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

Huge projects change the faces of cities and great ambitions help create such projects. Madinah had its date with a quantum leap to usher in a new era of urban development. Such huge projects help achieve formidable civilization advancements and sign...
RIYADH: The Japanese ambassador to the Kingdom, Noriheiro Okoda, has held a meeting with Hashem Abdullah Yamani, president of the King Abdullah City for Atomic and Renewable Energy (K.A.CARE), and discussed bilateral cooperation in the fields of atom...
AL-BAHA: Forty three percent of Al-Baha cannot be developed easily because of the region’s mountainous terrain.This is the view of Khaled Al-Sayegh, undersecretary for construction at the municipality, who was speaking at an event held at the College...
JEDDAH: An official at the Council of Saudi Chambers said the council’s members are discussing a regulation to submit to the Ministry of Labor and other government agencies to deny a number of privileges to companies that force its labor to work unde...
ABHA: With many families wanting new furniture during Ramadan, furniture and interior decorating shops are raising prices to more than double what they were before the month.Homeowner Zaina Mohammed says she used to change her home furniture every Ra...
RIYADH: Saudi Commission for Tourism and National Heritage (SCTNH) President Prince Sultan bin Salman described the first visit by Custodian of the Two Holy Mosques King Salman to Madinah as “historic.”In his comments following the visit which saw th...
MADINAH: Economists expected the volume of investments in Madinah’s economies during the coming few years to reach SR500 billion.The forecasted growth in the population, to reach 2.6 million people after 25 years, and the number of visitors to 12.2 m...
JEDDAH: It seems that many Saudi families are gradually coming to terms with the new reality of living in apartments, as building villas is not possible due to shortage of appropriate land.With the increasing display of housing units by the Ministry...
RIYADH: Migrant rights advocacy group Migrante-Middle East (M-ME) has lambasted their country’s leadership over the claim that the number of overseas Filipino workers are declining due to sustained economic growth in the Philippines.The group has cal...
RIYADH: A charitable foundation called “Smile” will be launched on Sunday night at the Al-Hokair Land in the Saudi capital to make people happy. “The foundation will be launched to make Saudi Arabia a center of smiles,” well-known television host and...
MAKKAH: The Kingdom has seen a sharp rise in the number of Umrah pilgrims to around 6 million from 1.5 million in the last 16 years. Moreover, the number of pilgrims overstaying their visas has come down to about 1 percent. The Ministry of Haj has be...
RIYADH: The King Khalid Foundation (KKF) said here recently that it has financed small enterprises (SMEs) run by 130 widows in some of the Kingdom’s provinces.KKF hosted an iftar party last week for local media at its headquarters in Riyadh at which...
JEDDAH: Prince Abdullah bin Abdul Aziz bin Musaed, governor of the Northern Borders province, has died.He will be buried after Taraweeh prayers in Jeddah on Saturday, the Royal Court said in a statement carried by the Saudi Press Agency. No other det...
RIYADH: The Ministry of Education has suspended all parallel education programs, except in medical and engineering specialties, as well as bridging programs for health diploma certificates.Education Minister Azzam Al-Dhakil gave directions to the rec...
RIYADH: The Cooperative Health Insurance Council said it had suspended operations of six medical insurance companies for violating health insurance regulations by issuing insurance policies without completing the required documentation and violating...

Stay Connected

Facebook