Islamic Finance gif


H


ere, Global Islamic Finance Maga- zine reveals the 20 most influen- tial people in the Islamic finance industry. The people selected have


contributed to the Islamic financial industry in truly significant ways, and clearly possess the leadership qualities essential for the jobs they do. As executives, directors and CEOs, the people in this list put in hard work through these challenging times in order to make Islamic finance the rapidly growing in- dustry that it is today.


We conducted research with experts within the Islamic finance industry in order to final- ise a listing and contacting people asking whether they wanted to feature in this article. They were then asked questions about their positions and their roles, their levels of qualifica- tions and experience, awards and nominations received, and their level of exposure within the Islamic finance industry, including speech- es and attendance at conferences and presentations, books and arti- cles published and interviews pub- lished.


700 600 400


300 500


All the people appearing on the list have been chosen based on the re- search gathered from both questions asked within interviews and com- ments received, and the general in- ternet research that took place between March 2011 and November 2011. This is the first list- ing of its kind, and our process is still in its infancy.


Rank 1


2 3


The 20 most in- fluential people in the Islamic finance industry have been placed in alpha- betical order in this listing; there are no specific numbers assigned or order- ing by influence. In this list, Global Islamic Finance Magazine is cel- ebrating the people


4 5


6 7 8 9


10 11 12


13


200 100 0.00


who have made a difference in the Islamic finance industry through a variety of ways, by recognising their achievements, the im- pact they have made on the industry and the awards they have earned.


The research was conducted through inter- views with a range of people within com- panies such as Islamic banks, law firms, Islamic fund and wealth management or- ganisations, financial advisory and invest- ment companies. The people featured in this article are from a range of countries, includ- ing Qatar, Malaysia, Saudi Arabia, the UAE and Bahrain. In March 2012 we will start yet more detailed and comprehensive research


Figure 1: Institutions registered for Shariah - Compliant products


on our most influential people in Islamic fi- nance, your votes and suggestions, please contact our editorial team.


The future looks bright for the Islamic fi- nance industry In the past 10 to 20 years, Islamic finance has been globalising rapidly with the aid of changing technologies and culture. The key concepts of Islamic finance are now shared throughout the world, islamic finance is a flourishing industry full of plans for the fu- ture.


194 163 362 420 436 456 192 199


Number of Conven- tional Bank with Shariah Windows


Number of Shariah Compliant Institutions


The industry has overcome the financial crisis, with its asset value growing by 29% since 2009, and 8.85% in 2010. The future looks promising – the indus- try has grown from just a few Islamic finance institutions offering Shariah- compliant financial products in the mid 1970s, to the present hundreds of institutions in over 40 countries around the world. In addition, con- ventional banks have meaning that Islamic finance is now a flourishing industry full of plans for the future.


2007 2008 2009 2010


Source: Islamic Finance and Entrepreneurship: Challenges and opportunities ahead


Figure 2: Shariah - complaint assets by country


Country Iran


Saudi Arabia Malaysia


United Arab Emirates


Kuwait Bahrain Qatar Turkey


United Kingdom Bangladesh Sudan Egypt


Indonesia


Shariah - Compliant Assets ($m)


314,897.40 138,238.50 102,639.40


85,622.60 69,088.80


44,858.30 34,676.00 22,561.30 18,949.00 9,365.50 9,259.80 7,227.70


7,222.20 Source: Islamic Finance and Entrepreneurship: Challenges and opportunities ahead 2012 April Global Islamic Finance 15


Rank 14


15 16


17 18


19 20 21 22 23 24 25


Country Pakistan


Syria


Jordan Brunei Yemen


Thailand Algeria


Mauritius


Switzerland Tunisia


Singapore Palestine


Shariah - Compliant Assets ($m)


6,203.10 5,527.70 5,042.40


3,314.70 2,338.70


1,360.80 1,015.10 992.20 935.50 770.10 725.00 612.50


Islamic finance is no longer restrict- ed to one part of the world. It has now been introduced to a range of countries, and is gaining popularity all across the globe. Islamic financial institutions operate in the same communi- ties as conventional banks, and fulfil all the requirements of a conventional financial institution.


Islamic financial insti- tutions contribute to the financial industry by providing the nec- essary services, but their operations are different to conven- tional financial institu- tions. The major Sha- riah principles which apply to finance, and which make Islamic finance different from conventional finance, are:


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