400 international delegates identify new opportunities at the 4th Annual World Islamic Funds & Capital Markets Conference.
HE Rasheed M. Al Maraj, Governor of the Central Bank of Bahrain and Dr. Mohamad Nedal Alchaar, Secretary General of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) inaugurated the 4th Annual World Islamic Funds & Capital Markets Conference at an impressive opening keynote plenary session attended by more than 400 international delegates from leading conventional & Islamic banks, regional & international Fund Managers, Investors, Asset Managers, Senior Regulatory Representatives, legal specialists, and influential Shari'ah scholars.
The first session highlighted key priorities in sustaining the growth of the Islamic investments industry; while risks as well as key regulatory priorities for the industry were some of the issued addressed in this session.
The next session focused on the critical area of Product Innovation: Towards Increasing Sophistication & Depth in Islamic Investment Products. The main speakers at this session were Mohamed Hedi Mejai, Executive Director, Direct Investment & Business Development, International Investment Bank (IIB), Dr. Bakri A. Bashir Head of Strategic Planning & Business development, Eskan Bank, and Dhafer Alqahtani, Co-CEO & CIO, Arbah Capital.
A major highlight of the conference was the launch of the 2nd Annual Ernst & Young Islamic Funds & Investments Report, which was led by Sameer Abdi Partner - Head of Islamic Financial Services Group of Ernst & Young (Bahrain). The report highlighted continued economic growth across key markets and the resultant increase in liquidity held by major investor segments. It detailed demand-supply considerations across these investor segments and across geographical markets, before offering conclusions on existing and predicted gaps in Shari'ah-compliant products and service offerings.
Abdul Rahman Al-Baker, Executive Director of Financial Institutions Supervision, Central Bank of Bahrain and Badlisyah Abdul Ghani, Executive Director/Chief Executive Officer, CIMB Islamic Bank Berhad offered insights into the growth potential of Islamic funds in the Middle East and globally.
The dynamic market for Islamic mortgage finance was addressed in a session chaired by Sabah Khalil Al Moayyed, General Manager, Eskan Bank. Speakers outlined opportunities in Islamic property finance, securitization and real estate investments.
The Shari'ah and Business open forum was another session that looked at the challenges for the Islamic investments industry. The discussion was led by leading Shari'ah scholars Shaikh Esam Mohammed Ishaq and Dr. Fareed Mohammed Hadi Abdul Qader, Chairman-Department of Arabic & Islamic Studies - College of Arts - University of Bahrain & Shari'ah Scholar. Key discussion points were on ways to balance Shari'ah compliance and industry growth imperatives while managing the complexities of new Islamic investment products.
A very interactive Ratings workshop saw the close of the first day of the conference. The workshop focused on the role of role of ratings in Islamic financial markets with an emphasis on the differences between Islamic and conventional financial markets, structured finance and Sukuk. The workshop was led by Jamal Abbas Zaidi, Chief Executive Officer of Islamic International Rating Agency.
The winners of two prestigious Islamic Investment awards, The WIFCMC Funds Excellence Awards, and The WIFCMC Innovation Award will be recognised later in the evening of the 26th May at a high-profile gala dinner ceremony to be attended by more than 200 VIPs and leading industry players.
The second day's proceedings on the 27th of May will start on a powerful note as speakers will assess the next phase of growth opportunities in the global Sukuk market. Ahmed Abbas, CEO, Liquidity Management Centre B.S.C and Shamsun Anwar Hussain, Director- Global Market: Middle East CIMB Islamic Bank Berhad will provide their viewpoints on the latest trends and developments in Sukuk; while Harris Irfan, Director in the Global Market Division, Deutsche Bank AG, Dhafer Alqahtani, Co-CEO & CIO Arbah Capital and Trevor C. Regan, Chief Investment Officer, Al Rahji Financial Services pinpoint the asset classes that will offer new growth opportunities - with a focus on private equity, Islamic real estate, infrastructure and hedge funds.
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© Press Release 2008
