MANAMA: The financial landscape has changed significantly after the global financial crisis which was at least partly caused by excessive dependence on debt and speculation, according to CBB Governor.
“Demographics are also changing. People under age 30 make up about 60% of the total population of Muslim-majority countries. By contrast, only about a third of all people living in the world’s more developed regions, such as Europe and North America, are under 30,” Rasheed Mohammed Al Maraj, Governor, Central Bank of Bahrain (CBB), told the audience in his keynote address at the Global Islamic Investment Gateway (GIIG).
“This youth bulge in Muslim countries can be a big asset, and equally, a liability. If we are able to invest in our people they can help usher an era of accelerated growth and prosperity. On the other hand, if we fail to harness our youth and provide economic and employment opportunities to them then on the extreme end of the spectrum lies the potential of political instability, social disharmony and economic deceleration. This calls for greater participation of the private sector in economic activity, which should also create an increasingly larger chunk of jobs for the youth. In particular, most of the jobs in the new-economy sectors such as IT, telecommunications, digital media, technology, etc. are being generated globally not by governments but by the private sector,” he said.
Talking about the GIIG organized by Thomson-Reuters with the support of Economic Development Board (EDB) and the Islamic Development Bank (IDB) he said the focus on investment opportunities and deal-making differentiates this event from any other. The ethos of this event is much in line with the ethos of Islamic finance itself – which is real economy, asset formation, trade and investment.