VIVAnews - Short-term banking product which is accepted worldwide has been a new trend in time of crisis. Cash and short-term assets are in fact needed.
Global Islamic Finance Leader at PricewaterhouseCoopers Partner, Mohammad Faiz Azmi, said the monetary system fails because of the non-transparent derivative products.
Derivative products creating large margin is the main failure of conventional banking. "The derivative product must return to its basics," said Azmi in Jakarta, March 3.
Azmi considered that the slow preparation of a regulation on global sharia banking was caused by the anxiety that conventional products lose their competing power.
Furthermore, the sharia banking in several countries needs to synchronize products that may be accepted by various countries. "The products of the Indonesian sharia banking must be accepted in Dubai," he said.
Azmi also said that the attempt to improve market capitalization is carried out by injecting capital to banking as well as loosening the liquidity.
These actions are taken to consolidate the market which is dependent to banking.
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Translated by: Ariyantri E. Tarman
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