Muslims seek more financial choices

Muslims around the world - as individuals and corporate bodies - have strong and distinctive financial needs. But the Islamic financial industry - in spite of growing at 15 per cent a year - has not yet done anything like enough to meet those desires.

That could be about to change, as delegates to the International Islamic Finance Forum being held in Dubai from March 17 to 19 are about to find out.

For if Islamic financial institutions don't provide those choices, millions of Muslims will remain torn between the practical necessities of economic life offered by conventional financial institutions and their traditional Islamic beliefs.

Iqbal Khan, Managing Director and Head of Global Finance at Amanah Finance, part of the HSBC group, says progress towards new Islamically-based financial products is gaining pace.

The speed with which they can be brought to the market depends on the regulatory environment and, so far, equity funds are coming on stream faster than other products.

But the ever-growing Islamic investment and financial management industry - already estimated to be worth US$230 billion - is determined to widen the choices available.

"Muslims deserve the chance to choose in the same way that people can now choose ethical or environmentally-friendly financial products," says Khan.