Islamic banks should diversify financing and investments away from placements with financial institutions, governments and asset management and into real economy sectors, a thought leader has said.
In his keynote speech during the 21st Annual Shariah Boards Conference at the Crowne Plaza in Manama yesterday, Shaikh Ebrahim bin Khalifa Al Khalifa, the board of trustees chairman at Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), said the proportion of financing and investment in the real economy relative to the financial economy was a source of concern, despite the extraordinary growth of Islamic banking assets .
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