Islamic banking now can boast a solid infrastructure and this will surely help it to push forward in international banking operations, says Ahmed Mohammed Ali, president of the Islamic Development Bank (IDB).
“I believe now is the right time to invigorate the industry to transform the quality of its products and services in order to better serve the world’s aspirations for safer and more creative banking,” he said.
“There are now around 300 Islamic banks all over the globe. In addition, Islamic banking windows in international European banks stand now at 30, and are expected to rise,” he said.
He stressed the need to boost intra-country trade among Islamic nations.
“This is a strategic objective and a necessity imposed by the global economic developments,” he said.
“It would also increase our competitiveness in international markets and help achieve social and economic growth in Islamic nations.”
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