Gulf Asia Shariah Compliant Investments Association (GASCIA) is a neutral, non-profit, non-governmental and non-religious organization registered with the Registrar of Societies, Singapore, established in February 2012 with the objective to facilitate and promote the awareness and understanding of Islamic finance and encourage Islamic Finance market participants, particularly from the Gulf and Asia.
GASCIA’s new logo represents triple infinity, infinity is the idea of something that has no end, green represents Islamic and peace, white represents finance and its pure form while red represents Asia and energy.
GASCIA will stand up for Singapore as a Islamic finance hub and for its members’ business interests, by understanding its members’ business concerns. It advocates these to the government with the aims of achieving greater mutual understanding and practical solutions. This win-win approach benefits policymakers and the businesses which sustain Singapore’s economy.
The founding members of GASCIA, together with its Honorary Patron and Advisors together comprise professionals and leaders with in-depth knowledge of the industry and years of practical experience. Through GASCIA’s members and its network of partners, GASCIA is able to offer advise to Islamic finance players and enthusiasts in all types of initiatives relating to Islamic Finance by unlocking Islamic finance’s three main potentials: the support to small and medium sized enterprises (SMEs), the creation of greater financial inclusion and above all, the promotion of financial stability.
GASCIA will help to promote Islamic financial sector development and broadens inclusion by expanding the range and reach of Islamic financial products. Improve access and foster the inclusion of those deprived of Islamic financial services as Islamic finance emphasizes partnership-style financing, which could be useful in improving access to finance for the poor and small businesses. We can also help improve agricultural finance, contributing to improved food security. In this regard, help meet the needs of those who don’t currently use conventional finance because of religious reasons. Of the 1.6 billion Muslims in the world, only 14% use banks. We can help reduce the overall gap in access to finance, since non-Muslims aren’t prohibited from using Islamic financial services. This will then improve the sustainable development of Islamic finance to offer benefits for economic growth, reducing poverty and fostering shared prosperity.
Gascia aims to contribute by broadening availability of Islamic financial services foster social inclusion and increased market penetration, strengthening prudential regulation and market development then relays to greater global financial stability and stronger global growth.