Islamic Finance is spreading like wildfire, Tun Musa Hitam

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He names two reasons for the exceptional growth of Islamic Finance quoting the first reason as the failure of the normal, standard financial system that the world has established and the second being the misconception of Islamic Finance that it is for the Muslim world and the Muslim economy however the city of London has adapted to Islamic finance and the Chinese are now looking into developing centres for Islamic Finance.

The former Malaysian Deputy Prime Minister went on further to state that many western economists are taking interest into the Islamic Finance system and methods to sustain a stable economy.

In the context of sukuk activities being slow in the non-Islamic countries with not much progress, Tun Musa defended saying that the Sharia-compliant industry has interpretation issues regarding practices but in principle it can provide the stability in which the western economy could benefit when it is implemented.

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