This year will be pivotal for the Global Economy. For the first time since that push the switch to the machine in the UK to the path of industrialization in the nineteenth century, the emerging economies will produce the majority of goods and services in the world. The population of the rich developed economies representing long ago a large proportion of world output, but the proportion come from a small group of the world's population. They are now less important than the economic side of the group of people who live in the poor countries of the world and middle-income countries.

This shift in the balance of Global economic power deep, a shift that economists expect to continue. The International Monetary Fund expects to increase the share of the emerging economies of global output to 55 per cent by the year 2018, what makes the description of "emerging" misplaced increasingly.

Although the standards of living in developed countries remains five times higher, but the gap is rapidly narrowing since 1990. In countries where the income which goes hand in hand with the growth, the title now is catching. In addition to the half stake owned by the emerging countries of the world output, is expected to adopt three-quarters of economic growth on the big vitality during the next five years.

Jim O'Neill, who retired some time ago from the post of chief economist at Goldman Sachs, likes to use compared blatant expression of transformation. He says that the annual growth rate of 8 per cent in China now equivalent in importance a growth rate of 4 per cent in the United States Wall Street Exposed. This is a sharp contrast compared to 1980, when China was recorded faster growth rates even now, but it was like a relatively small fish. In 1980 the growth rate was 10 per cent less important than 1 per cent in the United States.

The long haul to prominence for the Group of Seven economies outside the United States, Japan, Germany, Britain, France, Italy and Canada is not a surprise. Growth was strongest in emerging countries for more than 30 years, and per capita levels were incurred in developed countries during the past 20 years.

This superior performance becomes a striking stronger when seen over a longer time frame. The monitoring of the McKinsey Global Institute shift in the center of gravity for the global economy to the world economy, noting that it was in the north of Iceland in the middle of the North Atlantic in 1950. And then, when Japan began to take off, taking in the spacing of the United States heading towards the east. He is now moving quickly toward the southeast, where moved during the past decade, a distance of more than on any other contract. By 2025 it will be close to Novosibirsk in southwest Siberia.

Says Richard Dobz, a member of the Board of Directors McKinsey: "development and economic transition of China towards the cities is happening at a greater rate one hundred times the size of the shift in Britain, the first country turns to the direction of urban and industrial, and ten times faster than almost, and thus the industrial revolution the Chinese possess momentum stronger a thousand times of the British Industrial Revolution. "

This shift in Global economic marched at specific stages during the past 30 years. In the mid-eighties, the big developed countries still dominate global growth. The United States accounted for almost one-third, and the European Union about 20 per cent, and the six countries of the Group of Seven in the list of top ten countries with the largest contribution to global growth (only France was off the menu). There was a common expression says if the United States sneezed, the rest of global economy will infect the cold.

These figures were calculated using data from the International Monetary Fund (IMF), which is based on the purchasing power of the dollar for the local currency, and thus there was a similar weight equivalent to the rise in the amount of goods and services produced in different countries.

By the mid-nineties, the former giants of the Global economy out of the "Premier League". No longer Germany and Italy have conferred rank to be among the top ten countries in economic growth, and the importance of Japan fell by more than half. Existing and entered Mexico and Indonesia, a sign that the fact that a developing country and The high population density puts it on the road certainly lead to the ups and enter the adult league.

In the years prior to the 2008-2009 crisis, China has emerged to be so far the largest source of growth, and swept the charts to reach the fourth place against the backdrop of the rise in the production of goods and prices.

Britain was present in the list of the top ten countries, having enjoyed the same 30 years to catch up with the growth in the wake of recovery from being the sick man of Europe, but it looks on track to get out of the Premier League between 2012 and 2017. And will be a list of the top ten countries in terms of the country's share in global growth has completely moved out of Europe, are expected to form the entire European Union accounted for only 5.7 per cent of global growth. And will be India and China together almost half of global economic expansion.

This amounted to a shift in economic power limit makes any company concentrating its efforts in established economies, are actually living in the past.
Wall Street Exposed

Islamic banking assets grow more quickly than traditional banking asset growth is expected to reach Islamic assets to U.S. $1.1 trillion in 2012, marking a growth rate estimated at 33% for 2010.

As well as the presence of huge liquidity in Islamic banks began attracting attention top players in the market of global finance, especially when there are conditions pricing and commercial terms similar to those used in the conventional finance, and as a result we have seen in the past a lot of traditional financial institutions, which began showing interest in knowledge.

And we can also ignore a deficit of liquidity in U.S. and European markets after the global financial crisis in 2008 and the crisis of the euro zone and that led naturally to the pursuit of major financial institutions in the United States and Europe to look for financing alternatives sources and other regions in the world were not in the circle of interests Previously such as the Middle East and Northeast Asia.

On the other hand lies the importance of the initiative of Dubai in that it will help to stimulate this sector to meet the financing needs of the region due to the presence accelerated growth in the number of major projects in the field of services, industry and infrastructure in the Middle East due to the existence surpluses large oil or need some countries hit by unrest political rebuilding vital facilities that have been stalled as a result of the disturbances, so it is considered a historic opportunity for Islamic banks to provide innovative financing solutions and play a key role in the growth and development of the region.

Despite the region's need to finance major development projects, the challenge lies in the ability of Islamic banks to meet this need, in other words you have Islamic banks capital needed to finance the requirements of these major projects individually without you in financing arrangement "multi-source" involving conventional banks with Islamic finance?

This need and thirst by the global financial markets for liquidity and for Islamic finance in particular has made a lot of governments and central banks Bank, which was looking for Islamic finance glance of suspicion and doubt and inferiority to adopt amendments legal and regulatory to suit the Islamic finance and privacy.

It is noticeable legally that amendments regulators adopted by these central banks aims mainly to encourage the growth of this sector through the consolidation of the principle of equal opportunities and equal treatment for the legal and regulatory between conventional finance and Islamic, and the difficulties faced by these central banks is the absence of a uniform is developing rules The provisions relating to this sector.

But there are some scattered efforts of some institutions in the harmonization of standards and rules of Islamic finance to help to understand how to structure products Islamic financing and legitimate framework and Alhokma for these products, and the institutions that should be mentioned here the Accounting and Auditing Organisation for Financial Institutions and Islamic (AAOIFI) and Islamic Financial Services Board (IFSB ).

But still need a lot of effort. Despite we need to global liquidity, but more important is the ability of Islamic finance to play a role in the restructuring of global financial centers in the post-financial crisis.

As the regulatory and supervisory financial sector has become consider to Islamic finance and rules strict model can be emulated in financial sector regulation and, for example, can take these rules to modify some frames and banking standards for conventional banks to avoid risks that have an impact on the economy as a whole is not limited impact in a particular sector or cutting only or the so-called systemic risk.

In practical terms, application mandatory standards Basel (3) bank will contribute to give Islamic finance a boost and quality globally, as these standards will raise the minimum ratio of capital reserve, knowing that Basel (3) gave a deadline for a very 2019 to be able to banks in the world in straighten their positions.

It is likely to cause the application of Basel II standards (3), which specializes capital adequacy and liquidity at banks to make trade finance traditional heavy price because of the requirement to increase banks' capital reserve has but Islamic banks Unlike traditional they always adhere to the requirements more stringent than Basel (3) With regard to capital.

Therefore it is unlikely that the additional costs that will affect the ability of those banks to compete in global trade finance. The demand for trade finance products reflect the reality of the desire of the world to adopt a new approach to funding helps create business processes of economic value and commercial real community and be far away from speculation rabid or buying and selling debt and called Securitization which rejects Islamic banks.

This has led buying and selling mortgage debt in the United States and the world to the collapse of many international banks hear and be guided it has become the model in funding burden on these countries, by contrast, the Islamic banks are based on the principle of mutual profit and loss, which helps the growth of the economy and business processes real and the emergence of an economy based on a genuine partnership between the bank and the merchant.

The outlook for the growth of Islamic finance for optimism and star will continue to rise, and the continuing financial crisis, will help the growth of this sector more and will create a real opportunity for Islamic finance to play a role regionally and globally.
 souq uae

The Financial Times newspaper said that Egypt is heading to Islamic finance as a lever for its ailing economy, after it had been deliberately marginalized by the former regime, which rejected the application of development projects that carry an Islamic character.

The Center DMCC to build on the record of success achieved by commodity funds Shariah-compliant within the initiatives and activities of many aimed at strengthening its position on the map of the Gaza Islamic economy and the face of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai developed as sectors Home to the economy of the Emirate of Dubai in a way that enhances its position as the capital of Islamic economics. , Prompting Ahmed bin Salem, Executive Director of the first of the Dubai Multi Commodities to describe a real jewel adorn the crown of the Dubai Multi Commodities.

In this context, reported data center DMCC that funds recorded gains record since its launch, it is well made «funds Dubai Shariah Asset Management Islamic - Kawtar of goods», gains standard which confirms the high efficiency of the strategy investment pursued by fund managers, and plans innovative product development.

And managed commodity funds compliant with Islamic law in the registration rates excellent performance during a brief period of time on the launch, which dates back to the Center was able to attract the best asset management experts in the world.

Through their identification at the beginning of it, and then convince them to take over the task of managing funds goods Shariah-compliant, it would succeed in preparing the list two directors experienced remarkable and wide in the field of strategies prudent and coherent, that enhanced the ability of funds to improve their performance is competitive, this in time in which moving company «Dubai Shariah Asset Management) forward in providing support to their counterparts from managers who want to be guided by the provisions of the Islamic Sharia, where became team managers now has the formula for success.

Commented Ahmed Bin Sulayem on this outstanding performance, saying: «We are in the power center of Dubai Multi Commodities, are committed to supporting the expansion and prosperity Islamic financial services industry.

Therefore, the funds Kausar innovative represent the future of this sector, which is growing rapidly, and are well aware that these products were launched relatively new, during the phase of the global economic downturn, and that investors are now more conservative in their investment approach. Therefore, we will continue to focus on enhancing the awareness in the market, and to draw the attention of investors about the outstanding performance of these funds, and to highlight the long-term attractiveness.

It is worth mentioning that the center of the Dubai Multi Commodities established «company Dubai Multi Commodities Asset Management (DCAM)» to the development and innovation investment products competent trade in goods in the UAE and other markets, a company registered licensed by the Bank of the UAE Central Bank.

The «Centre DMCC» managing a group of investment products competent trade in goods and Shariah-compliant, through a joint venture between the «company Dubai Multi Commodities Asset Management» and «Shariah Capital», a private company based in the United States-based her.

The «Dubai Shariah Asset Management (DSAM)», owned by 51% for «company Dubai Multi Commodities Asset Management (DCAM)» and 49% of the company «Shariah Capital» and take of the Cayman Islands-based, management and development of investment products compatible with the provisions of Sharia and specializes in trading commodities, and are these products with great interest by institutions and major investors who have aspirations beyond the borders of traditional investment and seek to contribute to the trade in goods markets, which is currently witnessing a boom.

Speaking Ahmed bin Sulayem for site Islamic funds in the strategy of the Dubai Multi Commodities said: The mission of the Dubai Multi Commodities to pursue initiatives that will contribute to strengthening Dubai's position as a global trading, and concentrated effort Asset Management Center to devise investment strategies focused on commodities.

Hence, we've launched funds Dubai Shariah Asset Management (Islamic Kausar of goods) in the part of our drive to acquire capabilities in the field of asset management, and therefore, we are committed to the long-term work on the growth of this area of ​​business.

He continued by saying: occupy the emirate of Dubai leading position and outstanding in the field of Islamic finance, and we always look forward in asset management approach to compatible with the requirements of Islamic law, has been made available to us to participate in the first hedge funds compliant with Islamic law, which has become over time and one of the stories the success of the Dubai Multi Commodities.

Said Ahmed bin Salem said the company «Dubai Shariah Asset Management» working on the launch of investment products commodity compatible with Islamic law, given the growing strength of the demand for investments that generate excellent returns, and rising investor interest in investing in commodities as a key area to hedge against risk, as a result of volatility global markets and decline in currency exchange rates.

He added Ahmed bin Salem another reason to distinguish the performance of commodity funds Islamic, a private follow style deep discipline in the conduct of research and stock selection, and explained this factor, saying: supports sharia ability of managers to accomplish the tasks entrusted to them, as it is to be to adopt the methodology proven its integrity and authenticity In stock selection, and then, our funds a huge success achieved as a result of choosing managers have the ability to check for stocks.

He continued: Keep in mind, that our controlled legitimacy required us to reserve the account separately at Barclays Capital, the investment arm of Barclays Bank, and to ensure full compatibility with the requirements of legality, and scientists forensic examination and audit every transaction, which ensures us this high level transparency to identify the transaction is religiously sanctioned, before completion, it is difficult to find this protective belt of transparency in conventional accounts.

On his part, said Malcolm Wall Morris, CEO of «Centre Authority DMCC»: contributed outstanding performance for (Fund Kausar gold), and gains extraordinary record (Kausar of global resources and mining) and (Kausar Energy), to ensure that rank high with on global indicators.

This has been developed unique investment products and are compatible with the provisions of Islamic law, specifically to meet the needs of investors in the region, while attracting the attention of traditional institutional investors. Given the remarkable performance over the past year, we are confident of our ability to expand and diversify our customer base.

Prosperous future prospects

The stems of this strong faith ability Islamic hedge funds to achieve more and prosperity in the coming years, from floor replete with huge potential for the growth of Islamic finance in general, as predicting a recent report to the Foundation «Oliver Wyman» Management Consulting to continue to Islamic banking institutions.

It is the largest Islamic finance market, strong annual growth to reach $ 1.6 trillion dollars, while revenue will the $ 120 billion market, which recorded an increase of 150% compared with 2007.

When it was announced the establishment of relations post between the Dubai Multi Commodities and the company «Shariah Capital» aimed at developing investment products backed by commodities and compatible with Islamic Sharia, were not the arena free of challenges, what can the company «Dubai Shariah Asset Management» to overcome a obstacles, there is again another obstacle, did not occur to many people during times of global financial crisis, to achieve the company «Dubai Shariah Asset Management results exceed expectations.

In fact, the fund Kausar Gold and Kawtar of global resources and mining, of the best commodity funds performance among hedge funds in the world, Pthakaiqama significant gains included two mattresses very advanced on the global indicators, as have grown at high rates, which contributed to fill the funds rank high on the Bloomberg index for Islamic funds, the fund is Dubai Shariah Asset Management (Islamic Kawtar of goods) of the best performing commodity funds among hedge funds in the world.

Kawtar Fund for Commodities

The fund Dubai Shariah Asset Management (Kawtar of global resources and mining) is the first fund of its kind in line with Islamic law, and in a series of funds offered by the company «Dubai Shariah Asset Management.

A joint venture between Dubai Asset Management, located in the DMCC and the company «Shariah Capital», and invested the Dubai Multi Commodities initially about $ 50 million, and allows the fund to investors opportunities to invest in companies operating in the field of mineral resources and mining.

The Fund invests Kawtar of mineral resources and mining exclusively in funds of the Fund BlackRock global resources and mining, and is also a fund «platform Net Trust» and managed by fund «BlackRock to manage global resources and mining», and manages platform Net Trust separate accounts at Barclays Capital and reflect the revenue performance of the accounts of the Fund «BlackRock to manage global resources and mining at Barclays Capital after deducting all fees, including fees related to investment management.

The Investment Manager seeks to fund investing primarily in quoted shares are undervalued, and looks forward to market conditions that tend to respond excessively to the changes on the horizon of the companies resulting from change the basic components of an industry or change factors relevant to the performance of these companies.

The types of versions that invests Fund «BlackRock to manage global resources and mining», those issued by companies operating in the exploration, development and production of energy resources, as well as metals and mineral resources, including versions of the companies operating in the field of transport and distribution of natural resource products and energy.

Based on these expectations, as far as Eric Meyer, Chairman and CEO of Shariah Capital that the Islamic alternative investment market size will reach $ 160 billion in just three years, if acquired 10% of the total Islamic finance market.

Diversify its customer base

He explained this point, saying: change directions investors, had to be that long change hedge funds themselves, and become more understanding and awareness of the issue of diversification of the customer base, and through attracting new customers to the chip product markets new investment in order to ensure the same elements of sustainable growth for its business .

Thus, offering funds Dubai Shariah Asset Management (Islamic Kawtar of goods) model elaborate shows what can be provided by hedge funds efficient for investors wishing to invest in investment products Islamic, they represent equivalent and the equivalent of hedge funds, and so without sacrificing returns.

And Eric Meyer attributed the reasons commodity funds outperformed to being the advantage of being compatible with the requirements of Islamic law, and explain this point by saying: always touched to our ears words warn us that you follow the guidelines legitimacy hampers performance.

As well as it would be in unsustainable attract the best team in the Islamic fund management, but we were convinced ideas to the contrary completely, and showed fund performance Dubai Shariah Asset Management (Islamic Kausar) that compatibility with the requirements of Islamic law involves a positive impact huge fund performance , but the form of this agreement in itself is one of the reasons characterize the performance of commodity funds.

Said Meyer: I have demonstrated hedge funds Shariah-compliant because they can not succeed in the competition than the traditional, and we are working closely with traditional financial institutions and Islamic alike wishing to obtain the possibility of access to investment products compatible with Islamic law.

And monitoring Eric Meyer another reason for this performance, which is following the fund managers models coherent and prudent in direct business, explaining that these models are based on deep analysis of macroeconomic trends prevailing in each industry separately, based on a study the basic components, is determined price expectations on term term for goods supportive of the funds, and then, be able to develop models for revenue, based on the strong relationships and document with the administrative divisions of the company.

Continued Eric Meyer explained the strategies used in asset management, saying: If we examine the investment portfolios of our funds, we will find that it is carrying the sale and purchase of shares of companies compliant with Islamic Sharia, nor undertake other operations, such as those relating to trade in derivatives and futures and options, as examines jurists Sharia all aspects and dimensions of investment products.

Thus, to the success of the investment portfolio on the ability of managers to pick stocks top returns, and impose Islamic rules on managers to focus on stock selection based on fundamental analysis of the ingredients, and distance themselves away from the complexities associated with products, derivatives and options, and this focus that contributes to improving performance.

Speaking Eric Meyer on the impact of the global financial crisis on commodity funds Islamic saying: after the eruption the global financial crisis in 2008, Sauer investors concerns regarding the allocation of their money in any new investments, including hedge funds, which was the subject of an understanding of our own, but When briefed on our results, they looked seriously at the role played by our strategies to improve the performance of investment portfolio.

Shariah-compliant instruments

The shot «Dubai Multi Commodities», one of the strategic initiatives of the Government of Dubai, in May 2010 another $ 20 million toward the instruments worth U.S. $ 200 million, which was released in May 2005 for a period of five years, and according to the schedule.

And saw version launched by the Center for DMCC high turnout of financial institutions in the Middle East, Asia and Europe, due to the strength of the foundations of long-term business pursued by the center. And included a unique feature of this innovative financial instrument and compliant with Islamic law, payments in cash in U.S. dollars or in the form of gold bullion.

On this occasion, said Ahmed bin Sulayem, Executive Chairman «Dubai Multi Commodities»: «Unlike large turnout witnessed issuance of the Dubai Multi Commodities investor confidence in the center, and despite severe global economic conditions, fluctuations continuous witnessed by global commodity markets then , but that the center was able to repay all its obligations in accordance with the schedule, which highlighted the strength of the financial foundations of the center, unlike Dubai's position as a global hub for trade in goods.

This has hired Dubai Multi Commodities revenues instruments to finance construction operations in the commercial towers for companies concerned goods international, within the free zone to JLT multiple uses, which extends over an area of ​​200 hectares, managed by «Dubai Multi Commodities».

, Said Malcolm Wall Morris, CEO of «Dubai Multi Commodities»: «been issued such instruments at a time when (center DMCC) and the Free Zone (JLT) projects are recent, but recognizable thanks to our vision ambitious to provide services value-added and innovative features of the supply chain of goods, and the development of the flow of commodities trade through Dubai.

This vision has become today's reality, where are the (JLT) has more than 64 towers is home to over 5,700 companies and live and work in the more than 50 thousand people.

In conclusion, predicted Ahmed Bin Sulayem to achieve commodity funds Islamic greater success, and explain the reasons for this, saying: Although we are still at the stage of building log our funds Islamic, but we are having a permanent and regular discussions with several institutions in the Gulf region that are compatible strategies Islamic managing their investment portfolios with funds Kausar and we expect that our funds are part of the investment products that enjoy the popularity, with the reallocation of funds among asset classes during the current year.

Platform «Net Trust promotes transparency and control

Occur Ahmed bin Sulayem platform Net Trust saying: after we study in depth the platform Net Trust, we realized quickly that the platform offers to the Dubai Multi Commodities strong framework and coherent, in which you can create investment products compatible with Islamic law, and we have launched several funds, and established company «Dubai Shariah Asset Management, and managers feel happy and satisfied returns achieved, which is the product of the merger between the strong performance of the managers of the side benefits of the platform 'Net Trust' on the other.

He continued: with international recognition managers company «Dubai Shariah Asset Management», I think the company has demonstrated now as jewel true that adorn the crown center DMCC, however consolidation company to its as a leading player and leader in the industry of Islamic hedge funds, the time has come To maximize the benefit from their success, by expanding the size and scope of work.

Said Eric Meyer, Chairman and CEO of Shariah Capital: It is designed investment program «Net Trust» to ensure transparency through the separation of responsibilities funds, and to avoid conflict of interest, as well as the involvement of service providers independent, like the company hedge fund trader x partner accounts.

The company Walkers (partner management) and Barclays Capital (the main broker), and then, this is not available levels of transparency and control professional in any other platform for asset management, which contributed to the reduction of investor concerns about hedge funds.

He said: The Platform initiative «Net Trust» product post strategy between Barclays Capital Inc. Shariah Capital, has been established to be a platform first in the world, which manages assets compliant with Islamic law, they are pricing mechanism competitive with senior service providers who allows managers possibility providing investment products Shariah-compliant alternative for those offered by conventional funds.

Murabaha commodity

 Won Murabaha used in platform «de GMC C Trajd Flo» e, the fatwa approves compatibility with the provisions of Sharia, and issued the mark Dr. Hussain Hamid Hassan, who is one of the most prominent figures in the field of Islamic banking and contributed to the launch of Dubai Islamic Bank, which is one of the first banking institutions in the world.

Deposit contracts effective tools for risk management

Ahmed bin Sulayem, Chief Executive Officer of the Dubai Multi Commodities the importance approach innovation in the design of investment products compatible with Islamic law, and evidenced by the adoption of decades deposit in the development of effective tools for risk management, explaining: there widespread acceptance in the financial community Islamic to conventional methods to hedge, and short-selling, in particular, are simply not acceptable due to the use of elements incompatible with the principles and teachings of Islamic Sharia.

But he added: With that, we worked with experts Sharia over the years, has been able to Eric Meyer, CEO of Shariaa Capital and his team to develop an Islamic alternative to short-selling, such as contracts deposit with providing effective tools for risk management and hedging, was approved by the Council of jurists Organization Islamic Conference such a method which has become widely accepted by the range of Islamic financial institutions in various parts of the world.

Mohamed Ashmawy, Chairman of the Board of Directors of United Bank that the volume of Islamic instruments in the world is witnessing a significant growth in terms of total releases about 85 billion dollars, an increase of 92%.

Ashmawi said during a seminar on the draft instruments organized by the Islamic Center of Islamic economics Bank that the size of sovereign versions of Islamic instruments amounted to about 59 billion U.S. dollars, including versions of companies about $ 19 billion and was the last version of the Saudi Civil Aviation Authority of Islamic instruments worth 15 billion Saudi riyals.

He added that Egypt overdue in issuing Islamic Sukuk explaining that the bill must have a list of executive describes the mechanism of calculating return on particular long term projects, and to know the mechanism of market makers, which should allow trading of free movement instruments and there could be a sovereign fund is that role In addition to a mechanism to follow up implementation and solve the problem of quality assurance involving state assets.

Ashmawi pointed out that there is a big confusion between ownership and funding, pointing out that is the process of financing instruments and there is no fear of foreign ownership of such instruments, as it would not violate Islamic law because there is a legitimate body of leading scientists are monitoring the process of Islamic instruments.

He called on banks to contribute to the awareness of Islamic instruments and the creation of specialized funds away from asset management, pointing out that there are many countries have achieved great success in the Islamic Sukuk issue.

Said Dr. Mohammed Nabil Ghanayem head of the Shariah Bank United Bank that the draft law presented by Islamic finance expert, Dr. Hussein Hamid Hassan and saw a lot of debate points Islamic parties and organizations and all the project is restricted to Islamic law.

He pointed out that if there is a fear of foreigners may Palace instruments the Egyptians only, or Egyptians and Arabs, explaining that all the process of issuing instruments will be subject to the legitimacy of high and because there is no violation of Islamic law, explaining that what is happening in the media is a controversial and demanding the truth.

He pointed out that there is great importance to the Islamic instruments at the moment and there will be no risk of the state assets.

Dr. Abbas added Shoman, vice president of the legitimacy that the current debate about the legal wording of the draft instruments and not the instruments themselves because no different instruments on Islamic legitimacy.

The Algerian government plans to amend the law on the organization of bank lending, and in order to allow national banks to provide banking services commensurate with the provisions of Islamic Law.

In order to enable a wide range of private citizens and small and medium enterprises to benefit from financial products of various raised in the financial arena, as well as enable the national economy from the potential high savings are available and which are not exploited because of alienated a large segment of society from dealing with other banks.
It should be noted that Tunisia is the Maghreb country in which the only Islamic banks.

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