Dubai, UAE - 28th April 2009. Algebra Capital, the leading emerging markets asset management firm focusing on the Middle East/North Africa (MENA) regions, who manage assets in both private and public markets across all asset classes today, commented that the future of shari'a compliant asset management industry remains extremely positive. The comments were made by Ziad Makkawi, founder and CEO of Algebra Capital, at the International Islamic Finance Forum, under the esteemed patronage of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, which took place this week at the JW Marriott Hotel Dubai.
"Islamic financial institutions have passed through the initial turbulence of the financial crisis but should remain vigilant in improving their management of risk and developing liquidity management options. I believe that the future of shari'a compliant asset management remains extremely positive and that the industry will emerge stronger as a result of the current global crisis as it will force companies to address lots of concerns in the industry that aren't currently addressed," said Makkawi.
Adding further, Makkawi expects that over the next 10 years, there will continue to be a convergence in regulatory as well as product know how between the conventional and shari'a markets, and we will truly see massive growth in the shari'a compliant finance driven by genuine demand at the government, institutional and retail levels.
As closing remarks at the conference forum Mr. Makkawi said: "At Algebra we remain optimistic about the long term prospects of Islamic finance in general and Sukuk
issuance specifically. The MENA Sukuk currently represents around a third of the total global Sukuk market which will continue to see strong issuance growth as most countries in the region continue to run fiscal deficits which will need to be financed. We continue to work hard to provide Sharia complaint products to our existing as well as new investors across our key focus MENA market."
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About Algebra Capital:
Algebra Capital operates out of the DIFC and is regulated as a financial services provider by the DFSA and is one of the leading emerging markets asset management firms specializing in the Middle East/North Africa (MENA) region. Algebra Capital manages assets in private and public markets across all asset classes, also inclusive of mandates from its global strategic partner Franklin Templeton, one of the largest asset management companies in the world. Services are packaged as fund solutions or advisory mandates.
For more information please contact:
Buchanan Middle East:
James Strong
Mob MENA: +971 50 371 8091
Email: james.strong@buchananme.com
Jumana Akkawi
Mob MENA: +971 55 880 8523
Phone: +971 4 423 9311
Email: jumana.akkawi@buchananme.com
Mary Khamasmieh
Mob MENA: +971 50 2731 753
Email: mary.khamasmieh@buchananme.com
© Press Release 2009
