It is "the need of the hour if our industry is to grow," says Atif A. Abdulmalik, Chief Executive Officer of the First Islamic Investment Bank, Bahrain.
Quoted in the restricted circulation Jane's Islamic Affairs Analyst newsletter surveying the "vibrant new generation" in Islamic finance, Abdulmalik underlines the potential of the industry to unlock greater funds and forge for itself a major niche market.
He adds: "If we structure a product in an Islamically acceptable manner, not only are we conducting our business in accordance with Islam but also, from a business point of view, differentiating ourselves and carving out a niche in the wider, extremely competitive financial services industry."
The Islamic finance market worldwide is worth an estimated US$200 billion and growing at 15 per cent a year. The ten largest Muslim states also have a combined GDP of US$1.2 trillion and there are 150 million Muslims living in non-Islamic countries, demonstrating the sector's phenomenal potential for further growth.
The Jane's Islamic Affairs Analyst carried out the survey during the first hugely successful International Islamic Finance Forum earlier this year in Dubai which attracted around 300 leading industry figures from throughout the world.
A second Forum takes place in Geneva, Switzerland, next month with an equally controversial agenda tackling head-on the major challenges facing the industry. See www.iiff.net
Over two days, the Forum's wide-ranging debates will cover the problems of the regulatory environment for Islamic finance; issues raised by Islamic private banking and wealth management; and emerging new Islamic project and asset financing models.
Delegates will also challenge Shari'ah scholars; debate the influence of religion and ethics on investment practices; and explore innovative solutions for the Islamic finance market of today and tomorrow.
Atif Abdulmalik is one of the highly distinguished speakers who will be taking part in this important Geneva event which is already attracting worldwide Press and TV attention.
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Diversity the 'need of the hour' for Islamic Banks
- United Arab Emirates: Sunday, June 09 - 2002 at 15:40
- PRESS RELEASE
Islamic banks are being challenged to diversify and develop new sources of revenue rather than simply competing on price against each other in a narrow range of products.
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Among others are:His Excellency Shaikh Ahmed Bin Mohammed Al Khalifa, Governor, Bahrain Monetary Agency, Bahrain www.bma.gov.bh
Khalid Janahi, Group Chief Executive, Dar Al-Maal Al-Islami, Switzerland
Jonathan M. Winer, former US Deputy Assistant Secretary of State for International Law Enforcement, Washington, DC www.alston.com/
Elisabeth Jackson-Moore, Managing Director Middle East Banks, Moody's Investor Services, Cyprus www.moodys.com/
Iqbal Khan, Managing Director & Head of Global Finance, HSBC Amanah Finance, United Arab Emirates www.amanahfinance.hsbc.com
Charles Freeland, Deputy Secretary General, Basel Committee on Banking Supervision, Switzerland
Mohammed Abdel Haq, Vice President, Citigroup Private Bank,UK www.citibank.com/privatebank/
Ismail Dadabhoy, Executive Director Islamic Finance, UBS Warburg, UK www.ubswarburg.com
John A. Sandwick, Managing Director, Encore Management, Switzerland www.encoremanagement.com/
Adam Ismail Ebrahim, Managing Director, Oasis Group Holdings, South Africa www.oasis.co.za
Dr Salee Amina Mohammed, Independent Financial Advisor to GCC Ruling Families, USA www.saleeamina.nav.to/
Mahmoud Amin El-Gamal, Professor of Economics and Statistics, Rice University, USA www.rice.edu/
Abdulrazak El Khuraijy, Division Head, Islamic Banking, National Commercial Bank, Saudi Arabia www.alahli.com/
Mike McMillen, Partner, King & Spalding, USA www.kslaw.com/
Rushdi Siddiqui, Director, Dow Jones Islamic Indexes www.djindexes.com
Mohamed Ali Elgari, Professor of Islamic Economics, King Abdulaziz University, Saudi Arabia www.kaau.edu.sa/
Michel Jacquemai, Partner, Hedge Fund Advisory, Partners Group, Switzerland www.partnersgroup.com/
Juergen Bulling, Partner and Head of Marketing, Sustainable Asset Management, Switzerland www.sam-group.com/
Nassif L. Aoun, Division Head, Investment Services, National Commercial Bank, Saudi Arabia www.alahli.com/
Tariq Al-Rifai, Vice President Islamic Banking, HSBC Bank, USA www.hsbc.com/
Justice Muhammad Taqi Usmani, Pakistan
Derek Weist, Senior Asset Manager, ABC International Bank Islamic Asset Management Ltd., UK www.arabbanking.com
John Bauer, Director of Marketing, SAMBA Capital Management International, UK www.samba.com.sa
Ramzi Abukhadra, Chief Executive Officer, iHilal Financial Services, United Arab Emirates www.ihilal.com
R. Dyke Benjamin, Director, Lazard Asset Management, USA www.lazardnet.com
Dawood Yousef Taylor, Assistant General Manager and Head of Takaful Ta'awuni Division, Bank Al Jazira, Saudi Arabia www.baj.com.sa/
The International Islamic Finance Forum series is organised by the Institute for International Research offices in Dubai, United Arab Emirates, in association with the New York offices of Dow Jones.
The sponsors are: National Commercial Bank, the second most important provider of Islamic banking services in the Kingdom of Saudi Arabia with total assets of US$26.5 billion; Faisal Finance (Switzerland), part of Dar Al-Maal Al-Islami Trust, with paid up capital of CHF20 million; Oasis Global Management Company (Guernsey), established to provide clients with the opportunity of investing in international security markets around the globe; Bahrain Monetary Agency, the country's central bank which pursues a long-term aim of ensuring Bahrain retains its position as the Middle East's leading financial centre; Wall Street Journal Europe is the official media partner; ABQ Zawya is the official Internet partner and maintains the IIR Islamic finance pages at www.zawya.com/iiff
FOR FURTHER INFORMATION CONTACT:
Chris Mullinger
Conference Director
IIR Holdings Ltd
Al Seddiqi Building
PO Box 21743
Dubai
United Arab Emirates
Tel: +9714 351 2777
Fax: +9714 351 8604
Posted by Anne-Birte Stensgaard, News EditorSunday, June 09 - 2002 at 15:40 UAE local time (GMT+4)
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This article was updated on Sun Dec 21 2003.
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