The financial crisis was seen as an opportunity for the Islamic finance industry to offer its unique principles and products to a financial services industry questioning its own fundamentals.
Online PR News – 27-April-2013 – London,United Kingdom – The financial crisis was seen as an opportunity for the Islamic finance industry to offer its unique principles and products to a financial services industry questioning its own fundamentals. However, many believe that Islamic finance has disappointed, not fully availing the chance to propel forward and contribute practically. Yet it would be a mistake to assume that the industry is not dynamic; in fact, as the recently published Global Islamic Finance Report 2013 (GIFR 2013) shows, Islamic finance is moving beyond financial intermediation and linking with the trillion dollar Halal industry. There is now a stronger relationship between the two industries, which is rethinking the way finance and industry can coexist.
The annual award winning GIFR is a flagship publication of London based Edbiz Consulting. First released in 2010, and comprising of articles written by leading practitioners, thinkers and policy makers in the field, GIFR not only analyses the current state of the industry, it provides avenues for discussion in how the industry can connect to the real economy. This year's report spotlights the global Halal industry, a sector which has the potential to encompass the world's 1.8 billion Muslims. The burgeoning relationship between Islamic finance and the Halal industry is exposed in GIFR 2013, the first report to have ever done so.
Key findings of the report include:
The Islamic finance market is valued at $1.631 trillion and is growing at an average growth rate of 20.4% per annum for the last five years.
Iran ranks number 1 in the Islamic Finance Country Index, a composite ranking that quantifies the state of Islamic finance in 43 countries.
The product of choice for the Islamic finance industry remains sukuk although takaful is evolving. More needs to be done to encourage product innovation in the industry
In Muslim countries, the composition of the Halal industry varies. Food, pharmaceuticals, cosmetics, and tourism are most popular sectors, and demand is increasing annually.
In the West, the Halal industry is making impressive inroads with international law changing to account for Muslim needs, and a growing interest for Halal goods due to its effects on social responsibility.
A symbiotic relationship between Islamic finance and the Halal industry could have long term beneficial effects on the perceptions of the Muslim community in the west.
The formal launch of GIFR 2013 will take place on May 1, 2013, at Muscat on the first day of Oman Islamic Economic Forum. HRH Raja Nazrin Shah, the regent of the Malaysian state of Perak, is expected to unveil the report. Professor Humayon Dar, Editor-in-Chief of GIFR and Chairman of Edbiz Consulting commented, "We are pleased to bring yet again the most comprehensive account of the state of affairs of Islamic banking and finance, following previous annual editions of GIFR. We are also proud to have association of a number of leading players in the industry and patronage of the leading ruling families in the Muslim world. Under the guidance of the industry experts, we shall continue to serve the global Islamic financial services industry."
For more information on content and purchase options, please visit www.gifr.net. To order a copy Please email at email@example.com, there is a special discount for a brief period.
Edbiz Consulting is a global Islamic economic think tank with offices in London and Pakistan. For more information, please visit: www.edbizconsulting.com