The 12th AFC Forum Kicks off in Kuala Lumpur

AFC meets in Kuala Lumpur to discuss the opportunities available in Islamic finance and a number of issues.

Kuala Lumpur, 13 Rajab 1438/10 April 2017 (MINA) — The 12th edition of the Asian Financial Forum (AFC) kicked off in Kuala Lumpur on Monday with the participation of experts, decision-makers and legislators representing 30 countries around the world.

The forum will discuss the opportunities available in Islamic finance and a number of issues such as capital raising, the study of Islamic financial markets and activities in 2017 as well as the future of human resources and leadership in the Islamic finance industry, in addition to the innovations available in Islamic finance, especially in financial technology.

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The two-day forum will also discuss the development of the ambitions and forms of Islamic finance in some of the participating countries and institutional investments in the Islamic financial markets, as well as investment opportunities in emerging and developed markets, the importance of Islamic endowment and financing and mechanisms for preserving wealth in the time of volatility.

Director of advisory services at the Islamic Foundation for the Development of the Private Sector (ICD) of the Islamic Development Bank Nada Reza told KUNA on the sidelines of the forum that there are continuing requests for Islamic finance by customers and users, saying that the ICD cooperates with central banks and governments of the 65 member states in the development of Islamic finance.

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She pointed out that there are three important stages in the Islamic finance industry; firstly traditional banks opening Islamic windows to showcase Islamic products in preparation for the formation of an integrated Islamic bank, while the second phase aims at the interaction of Islamic banks in the application of the structure of Islamic banking and Islamic capital.

The third stage deals with the governments making the Islamic finance a strategic alternative for financing sources.

On the other hand, Reda called for focusing on investments in infrastructure projects through Islamic finance, pointing out that the investment opportunities are promising in this regard, especially in emerging countries, especially Africa, which needs about USD 98 billion annually to finance its infrastructure needs for 10 years. (T/RS5/S1)

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Mi’raj Islamic News Agency (MINA)