Royal patronage and royal award for the premier event in Islamic finance

The International Islamic Finance Forum (www.iiff.net) takes place in Dubai in February 2003 and is organised by the Institute for International Research in association with Dow Jones Indexes and the Saudi Economic and Development Company (SEDCO).

The organisers also announced yesterday that the first-ever award for innovation in Islamic finance is to be named in honour of His Highness Sheikh Mohammed.

"We are honoured to announce that the Dubai 2003 International Islamic Finance Forum will be held under the patronage of His Highness General Sheikh Mohammed as well as a prestigious award for innovation in Islamic finance," said conference director Chris Mullinger.

"His Highness, who is an active promoter of innovation and leadership, recently said: 'A man has two choices, either to be a follower or to show initiative, and we greatly desire to be pioneers.'

"It is apt, therefore, that this first-ever award will be in His Highness' name. The award will be made to an individual, company or product selected as the most innovative in the growing Islamic financial world."

Senior executives from the global Islamic finance industry will gather in Dubai in February to debate the latest challenges to the world's fastest-growing financial sector.

Key debates will centre on the challenges faced by a financial sector managing assets worth at least $230 billion as well as innovations that spur the Islamic financial industry's double digit annual growth rates, predicted to be maintained for the next 15 to 20 years.

With two events in one year, the Dubai-organised International Islamic Finance Forum has established itself as the leading business-to-business event in the industry.

The 2003 Dubai International Islamic Finance Forum comes as a direct result of the success of the first Forum in Dubai in March this year, also under the patronage of His Highness Sheikh Mohammed, attended by over 300 high level participants who came from 28 countries.

The March event was followed by another Forum in Geneva, Switzerland, in July which attracted a similar audience of predominantly Western-based delegates.

"We are proud to organise what is recognised as the world's leading business-to-business event in Islamic finance and that Dubai is it's home," said Chris Mullinger.

"The Dubai 2003 event will be even bigger and better with some surprising announcements to be made that will have long-term and lasting impact on the whole Islamic financial world."