| 16 Sep 2008 |
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Property developers turn to Islamic alternatives
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Premier international Islamic forum to provide focus on structuring real estate deals in today's tough financial world
In an increasing tough financial world hammered by the global credit crisis, more property developers are turning to Islamic financial instruments to get projects off the ground, say the organisers of the Islamic finance industry's leading global event.
"Financing based on Islamic rules requires that gains are derived from ethical, shared investment rather than being interest-based; hence it has sidestepped the credit crunch," said Swati Taneja, conference director of the twice-yearly International Islamic Finance Forum that next takes place in Istanbul from 13 -17 October 2008.
"The downturn in the international property markets has hit conventional realty firms as investors scale back their exposure, especially in highly leveraged markets," she added.
"There are many new examples emerging of developers worldwide adopting the Islamic model to finance their projects," said Taneja. "One of the most recent is South East Asia's biggest property developer, based in Singapore, which hopes to issue the first tranche of a $700 million Islamic bond by the end of this year - with Middle East investors as the main target.
"There are few competitive sources of finance available in the conventional financial world right now. Meanwhile, there are billions of dollars in the Middle East Islamic financial sector looking for investment. But, increasingly, unless developers structure their projects to be Shari'ah compliant they won't get a second look.
"In recognition of the highly competitive alternative now provided by Islamic finance to conventional interest-based structures, the forum this year features a special workshop on structuring Islamic real estate deals."
Led by Mohammad Shaheed Khan, Senior Vice President and Head of Product Development and Shari'ah, at the Islamic Finance Company of the United Arab Emirates, the unique workshop has been designed to provide a better understanding of Islamic finance and structures for real estate development.
"The workshop will examine the foundations of Islamic finance and its particularities for real estate and develop a detailed understanding on Islamic securitisation of real estate transactions."
Islamic real estate funds as alternative investments will also be examined in detail in the main forum by Naveed I. Ahmad, Head of Investments and Wealth Management of Dubai Islamic Bank. In addition, the emergence of an Islamic real estate market in France - home to Europe's biggest Muslim population - will also feature.
For more details about the 2008 International Islamic Finance Forum in Istanbul, please visit: www.iiff.com
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About the International Islamic Finance Forum
The International Islamic Finance Forum is a global event featuring pioneering Islamic finance practitioners and the world's leading Islamic finance scholars. Established in Dubai eight years ago by IIR Middle East, the International Islamic Finance Forum is considered the premier event in the Islamic finance event calendar with many imitators but no equals. The International Islamic Finance Forum taking place from 13-17 October 2008 at the Çira?an Palace Kempinski Hotel, Istanbul, will be the forum's 15th edition.
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© Press Release 2008
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