‘No impact from Saad’ on Islamic finance
Kuala Lumpur, July 8, 2009
There has not been any systemic risk arising in the global Islamic finance industry from problems due to Saudi Saad group's debt restructuring, Malaysia's central bank governor said on Wednesday.
'Right now we do not see it having systemic implications on the Islamic financial industry,' Zeti Akhtar Aziz said in response to a question during a conference about Saad and Al Gosaibi, another Saudi group also restructuring debts.
'Because the interlinkages are not there yet. Right now we are just beginning to the internationalisation of Islamic finance, it is still very much domestic-centric,' Zeti added. – Reuters