Dubai to become an Islamic Financial Hub with the new financial infrastructure

Over 600 organizations from over 50 countries are currently attending the major Islamic Banking event.

With an estimated size of US$250 billion, the Islamic Banking industry has been increasingly attracting attention from investors and bankers throughout the world. The segment is growing at a rapid pace and this trend is expected to continue in coming years. As an integral part of efforts to maintain the high rate of development, the conference focused on key innovations within the Islamic Banking sector, especially new generation Islamic finance products.

Chairing the new and next generation Islamic products session, Ziad Makkawi, CEO of Dubai Bank said: "Islamic banking products are repeating a similar lifecycle as shown by the traditional banking industry. Earlier, finance options used to be simple and now, they have become complex and more customizable to meet individual requirements. Similarly, Islamic Banking products are also on the path to become more flexible and easy-to-use, while strictly adhering to the laws of Islam. This essential aspect of the niche banking segment is expected to mature through the development of project financing, retail banking, loans, syndications and other financial options."

On the role Dubai in promoting Islamic Banking in the Middle East, Makkawi added: "With the launch of the Dubai International Financial Centre, Dubai is positioning itself to become the regional hub and platform for an Islamic Banking and Finance environment. The existing framework and support extended to investors and bankers at the DIFC plays a major role in creating an environment conducive to the development of innovative financial tools. The centre is expected to play a key role in the growth and development of Islamic Banking in years to come."

The session also discussed various other market trends and development techniques for the Islamic Banking sector. Other speakers at the forum included Adam Ismail Ebrahim, CEO of Oasis Asset management, Mike McMillen, Partner, King & Spalding and Bijan Foroodian, Director-Investment Management, Innovest Strategic Value Advisors, UK and Dr Mahmoud AlJammal, Rice University.