The next two years may see Islamic banks and financial institutions investing more of their estimated $1.7 trillion worth of assets in infrastructure as well as small and midsize enterprises.
Officials from the Islamic Development Bank, World Bank and Moody’s, among others, discussed development opportunities for Islamic finance Thursday during a panel discussion at the World Bank’s annual meetings in Washington, D.C.
“One of the tenets of Islamic finance requires tangible assets, and infrastructure projects for governments provide those assets,” said Aamir Rehman, managing director of Fajr Capital, referring to standards of practice among Islamic finance institutions that adhere to Islamic principles, such as interest-free loans and investments.
About the author
Molly Andersmollyanders_dev
Molly Anders is a former U.K. correspondent for Devex. Based in London, she reports on development finance trends with a focus on British and European institutions. She is especially interested in evidence-based development and women’s economic empowerment, as well as innovative financing for the protection of migrants and refugees. Molly is a former Fulbright Scholar and studied Arabic in Syria, Jordan, Egypt and Morocco.
