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Interview: Yakub Bobat, HSBC Amanah
11 November 2011
Oliver O’Connell spoke with Yakub Bobat, global head of HSBC Amanah commercial banking, about the prospects for Islamic trade finance in the face of global economic turmoil.
Read more:
Islamic trade finance
Islamic finance
trade finance Middle East
HSBC Amanah
Trade Finance (TF): These are challenging times for everyone – banks, corporates, nation states – how is the Islamic finance market holding up?
Yakub Bobat (YB): The Islamic trade finance market exists within the context of the overall international banking framework, and in the current situation the prospects for Islamic trade finance are no different to traditional trade finance. However, the Islamic finance industry is an inherently emerging market industry, and in many of these markets there is robust growth both in GDP and the demand for trade finance. This trend is likely to continue, particularly as western economies remain depressed and South-South or East-East trade continues to boom.
TF: What are the factors that are driving the growth of Islamic trade finance?
YB: You have to remember that those markets that are open to Islamic trade finance are predominantly the 57 OIC countries (Organisation of Islamic Conference) – six of which...
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