Last update: 13 July 2013 10: 19 am
She said a study issued by the Arab Monetary Fund to share Islamic banks constitute about 20% of the total of the financial sector in the GCC.
The study showed that the Islamic banking industry grow by between 15 and 20% annually since 2000, where over the past two decades have seen rapid developments and significant growth as a result of the increase in the number of those wishing to deal with Islamic banks, in addition to the oil boom that flooded the Islamic financial institutions with liquidity.
The study reviewed by Dr Ibrahim alkrasnh Fund Economist reality of Islamic banking industry and the challenges it faces and the sources of funding for the industry and its revenues.
According to the study entitled "Islamic banks-concepts and challenges that Islamic banking lower risk levels commensurate with the orientations of the investors in the economic circumstances and the global economy.
The study noted that some States had begun to help Islamic banks in managing liquidity through murabaha, for example if the EIB needs to a loan from the Central Bank, the recent buying by loan through murabaha, sold to Bank profit margins taking an undertaking by the supplier to purchase the goods, and the Islamic Bank to resell the goods and get the required amount.
The study said «say Islamic Bank unit has $ 100 million and would like to upload to the Central Bank, it is agreed that the Islamic Bank purchases the goods via murabaha and sold to the Central Bank by a certain margin of profit is usually equal to the deposit interest rate of the Central Bank and the Central Bank to resell to the seller of the goods origin».
And the banking industry is changing and evolving industry and therefore need to be qualified to deal with developments in the industry and at the same time be able to upgrade them to higher levels, requiring coordination and cooperation among training institutions in States where Islamic banks and to build capacity in technical skills required.
The study called for a consensus on some major issues concerning matters of legality and standardization of concepts related to issues of law so there is a difference in interpretation between the various regulatory authorities, especially when there is overlap on some issues between States.
She stressed the need for consistency and uniformity among the various regulatory authorities of the banking industry to ensure consistency of interpretation of all the issues facing the banking industry.
The study also recommended that work on developing indicators of the overall safety to ensure the safety of the banking industry, which helps to monitor the performance of these banks to the financial stability and the need to find a classification for Islamic banking institutions capable of dealing with the developments in the banking industry and, at the same time, work on a comprehensive classification for all issues related to the dangers that lurk in the work of the Islamic banks.
The study indicated the need for activating and strengthening the culture of Islamic finance as a real alternative to traditional financial transactions, in addition to benefiting from international expertise in this field and works to spread the culture of the Islamic financial industry, ensures fast application to meet customer needs and solve the problems, said "the Union".