The first Deloitte Islamic Finance leaders survey in the Middle East
In order to best serve the interests of its clients and the Islamic Finance practice generally, the Deloitte’s Islamic Finance Knowledge Center (Deloitte ME IFKC) seeks to implement an evidence-based approach to the evolution of Islamic Finance Thought Leadership (IFTL).
This is the first Deloitte Islamic Finance leaders survey in a biannual series targeted at industry practitioners and leaders of Islamic Financial Institutions (IFIs) in the Middle East. The survey is based on interviews conducted with industry leaders between April and June 2010.
Several key themes emerged in the results of this survey. The first is a fair consensus on the need for an effective regulatory framework and good governance. The survey findings emphasize the importance of introducing new or revised regulatory measures–chief among them being Islamic accounting standards and risk management. A second theme is the importance of adopting best practices and transparency in financial reporting. A great deal of the present industry shortcomings and performance shocks can be attributed to a lack of practice consistency and regulatory compliance. The necessity of adjusting investment strategies through diversification is a third theme of this report. A final theme is the need for investment in human capital and talent development to cope with the growth and industry challenges.
In general, this report is designed to provide industry stakeholders-regulators, standard-setters, Islamic financial institutions (IFI), investors, and practitioners with a portrayal of the trends and issues prevailing in the current economic environment.