International Islamic Finance Forum opens with 400 participants

The Forum, held under the patronage of H.H. General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister, will see the participation of over 50 speakers who will discuss and debate the growth of Islamic finance, issues related to openness, inclusion and expansion of the sector where global deposits are estimated to be in excess of US $ 202 billion worldwide with a predicted average growth of between 10 and 20 per cent.

The three days forum will also see the distribution of the Sheikh Mohammed Islamic Finance Awards in a Gala Dinner sponsored by the Saudi Economic and Development Company at Emirates Towers Hotel.

Forum Director Chris Mullinger explained the event's stems from the fact that Islamic finance was growing at a very fast pace with Islamic bonds currently estimated at around US $ 30 billion, with 270 Islamic banks worldwide with a market capitalization in excess of US $ 13 billion.

"Combine this with assets figures of those banks - the estimation is that this figure accounts to US $ 265 billion with investments topping US $ 400 billion," added Mullinger.

IIFF, which is organized by IIR Middle East, is being held at the J. W. Marriott hotel from 13th-15th 2005.

Panel sessions will debate various issues related to the operation and management of Islamic finance as well as some of the most important challenges facing the industry such as the role of regulators, exchanges and industry organizations in the West and in Islamic countries.