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Already dubbed as the potential savior to the world�s financial woes, the Asian economy is emerging at a phenomenal pace, while maintaining a robust fiscal position amid the financial rubble in the west. NAZNEEN HALIM explores the exotic and untapped opportunities in the region and uncovers the latest emerging markets according to industry opinions. By 2015, it is anticipated that emerging markets will constitute 41% of the global GDP; almost triple the amount in 1987. As opposed to the developed markets � predominantly those of North America and Europe, Asia (including the Middle East) has almost all the elements needed to create an economic powerhouse. A growing population, improved financial regulations and infrastructure, raw materials, robust manufacturing capabilities, unsaturated financial markets, increasing talent and human capital alongside demand for development and infrastructure projects are among the factors currently fuelling the Asian boom. Both market observers and investors are excited about the prospects of the emerging Asian economies; particularly for Islamic finance. View interactive book View PDF Edition

CONTENTS COVER STORY The next frontier By 2015, it is anticipated that emerging markets will constitute 41% of the global GDP; almost triple the amount in 1987. As opposed to the developed markets � predominantly those of North America and Europe, Asia (including the Middle East) has almost all the elements needed to create an economic powerhouse. FEATURES Weathering the storm Lest we forget, Asia has taken it on the chin once before. The financial crash in July 1997 saw the Southeast Asian economy tailspin into financial chaos and create large-scale socioeconomic shifts. Silk route revival To most, Asia is an entirely unique region to do business. Its culture and norms are somewhat of a conundrum those used to business dealings in Europe or any other jurisdiction, and like any emerging market, there is much terrain yet to be explored. However, trade ties between Asia and the Arab world have existed since the 1400s, particularly with China: both a trade goliath then, and a force to be reckoned with now. The Talent Tousle It is becoming harder for the global financial community to ignore Asia. While the western markets are virtually on life support, the Asian market is seeing unprecedented growth in almost all sectors; and is most definitely capitalizing on its headstart in Islamic finance. Asia in a nutshell Investors are feeling the jitters as Europe spirals into a debt crisis that could see Greece inch closer towards a default, while the US still battles to trim its oversize federal debt by US$3 trillion. Turning Tide: Takaful in Southeast Asia Malaysia remains the center for Takaful in Southeast Asia, and its emphasis on establishing itself as an Islamic financial hub has seen Takaful pushed to the forefront of the industry, serving as a poster child for solid growth and greater contributions as it rides the wave of economic growth. CHAPTERS Development of the Sukuk Market The sector has grown by over 20% annually in recent years and estimates of current global Islamic banking assets under management range from US$700 billion to US$1 trillion. Islamic Funds Look to Asia for Growth If you were an Islamic investor in GCC equities over the past five years, you would have lost over 45% of your investment. If you had invested in Europe over the same period, you would have lost a little over 3%. Takaful and Investment Having wealth alone without it being managed and developed for the goodness of mankind is contrary to what is demanded by Islam.