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Message: <blockquote data-quote="ibnanv" data-source="post: 18932373" data-attributes="member: 218596"> <ul> <li data-xf-list-type="ul"> <img src="http://www.arabnews.com/sites/default/files/imagecache/galleryformatter_slide/2015/09/06/file-06-1441549604008649300.jpg" alt="" class="fr-fic fr-dii fr-draggable " style="" />   German Finance Minster Wolfgang Schaeuble</li> </ul>ANKARA: Islamic finance is increasingly important in the global economy  and needs to be better integrated into the international financial  system, German Finance Minister Wolfgang Schaeuble told a meeting of the  Group of 20 leading economies.“We all have a better understanding  of the risks and role of Islamic finance now,” Schaeuble, reporting on  the G20’s Investment and Infrastructure Working Group, told G-20 finance  ministers and central bankers gathered in Ankara.The World Bank,  Islamic Development Bank and countries including Saudi Arabia and South  Africa had shared their practical experiences with asset-backed  financing and Islamic finance in particular over the past year, he said.“Islamic  finance is growing in importance for the global economy. It is  therefore important that international financial institutions consider  questions related to integrating Islamic finance into global finance,”  Schaeuble said, according to a text of his speech obtained from the  German delegation.Islamic finance holds systemic importance in  countries such as Kuwait and Qatar, and has made wider gains buoyed by  support from governments such as Pakistan and Turkey.The  asset-backed nature of Islamic finance should in theory make it ideal to  build highway networks, ports and other big projects. An estimated  $800 billion worth of infrastructure financing will be needed each year  in Asia alone over the next decade, according to the Asian Development  Bank.</blockquote>

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