In interview for Emirates Business 24/7 doctor Husein discussed topical issues of islamic finance, such as sukuk trading, industry of islamic banking and risk management. And when the theme was taken up that sukuk market substantially died, he responded:"The market of sukuk is not dead, but more likely takes a rest, and through six months from this moment, I'm sure, we will hear about new issues of sukuk, striking the market".

"I expect that United Arab Emirates will see sukuk totaling to not less than $5-6 billion, which will be issued during current year", - he added.

Although last year sukuk market rebounded from very slow growth of 2008, it hasn't approached its pre-depression level of 2007.

Doctor Husein also denied the argument that sukuk is only the islamic version of straight bonds. He declared: "Sukuk intelligibly represents shared ownership and in no way deals with debt".

As for islamic banking the scholar takes the view that the industry has promising future because lots of finance players "started to admit the value of islamic finance system which coincides with Sharia principles that also means standards of ethics". He also noticed that "nowadays almost all traditional banks have "islamic windows" or sell islamic products". He also added: "I think it's good tendency".

When doctor Husein was asked about risk management in islamic finance he responded: "There are several Sharia-compliant arrangements using for risk hedging. These islamic alternatives before putting into operation must be approved by Sharia scholars. Sharia has own risk assessment and management tools".

As the scholar notices "Russia, Turkey and Kazakstan are prospective emergent markets of islamic finance".

Islamic-Finance.ru according to data of GIF Magazine