billion in capital, plans to use Islamic financing for venture capital in Europe after buying the first corporate sukuk in the U.K.
Millennium, part-owned by Dubai Islamic Bank PJSC, the United Arab Emirates’ largest Shariah-compliant bank, bought $10 million of four-year convertible notes in July that were sold by International Innovative Technologies Ltd., a clean energy company in Gateshead.
- Islamic Banking Operations
- Regulation and Supervision
- Capital Market Operations
- Securisation and Sukuk
- Takaful - Islamic Insurance
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