The Islam finance with 1,560 million Muslims in North Africa, Middle East, Southeast Asia, Europe etc. is becoming as a leading sector in new Islamic economy bloc. The Sukuk market as a symbol of Islamic finance is growing among Muslim investors well as non-Muslims who are conscious of investment ethics. Takaful(Islamic Insurance) is becoming popular in Muslim society, and has many opportunities for the development projects in Middle East market. Currently 75 countries are participating in Islamic financial system. Malaysia which has exceptionally opening policy for Islamic financial market is seriously competing with GCC to become as global Islamic financial hub. Although many countries are competitive to participate in the Islamic finance system, Korea is recently studying and preparing. Even Islamic finance is recognized as new financial frontier with high growth potential there are many conflict between Sharia and real community ethics. Such conflicts are originating from the interpretations between the religion and daily life. The business environment for Korea's participation in Islamic financial market is affirmative from the views from Korea's sufficient experiences in Middle East business. The Islam financial method has various differences from domestic law, tax and accounting system, Korea Government are studying and preparing the business regulations. To diversify the financial source and introduce the Islamic finance business in Seoul the Seminar on Islamic Finance 2009 was held on Jan. 13-14 by the Financial Supervisory Service. From the long-run points of view about the necessity and strategy for the Islamic finance Korea needs a step-by-step approach by research and international cooperation with other related financial institutions. As Korea already solved the first and secondary oil shocks by participating in the Middle East construction boom during 1970s and 1980s, now another opportunity for the Korea's financial sector is appearing to join in the Islamic financial boom in current global financial crisis.

The Islam finance with 1,560 million Muslims in North Africa, Middle East, Southeast Asia, Europe etc. is becoming as a leading sector in new Islamic economy bloc. The Sukuk market as a symbol of Islamic finance is growing among Muslim investors well as non-Muslims who are conscious of investment ethics. Takaful(Islamic Insurance) is becoming popular in Muslim society, and has many opportunities for the development projects in Middle East market. Currently 75 countries are participating in Islamic financial system. Malaysia which has exceptionally opening policy for Islamic financial market is seriously competing with GCC to become as global Islamic financial hub. Although many countries are competitive to participate in the Islamic finance system, Korea is recently studying and preparing. Even Islamic finance is recognized as new financial frontier with high growth potential there are many conflict between Sharia and real community ethics. Such conflicts are originating from the interpretations between the religion and daily life. The business environment for Korea's participation in Islamic financial market is affirmative from the views from Korea's sufficient experiences in Middle East business. The Islam financial method has various differences from domestic law, tax and accounting system, Korea Government are studying and preparing the business regulations. To diversify the financial source and introduce the Islamic finance business in Seoul the Seminar on Islamic Finance 2009 was held on Jan. 13-14 by the Financial Supervisory Service. From the long-run points of view about the necessity and strategy for the Islamic finance Korea needs a step-by-step approach by research and international cooperation with other related financial institutions. As Korea already solved the first and secondary oil shocks by participating in the Middle East construction boom during 1970s and 1980s, now another opportunity for the Korea's financial sector is appearing to join in the Islamic financial boom in current global financial crisis.

Islamic finance, Sharia, Sukuk, Takaful, Malaysia Islamic finance