TISS report points to anti-Muslim bias of police [in Maharashtra, India] - By Meena Menon - The Hindu, Chennai, India

http://m.thehindu.com/news/national/article3563333.ece/?page=all

TISS report points to anti-Muslim bias of police

23 June 2012 , By Meena Menon

“Most of prisoners in Maharashtra jails victims of prejudice”

A report on Muslim prisoners in Maharashtra jails by the Tata Institute of Social Sciences (TISS) establishes that most of them do not have connections with criminal gangs, and points to an acute bias of the police for arresting them in some cases only because they belong to a particular community.

A Study of the Socio Economic Profile and Rehabilitation Needs of Muslim Community in Prisons in Maharashtra, 2011, by Dr. Vijay Raghavan and Roshni Nair from the Centre for Criminology and Justice School of Social Work, Tata Institute of Social Sciences (TISS), states that 96 per cent of the respondents have not been held under preventive detention charges, thus indicating that they are not viewed as a threat to law and order.

The study which surveyed 339 Muslims, mostly between 18 and 30 years of age, in 15 prisons says this implies that most respondents do not have connections with criminal gangs or have any record which may be a threat to law and order. About 25.4 per cent of those imprisoned don’t have lawyers to represent them in their cases.

The police’s bias against Muslims led to some of the arrests under the erstwhile Terrorist and Disruptive Activities (Prevention) Act (TADA), the Maharashtra Control of Organised Crimes Act (MCOCA) and even under the Official Secrets Act.
 
‘Two types of laws’

An agent in textile export, Murtuza, arrested under the Official Secrets Act on charges of spying, says in his interview to the research team: “There are two types of laws in this country. One is for Hindus and the other is for Muslims. The policeman is first a Hindu and then a policeman. The judge is first a Hindu and then a judge and the lawyer is first a Hindu then a lawyer. People who work against the State, indulge in rioting, kill thousands of innocent people, and harass women and children roam free in this country. They are not punished. I am suffering only because I am a Muslim.”

Murtuza strongly feels that the discriminatory attitude is one of the major reasons for his arrest. He says that the police do not have enough evidence against him and yet he remains in prison. Two years have passed and the case is dragging on in court. He misses his court dates because the escort to take him to court is often not available. He has applied for bail thrice, but it has been rejected each time. He also applied for transferring the case to a different judge, but nothing has happened yet.

Poor victimised

Another prisoner Moiz says that “every time he tries to start life afresh, the police arrest him in some false case. They also demand money from criminals and those who can pay are set free. The poor are victimised. The police are very powerful and can do anything.”
Some interviews reflect the deep despair and alienation of the people interviewed. Muneer feels that after the demolition of the Babri Masjid, the rift between Hindus and Muslims has widened. Due to the riots and bomb blasts in 1992-93, the police perception of Muslims has become negative. The police view them as criminal minded. Migrants from Uttar Pradesh and Bihar are viewed with prejudice by the police.

Shoaib expressed his fears about the breakdown of the social fabric if the bias against Muslims continues. “The police have a negative perception of the Muslim community and act with bias. Due to the actions of the police and fundamentalist politics, the perception of Muslims is negative in society. If the situation continues to be like this, the next generation may get into further crime and vested interests could use them. Society’s perception and the negative feelings of hatred have to be reduced. Only then there is hope for a better tomorrow. Otherwise the situation will get worse for individuals, their families and society.”

About 70 per cent of the 3,000 Muslims prisoners in 15 jails were under trials and 30 per cent were convicted prisoners. What is of concern is that 52.8 per cent are charged with violent crimes mainly murder, attempt to murder, rape, assault and kidnapping. Among the under trials interviewed charge sheets have only been filed in 47.4 per cent of the cases and a mere 3.8 per cent have reached judgement stage, indicating the slow pace of trials. Of those interviewed 75.5 per cent were arrested for the first time and 25.5 per cent are repeat offenders.

The percentage of Muslims in jails is also a high 36 per cent, says Dr. Raghavan, quoting recent official figures. Along with Gujarat and Kerala, Maharashtra is one of the States with the most disproportionate number of Muslims in prisons.

The Sachar Committee report says that in Maharashtra, Muslims account for 10.6 per cent of the general population; yet they comprise 32.4 per cent of the prison population. For those incarcerated on terms of less than a year, the figure rises: 42 per cent of prisoners on short-term sentences in the State are Muslims.

This study was done at the behest of the Maharashtra State Minorities Commission in response to the charge of a disproportionate number of Muslims in jail. It makes a slew of recommendations relating to rehabilitation and correctional programmes, and the need for steps to sensitise the police and prison administration.

Last month the findings were presented at a meeting with Arif Naseem Khan, State Minister for Minority Affairs.

The Minister accepted most of the recommendations, especially those relating to legal aid, adult education, vocational training, release on probation, and awareness and counselling centres in Muslim areas.

The Additional Chief Secretary of Minority Development will call a high-level inter-departmental meeting soon to work out ways to implement the recommendations.

Comments posted on Indian Express website over Tavleen Singh's article: Not Secularism again - Ghulam Muhammed, Mumbai

Comments posted on Indian Express website over Tavleen Singh's article: Not Secularism again:

"Tavleen Singh is welcome with her contention that communal riots are now a thing of the past. Unfortunately she is ill-informed. The very state of UP, that she felt is riot-free, has witnessed two very serious communal riots in the past two weeks: Kosi Kalan and now only yesterday: Partapgarh where a Muslim majority village was totally burned down in the presence of the Mulayam Singh police. Fire Brigade was not allowed by the mob to enter the village. So communalism in all forms, overt and covert, is alive and kicking all over India. Has Tavleen not aware of how in Goa, Hindutva elements had gathered to pledge new vigour into their Hinduising [Brahminising] of India? What has prompted RSS and its affiliates to reignite the fire of communalism once again, so soon after Gujarat. Why blame Nitish?


Ghulam Muhammed, Mumbai
<ghulammuhammed3@gmail.com>

Follow GM on Twitter @ Ghulam Muhammed
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http://www.indianexpress.com/news/not-secularism-again/965967/0

Not ‘Secularism’ again

Tavleen Singh : Sun Jun 24 2012, 03:18 hrs

Now that the Chief Minister of Bihar has dragged ‘succularism’ into the political discourse, it is time to deconstruct it so that we can end this pointless debate once and for all. I have deliberately misspelt the word because when said in Hindi that is how it is usually pronounced. It is a hard word to write in devnagri and the Hindi and Urdu equivalents do not quite mean what secularism has come to mean in the Indian political context. It is a foreign word that evolved in a European context when the powers of the church and the state were separated. In India, since none of our religions were led by pontiffs who controlled armies, or had vast temporal powers, we had no need to make this separation. But, the word secularism is used in India more than almost any other country. Why?

Well, because when we entered our current era of coalition governments, political parties of leftist disposition found it convenient to keep the BJP out of power by saying they would only ally with ‘succular phorces’. The BJP became a pariah after the Babri Masjid came down and so whenever someone like Nitish Kumar wants to hurl abuse at the party he is in alliance with in Bihar, or one of its leaders, the ‘secularism’ debate gets revived.

Currently, he appears to be positioning himself for prime minister in 2014 and seems to believe that he will only be in the running for this job if he can eliminate Narendra Modi before the race begins. He is not alone in this endeavour. On my wanderings in Delhi’s corridors of power last week, I ran into journalists and politicians who went on and on about how Modi could never be prime minister because of the violence in Gujarat in 2002.

They said pretty much what the Chief Minister of Bihar, and his cohorts, have said which is that the prime minister must be a man who is ‘clean and secular’. So how do we explain Rajiv Gandhi? How should we understand why he was given the biggest mandate in Indian parliamentary history after justifying the pogroms that killed thousands more Sikhs in 1984 than Muslims were killed in Gujarat in 2002? Were Indian voters un-secular when they gave him more than 400 seats in the Lok Sabha?

If there were still a chance of major communal riots in the future, there may have been some point to reviving this talk of secularism. But, there has not been a single major Hindu-Muslim riot since 2002 despite Muslims from next door having been responsible for the worst terrorist attack on Indian soil in 2008. Before 26/11, there were other attacks by Islamists on Hindu temples, commuter trains in Mumbai, stadiums in Hyderabad and bazaars in Delhi. None of these ugly acts of violence caused riots. Our 24-hour news channels have made communal riots impossible and the average Muslim has begun to understand this. I noticed this while travelling in Uttar Pradesh during the recent elections.

So let us stop this silly talk of secularism and communalism and start demanding from those who want to become India’s next prime minister that they tell us what they can do for this country. Here is my own list of questions. What will the next Prime Minister do to end the licence raj that prevents the education system from achieving its full potential? What will he do to fix our broken public healthcare system? What will he do to make sure that every Indian has enough electricity to at least light a few bulbs and run a ceiling fan in his home? What will he do to create new jobs for the estimated 13 million young Indians who enter the job market every year? What will he do to revive the Indian economy? What steps will he take to ensure that India becomes a fully developed country by the middle of this century?

When I heard Aung San Suu Kyi’s address to both houses of Britian’s Parliament in Westminster hall last week, what impressed me was the clarity with which she spelt out her vision for her country. But, throughout her speech, something kept bothering me and by the time she finished, I discovered what it was. What bothered me was that I could not think of a single Indian leader who could make such a speech.

The Indian political landscape today has become a desert in which only the stunted progeny of stunted political leaders bloom. We need our political parties to throw up real leaders and we need a political discourse in which real political problems are discussed. So can we stop fishing ‘secularism’ out of the dustbin of history and holding it up as a shining ideal? Its relevance faded a long time ago.


Follow Tavleen on Twitter @ tavleen_singh

WAKE UP CALL FOR INDIA - Ghulam Muhammed

WAKE UP CALL FOR INDIA

India's Prime Minister Manmohan Singh, a career banker, is fully aware of the development potential of Islamic Banking. He cannot deny the strides that Islamic Banking has made all over the world. However, India, hampered by deeply communal minded bureaucrats and Hindu extremist politicians, continue to deny Islamic Banking facilities to not only their 150 million Muslim citizens, but the entire one billion Indians, who are sure to benefit from the ethical banking practices of Islamic Banking that will impact the 500 million poverty level population to bring them into the mainstream of Indian Banking. India could take a leaf from its more enterprising neighbours in the East, who have taken to Islamic Banking without any religious prejudice but based mainly on merits that distinguishes Islamic Banking from the exploitative and reckless Western Banking system that is now in its deepest crisis ever. Though India is suffering from a greatly acknowledged political stagnation, that has halted its liberalization and reduce its GDP growth prospects from earlier 9% to present 5%; Indian planners should overcome their unjustified and unproductive prejudice against Islam and Muslims, and rise to the occasion to offer their citizen what they want and what is of immense benefit for their future development.

Like Singapore and Hong Kong in the East, Mumbai, the commercial capital of India, could become a thriving conduit for global Islamic investment movements in the entire area.

Prime Minister should show some spine at least at the probable fag end of his stay at the head of Indian Government.

Ghulam Muhammed, Mumbai
<ghulammuhammed3@gmail.com>
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http://www.chinadailyapac.com/article/banking-difference

Banking with a difference

By Sudeshna Sarkar
June 22, 2012 - 11:04am http://www.chinadailyapac.com

Muddassir Siddiqui, a Dubai-based Islamic finance lawyer who advises financial institutions, narrates a moving story he heard while attending a conference in Oman, the latest Middle East State set to amend its banking laws and allow full-fledged Islamic banks.
“A senior bank official told me on the day they opened an Islamic window at his bank, there were people who brought bundles of money in cash,” Siddiqui says. “One depositor brought notes yellowed with age and no longer in circulation. Another brought a bundle that was literally frozen because he had kept it in a freezer to protect it from decaying.
“There are many people with cash worldwide who do not deal with conventional banks for religious reasons. By opening up Islamic banking, a country can facilitate the circulation of a large sum of idle money for use on good projects.”

Almost four decades after the world’s first Islamic bank was established in Dubai — the Dubai Islamic Bank — the parallel banking industry has spread globally. Islamic transactions are thriving in Europe, Africa and the US while three countries, Iran, Pakistan and Sudan, have converted fully to Islamic banking. The phenomenon has also taken root in South and Southeast Asia, where the Al-Amanah Islamic Investment Bank of the Philippines, formed by a presidential decree in 1973, is the oldest Islamic bank in the region.

“The size of the Islamic finance industry in 2012, as per the World Islamic Banking Competitiveness Report 2011-2012, is estimated at $1.13 trillion,” says Dr Hatim El-Tahir, leader of the Bahrain-based Islamic Finance Knowledge Centre of Deloitte & Touche. “The growth rate per annum is 10 percent.”

The burgeoning industry has compelled conventional western banks to open Islamic windows, like HSBC, ABN Amro and American Express Bank, while Citibank established a separate Islamic bank, Citi Islamic Investment Bank, in Bahrain in 1996. Even financial consultants and other institutions have Islamic finance branches, like Deloitte & Touche.  
According to Dr El-Tahir, the six-member Gulf Cooperation Council (comprising Qatar, Saudi Arabia, Bahrain, United Arab Emirates, Oman and Kuwait) accounts for nearly 60 percent of global Islamic finance assets. The UK and US have also became centers of Islamic transactions and now, following on the heels of Malaysia, Singapore and Hong Kong are vying to become Islamic investment hubs.

“The Monetary Authority of Singapore (MAS) aims to develop Islamic finance leveraging on its existing strengths in banking, trade finance, wealth management, insurance and capital markets,” a MAS spokesperson tells China Daily Asia Weekly. “As an international financial center in Asia, Singapore-based financial institutions should be able to offer a complete suite of financial products and services, including that of Islamic finance… The expansion of Shariah-compliant (Quranic law-compliant) activities in Singapore is likely to attract both Muslim and non-Muslim investors who are interested in ethical investing and therefore diversify financial institutions’ sources of funding and deepen the investor base.”
In 2005, MAS became a full member of the Islamic Financial Services Board, the Malaysia-based standard-setting organization that issues global prudential standards and guiding principles for the industry. In 2010, to promote greater awareness of Islamic finance domestically, it hosted the first Islamic banking and finance seminar with the Singapore Business Federation, an annual event that had its third edition on June 5-6.
In his opening address at that conference, MAS Managing Director Ravi Menon said Islamic finance has shown remarkable resilience during the last five years. Though the eurozone crisis has curtailed economic growth and capital inflows to many emerging economies where Islamic finance has taken root, it still has a “window of opportunity”.
“With its strict prohibition on excessive leverage, Islamic finance has been spared the worst of the financial crisis,” Menon said. “Islamic banks are well positioned to reach out to new customers who are in need of financing as many global institutions pull back on their lending due to the need to repair their balance sheets.”

Some banks in Singapore have been offering Islamic financial services since 1998. In 2007, Singapore got its first fully Islamic bank, the Islamic Bank of Asia, a joint venture between DBS Bank and private investors from the Middle East. Islamic finance was boosted further when HSBC Insurance started Islamic insurance or takaful fund management for the domestic market and Japan’s largest non-mutual private insurance group Tokio Marine Holdings set up Tokio Marine Retakaful (Islamic reinsurance) in Singapore in 2004 to serve the region.

The icing on the cake was the establishment of the International Islamic Law and Finance Centre by Singapore Management University in June 2010 to promote professional education in Islamic finance and nurture Islamic bankers.

The government has also been an active patron. “In 2005, MAS refined its regulations to facilitate the growth of Islamic finance,” adds the spokesperson. “We also removed the additional stamp duties for certain Islamic transactions involving real estate… In 2006, clarifications were made on the tax treatment for Islamic financing using (certain) structures, in 2007, retail murabaha (an Islamic financing structure) investors were accorded the same regulatory protection as conventional depositors. In 2008, a concessionary tax rate was introduced for qualifying Shariah-compliant lending, fund management, takaful and retakaful activities.”

Though Singapore has a headstart, Hong Kong is now getting its act together. Its advantage is being the gateway to the Chinese mainland.

“As a gateway to the mainland, Hong Kong can provide an ideal platform for Islamic investors in the Middle East to tap the tremendous investment opportunities on mainland China,” a spokesperson of the Hong Kong Monetary Authority (HKMA) tells China Daily Asia Weekly. “At the same time, Hong Kong can also provide a platform for issuers from the Middle East to tap the funds of mainland investors.”

In 2007, Hong Kong’s outgoing Chief Executive Donald Tsang said at a public address that Islamic finance offers huge potential for development.

A year later, during a visit to Kuwait, he reaffirmed the thought, saying: “A unique advantage is our unrivalled role in bridging the mainland, the world’s fastest-growing large economy, to the international market. The potential requirement for capital on the mainland, especially for infrastructure development projects, lends itself well to Shariah-compliant financial structures. Hong Kong can play a significant role in structuring and financing Islamic investment products to meet the needs of mainland Chinese borrowers.”
Further developments followed in 2008 with the introduction of a new Dow Jones Islamic Market Index along with a Hang Seng Shariah-Compliant China Index Fund, comprising 30 of the largest Shariah-compliant companies within Hong Kong and mainland China. To be Shariah-compliant, a company should not be involved in activities prohibited by the Quran, like gambling, drinking, weapons dealing, and pornography. Islamic banks also eschew the use of interest, instead running operations on the basis of profit or loss-sharing.
 
Islamic bond market

The same year, HKMA approved the first Islamic banking window and the Dubai Financial Services Authority announced a joint regulatory initiative with the Securities and Futures Commission of Hong Kong to promote and facilitate the distribution of Islamic funds in Dubai and Hong Kong.

This March, the Hong Kong SAR government launched a two-month consultation on proposed amendments to the Inland Revenue Ordinance and Stamp Duty Ordinance to promote an Islamic bond market in the city. The proposed amendments seek to level the playing field for common types of sukuk (Islamic bonds) vis-a-vis their conventional counterparts in terms of profits tax, property tax and stamp duty liabilities.

“The consultation exercise seeks to gauge market views on the proposed legislative amendments to ensure they are practicable and able to meet the latest market development needs,” according to K.C. Chan, secretary, Financial Services and the Treasury Bureau (FSTB). “The legislative exercise would be conducive to the development of a sukuk market in Hong Kong. This will in turn help diversify our financial platform and consolidate our role as an international financial center.”

“We are close to finalizing the draft amendments,” an FSTB spokesperson adds. “Our current plan is to introduce the amendment bill into the Legislative Council in the legislative year 2012-13.”

Like MAS, HKMA too is working to develop an Islamic finance platform in Hong Kong.
“Our efforts include putting in place necessary infrastructure, encouraging product development, raising market awareness of Islamic financial products and strengthening cooperation with other Islamic financial markets,” the spokesperson adds. “We have been supporting the government in its work on (the) legislative exercise to amend and clarify the tax laws.”

Pending implementation of these amendments, the government has put in place administrative mechanisms for granting tax exemption and stamp duty remission in relation to sukuk issuance on a case by case basis, she adds.

The government has also conducted a study on the legal, regulatory and tax regimes in Hong Kong to ascertain whether a sukuk market could be accommodated in the existing framework.

“The findings suggest there are no fundamental legal and regulatory obstacles to sukuk issuance and transactions in Hong Kong,” she says. “However, the more complex structures of sukuk may give rise to undue tax implications and tax uncertainty when doing so. Thus, changes or clarifications in the tax laws are needed. The government is now actively pursuing modifications to the tax regime to deal with these additional implications.”

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http://www.chinadailyapac.com/article/china-gulf-investors-radar

‘China on Gulf investors’ radar’

By Sudeshna Sarkar
June 22, 2012 - 10:55am http://www.chinadailyapac.com

Hui Chinese Muslims leave a mosque following afternoon prayers in Yinchuan in northwest China’s Ningxia Hui Autonomous Region. Ningxia Hui is home to 2.17 million Muslims and accounts for more than 10 percent of the Chinese mainland’s total Muslim population of 20 million. (Agencies)

“Investment opportunities on the Chinese mainland and Hong Kong have always been on radars of Middle East and Gulf Cooperation Council investors,” says Harun Kapetanovic, economic adviser, Department of Economic Development, Government of Dubai.
“The potential of financial and economic cooperation between the two regions is evident. Establishing strong understanding of local business practices, opportunities and risks is important for successful cross-border investments.”

The availability of Islamic finance is an important enabling factor in facilitating cross-border investments, he says: “Islamic banks typically not only extend financing to their clients but also act as partners and facilitators in many of the ventures. (While) lack of Islamic financing is not a deterrent per se, it is a mechanism that would allow business and economic relations between the regions to move to the next level.”

When Islamic banking started expanding geographically and Middle East banks took the lead in setting up joint ventures in other countries, China was not among the immediate destinations due to the lack of knowledge of Islamic finance on the mainland as well as its low Muslim population.

“Geographic expansion of Islamic banks has normally followed the demand for Islamic financial products and services,” Kapetanovic tells China Daily Asia Weekly. “Hence, markets with more demand for Islamic finance solutions, such as Pakistan for example, were among the first ones to attract regional Islamic financial institutions. However, as the awareness of Islamic finance increases globally and benefits of Islamic finance become more apparent, new opportunities are arising as well.”

While the Dubai government is primarily looking to support and develop local financial markets, its specialized agencies, such as Dubai FDI (the foreign investment office of the Department of Economic Development), Dubai Export Development Corporation (DEDC), and Dubai International Financial Centre (DIFC) are facilitating international investments into the country and supporting exports of Dubai’s products and services, including Islamic finance.

Realizing the potential of China, the second-largest economy in the world, the DIFC hosted a conference — Developments along the New Silk Road - Venturing with and Investing in Chinese Companies — in Dubai last December.

“The purpose of the conference was to initiate further development and deepening of financial and economic relationships between the two regions,” Kapetanovic says. 

“Exporting Islamic financial services is typically supported in cases where evidence of strong demand exists. For example, DEDC recently led and facilitated missions to Australia and Germany with representatives of Islamic financial services from Dubai. 

Similarly, DIFC (had an agreement) with the Hong Kong Monetary Authority to provide support, advise and cooperate in the development of Shariah-compliant (following Quranic laws) financial products and the financial infrastructures in their respective jurisdictions.”

The Chinese mainland is expected to have its first home-grown pilot Islamic banking project after the China Banking Regulatory Commission (CBRC) gave permission to the Bank of Ningxia in the Ningxia Hui Autonomous Region to start Islamic transactions. Ningxia is home to 2.17 million Muslims and accounts for more than 10 percent of the mainland’s total Muslim population of 20 million.

In 2009, a feasibility study was done taking into consideration the Islamic banking experience in other countries and the result was submitted to both CBRC and the Ningxia Hui Autonomous Region’s Party committee. Reports said there were suggestions that instead of a fully Islamic bank, either an Islamic department or Islamic window offering select Islamic financial services be introduced.

However, almost three years later, there is little update on the trial project. Still, a new push came this March with Malaysia’s Affin Bank announcing it would start Islamic banking on the mainland in partnership with the Hong Kong-based Bank of East Asia.

“This is a good step although the effect will be bigger if other larger banks like Maybank, the largest in Malaysia, and CIMB Bank are also committed,” says Mohd Yazid Zul Kepli, an Islamic finance expert and doctoral student with the University of Hong Kong. “Islamic finance is sustainable and competitive. Cross-country joint ventures will be useful to enable the transfer of expertise.”

The mainland, he says, has a sizeable Muslim community in certain areas, like the Xinjiang Uyghur Autonomous Region in the northwest, where Islamic banking could find ready takers.

“By opening Islamic branches in this area, banks will actually do a great service to the community there,” he says. “Although this area can be a bit volatile sometimes, the opening of Islamic banks will be a very positive step.”

First, he says, it will improve the economic development among both Muslims and non-Muslims. Secondly, it will increase understanding between people from different religions as non-Muslim traders will also be attracted to Islamic financial services as long as these are competitive and cater to needs.

Contrary to general belief, Islamic banking is not attractive to Muslims alone. “In countries like Malaysia, non-Muslims, particularly Chinese traders, are very inclined to Islamic financial products,” he says.

Thirdly, the market in China is booming and there is a great potential for growth. “If international Islamic banks dare to seize the market at this stage, their important role in developing the region will be rewarded as the economy prospers,” he says. “Islamic finance is here to stay. Its market is huge and its insistence on ethical financing will make it attractive to non-Muslims and Muslims alike. However, proper legal and regulatory frameworks must be in place, in addition to attractive promotions.”

Kapetanovic says the recent resurgence in sukuk (Islamic bond) issuance as well as the viability of Islamic finance as a concept indicates the potential of Islamic banking is increasing strongly.

“The global financial crisis and current eurozone crisis highlight the need for realignment and changes in the architecture of financial system as we know it today,” he says. “The solutions and alternatives offered by Islamic finance provide strong support for more systemic adoption and promotion of Islamic finance. Strong alignment with economic development objectives, avoidance of proliferation of debt as well as incentive mechanisms aligned with risk-taking function are some of the hallmark features of Islamic finance that promote economic and business sustainability.”

In spite of challenges, like lack of qualified and trained professionals well versed in Islamic product structuring, awareness among investors and general public, and liquidity management tools, Islamic finance has grown remarkably, he points out: “It grew to a global industry represented in more than 70 countries and amounting to more than $1 trillion in size. It is expected that a growth trend of about 15 percent will continue in future.”