Ernst & Young receives Euromoney Islamic Finance Award

Over two hundred of the leading names in the Islamic Financial Services industry attended the 3rd Annual Euromoney Islamic Finance Awards Dinner, held yesterday at the Langham Hotel in London. Several institutions were recognised, and twenty one awards were presented across top-line financial service sectors ranging from assurance and advisory services, to real estate finance and Islamic insurance.

The Islamic Assurance & Advisory Services Award was presented to Ernst & Young for having completed the most extensive range of assignments for both the public and private sectors in 2004.

"We are delighted to be recognised for our achievements over the past twelve months, as they demonstrate the real value we offer to our clients and the world class delivery of our services. Our professionals have demonstrated the dedication and quality of service that we set as standards for everything we do," said Ahmed Adil, Partner Business Risk Services, Ernst & Young Bahrain.

Among Ernst & Young's winning credentials was the appointment of its Islamic Financial Services Group (IFSG) in Bahrain to carry out a pre-feasibility study for a multi-billion-dollar wholesale Islamic investment bank, providing advisory services to a conventional bank on the best way to reposition itself into an Islamic bank, assisting in the documentation of the operational framework of a newly established bank in one of the leading markets in the GCC, and conducting numerous feasibility studies for newly established Islamic banks in a number of Middle Eastern countries.

"Within the Middle East region, Islamic banking industry is gaining pace as many regional and even global conventional banks seek to position themselves for offering Islamic banking services to their customers. As of today, the global Islamic banking assets are estimated to be in the region of US$ 500 billion, and have been growing at an annual rate of 20 percent for the past three years. Capitalizing on the huge industry potential, IFSG has positioned itself as a specialist group within Ernst & Young, catering to the specific needs of Islamic financial institutions and conventional financial institutions (including Takaful operators) requiring Islamic financial advisory services. We drive our competitive advantage by offering 'turn-key' solutions to our clients in areas covering strategy development, product development and operational frameworks," said Dr. Omar Marwan Kamal, IFSG Head - Ernst & Young, Middle East.

IFSG has played an important role in developing the regional insurance industry by helping a central bank in the GCC establish a re-takaful company (Islamic alternative for re-insurance) as well as conducting a pre-feasibility study on the concept of E-currency, while also carrying out comprehensive reviews of risk management policies, systems and procedures for leading corporate and Islamic investment banking institutions.

In the International banking industry, the Islamic finance sector has evolved to become one of the fastest growing niche markets. "Globally, financial institutions have recognised Islamic banking as a potentially lucrative addition to the mainstream customer segment, which is more receptive to Islamic finance. No longer limited to Islamic countries or the Muslim population, strong consumer and commercial demands are now driving Islamic finance forward," stated Dr. Kamal, particularly referring to the Islamic banking and finance developments taking place in Europe, in general and in the United Kingdom in particular.

The Islamic Financial Services Group was established as part of Ernst & Young's Middle East practice in 1998. Based in Bahrain, which is the Islamic financial capital of the Middle East, the group offers turn-key solutions to clients in the Middle East, and globally. IFSG comprises a team of over 15 professional members including a majority of ex-bankers with diverse academic backgrounds covering PhDs, MBAs, CFAs, CAs.