source : sana
|Governor of Central Bank of Syria (CBS) Adib Mayala has urged more efforts to adopt a unified Islamic reference to avoid division and jurisprudential debate in Islamic banking.
Speaking at the opening of the 5th Islamic Banks and Financial Institutions Conference held in Damascus on 15, March, 2010, Mayala called to find legal and taxational regulatory frameworks to facilitate operation of Islamic banks.
“We need to find tools to develop risk and liquidity management for Islamic banks and to facilitate participation of Islamic banks in financing infrastructure projects,” Mayala said.
He called for activating legitimate control system in Islamic banking.
“Total assets of Islamic financial institutions exceeded USD 822 billion and the value of Islamic bonds reached USD 100 billion in 2009,” he said.
He added that Islamic banks form 15 percent of the assets of the largest 30 banks in the Middle East. In 2009, the total assets of Islamic investment funds are estimated at USD 27 billion distributed among 478 Islamic funds all over the world, he said.
The two-day conference tackles risk management, liquidity management, legitimate control system and the role of regulatory bodies in achieving growth in Islamic banking.
Sessions of the first day of the 5th Conference on Islamic Banks and Finance Establishments in Syria focused on Islamic banking, the global financial crisis and opportunities of Islamic finance industry.
For his part, official of at the Saudi Islamic Development Bank Dr. Nabil Ghellab pointed out that Islamic financial institutions overcame the global financial crisis because of its investment technique leading to its spread across the globe, pointing out to the advantages of Islamic banking such as its commitment to the government systems and legislations of the countries where it works.
Chief Executive Officer of the Syrian International Islamic Bank Abdul –Qader Dwiek pointed out to the Central Bank of Syria’s keenness on maintaining an adequate level of currency in the banking sector to ensure the safety of its finances and its ability to meet its liabilities.
source : sana