Sheikh Mohammed endorses and SEDCO backs international summit

One of the largest privately-held Islamic investment companies is backing a unique international forum next month in Dubai focusing on the world's fastest growing financial sector.

The Saudi Economic & Development Company (SEDCO) is partnering with the Institute for International Research, Dow Jones Indexes and iHilal Financial Services for the International Islamic Finance Forum (March 17-19).

This ground-breaking event is being held under the patronage of His Highness General Sheikh Mohammed bin Rashid al Maktoum, Crown Prince of Dubai and UAE Minister of Defence, and is certain to become the annual highlight of the Islamic financial year. The speaker and company participation list is a "Who's Who" of the Islamic financial world.

SEDCO is an Islamic Shari'ah compliant investment firm based in Jeddah with diversified interests in financial, real estate and direct investment. It has also formed international alliances to provide a broad range of innovative Islamic investment products.

In addition, the newly created Albaraka & The International Investor group, with assets of more than US$3 billion; DB Capital Partners, the private equity arm of Deutsche Bank; and Oasis Global Management (Guernsey), are sponsors of this truly international event.

Once considered a fringe player, Islamic finance is now a global star. Its banking industry is a phenomenon and is predicted to maintain double-digit annual growth rates for the next 15 to 20 years.

"In a matter of 10 years or so, Islamic banking has grown from nothing to around $200 billion with millions of customers in 75 countries and captured market share in some countries of over 30 per cent," said Adnan Al Bahar, Chief Executive, Albaraka & The International Investor. "And it is growing at a rate of around 15 per cent, far outstripping that of the conventional market."

Competing with a monolithic conventional industry, professionals in Islamic financing must streamline procedures, develop new and innovative products and maintain leading-edge technology. "Only by keeping pace with a fast-growing, modern market can Islamic institutions and instrument providers stay ahead and thrive," said conference director Chris Mullinger.