Germany urges global integration of Islamic finance

Islamic finance is increasingly important in the global economy and needs to be better integrated into the international financial system, German Finance Minister Wolfgang Schaeuble told a meeting of the Group of 20 leading economies.

“We all have a better understanding of the risks and role of Islamic finance now,” Schaeuble – reporting on the G20’s Investment and Infrastructure Working Group – told G-20 finance ministers and central bankers gathered in Ankara.

He said the World Bank, Islamic Development Bank and countries – including Saudi Arabia and South Africa – had shared their practical experiences with asset-backed financing and Islamic finance in particular over the past year.

“Islamic finance is growing in importance for the global economy. It is therefore important that international financial institutions consider questions related to integrating Islamic finance into global finance,” Schaeuble said.

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