Global sukuk issuance next year may surpass 2007’s record US$34bil

Global sukuk issuance next year may surpass 2007’s record US$34bil

Available at:

KUALA LUMPUR: The global sukuk issuance next year may supersede the all-time high of US$34.2bil recorded in 2007 based on an uptrend seen this year and the recovery in the global economy.

Amanie Business Solutions consultant Baiza Bain said the sukuk issuance this year was expected to be about US$30bil. He said the last few issuances had been oversubscribed and a similar trend was expected next year.

“The credit market now is much more at ease and there is a lot of interest from investors. Next year, sukuk issuance could be more than the figure quoted for 2007 but this depends on the global economic environment and also the US economy as well as the stability of its currency.
Dr Mohd Daud Bakar

“The bulk of the sukuk issuance in 2007 was in US dollar. Some corporations are reluctant to issue sukuk now due to the fluctuation of the dollar. If the dollar stabilises next year, we’ll see a lot more issuance,” he told a press briefing on the upcoming International Shariah Investment Convention yesterday.

Worldwide sukuk issuance in 2009 stood at US$23bil, up from US$19bil in 2008.

Amanie president and chief executive officer Dr Mohd Daud Bakar (pic) said elements of structured products were now being incorporated into sukuk as it helped render capital projection and certainty of return to investors.

“We expect this new trend in sukuk structuring to attract more investors. We have seen a couple of sukuk issuances using this new method this year,” he said.

Mohd Daud believed that renewed activity in the sukuk market would be the catalyst for the next cycle of growth, citing the recent US$200mil Islamic bond sale by Dubai-based Al Baraka Banking Group.

Organised by Amanie, the Securities Commission and Bursa Malaysia, the International Syariah Investment Convention will be held from Nov 30 to Dec 1 in Kuala Lumpur.

Local and international participants from regulatory bodies, fund management houses and investors will discuss key issues such as establishing proper cross border distribution channels for funds and continued expansion for the sukuk market.


  • Jungfraujoch, Top of Europe, Switzerland


    Tabung Haji, a truly Shari’ah-based institution

    How Malaysia’s Tabung Haji could provide Haj financing a Shariah-compliant model

    By MUSHTAK PARKER | ARAB NEWS Available at:

    THE annual pilgrimage to Makkah in Saudi Arabia takes place this week when up to three million Muslims from all over the world converge on the holy places in Makkah and Madinah and its satellite towns to perform Haj, which is one of the five pillars of Islam.

    While the Haj is deemed a spiritual journey, since its inception, it has always been associated with economic activity such as trade when Muslims converged on Makkah from all parts of the Ummah trading with each other and of course at the same time performing rituals of Haj.

    While Saudi Arabia as the birthplace of Islam and the host of the religion’s holiest sites has spent billions of dollars in improving the transport, accommodation, health and other infrastructure associated with the Haj over the last three decades, the external management of Haj, especially the travel packages and cultural awareness and education programs, need further improvement.

    The one outstanding exception is Malaysia, which in 1963 launched Lembaga Tabung Haji (The Malaysian Pilgrims’ Management Fund). Ask anyone who has been on Haj and he/she will praise the facilities of the Malaysian pilgrims in Saudi Arabia. The inspiration behind Tabung Haji was Royal Professor Ungku Aziz, the father of Zeti Akhtar Aziz, governor of the Malaysian central bank.

    Tabung Haji, however, is not merely a pilgrims’ travel and Haj service. It is much more than that. It is in fact a non-banking Islamic savings institution set up under a Special Act of Parliament and comes under the direct control of the Prime Minister’s Office in Malaysia. Its board and senior management are all appointed by the Prime Minister’s Office and they are accountable to the Malaysian government.

    Tabung Haji’s original brief was to facilitate a smooth and honest service for would-be pilgrims, especially the rural and urban poor, who had hitherto been ripped off by unscrupulous middlemen and travel operators. However, over the years the institution has been transformed into a modern non-banking “building society.”

    Today Tabung Haji’s total funds under management are a staggering 23 billion Malaysian ringgit making it the largest non-banking Islamic savings institution in the world. Its members comprise over five million, thus its added value is that of a savings mobilization entity. The fund has experienced the occasional management upheaval and even the odd fraud.

    But it is endearing to the Malaysian government and people and many Muslims worldwide. During the Asian financial crisis in 1998, Tabung Haji even helped bail out some of the Malaysian companies that were under pressure from the crisis.

    Today Tabung Haji has investments in Islamic banks (it has an 18.53 percent equity stake in Bank Islam Malaysia), technology companies, plantations, real estate and global services.

    The disappointment is that Tabung Haji has singularly failed to export the model to other Muslim countries and those with large Muslim minority populations. It has been criticized of being too conservative, parochial and inward looking. A visit to its website, for instance, will show no English homepage — only in Bahasa.

    But more recently there have been murmurings of Tabung Haji seeking cross-border cooperation with other IDB-member countries. Perhaps more importantly, the Malaysian government is now realizing that institutions such as Tabung Haji can contribute much more in the international arena and Prime Minister Mohammed Najib even mentioned Tabung Haji in this respect in his speech launching the 10th Malaysia Plan.

    Only a few days ago, Ahmad Husni Hanadzlah, the second minister of finance of Malaysia, urged Malaysian Islamic financial institutions to widen their reach to leverage opportunities both at home and abroad to take the sector to the next level. He urged institutions such as Tabung Haji to expand by cooperating with partners abroad.

    The business model for Tabung Haji is proven. But the same unscrupulous middlemen and travel agents which the ordinary Malaysian Muslim experienced in the late 1950s and early 1960s are still prevalent in many countries where some institutions virtually have a free-for-all in exploiting the Haj and ordinary Muslims for maximum profit almost at any cost. This is true of countries such as Indonesia, South Africa, the UK and many others.

    Islamic banks are heavily involved in financing Haj packages for their customers, although independent research on prices and terms offered is still lacking. Some Islamic banks such as Sharjah Islamic Bank (SIB) bend over backward to help their customers. SIB has recently launched a zero percent Haj product with the catchphrase: “Haj this year & pay over a year, without profit.” The product allows would-be pilgrims to go on Haj financed by SIB and pay over a year without any profit or additional fees.

    One country where the Haj travel and service packages industry is virtually in a state of anarchy, with very little control or recourse to independent arbiters in the case of a dispute, is in South Africa which has a two million plus Muslim population.

    There are allegations of wanton over-charging compared with other Haj travel operators or airlines; the arbitrary imposition of dumm (penalties) on pilgrims during the Haj; mis-selling in terms of the quality and state of accommodation and food supplied in Makkah and the environs; the single-minded pursuit of private commercial profit out of these Haj services; and the claim by one or two organizations that South Africans must go on Haj through them (which is obviously not accurate).

    The latter is particularly a potentially big problem especially for the poor, uneducated and vulnerable Hajis. There have been allegations that these organizations insist on charging additional fees for instance where a Haji gets his own visa the organization will add a No Visa Fee. Similarly, the Qurbani or Fiddiya fee under the package includes a premium whereas Hajis can just walk into any branch of Al-Rajhi Bank and buy a voucher at face value.

    The South African Haj travel industry is in permanent turmoil while the South African government refuses to get involved because it sees this as a religious issue. This is where the government is badly misinformed, because it’s usually the ordinary, poor and vulnerable South African Muslim would-be pilgrims that get exploited.

    It is imperative that the Saudi government through the Ministry of Haj comes up with a strategic policy to bring the Haj travel and service industry into the 21st century to include both financial and social inclusion.

    Saudi Arabia as the host country is the only one that can drive this policy. Given Tabung Haji’s success, Riyadh and Kuala Lumpur should seriously think of implementing the Tabung Haji model in as many countries or regions as possible. The Islamic Development Bank (IDB), which operates the Sacrificial Meat Slaughter and Distribution Project, should also be involved. They have outsourced the voucher for the Fiddiya to Al-Rajhi Bank, which has a monopoly. Perhaps it is time to widen the voucher franchise not only to include Islamic banks in the Kingdom but in many other countries. The above policy can only be implemented on a government-to-government basis because only governments have the power to implement schemes such as Tabung Haji in their respective jurisdictions.

    The benefits of the above policy and strategy are manifold.

    They include:

    a) A Tabung Haji-like national or regional institution would be a mutual savings institution and not a commercial profit organization where a few shareholders (very often imams and so-called religious personalities) are the beneficiaries. In the case of the Tabung Haji model, it is the members (the savers) who benefit. The Board of Trustees and the senior management are appointed by the government.

    b) The model is already in place so the start up costs would be minimal and can be tweaked to suit a particular national or regional environment. Tabung Haji could be the technical adviser and even a minority investor.

    c) This strategy is consistent with social and financial inclusion policies, which are aimed at empowering the poor and the minorities.

    d) An institution like Tabung Haji anywhere would be an excellent way of mobilizing local savings on a Shariah-compliant basis. The savings culture in many Muslim countries save Malaysia is generally very low.

    e) Tabung Haji is not only a savings and investment fund, but also an educational institution thus preparing a would-be Haji on the culture, climate, health provisions, attire and on the religious rituals of Haj. This would make for a better-informed would-be pilgrim which could contribute to the smoother running and control of Hajis in an around the holy sites. This is something, which the Saudi authorities should seriously take on board, because they have the power to negotiate with pilgrim-sending countries not only on quotas but also on Haj services.

    f) A Tabung Haji-like model preempts fraud, abuse and exploitation — everything that a pilgrim does not wish to be subjected to as he or she contemplates a spiritual journey, which for many poor pilgrims would be the one and only Haj they would perform in their lifetime.

    g) This type of model and strategy is also a major confidence-builder and could encourage Muslims to access the wider Islamic finance industry. In the particular case of South Africa, there has been much cynicism about Islamic finance because of the mistakes and excesses which some of the pioneers including Al-Baraka Bank have made in the country.

    h) A Tabung Haji-like approach would give security, comfort and recourse in law as members to ordinary Hajis who may have complaints or disputes. In this way the organization would empower Hajis rather than marginalize them to the mercy of the unscrupulous travel operators and Haj organizations.

    Best Regards

  • Muscat, Oman

    Happy EidulAdha


    Dear My Weblog Readers,

    On the advent of the blessed EidulAdha this year, I take this opportunity to wish Eid Mubarak and to extend my sincere congratulations on this great religious occasion to the Islamic Ummah all over the world. May Allah bless you all with that is beautiful and pure.

    Best Regards

  • Blue Mosque, Istanbul, Turkey

    Gulf losing edge to Malaysia on Islamic finance

    Gulf losing edge to Malaysia on Islamic finance

    By Reuters Available at:

    From Australia to South Africa, governments are scrambling to change the law to accommodate the $1 trillion Islamic finance industry, whose avoidance of toxic debt has looked increasingly attractive since the global crisis.

    But in the Gulf Arab region, birthplace of Islam and cradle of Islamic finance, governments have taken a more passive approach, which experts say is slowing the industry’s growth.

    “Aside from Malaysia, Sudan and Iran, no government has really owned the Islamic finance project,” Humayon Dar, chief executive of London-based sharia advisory and structuring firm BMB Islamic, said.

    In Malaysia, there is a national sharia council that sets rules for Islamic financial institutions. Rules are standardised under the central bank, which has made an active push towards supporting Islamic finance.

    In the first three quarters of 2010, the Malaysian government accounted for 62.5 percent of all Islamic bonds, or sukuk, issuances globally, valued at $18.4bn, according to Thomson Reuters data. By comparison, not one sovereign sukuk came out of the Gulf Arab region during the same period.

    Saudi Arabia’s laws, by definition, require organisations to adhere to sharia, a set of Islamic legal principles that include a ban on interest. Its central bank does not even differentiate between conventional and Islamic banking.

    Yet the growth of Islamic banking in the kingdom, the Gulf Arab region’s biggest market, is hindered by the lack of clear laws, a 2009 report by Blominvest Bank, the investment banking arm of Lebanon’s Blom Bank Group, said.

    Many Islamic lenders, for instance, are wary of providing mortgages given the lack of clarity in Saudi Arabia over their ability to foreclose on properties in default.

    Lawyers and bankers say these concerns are putting pressure on Saudi housing demand and prices. A Saudi mortgage law has been in the works for over a decade but it’s still unclear when it will come to pass.

    Even in the United Arab Emirates, lawyers say some of the government’s laws effectively work against Islamic financial transactions, especially those related to ijara sukuk, one of the most common forms of Islamic financing.

    Ijara sukuk involves a transfer of tangible assets — most commonly real estate — from one party to the next as Islamic law does not allow for debt or interest payments. It can best be described as an operating lease in which the owner leases an asset to the client.

    “The issue lies with the high fees related to the transfer of land in an ijara and investors wonder if the cost is going to be significant enough to hurt their potential returns,” Nabil Issa, partner at international law firm King and Spalding, said.

    “The UK and France have encouraged sharia-compliant transactions. The UAE must waive the fees to make Islamic finance easier.”

    The financial crisis, which caused a rash of corporate defaults, disputes and insolvencies in Dubai, exposed weaknesses in regulation and resulted in a loss of faith among businesses.

    That has prompted some companies to register in the Dubai International Financial Centre despite the higher costs because the financial free zone has been allowed to self-legislate.

    DIFC has created a legal framework that blends the best practices of leading jurisdictions, reassuring companies in case of default or business disputes.

    “There’s no doubt in my mind that if the UAE made a push to change its current laws to be more transparent and accommodating, especially when it comes to land registration fees, we would see more Islamic finance growth and more sukuk here,” said one attorney, who asked to remain anonymous.

    “There’s so much pride in the industry that the rest of the world is making changes, but not enough work at home to support the needs of Islamic finance.”

    Bahrain, to its credit, has positioned itself as a hub for Islamic finance in the region and the central bank provides a regulatory framework for Islamic financial institutions, based on the guidelines issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

    Bahrain-based AAOIFI is the closest thing Islamic finance has to an international independent regulator to set standards.

    The central bank also has rules covering capitalisation, risk management, financial crime and disclosure and is pushing to train Islamic scholars to help the industry grow faster.

    But Islamic finance faces hurdles in other markets in the Middle East and North Africa, where barriers to entry remain.

    In Oman, home to about 3.4 million Muslims, the central bank’s policies discourage the establishment and expansion of Islamic financial institutions.

    Egypt is another case in point. It is the sixth-biggest Muslim nation with 80 million people, but only three to four percent of its $193bn banking industry is Islamic.

    While Egypt’s financial regulator sees the implementation of sukuk rules by the first quarter of 2011, some analysts say it is too early to call how it will help Islamic finance grow.

    Part of the blame lies with 1980s ponzi schemes that claimed to be Islamic and left millions of Egyptians wary of Islamic banking. After the exposure of the schemes, Egypt’s foremost Muslim cleric, Sheikh Mohammed Sayed Tantawi, issued a controversial ruling allowing for interest, as long as it was not excessive, which essentially sidelined the need for Islamic finance.

    Analysts say fears that the Muslim Brotherhood, which believes in creating an Islamic state, could use Islamic finance for political gain have discouraged the government from adopting laws to foster the sector.

    By contrast, Australia’s national taxation board is planning to meet in November to revamp its laws to get rid of double stamp duties. In South Africa, the government is looking to amend its tax laws to help grow the industry, even though Muslims only make up two percent of the population.

    “The Muslim community in South Africa was at a disadvantage,” Amman Muhammad, managing director at Absa Islamic banking, said.

    “We have gotten regulators to understand our plight.”

    Best Regards

  • Trisakti University, Jakarta, Indonesia

    Recep Tayyip Erdogan, a candidate for TIME’s 2010 Person of the Year

    Recep Tayyip Erdogan

    By Dan Fastenberg Available at:,28804,2028734_2028733_2028721,00.html

    When an Israeli raid on an activists’ flotilla trying to deliver aid to Gaza caused an international outcry, it was no surprise that the Prime Minister of Turkey, Recep Erdogan, had something to say. Turkish aid groups had been part of the flotilla, after all, but his rebuke of Israel was notable because of his refusal to tiptoe diplomatically around the issue. His rhetorical takedown of Israel, which he repeatedly accused of “inhumane state terrorism,” was particularly striking given Ankara’s history of warm relations with Israel and the U.S. Indeed, Erdogan’s outspokenness was just one of many instances in 2010 in which Turkey displayed a newfound willingness to flex its diplomatic muscle. The ultimate bellwether of a shift in geopolitics may have been when Erdogan teamed up with Brazil’s Luiz Inácio Lula da Silva to offer a second-track fuel swap in the ongoing negotiations over Iran’s nuclear program to compete with the U.S.-led sanctions plan. Having encouraged an entrepreneurial boom in Turkey and aligned himself with a nationalist wing of his country that still denies the Armenian genocide, Erdogan has shown that Turkey will no longer shy away from throwing its weight around in the volatile Middle East.

    The Candidates

    * Julian Assange
    * Glenn Beck
    * David Cameron
    * The Chilean Miners
    * Arne Duncan
    * Recep Tayyip Erdogan
    * Jonathan Franzen
    * Lady Gaga
    * Robert Gates
    * Tony Hayward
    * Hu Jintao
    * LeBron James
    * Steve Jobs
    * Hamid Karzai
    * David and Charles Koch
    * Liu Xiaobo
    * Barack Obama
    * Sarah Palin
    * Nancy Pelosi
    * Imam Feisal Abdul Rauf
    * Jon Stewart and Stephen Colbert
    * The Unemployed American
    * J. Craig Venter
    * Elizabeth Warren, Mary Schapiro and Sheila Bair
    * Mark Zuckerberg

    (Note: Don’t forget to cast your vote)

    Best Regards

  • With Prof. Dr. Faris Kaya at his office, The İstanbul Foundation for Science and Culture, Istanbul, Turkey

    Short of talent, Islamic finance taps women scholars

    Short of talent, Islamic finance taps women scholars

    By Reuters Available at:

    There are 221 Islamic finance scholars globally but only a handful are in high demand.

    When Malaysian Aida Othman signed up for the new law programme at the Islamic university, she did not expect to become one the few women with their hands on the levers of the world’s $1 trillion Islamic finance sector.

    Rising global demand for scholars who can advise firms on compliance with Islamic legal principles called sharia is behind the quiet and almost accidental way in which women are growing into a small but powerful force in a male-dominated business.

    “There are not many women involved my job,” Aida, who manages the sharia advisory practice at Malaysia’s biggest law firm, told Reuters.

    “I’m glad to be able to show to young graduates and young scholars in my field if you’re interested enough there is a way into sharia advisory,” the 41-year-old, who went on to study at Cambridge and Harvard, said.

    Islamic finance has embraced women relatively rapidly in its 30-year modern history, as burgeoning demand for expert lawyers and growing female education rewrite the rules of the business.

    As Islamic finance expands 15-20 percent a year and enters new markets from Australia to South Africa, so the need has grown for more sharia advisers who can structure financial transactions according to Islamic rules that crucially include a ban on interest.

    Sharia advisers are typically Islamic law scholars who are able to marry sharia with international banking and legal practices to help banks devise sharia-compliant products ranging from mortgages to hedge funds.

    There are 221 Islamic finance scholars globally but only a handful are in high demand, with the top six occupying almost a third of the 1,054 board positions open to Islamic experts, a Funds@Work report issued this year shows.

    This small circle of men dominate the boards of Islamic banks but there are now about ten women sharia advisers in Malaysia, home to the world’s largest market for sukuk, or Islamic bonds.

    The number of women sharia scholars in Malaysia has more than tripled in the last five years according to some estimates.

    There are no official figures, but practitioners say there are no women sharia advisers in the Middle East.

    While the culture has opened the way to the rise of female advisers in Malaysia, more conservative social mores have kept women sidelined from the Islamic finance industry in the Gulf Arab region, experts say.

    “The need for sharia advisers will increase,” said Mohamad Safri Shahul Hamid, deputy chief executive at Malaysia’s MIDF Amanah Investment Bank, a sukuk arranger.

    “Will we see more women? In Malaysia, we will because they will want to follow the footsteps of noted women scholars. I’m not so sure about the Middle East. I still think they have to address the cultural issue. But they are moving in the right direction as, at least commercially, there are a lot more avenues for women to join the workforce.”

    More than half of Malaysia’s 27 million people are Muslim and follow the Shafi’i branch of Sunni Islam, which is regarded as taking a more moderate stand on many issues.

    The Middle East is home to different strands of Sunni and Shi’ite Islam which mean Muslim women enjoy varying degrees of freedom. In the United Arab Emirates, for instance, Muslim women face few restraints compared to Saudi Arabia, where they are forbidden from driving and travelling unchaperoned.

    Malaysian Muslim women face little, if any, restrictions on their movements, have equal educational opportunities and women comprise about half of the country’s total workforce.

    Muslim women in Malaysia routinely hold political office, run large corporations and the country’s central bank and capital market regulator are both led by women.

    EONCap Islamic, the sharia banking arm of Malaysian financial group EON Bank, and the local unit of Kuwait Finance House both have women chief executives.

    Women scholars also advise Bank Rakyat and Bank Islam, which is Malaysia’s second largest sharia-compliant lender, as well as AmIslamic Bank and the local Islamic banking arms of HSBC and Standard Chartered.

    The rise of women sharia advisers in Malaysia was partly due to a central bank ruling that a scholar can only advise one bank and one insurer at a time to avoid conflicts of interest.

    Best Regards

  • Autumn in Durham 2010

    World Bank Chief Surprises With Gold Proposal and later rejects it

    (1) Statement on 8th November 2010

    World Bank chief surprises with gold proposal

    Available at:

    Investors are pumping dollars into emerging markets in search of higher yields, and the potentially destabilising impact of this, along with big current account deficits and surpluses as well as China’s reluctance to let the yuan appreciate faster, are set to dominate the G20 debate.

    France, which takes over the G20 chair after this week’s summit, says it plans to work on a new international monetary system to bring greater currency stability.

    French officials said Zoellick’s ideas mirrored initiatives that President Nicolas Sarkozy aimed to promote during France’s 12 months in the G20 from next week.

    Beijing’s central bank chief has suggested an alternative monetary system based on using the International Monetary Fund’s Special Drawing Rights, a notional unit of value based on a basket of major currencies, instead of the dollar as the sole global reserve currency.

    Zoellick was a senior official in the U.S. Treasury at the time of the 1985 Plaza and 1987 Louvre Accords on rebalancing currencies among major industrialised nations. He noted that that phase of currency coordination helped launch the Uruguay Round of world trade liberalisation negotiations.

    While his opinion article in the Financial Times did not represent either U.S. or World Bank policy, it may reflect a greater openness in Washington than in the last two decades to some form of international currency cooperation.

    “The dollar is losing its relevance especially with the emergence of Asia economies, so a more neutral benchmark may be required. Gold, amid all the recent uncertainty, is proving its worth,” said ANZ’s senior commodity analyst Mark Pervan.

    Zoellick said a new monetary system would take time to develop and should be part of a package approach including possible changes in IMF rules to review capital as well as current account policies, and linking IMF monetary assessments to World Trade Organisation obligations.

    (Reporting by Lewa Pardomuan, Nick Trevethan, Paul Taylor and Paul Carrel; Writing by Paul Taylor and Lesley Wroughton; Editing by Ruth Pitchford, Andrew Torchia, Andrew Hay)

    (2) Statement on 10th November 2010

    World Bank president rejects return to gold standard

    Available at:

    Singapore – The World Bank president said Wednesday that gold had become an alternative monetary asset in an uncertain world economy, but he did not advocate a return to the gold standard.

    Robert Zoellick’s remarks came after he suggested Monday that the world’s leading economies should consider gold as a reference for exchange rates in a future cooperative monetary system.

    ‘I don’t believe that you can return to a fixed exchange rate system, and that is the gold standard,’ Zoellick said in Singapore.

    ‘I’m not advocating a return to the 19th century when money supply was linked to gold,’ he said.

    But policymakers should realize that ‘gold is the yellow elephant in the room,’ he said ahead of Thursday’s and Friday’s summit of the Group of 20 (G20), the world’s 20 largest economies, in Seoul.

    ‘Gold has become a reference point because holders of money see weak or uncertain growth prospects in all currencies other than the [Chinese] renminbi,’ Zoellick said. ‘People use gold as an alternative monetary asset … because confidence is low.’

    He said the world economy was moving toward a ‘Bretton Woods III,’ a successor to the current monetary system of floating currencies established after the collapse of the fixed system linked to gold in 1971.

    ‘It’s better for the key governments involved to recognize it and start to figure out how they want to change the rules,’ he said.

    Zoellick said a new monetary system was likely to involve the dollar, the euro, the yen, the pound and over time the renminbi as the Chinese currency moved toward internationalization.

    The G20 summit was expected to focus on currency tensions and global trade imbalances after pushes by some countries to bolster their national economic performances by weakening their currencies.

    In particular, China has been under fire for some time from major industrialized states for maintaining a weak currency as part of the Asian economic powerhouse’s efforts to underpin its export machine.

    The World Bank president said he did not see a risk of a currency war but acknowledged the tensions in global exchange rate policies. ‘If not properly managed, these tensions risk increasing protectionism,’ he warned.

    Best Regards

  • Milan, Italy