Faisal Private Bank invests in IIFF Europe

Principal shareholder of Faisal Private Bank, Bahrain-based Ithmaar, a leading provider and manager of Sharia'a compliant investment products throughout the Middle East.

According to Khalid Abdulla Janahi, Chairman of Faisal Private Bank (Switzerland) SA, "The launch of Faisal Private Bank Switzerland is a landmark development towards building the bridge between two distinct yet complementary traditions: Swiss private banking excellence and financial solutions based on ethics derived from the Sharia'a. IIFF Europe's focus on Islamic wealth management provides a great deal of synergy with our strategic move in that direction."

With in excess of US$ 800 billion on deposit in European banks, especially Swiss banks, the event will focus on the growing demand for Sharia'a compliant wealth management and private banking services. One of the keynote sessions on the IIFF programme features a panel of industry experts who will examine how Western banks can tap in the growing investor base, looking for Islamic wealth management. The session will aim to identify Europe's comparative advantage, namely its tradition for advising on tailor-made portfolios and how Islamic finance has been competing with conventional wealth management.

Forum Director, Christianna Tsiterou, commented, "Switzerland is recognised as the international hub of private banking and Swiss private bankers have built an enviable market position. This tradition will form the cornerstone of their appeal to investors looking for Sharia'a compliant products and Ithmaar's pioneering spirit in the Middle East is now breaking new ground in Europe through the launch of Faisal Private Bank Switzerland."

The Bank's established track record in tailoring innovative wealth management portfolios - principally in global real estate - forms the backbone of a strategy focussed on engineering solutions that minimise the impact of corporate risk. In the future Faisal Private Bank Switzerland plans to diversify its services and products and to sustain a prudent attitude towards risks and market volatilities whilst delivering honest returns.

"Faisal Private Bank Switzerland is a milestone in the history of private banking, and illustrates the appeal and competitiveness of a global business model guided by the ethics of the Sharia'a," added Janahi.

With so much Arab capital deposited in Swiss banks and the immense growth potential for Sharia'a compliance in wealth management and private banking, European banks are already making significant efforts to adopt the fundamentals of Islamic finance.

"Islamic finance has enormous growth potential. Quite apart from the estimated 300,000 millionaires (US$) with a combined wealth of US$ 1.2 trillion in the Middle East, there are over 50 million muslims living in Europe who will no doubt be drawn to Sharia'a compliant wealth management and private banking," concluded Tsiterou.

Through twenty in-depth sessions covering a wide range of topics, IIFF Europe will include a special 'Leaders In Islamic Finance' session that will examine 'Emerging Markets In The Islamic Finance Arena - with a Spotlight On Europe'. Another highly relevant presentation will be made on 'Meeting The Demands Of High Net Worth Individuals, For Sharia'a Compliant Products In Europe - Exploring Opportunities In The Swiss Private Banking Sector'.

Other key topics on the two-day IIFF conference agenda are asset management and investment banking, corporate finance and regulatory issues and Islamic retail finance. In addition three post-forum workshops will examine the principles and objectives of Islamic Finance, the legal and regulatory aspects of innovative structured Sukuks and Islamic real estate investment.

Over 50 expert speakers have been recruited including Rushdi Siddiqui, Global Director, Dow Jones Islamic Indexes, USA; Alex Barkawi, Managing Director, SAM Indexes GmbH, Switzerland; Maurice Baudet, Director General Association Suisse des Gérants de Fortune (ASG), Switzerland; Fares Ahmed Mourad Director Asset Management Division, Global Head -Islamic Investments, Credit Suisse, Switzerland and Harris Ifran, Director Global Markets Structuring, Deutsche Bank AG, UAE.

In association with Dow Jones Indexes, IIFF Europe is supported by platinum sponsor Credit Suisse and besides Faisal Private Bank other gold sponsors include Path Solutions and Nur Advisors. Dubai International Financial Centre (DIFC) is the strategic partner.