Demand for Islamic finance talent is set to grow in tandem with a rapidly expanding industry, especially as Islamic finance evolves to be more competitive and increasingly sophisticated. Efforts to expand and enrich Islamic finance knowledge and practical skills have been encouraging. Overall, demand for Islamic finance talent is expected to continue rising, while training providers continue to rise to meet the challenges of supporting the unique needs of the industry.

The recent revival of waqf was spurred by the realization among the stakeholders that waqf is an important resource mobilisation mechanism, that if properly developed, managed and utilized will be able to fund various economic activities for the benefit of the community. Through waqf, the socio-economic aspects of contemporary Islamic finance can be fulfilled. With proper structuring and administration, it can provide perpetual benefit to the society. Today the utilisation of waqf extends beyond key Islamic finance jurisdictions such as Malaysia and the GCC, namely in the US, Canada, South Africa and India, which is a testament to its social and economic contributions. The perpetual nature of waqf makes it a highly effective platform for sustainable economic growth, concurrently serving the social agenda of Islamic finance Institutions in particular, and Islamic finance in general.

Today, most financial institutions recognise that the biggest question about social media is not whether or not to participate, but how it can best be applied in their business. Increasingly, this applies not just to retail banking, but investments as well. In a fast-growing market such as Islamic finance, the information gained from direct interaction on social media is invaluable, as it would enable Islamic financial institutions to gauge market preferences for Shariah-compliant products and services.

Since reaching new heights over the past few years, global sukuk issuances for the 1Q15 declined to USD18.7bln from USD24.2bln in 4Q14. As the global sukuk market is closely tied to sentiment in the global economic and financial sector and, as most sukuk issuing countries are among the world’s leading oil producers, the decline in oil prices has been a notable factor effecting the sukuk market. Concerns on exchange rate volatility in emerging markets has been another key market driver in 1Q2015. However, this decline in sukuk issuances is likely to be temporary as growth drivers for the sukuk market remain intact, continuing to attract cross-border issuances, issuances from supra-national organisations, sovereign entities and corporate issuers tapping the market for capital expansion and working capital needs. Sukuk are expected to maintain its status as a viable and competitive source of funding.

Islamic finance has recently made important strides into advanced economies in the US, Europe and Asia. US financial markets are the largest and most liquid in the world, and given the Islamic finance value propositions of a more stable financial system, the US market may benefit from increasing Islamic finance offerings. In banking, asset management, insurance and venture capital there is ample potential for Islamic finance to take root in that country.

Over the last decade, Islamic banking has increasingly gained acceptance amongst market participants. The rising awareness of Shariah-compliant propositions has prompted more countries and entities to join the global cohort of Islamic fiance stakeholders. Across the global banking industry, with the Islamic banking sector closely involved, the current technology move is paving the way towards critical changes to meet changing customer behaviour and new competitive banking environment.

A recent spike of interest in Islamic fiance from Europe is creating opportunities for global Islamic fiance hubs. Following monumental sovereign sukuk issuances by the UK and Luxembourg, several signposts lead to increased opportunities. Expanding trade links between Europe and OIC countries, growing preference for ethical fiancial solutions, massive infrastructure requirements to meet 2020 targets, governmental support for the Islamic fiance sector plus the structure of the EU single market system are all are seen to be providing opportunities for sukuk issuances, Islamic banking products and services, trade fiancing and Islamic funds.

The Commonwealth of Independent States (CIS) countries are emerging as a region of opportunity for Islamic finance. The financial sectors in the frontier CIS countries are expected to record robust growth in the near term, further supported by CIS governments’ moves towards re-integrating with the European Union. The region’s growing wealth and supportive regulatory structures, combined with the need for infrastructure financing and access to financial services for the population, provide the ideal circumstances for Islamic finance to take root.

In the search for new markets and prospects, Africa remains a region with relatively untapped potential. Africa currently accounts for more than 2% of global Islamic banking assets and 0.5% of sukuk outstanding. However, as a driving force of the African economy is a population more than 1 billion, increasingly urbanised people, the need for more foreign investment shows huge potential. It has been estimated that the need for infrastructure financing alone amounts to USD93bln per year with the financing gap for these plans being around USD31bln per year. Investment financing, including for projects related to the commodity sector and the growing halal industry, has seen both government and corporate sectors exploring Islamic finance as a source of funding.