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Awqaf South Africa and AlHuda-CIBE sign an MOU at Johannesburg
AWQAF SA and Pakistan based Al Huda Centre of Islamic Banking and Economics (Al Huda CIBE) formally entered into a Memorandum Of Understanding (MOU) at Gallagher Estate, Sandton , Johannesburg, at the closure of the International Conference on Islamic Banking and Finance in Africa organized by AlHuda CIBE.....
 
Mr. Zuair Mughal, CEO Alhuda CIBE & Mr. Zeniel Kajee CEO Awqaf South Africa at MOU signing Ceremony
 
 
 
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Zeti: More non-Muslims keen on Islamic finance
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MANAMA, Bahrain: Islamic finance, which has shown its resilience with uninterrupted growth in recent years despite the challenging global environment, has drawn significant interest from non-Muslims.
Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz said interest in Islamic financing was no longer restricted to Muslims but have spread to non-Muslims.
Speaking at the Malaysia Showcase Dinner in conjunction with the 7th Islamic Financial Services Board Summit, she said Islamic finance’s sustained and largely uninterrupted expansion had drawn significant international interest.
Zeti said this could be seen from the efforts taken by financial centres in London, Hong Kong and Singapore in enhancing the development of Islamic finance.
She added that the internationalisation of Islamic finance had strengthen ties between Asia and the Middle East in trade and investments in recent years.
“Today, Islamic finance involving financial flows between the two regions has revived and revitalised these economic ties that generate mutually reinforcing growth prospects for both regions,” Zeti said.
“It has also opened up and extended this potential to developed economies to forge stronger financial linkages with the growth regions of Asia and the Middle East.”
Zeti said an important dimension to Islamic finance was not just its potential role and relevance in contributing to global financial stability but also its potential to support overall global economic growth.
Former Prime Minister Tun Dr Mahathir Mohamad, who was at the dinner, said in a speech that Islamic financial institutions had a major role to play in industrialisation.
“The role of banks in the industrialisation of the developed countries of Europe and East Asia cannot be understated.
“There is no reason why Muslim banks and financial institutions cannot play the same role,” he said.
Mahathir said given the lack of knowledge and initiative in the area of industrialisation among Muslims generally and Muslim investors specifically, Islamic banks must play “an even bigger and more aggressive role than the conventional banks”.

 
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