Islamic banking is growing rapidly in the aftermath of the global financial crisis, but it desperately needs a global set of standards that every country and institution accepts. Speaking to the Hürriyet Daily News in Istanbul, an expert says the Turkish Central Bank might ‘take the lead’ in this effort. ‘Risk has no religion,’ says Khalid Ferdaus Howladar of Moody’s, adding that he likes the Turkish term ‘participation bank’.| Khalid Ferdaus Howladar of Moody's (third from L) is seen on stage with other officials including Turkish Central Bank Gov. Durmuş Yılmaz (third from R) in Istanbul during the 'Seminar on Managing Liquidity In The Islamic Financial Services Industry' held April 6, 2011. AA photo |
Turkey may not be ready to take a prominent place in the world of Islamic finance due to the ongoing political tension on religion’s role in the society, but an expert says Islamic finance needs input from the nation on how to proceed.
Noting the often-contradictory interpretations of the principles of Islamic banking, Khalid Ferdaus Howladar, the vice president and senior credit officer of Moody’s in the Middle East, suggested that the Turkish Central Bank might “take the lead” in establishing a global standard that would help Islamic banking become more transparent. (full story)
Noting the often-contradictory interpretations of the principles of Islamic banking, Khalid Ferdaus Howladar, the vice president and senior credit officer of Moody’s in the Middle East, suggested that the Turkish Central Bank might “take the lead” in establishing a global standard that would help Islamic banking become more transparent. (full story)