GASCIA: The Game-Changer for Islamic Finance in China and Beyond

GASCIA’s Role in Expanding Islamic Finance Across China

Islamic finance is rapidly growing worldwide, and one organization leading the way in Asia is the Gulf Asia Shariah Compliant Investments Association (GASCIA). Registered under the Singapore Ministry of Home Affairs in February 2012, GASCIA is focused on promoting awareness and understanding of Islamic finance and encouraging market participation, especially from the Gulf and Asia.

The organization is led by Mr. Bobby Tay, the founding president of GASCIA and co-founder of Sabana REIT, who has a strong track record in Islamic financial transactions and real estate investments.

What is Gulf Asia Shariah Compliant Investments Association (GASCIA)?

GASCIA is a neutral, non-profit, non-governmental, and non-religious organization that works to build awareness of Islamic finance and connect stakeholders across the Gulf region and Asia. The association stands for growth, cooperation, and inclusion in the financial sector by working with governments, businesses, and communities. With the leadership of Mr. Bobby Tay, GASCIA has introduced new ideas and projects for the Islamic finance industry.

Mission and Vision: Building Inclusion and Growth

GASCIA’s Mission: To support Islamic finance by addressing business concerns, engaging with policymakers, and finding practical solutions for the industry. 

GASCIA’s Vision: To grow Islamic financial services that are accessible to everyone, including poor communities and small businesses. With nearly 2 billion Muslims worldwide but only 15% using banks, GASCIA hopes to fill this major gap. By widening access to Shariah-compliant services, the association aims to reduce poverty, ensure financial inclusion, and support Asia’s sustainable growth.

Islamic Finance and Why It Matters

Islamic finance is money management and business activity guided by Islamic principles, covering saving, investing, and banking. It operates under Sharia law, which prohibits interest (riba) and promotes profit-sharing instead.

Islamic finance is not just for Muslims—it is an ethical, asset-backed, and socially responsible system based on principles like risk-sharing, fairness, and connection to the real economy. It contributes to financial stability and social welfare.

The global Islamic finance industry has seen rapid growth. In 2022, it expanded 11% to reach $4.5 trillion, growing 163% over the last ten years. In 2024, the Islamic finance industry surpassed $5 trillion in global assets — a 12% rise from 2023. Assets are expected to rise to $6.667 trillion by 2027. Interestingly, Shariah-compliant finance is gaining popularity beyond Muslim countries, showing its appeal as a mainstream financial solution worldwide.

GASCIA Extending Islamic Finance to China

GASCIA has partnered with Aksu Silk Road Barter Research Institute to promote Islamic finance in China. Their collaboration covers research, product development, banking and investment support, education, and training. In China, GASCIA is known as “Add West Asia Investment Association.”

From January 3 to 6, 2024, GASCIA leaders, including Bobby Tay and Secretary Raj Mohamad, visited Lanzhou, meeting government officials and companies such as Bank of Lanzhou, Lanzhou Rail, and Lanzhou Development Group. Their goal is to strengthen China’s financial system, promote sound development, attract investment, and enhance cooperation with the Islamic world, especially in Xinjiang and other regions with large Muslim populations.

Additionally, the affairs of GASCIA China are managed by a team of key members:

• Co-Chairmen: Professor Yu Hai and Bobby Tay

• Treasurer: Dong Mimi

• Secretaries: Raj Mohamad and Chen Jijun

Bobby Tay highlights the importance of Xinjiang, with a population of 12 million Muslims, and believes this region offers a first-mover advantage for Islamic finance in China.

GASCIA’s Strategy to Promote Islamic Finance in China

GASCIA’s strategy focuses on creating an East-West bridge, connecting Middle Eastern economies with China. The approach includes:

• Attracting investments from Middle Eastern and international investors

• Offering wealth management solutions aligned with Islamic principles

• Providing Shariah-compliant financial products

• Partnering with experienced service providers for seamless project execution

• Offering market intelligence to guide investors

• Building cultural understanding and long-term economic cooperation

This strategy supports China’s efforts to strengthen economic ties with the Islamic world and increase trade opportunities in regions such as Xinjiang, Gansu, Ningxia, and Qinghai.

Why is China an Ideal Place for Islamic Finance?

China has an estimated 50 million Muslim population, making it an ideal market for Islamic finance. Xinjiang, Gansu, Qinghai, and Ningxia all have sizable Muslim communities, which creates a strong foundation for market growth.

Other opportunities include:

• China’s government infrastructure programs, which favor Shariah-compliant investments

• High-speed rail projects, like the one built for Indonesia in 2023, suitable for Islamic financing

• Central Asia trade, which is growing rapidly with countries like Kazakhstan

With the right approach, China can leverage Islamic finance to drive regional economic growth, infrastructure development, and trade cooperation.

How Far Has GASCIA Reached: Track Record and Recognition

Under the leadership of President Bobby Tay, the organization listed the world’s first GCC Islamic REIT and the world’s largest Islamic REIT. It also led Singapore’s first Islamic IPO—the largest industrial REIT free float listing. The IPO’s order book reached SGD 1.3 billion and was oversubscribed 12 times, with total Islamic transactions of over SGD 3 billion executed.

Awards include:

• Islamic Finance News – Real Estate Deal of the Year 2010

• Islamic Finance News – IPO Deal of the Year 2010

• The Asset Magazine – Best Islamic Deal in Singapore, Most Innovative Islamic Deal 2011

• Kuala Lumpur Islamic Finance Forum – Most Outstanding Islamic REIT 2011

• The Asset Magazine – Best Domestic Securitization 2012

These achievements highlight GASCIA’s expertise, credibility, and leadership in Islamic finance.

Conclusion

GASCIA is transforming Islamic finance in Asia and beyond, creating opportunities for investors, businesses, and communities. By expanding access, promoting inclusion, and building strategic partnerships in China and other regions, GASCIA is paving the way for sustainable economic growth while adhering to Shariah principles.

With a strong leadership team, proven track record, and global vision, GASCIA is not just promoting Islamic finance – it is shaping the future of ethical, inclusive, and socially responsible finance in the 21st century.