Dr Kharbash tells forum in Dubai of 'growing strength of industry'

The minister was delivering the welcoming address at the opening session of the International Islamic Finance Forum in Dubai, held under the patronage of HH General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Defence Minister of the UAE.

"Not only has Islamic Finance demonstrated that it can match the offerings of conventional banks, increasingly, conventional banks have emerged as partners to Islamic Finance institutions worldwide," Dr Kharbash said.

"This year I see a growing level of co-operation across the world, never mind the region. I am proud to see the excellent momentum pushing Islamic Finance to the forefront of regional economic activity." He hoped that sooner rather than later, this would extend to a global level.

Dr Khabash highlighted major achievements of Islamic Finance over the past 12 months, and said: "Today I see real change and the growing strength of the industry."

He praised the ABC International Bank, which has launched a variety of products in Britain which in turn, have been of great benefit to the Moslem community.

"We have seen Ijara transactions become increasingly common in property purchases and seen growing interest from regional institutions in Shariah-compliant investment opportunities. We saw the issuance of regional, corporate and sovereign sikuks and we are also seeing more players looking at the Islamic securitization of assets. But we can still do more," he said calling for more product innovation, creativity and home-grown solutions for the Islamic Finance sector."

He also noted that several locally-based financial institutions had converted into Islamic financial institutions in recent times.

The three-day forum, organised by IIR Exhibitions, is considered the world's leading event in Islamic finance.

More than 50 speakers from over 20 countries are taking part either as speakers or in panel discussions.