News Column

Global expansion 'key to Islamic finance growth'

May 20, 2014

Manama



The next phase of growth for the Islamic investments industry is contingent on the industry's ability to build scale and broaden geographic horizons, according to a leading industry expert.

According to Sedco Capital chief executive Hasan Al Jabri, international hubs are creating new opportunities for the expansion of Islamic investments, reported the Gulf Daily News, our sister publication.

 Al Jabri said this during his keynote address at the opening of the 10th anniversary special edition of World Islamic Financial and Funds Markets Conference (WIFFMC 2014) at the Gulf Hotel's Gulf Convention Centre yesterday.

The two-day event, held under the official support of Central Bank of Bahrain, got underway with an inaugural address by CBB executive director for financial institutions supervision Abdul Rahman Al Baker and a speech by Accounting and Auditing Organisation for Islamic Financial Institutions secretary-general and chief executive Dr Khaled Al Fakih.

"As new markets continue to develop infrastructure supportive of Islamic funds, new investment opportunities for the Islamic investor in jurisdictions like Luxembourg will provide the ideal environment to build a platform to cater to these needs," stated Al Jabri.

"Increasing access to international investor pools by offering a diverse range of products will enable the industry to generate economies of scale and further provide investors with viable and cost-effective alternatives to conventional funds," he noted.

More than 420 leaders, regulators and thought leaders in the global Islamic funds and investment industry are engaged in critical discussions focused on "Broadening the Base of Investors and Issuers: Building Scale and Broadening Horizons of Islamic Investments."

A major highlight of WIFFMC 2014 was the "CEO and Industry Leaders' Power Debate", which focused on attracting more international investors to Islamic financial markets.

CIMB Middle East director and chief executive Suryono Darnor, Securities and Investment Company chief executive Najla Al Shirawi and QInvest Asset Management managing director Dr Ataf Ahmed joined Al Jabri in debating new approaches to grow the global investor base in Islamic financial markets and overcome challenges of the cross-border distribution and competitiveness of Islamic funds.

Day two of conference today opens with a keynote address by International Islamic Financial Market chief executive Ijlal Ahmed Alvi.

Discussions on assessing new initiatives to improve international standardisation across Islamic capital markets and legal and risk management priorities to better globally connect Islamic capital markets, are key items on the agenda.-TradeArabia News Service

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Source: TradeArabia