GASCIA: The Game-Changer for Islamic Finance in China and Beyond
GASCIA’s Role in Expanding Islamic Finance Across China
Islamic Finance is growing fast all over the world. One group leading the way in Asia is the Gulf Asia Shariah Compliant Investments Association, or GASCIA. It was set up in Singapore in February 2012. The Singapore Ministry of Home Affairs granted its registration. GASCIA works to spread awareness of Islamic finance. It also helps more people take part in the market, mainly from the Gulf and Asia.
Mr. Bobby Tay leads the group. He is the founding president of GASCIA and co-founder of Sabana REIT. He has a strong background in Islamic finance and real estate. It is a neutral, non-profit, non-government, and non-religious group. Its main goal is to raise awareness of Islamic finance. It also links key players across the Gulf and Asia. The group stands for growth, teamwork, and inclusion in finance. It does this by working with governments, businesses, and local communities. Under Mr. Bobby Tay, has brought in new ideas and projects that help the Islamic finance sector grow. Mission It wants to help Islamic finance grow. It does this by solving key business problems. It also works with policy makers and offers real, practical solutions. Vision It aims to make Islamic finance open to all. This includes people with low incomes and small businesses. Almost 2 billion Muslims live in the world today. Yet only 15% of them use a bank. GASCIA wants to close this gap. By making Shariah-compliant services more widely available, it aims to cut poverty, boost fair access to banking, and support steady economic growth in Asia. Islamic finance is a way to manage money that follows Islamic rules. It covers saving, investing, and banking. All of this must follow Sharia law. This law bans interest, which is called riba. Instead, it promotes profit-sharing between parties. Islamic finance is not just for Muslims. It is an ethical system based on real assets. It focuses on sharing risk, being fair, and building real economic value. It helps spread wealth more evenly. It also supports investment that benefits all of society. This type of finance can solve problems that standard banking systems often face. It can offer more fair and lasting financial options, mainly in areas where people have been left out of the system. The global Islamic finance industry has grown very fast: In 2022, it grew 11% to reach $4.5 trillion — up 163% over ten years. In 2024, total global assets passed $5 trillion, a 12% rise from 2023. By 2027, assets are set to reach $6.667 trillion. Islamic finance is now growing beyond Muslim-majority countries too. This shows its strong appeal as a global financial solution. It has teamed up with the Aksu Silk Road Barter Research Institute. Together, they promote Islamic finance across China. Their work covers research, product creation, banking support, education, and training. In China, GASCIA goes by the name "Add West Asia Investment Association." From January 3 to 6, 2024, its leaders visited Lanzhou. The team included Bobby Tay and Secretary Raj Mohamad. They met local officials and key firms such as Bank of Lanzhou, Lanzhou Rail, and Lanzhou Development Group. Their goal is to build China's financial system, draw in new investors, and grow ties with the Islamic world. This is especially true in Xinjiang and other regions with large Muslim groups. The GASCIA China team includes: Co-Chairmen: Professor Yu Hai and Bobby Tay Treasurer: Dong Mimi Secretaries: Raj Mohamad and Chen Jijun Bobby Tay points to Xinjiang as a key region. It has 12 million Muslims. He believes it offers a major first-mover edge for Islamic finance in China. GASCIA's plan is to build a bridge between East and West. It links Middle Eastern economies with China. The plan includes: Drawing in investors from the Middle East and beyond Offering wealth management that follows Islamic principles Providing Shariah-compliant financial products Working with skilled partners to run projects well Sharing market insights to help guide investors Building cultural ties and long-term economic bonds This plan supports China's goal to build stronger links with the Islamic world. It also helps grow trade in Xinjiang, Gansu, Ningxia, and Qinghai. China has about 50 million Muslims. This makes it a strong market for Islamic finance. Large Muslim groups live in Xinjiang, Gansu, Qinghai, and Ningxia. These areas form a solid base for market growth. Other key chances include: Government infrastructure programs that work well with Shariah-compliant funding High-speed rail projects, like the one built for Indonesia in 2023, which suit Islamic finance structures Rising Central Asia trade, especially with countries like Kazakhstan China can use Islamic finance to drive growth, build new infrastructure, and expand trade links across the region. Under Bobby Tay's leadership, it listed both the world's first GCC Islamic REIT and the world's largest Islamic REIT. It also led Singapore's first Islamic IPO. This was the largest industrial REIT free float listing in the country. The IPO order book hit SGD 1.3 billion and was oversubscribed 12 times. Total Islamic transactions exceeded SGD 3 billion. 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 wins show GASCIA's deep skills and strong standing in Islamic finance. GASCIA is changing Islamic finance in Asia and beyond. It opens doors for investors, businesses, and communities. By expanding access, pushing for inclusion, and building smart partnerships in China and other regions, GASCIA is paving the way for lasting economic growth. All of this is done while staying true to Shariah principles. With a strong team, a proven record, and a clear global vision, it is not just promoting Islamic finance. It is helping shape the future of ethical, fair, and socially responsible finance for the 21st century.What Is GASCIA?
Mission and Vision: Growth for All
What Is Islamic Finance and Why Does It Matter?
GASCIA Takes Islamic Finance to China
GASCIA's Plan to Grow Islamic Finance in China
Why Is China a Good Fit for Islamic Finance?
GASCIA's Track Record and Awards
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