May 07, 2009

The Islamic financial services industry which emerged resilient during the current global economic crisis needs to be improved further if it wants to be a greater player in the international financial market.Islamic Development Bank (IDB) group president Dr Ahmad Mohamed Ali said the industry still had a long way to go although it showed that with the Islamic financial principles in place the industry could be stronger and more stable.

Speaking at the two-day 6th Islamic Financial Services Board (IFSB) Summit beginning here today, he said during the financial crisis in the last three years the Islamic finance industry was proven to be able to minimise its exposure to toxic assets and dangerous instruments.Ahmad said the industry which had grown much since 30 years ago still needed to learn a lot from the other banking and financial systems.He said the Islamic financial industry has to address several future concerns which could affect its growth and resilience post-crisis.