KUALA LUMPUR, Oct 5 (Bernama) — Islamic finance has continued to grow over the last five years despite the challenging economic and financial environment, Bank Negara Malaysia Governor, Tan Sri Zeti Akhtar Aziz said today.
“The important aspect of Islamic finance is that it contributes to economic growth and development. All financial transactions must be supported (by) an underlying economic transaction. So, it has a close links to the economy,” she said.
Zeti was speaking to reporters after the fifth convocation of the Global University of Islamic Finance, INCEIF, here today.
Zeti, who is also the INCEIF Chancellor, said the Islamic finance industry had built-in checks and balances, leading to financial stability and its sustainability.
“Therein, lies the inherent strength of Islamic finance. Significant financing is being raised, like in sukuk, and provided by banking institutions as well as other types of financial institutions.
“This is alongside having developed many new products and services,” she added.
The INCEIF convocation today saw 146 graduates from 30 countries receiving their scrolls from Zeti.
Of the 146 graduates, five had doctorates in Islamic Finance, 20 graduated with a Masters degree in Islamic Finance, while 121 were Chartered Islamic Finance Professionals.
INCEIF was set up by Bank Negara to develop human capital for the global Islamic finance industry.
*This article was published by Bernama. Read the original article here.