• SOURCE: IMF

IMF Says Islamic Finance Holds Promise of Financial Stability

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375937

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Washington, DC – Recent 1. Exteriors IMF Washington, DC – 6 April, 2015 2. SOUNDBITE: (English) Christopher Towe, Deputy Director, Monetary and Capital Markets Department, IMF: "So Islamic finance is finance which is consistent with Islamic law, or Sharia. This means that interest can neither be paid nor received, nor can the financial activities be used to finance activities which are forbidden by Islam, including gambling and alcohol." United Arab Emirates – Recent 3. Various people walking through Sharjah University Washington, DC – 6 April, 2015 4. SOUNDBITE: (English) Christopher Towe, Deputy Director, Monetary and Capital Markets Department, IMF: "Islamic finance is growing rapidly, but still remains concentrated in a number of jurisdictions. Its strong growth reflects a very strong interest on the part of Muslim populations who have previously been underserved, but also the very strong growth in a number of jurisdictions where Islamic finance had already existed." Jakarta, Indonesia – Recent 5. Various skyline Washington, DC – 6 April, 2015 6. SOUNDBITE: (English) Christopher Towe, Deputy Director, Monetary and Capital Markets Department, IMF: "It allows greater access to finance, particularly by Muslim populations who are or have previously been underserved by the conventional financial world. And by providing greater scope for or a greater pool of savings, that then unleashes the potential for growth-enhancing investment." Amman, Jordan – Recent 7. Various skyscrapers Washington, DC – 6 April, 2015 8. SOUNDBITE: (English) Christopher Towe, Deputy Director, Monetary and Capital Markets Department, IMF: "While standards and codes for the application of Islamic finance have been defined, these need to be deepened and applied in a more consistent manner, both nationally and internationally. And this becomes much more important as Islamic finance and Islamic institutions become more important and more systemic." Washington, DC – Recent 9. Exteriors IMF
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