Director General of the Islamic development bank’s Islamic Research and training Institute, Dr. Dato Mohamed Azmi Umar has said that the whole world is in need of the implementation of an Islamic Finance System.
Dr. Mohamed Azmi made this remark speaking at the discussion forum held with the ministry of Islamic affairs regarding the strengthening of the Zakat system of Maldives.
Dr. Mohamed Azmi said that previously 10 years ago only the Muslim countries were wanting to establish Islamic finance systems.
“However today the whole world is in need of it. Today everyone knows what Sukook is. Even the western countries knows what it is. The United Kingdom introduced it last year to their country. We are now holding discussions with the Korean government to introduce Sukook to Korea. They requested assistance from the IDB to introduce it. Therefore we are currently assisting them in that,” he said.
Dr. Mohamed Azmi said many of the leaders of Arab Islamic countries do not know what a “halal industry” is and therefore he has made them aware of it during his visits to those countries.
“Two years back world magazines were writing about global halal industry. Now the name has changed. It is now called global Islamic economy. It is Islamic Finance. It is Takaful. It is Halal food. It is Halal medicine,” he said.
Dr. Azmi said that the Islamic Finance volume has reached USD 5 trillion.
World is in need of Islamic finance system- Dr. Azmi
