The 7th edition of the Global Islamic Finance report was given by Edbiz Consulting and Cambridge IF Analytica based in London which accounted for an international survey from countries all over the world (43 countries including 73pc of Asia, 2pc of Australia and New Zealand, 7 pc of Africa, 3 pc of America and 15 pc of Europe) for the Islamic financial policy.
There were a total of 2,170 responses from 165 institutes including banks, universities, consultancy firms and such other professionals mostly from the finance area (51 pc) while 23 pc was from the academic area.
The result clearly showed that many people (52 pc) did not even know about the existence of such Islamic banking and finance policies while many though that they were not a part of the law. The others responded well because in those countries there was ample of Islamic banking and Finance going on there especially Malaysia where all 330 responses were positive in comparison to Pakistan’s only 63 pc positive responses despite having no specific act for it there at all.
About 52 pc of the people also said that the existence of such a law was satisfactory in their country while the others said the opposite. It is known that financial regulator’s rule is more known in Islamic finance as compared to government or and other private bank. 991 out of 1300 people said that they knew the rules while they also said that they didn’t know if they were adequately helpful or not while only 50 pc of the people knew the specific departments to go for in Islamic banking and finance options.
Malysia fared the best while KSA was confused since there was no such Act but Islamic banking was dominant anyhow whereas on the other hand Iran, Sudan and Indonesia had the acts but weren’t dominant at all.
88 pc of the problems for Islamic banking development are due to the lack of such formulations by the parliaments and such bodies. This is however not because of any opposition but due to lack of will for the same. Hence central bank and the ministry of Finance are clearly responsible for all this.
When asked if Interest should be banned from all Islamic countries of the OIC, 75.9 pc of the people agreed while only 26.9 pc of the people denied it.
