Adequate corporate governance structures centered on Islamic banking specific features would promote the growth potential of the industry and its integration into the global financial system said a senior official from the Abu-Dhabi based Arab Monetary Fund.
Dr Ibrahim Akoum, Chief of the Fund's Arab Financial Markets Division said the Islamic banking has emerged strongly in the last few years with assets worldwide exceeding $300bn and an expected annual growth of between 15 and 20 per cent.
However, there are several challenges facing Islamic banking and financing industry and certain steps need to be taken to present the industry in general as credible, sound and competitive in the world of globalization, Dr Akoum said in remarks to The Peninsula yesterday.
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