Openness, inclusion and expansion to be highlighted at the International Islamic Finance Forum 2005

Attracting in excess of 50 speakers and 400 delegates from around the world, the Forum has become the most important networking event in the global calendar of the multi-billion dollar Islamic finance sector.

Dubai is now home to some of the leading Islamic finance deal managers - both at regional and international levels - with a huge US$3.3 billion worth of business undertaken last year alone.

Forum Director Chris Mullinger said: 'The expansion of the Islamic finance industry witnessed around the world is as a direct result of Muslims - as individuals and corporate bodies - demonstrating strong and distinctive financial needs. Global deposits in Islamic banking are estimated to be in excess of US$202 billion worldwide with an average growth of between 10 and 20% predicted.'

'The global facts surrounding the Islamic finance sector are truly astounding with Islamic bonds currently estimated at around US$30 billion and remain the 'hot issue' in Islamic finance. There are around 270 Islamic banks worldwide with a market capitalisation in excess of US$13 billion. Combine this with the asset figures of those banks - the estimation is that this figure accounts to US$265 billion with investments topping US$400 billion.'

Major strides have been made in widening the scope of Islamically acceptable consumer finance products around the world. A wide-ranging session on the products and solutions devised in all fields of consumer finance including the dramatic growth in the mortgage market in the region will be debated.

An international array of panellists will examine the fast developing Takaful market. This debate will include the examination of Takaful funds, technical and accounting issues and the growth of Islamic life insurance and Bancassurance.

Many believe that the growth of Islamic finance is limited only by imagination and that the world is now witnessing an historical opportunity to further develop the Shariah-compliant industry. But are there enough Islamic Scholars to ensure a smooth passage.? Should fatwas be institutionalised and are there enough professionals being trained quickly enough in Islamic finance to ensure that the industry can grow to its full potential?

Today, the Islamic finance industry globally is managing well over half a trillion US dollars and yet, it must not become complacent if it is to meet the constant challenge of competition.

The Forum will confront some of the most important challenges facing the Islamic finance industry. The role of the regulators, exchanges and industry organisations in the West and in Muslim countries will be examined from a practitioner's perspective and the issues of media perceptions, transparency and disclosure will be explored.

Throughout the three day Forum in Dubai this March, many experts will seek to identify the keys to successful conversion to Islamic finance and examine the technologies that must be implemented to combat the competition.

Additionally, there will be a detailed look at how international and regional funds - including mutual, hedge, equity and alternatives have awakened latent demand in investors.

Held in Dubai under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Defence Minister of the UAE from March 13-15 2005 at the JW Marriott Hotel, this year's event will be no exception.

The Saudi Economic & Development Company will be headline sponsors at this years Forum which is also held in association with Dow Jones Indexes. ABCIB Islamic Asset Management are the Platinum Sponsors with Oasis Global Management Company as Gold Sponsors. Vinson & Elkins and Tamweel are the event's associate sponsors, with International Turnkey Systems the Associate Technology Sponsor.

The 2005 Dubai Forum IIFF promises to deliver the answers to the hot issues surrounding Islamic finance globally.