Albluki confirmed Abdul Jalil, Deputy Chairman of the prospects for Islamic finance company that is currently growing expectations that the Islamic finance market plays a pivotal role in shaping the future of the global financial system, given to his exceptional growth and distinctive features most notably the commitment to high ethical principles.
He stressed Albluki in a special statement of economic statement that the growth and development of the global Islamic financial system in the next phase will depend on two things innovation and reduce costs, he said, adding that there must be recognition that the Islamic financial impact on the global financial system has not yet reached the desired level.
He stated that currently achieve profitability within the markets on a high degree of regulation and competitiveness has become a major challenge, which makes it imperative for Islamic finance institutions to develop innovative products and practices that will attract the attention of customers.
In contrast Albluki considered that the growing presence of Islamic finance within many of the Member States of the International Monetary Fund is a strong indicator of the strength of the global impact, as well as the importance attached by the International Monetary Fund and the positive implications for Islamic financing at the level of financial stability and macroeconomic growth.
He pointed out that the Fund translated growing interest in the establishment of «Islamic Financial Services Board» (IFSB) to be the party concerned to provide the necessary support at the level of policy-related consulting and development capabilities.
He added: «Many financial analysts and economists agree that the ethical approach of Islamic finance will play an important role in the establishment of a strong and capable financial system to meet the challenges and similar disorders to those that occurred in the wake of the financial crisis in 2008.
Fortunately, the world's major powers are today Islamic finance push towards sustained growth and consolidate its leading position in the international financial arena. But the reality of Islamic finance today requires more emphasis on innovation and reduce costs, especially as the desired long-term results are worth to exert all possible efforts ».
Albluki He pointed out that the Islamic finance won the largest share of international attention in the framework of striving toward a better mechanisms to prevent the exposure of the global financial system to any future crises.
As one of the main economic engines, Islamic finance factors confidence is strong, where Islamic finance market record a compound annual growth rate reached about 23% has to go beyond the current $ 1.2 trillion amid expectations that is soaring to reach $ 2.6 trillion by the year 2017.
And contribute to the Middle East, North Africa and Asia being the most in advancing the development of this growing sector, with many of the regional Islamic banks have achieved tremendous success during the past five years.
He added: «the international financial community showed, understandably, exaggerate the side of caution after the turmoil that followed the financial crisis that hit the global economy in 2008 and has seen the past few years great emphasis on study and analyze the weaknesses of the existing growth models on traditional funding methodologies points , as well as to develop and explore alternatives that have been ignored in the past.
There is now a general consensus on the need to adopt the best models and more effective to develop and protect the global financial system. And today operates international and regional institutions, in collaboration with the Islamic financial community, to put the formation of derivatives products and banking communities to support key activities such as project financing ».
Albluki Abdul Jalil said that the analysis of the global financial crisis highlights the lack of oversight in the introduction to the basic data. In the absence and presence of moral authority to monitor the performance of key players. Unlike the principles of Islamic finance, which puts transparency in the completion of transactions in the forefront of priorities, based on a clear moral system.