The Global Head of Islamic finance at Thomson Reuters, Rushdi Siddiqui, predicts that Islamic Finance is set to be a $2 trillion industry in the next five years, according to AMEInfo.com.

Speaking at a panel discussion at the Middle East, North Africa and South Asia Forum titled “The Challenges Ahead for Islamic finance,” Siddiqui said, “It took the Islamic finance industry 40 years to become a $1 trillion industry. It will take another two to five years to become a $2 trillion industry.”

According to AMEinfo.com, there are many challenges that need to be overcome for the industry to realize its potential. Panelists said the lack of standardization in the industry, the lack of consensus among Shari’ah scholars, the poor “connectivity” between Islamic finance institutions across the world, and the global shortage of experienced Islamic finance professionals are some of the challenges facing the industry.

Hosted by the Dubai International Finance Center, the MENASA Forum is focused on discussing the critical opportunities and challenges confronting the Middle East, North Africa and South Asia region over the next decade. Under the theme of ‘finance for the Next Decade of Growth,’ the MENASA Forum featured over 250 members of the regional and international banking and financial services industry, regulators and senior business executives.

For the original AMEinfo.com article, please click here: http://www.ameinfo.com/233491.html