Dubai - Islamic finance, the fastest-growing of all the financial sectors around the world, will be the focus of a full-day event at DIFCweek, November 17 - 23.

The event, held in association with The Wall Street Journal, will be entitled Islamic and Ethical Finance, and marks the first collaboration of its kind between Dubai International Financial Centre (DIFC)Dubai International Financial Centre (DIFC) and the world's leading business publication.

The appetite for Shariah products for consumers and investors worldwide is increasing exponentially, with the current Islamic finance market estimated at $500 billion with expected annual growth of 10 to 15 per cent.

Meanwhile, financial capitals around the world, regardless of their location, are expanding their infrastructure to build sound and regulated Islamic finance systems.

Nasser Al Shaali, CEO of DIFC Authority, said: "Islamic banking has contributed to economic development in many Muslim countries. And, there have also been substantial benefits to institutions, investors, companies and economies that are not necessarily a part of the Muslim world.

"Globally, the increased intermediation provided by Islamic instruments has helped unlock assets previously unavailable to global capital markets. It has also increased the efficiency with which capital can be allocated, both within the Muslim world and internationally.

"Non-Islamic institutions and governments are issuing Islamic securities, while non-Islamic investors are purchasing Sharia-compliant securities. This means greater access to funding, investment channels, innovation and opportunities for both Islamic and non-Islamic investors," he added.

"The Wall Street Journal is delighted to be associated with DIFCweek," said Michael Bergmeijer, managing director, Dow Jones consumer media group in Europe.

"The Middle East offers exciting economic growth opportunities, and we support the work the DIFC does in contributing to the overall development of the region and in its advancement of Islamic and ethical finance - themes we'll be exploring in more detail at our conference in November."

Some of the topics to come under discussion during the conference are: the ethical responsibilities of the product issuer; the effectiveness of legal frameworks in different regions; codifying scholars' opinions; product innovation; and human capital.

In keeping with the conference title, the overriding focus will be on the links between Islamic and ethical finance. Nik Norishky Thani, DIFC's executive director of Islamic finance, explained: "There is great scope for the non-Muslim world to implement some of the ideals and products that Islamic finance can offer.

"Businesses and individuals around the world are increasingly looking to do good business, both in terms of profit margins but also in terms of business practices that meet ethical standards and fit within corporate social responsibility programmes.

"During the conference, we will look at the opportunities for merging the best of both worlds, as well as capitalising on some of the innovation that is apparent throughout the sector."

Rushdi Siddiqui, Global Director, Dow Jones Islamic Indexes, added: "Although only 40 years old, Islamic finance has gained traction in the global capital markets. Be it a Sukuk issue from America, FSA-approved Islamic banks in the UK or Singapore declaring itself as a hub for Islamic finance, Islamic finance presents a compelling and efficient alternative to all stakeholders of capital."

Ghanim Al Shamsi, Business Development Manager at DIFC said: "DIFC is committed to maintaining the infrastructure growth to provide the best possible environment for Islamic finance businesses to prosper, to enable DIFC to match - or exceed - global growth in this sector."

Speakers for the event already confirmed include:

· Nasser Al Shaali, CEO, Dubai International Financial Centre Authority
· Michael Ainley, Head International Firms Department, Financial Services Authority
· Dr Georges Makhoul, Managing Director Middle East, Morgan Stanley
· Eric Meyer, CEO, Shariah Capital
· Afaq Khan, CEO Islamic Banking, Standard Chartered Bank
· Rushdi Siddiqui, Global Director, Dow Jones Islamic Indexes
· Nik Norishky Thani, Executive Director of Islamic Finance, DIFC
· Hassan Hakimian, Senior Lecturer Islamic Finances, Cass Business School
· Farhan Al Bastaki, Waqf Trust Services
· Geert Bossuyt, Managing Director, Regional Head Middle East structuring, Deutsche Bank
. Dr Humayon Dar, CEO BMB Islamic
. Ahmed Feizal Suleiman Khan, Head International Business, Maybank-Fortis
. Abdul Wahid Al Ulama, Group Chief legal Officer, Dubai World
. Dato' Dr Nik Norzul Thani, lawyer and Islamic scholar

The Islamic and Ethical Finance conference forms part of a number of headline conferences and lectures during DIFCweek, to be held at Dubai International Financial Centre, November 17 - 23. Tickets for Islamic and Ethical Finance are priced at $1995, with discounts available for multiple delegate or event bookings. For more information, go to www.difcweek.ae.

DIFCweek, the first event of its kind in the Middle East, will focus on Financial Opportunities for the Third Millennium. The week of conferences will address every principal topic in the international financial arena.

- Ends -

About DIFCweek
DIFCweek, the first event of its kind in the Middle East, will focus on Financial Opportunities for the Third Millennium. The week of conferences will address every principal topic in the international financial arena, all viewed from a fresh perspective.

DIFCweek will present some of the world's most thought-provoking speakers, covering the challenges and opportunities in the world's current and emerging financial markets. Sharing in the debate will be hundreds of senior industry practitioners, corporate decision-makers and regulatory and government officials.

The week will turn the financial agenda on its head: it is not about what the industry is talking about today, but what it will be discussing tomorrow.

About The Wall Street Journal
The Wall Street Journal, the flagship publication of Dow Jones & Company (NYSE: DJ; www.dowjones.com), is the world's leading business publication. Founded in 1889, The Wall Street Journal has a print and online circulation of nearly 2.1 million, reaching the nation's top business and political leaders, as well as investors across the country. Holding 33 Pulitzer Prizes for outstanding journalism, The Wall Street Journal provides readers with trusted information and knowledge to make better decisions. The Wall Street Journal print franchise has more than 750 journalists world-wide, part of the Dow Jones network of nearly 1,800 business and financial news staff. Other publications that are part of The Wall Street Journal franchise, with total circulation of 2.6 million, include The Wall Street Journal Asia, The Wall Street Journal Europe and The Wall Street Journal Online at WSJ.com, the largest paid subscription news site on the Web. In 2007, the Journal was ranked No. 1 in BtoB's Media Power 50 for the eighth consecutive year. The Wall Street Journal Radio Network services news and information to more than 280 radio stations in the U.S.

About the DIFC:
The Dubai International Financial Centre (DIFC)Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centers of Hong Kong and London and services a region with the largest untapped emerging market for financial services.

In just under two years, over 400 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.

The DIFC is made up of the following core bodies:

1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. The DIFC Authority is also responsible for developing the financial services industry. (www.difc.ae)

2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modeled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centers. (www.dfsa.ae)

3. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law, not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. (www.difccourts.ae)

4. DIFC Investments- The creation of DIFC Investments will result in the allocation to it of all non public administration activities previously carried out by DIFC Authority. This will include amongst other things all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the Dubai International Financial Centre and contribute to the fulfillment of the Centre's vision. Some of the companies and organizations that DIFC Investments owns include:

5. The Dubai International Financial Exchange (DIFX) The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC)Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority. (www.difx.ae)

6. Hawkamah- the first Institute for Corporate Governance in the region, has been established in partnership with a group of international institutions, including the Dubai International Financial Centre (DIFC)Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org).

For more information, please contact:
Kirstie Hepburn
Email: c-kirstie.hepburn@difc.ae
Tel +971 4 3622437

© Press Release 2007

 

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