Source : http://sukukasiaforum.com/redForms.aspx?id=319114&sform_id=356146
Bryan Camoens: Could you please tell us what lies behind the attraction of Sukuk?
Ahmad Riawan Amin:
The need for long term tradeable debt instrument was always there. The issuance of SUKUK fulfilling the above need while at the same time fulfilling the need to transaction Islamically.
Bryan Camoens: What are some of the lessons learnt from Sukuk defaults and what can be done to minimize or prevent future occurrences of these defaults?
Ahmad Riawan Amin:
Sukuk defaults teach us that having a product that technically Islamic do not guarantee that it is exist along comprehensive Islamic Finance Environment and Spirit. Meaning Islamic Product Without accompanied by other Islamic Values like Prudentiallity, Transparancy and avoidance of over leveraging can be as dangerous as conventional paper.
Bryan Camoens: Indonesia is a potentially huge market for Islamic finance. In your view, what do you think are the factors affecting the slow growth?
Ahmad Riawan Amin:
Basic paradigm in developing Islamic Finance in Indonesia is still based on market mechanism. While at the same time the financial literacy among common Indonesian are still low. There is a need for more top down mission driven stimuli from government and regulators.
Bryan Camoens: How can the Islamic finance market grow without over-relying on the repackaging of conventional products?
Ahmad Riawan Amin:
Islamic Finance Market can grow more by elaborating its differentiation and not positioning its self as just another bank with arabic terminology, but as a solution for the biggest Islamic Nation instead of just an alternative.
Bryan Camoens: Where are some of the trends that you are seeing in the Sukuk market in Asia ?
Ahmad Riawan Amin:
The never ending crisis of the conventional finance has eroded the confidence of many people from many nations. The need for ethical finance simply will grow and growing.
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