Sunday, November 4, 2012

ISLAMIC FINANCE .... FOR THOSE WHO AGAINST IT

To quote Badlisyah, CEO of CIMB Islamic Bank "22% of banking assets are from Islamic banks, 60% or more for capital markets particularly debt market whilst 80% in equity alone" and "It's easier to sell Islamic banking products to non-muslims than to muslims" (<--why am I not surprised with this statement...hmmm). My 5 cent advice before you want to be look as champion for 'against' so-called Islamic banking/ Islamic finance is: 

(1) get to know the difference between Islamic banking and Islamic finance. If you cannot tell the difference in 5-10 words, you have a very long way to go, so pray harder.

(2) get to know what are banking products and capital market products (be it conventional and Islamic) plus insurance and takaful.

(3) If you think the Islamic finance was developed over last 20-30 years ago, you have a long way to go.... so pray harder.