CAIRO,
September 3 (IslamOnline.net) - The International Islamic Finance Forum
will be held this month in Istanbul, with hundreds of the world’s top
Islamic finance practitioners from more than 50 countries expected to
participate.
The
biannual forum - known as the "premier event" in the
multi-billion dollar no-interest financial industry - is scheduled from
27 to 29 September.
The
impact of recent high oil prices is one of the issues to be debated at
the forum, as private wealth in the Middle East - particularly the
Arabian Gulf states - is remarkably growing due to the latest boom.
The
regulation of Islamic banks in the West and in Muslim countries will be
up on the agenda, along with the development of Islamic finance in the
European Union.
The
role of regulators, exchanges, industry organizations and the media will
be examined in a debate on transparency, disclosure and corporate
governance at the event.
Islamic
Bonds
Mortgages,
auto financing, consumer finance, along with Islamic credit/charge/debit
cards across the world will come under the spotlight as well.
Held
in Turkey, the forum will handle progress of Turkey’s Islamic banks
(known as special finance houses), which are increasing their market
share in a country predominantly Muslim but with a secular tradition.
Whether
enough is being done to allow that growth to continue, will be a
question for delegates to answer.
The
forum further brings together the world’s leading scholars in Islamic
jurisprudence for a dedicated day of debate on the issues and challenges
raised by rulings and opinions affecting Islamic finance
internationally.
New
Research
The
forum will discuss a new research unveiling that private wealth in the
Middle East - particularly the Arabian Gulf states - is growing at an
unprecedented rate, principally due to higher oil prices.
The
research cites evidence that the flow of money to the West -
particularly the United States - that occurred in the oil shock years of
the 1970s is not being repeated this time.
According
to the research, conservative estimates of private wealth in the Arabian
Gulf states stand at around US$1.5 trillion.
Of
that figure, some $250 billion is reckoned to be managed by Islamic
institutions and another $400 billion by international finance houses,
it added.
New
Contacts
"Commercially-minded,
practitioner-focused and aimed at furthering the development of the
world’s fastest growing financial sector, the forum is unchallenged as
the most important international networking event in the calendar of the
multi-billion dollar global Islamic finance industry," said forum
director Chris Mullinger.
"At
each forum, participants learn of new developments and opportunities,
make new contacts, discover new business streams and make deals. Many
return to each and every forum after discovering the unique value they
offer," he added.
The
September event is run in association with Dow Jones Indexes of the USA.
The broad DJ Islamic Market Index (DJIM-Global) has 1,600 plus companies
with a market cap of US$9 trillion.
The
diamond sponsor of the Forum is the National Commercial Bank, Saudi
Arabia. With active branches in Bahrain and Beirut, five overseas
representation offices and more than 600 foreign correspondent banks,
the NCB is currently positioned as the largest bank throughout the Arab
world.
The
NCB is the leading provider of Islamically-compliant products and
services and is the largest mutual fund manager in the Kingdom, with a
51% market share and more than SR25 billion invested in 27 funds,
including 14 Islamic funds.
