Islamic finance growth outstrips conventional

The International Islamic Finance Forum, which opens in Geneva on July 22nd, comes as a direct result of the success of a similar forum in Dubai in March held under the patronage of His Highness Sheikh Mohammed bin Rashid al Maktoum, Crown Prince of Dubai and UAE Minister of Defense.

Organized by the Institute for International Research offices in Dubai, in association with Dow Jones Indexes, the International Islamic Finance Forum series (www.iiff.net) has quickly established itself as the leading business-to-business event in the industry.

Debate will center on the challenges faced by a financial sector worth $200 billion that is predicted to maintain double-digit annual growth rates for the next 15 to 20 years.

Among the dozens of areas to be hotly debated at this highly topical forum will be:

The Western regulatory environment and how it affects Islamic finance Multi-billion dollar Islamic project financing and structuring Enforcing Islamic deals Dilemmas for Islamic private bankers and wealth managers The global impact of virtual Islamic finance Rebuilding consumer confidence post 9/11

There will also be a fascinating session examining the effect on corporate governance of the diverse legal, economic, philosophical and theological issues not just of Islamic but all forms of faith-based and socially responsible investing.

"The world of Islamic finance is one of increasing sophistication and reach but with a growing convergence of global standards for financial service regulation," said conference director Chris Mullinger.

"In only 10 years or so, Islamic finance has grown from virtually nothing to a business worth well in excess of US$200 billion. Islamic finance now has customers in 75 countries and in some of those countries has already captured more than 30 per cent of market share.

"With annual growth rates of around 15 per cent, it is far outstripping the conventional financial market and can no longer be ignored by the rest of the financial world."