Global Islamic finance to mark steep growth



ABU DHABI: ARAB NEWS

Published — Thursday 28 June 2012

Last update 28 June 2012 12:51 am

| نسخة PDF Print News | A A

The global Islamic finance and banking sector is pegged at $1 trillion with an estimated growth rate that is four times higher than conventional financial services, according to organizers of the upcoming International Islamic Finance Conference 2012.
In a news announcement the event management team at Emerald Insight suggested that the demand for the Shariah-managed industry is largely market driven with a noticeably high number of institutions entering the arena introducing new products to market.
They noted that the sector is undergoing a dramatic change with its one-time easily identifiable early entrants of the 70's increasingly joined by new dedicated players, alongside Shariah-specific, specially-branded product offerings from the general banking sector.
A spokesperson for Emerald Insight noted that recent estimates predict a year-on-year growth rate of 25 percent, which would see the global industry valued at $5 trillion in 2016. They said that this indicates a need for an increased understanding of both the sector and the robust strategies needed to support such growth where the increased competition is in danger of blurring of lines between products and services.
One of the region's leading economists, Henry Azzam is slated to open the conference at the Park Hyatt Hotel in Abu Dhabi on Oct. 14 this year.
Azzam, a financial services expert with more than thirty years regional experience, is currently adviser to Deutsche Bank AG and chairman of the board at NASDAQ Dubai. He will be joined by banking and investment specialists to consider the opportunities and challenges that face the sector, including its regulatory and supervisory set-up.
He will kick-start the three-day event that will also make a special review of the impact of the recent political and socio-economic developments within the region and their likely impact on the global Islamic financial sector, including mutual funds, securities and derivatives, as well as regular banking services. Other speakers include former Central Bank Gov. and first Gov. of the Palestinian Monetary Authority Professor Fouad Beseiso and M. Kabir Hassan, associate Professor and associate chair of the faculty of finance, University of New Orleans.

 

What's happening around Saudi Arabia

RIYADH: No date has been set so far for the visit of Custodian of the Two Holy Mosques King Salman to Moscow, the Saudi Press Agency said on Sunday, quoting a source at the Saudi Ministry of Foreign Affairs.Russia’s RIA news agency reported on Thursd...
JEDDAH: Foreign Minister Adel Al-Jubeir says if the Syrian political process fails, Bashar Assad will have to be removed “by force.”“I believe Assad is weak and I believe Assad is finished,” he told CNN’s Christiane Amanpour in an exclusive interview...
JAZAN: Saudi defense forces at the southern border shot down on Saturday a Scud missile that originated from Yemen and targeted Khamis Mushait where a major airbase is located, Al-Arabiya reported.Meanwhile, Foreign Minister Adel Al-Jubeir told a sec...
JEDDAH: Employees of the Education Office in Al-Daer governorate, Jazan, where seven people were gunned down on Thursday are in a state of shock and perplexed as to what prompted the attacker — a teacher — to take such an extreme step.The teacher, id...
JEDDAH: The campaign to support Syrian refugees with all their needs is being carried out effectively, as per the directives of Custodian of the Two Holy Mosques King Salman, Crown Prince Mohammed bin Naif and Deputy Crown Prince Mohammed bin Salman....
RIYADH: The Ministry of Municipalities and Rural Affairs has ordered the allocation of separate sections for female members of municipal councils.This was announced by Jedaie Al-Qahtani of the ministry. “This is in implementation of Clause 107 of the...
DAMMAM: The 9th Saudi Student Conference which is being held on Feb. 13-14 is sponsored by Umm Al-Qura University and hosted by the University of Birmingham in the United Kingdom. It was organized by the Scientific Society for Saudi Students in the...
RIYADH: Over the past 10 years, begging in the Kingdom has increased substantially, with the number of organized gangs of expatriate beggars increasing to 85 percent of the total number of beggars, according to Social Affairs Ministry Majed Al-Qassab...
RIYADH: The Ministry of Health said it expects its blood donation drive will received 450,000 milliliters (ml) of blood when the Janadriyah festival ends on Feb. 19.Khalid Ibrahim Zobaie, who supervises the blood donation project, said the drive is i...
JEDDAH: The Shoura Council’s decision to reduce working hours in the private sector from 48 hours to 40 hours per week would result in additional operational costs in the sector due to 30 percent higher wages for expat workers, according to Mansour b...
MADINAH: Madinah Gov. Prince Faisal bin Salman recently visited a number of ongoing developmental project sites in the Holy City, as part of his efforts to ensure that they meet the set standards and deadlines.During the visit, he said that all the s...
RIYADH: The National Guard Ministry is studying the possibility of having two countries as guests of honor each year instead of one at the Janadriyah festival for culture and heritage, the Kingdom’s most prestigious annual festival.This was revealed...
DAMMAM: The Pakistan International School in Alkhobar hosted their 49th annual prize distribution ceremony to honor outstanding students in the presence of Pakistani Ambassador Manzoor Ul Haq and his wife, Nighat Manzoor.Haq appreciated the efforts o...
DAMMAM: The Weaam Association for Family Care in the Eastern Province has succeeded in addressing more than 700 cases of family disputes during the last one year.Abdulrahman Al-Khudair, Weaam’s director of public delations, said: “The association off...
JEDDAH: The Nakheel mall case has continued to grab the limelight, with a number of lawyers now offering their services to the girl who was roughed up by some Haia members in Riyadh. Some people also expressed, through social media, their support to...

Stay Connected

Facebook