(MENAFN - Khaleej Times) Rapidly-growing Islamic-based finance will drive the next phase of economic growth across the Middle East and North Africa (Mena), financial leaders have said at the Euromoney Qatar Conference on Wednesday.
With bankers in attendance from around the world, the event has provided critical insight into the state of the global economy, and the Mena region's growing role as a source and key market for Islamic-based finance.
Globally shariah-compliant assets are estimated to be worth 1.4 trillion, and slated to post double-digit growth in the next two-to-three years, according to a recent report from Standard & Poor's. The GCC and Asia are set to be Islamic finance leaders, followed by newcomers such as Turkey and Nigeria.
Khaled Al Aboodi, chief executive officer, Islamic Corporation for the Development of the Private Sector (ICD), said: "The private sector is the main engine of growth for jobs, better income, and increased standard of living."
Rene Karsenti, president, International Capital Market Association Group, said: "As a financial sector, Qatar benefits from solid attributes such as an English common law environment, and a world-class regulatory regime. "
Robert Stheeman, chief executive, United Kingdom Debt Management Office, said: "Qatar will need to further diversify its economy and encourage the private sector and entrepreneurship, and continue its focus on research and development, education, and health."