Muslims worldwide will deposit 50% of savings in Islamic banks by 2015

The future direction and prolific growth of the multi-billion Dollar Islamic finance sector will come under the spotlight at the International Islamic Finance Forum (IIFF) which is due to open tomorow (March 19th) at the Al Bustan Rotana Hotel, Dubai, claimed event organisers, the Institute for International Research (IIR).

The Forum, held under the patronage of H.H. General Sheikh Mohammed bin Raschid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has attracted over 300 industry professionals who will be addressed by more than 70 expert speakers over three days, with dedicated pre and post conference workshops. Islamic Finance, which was once considered as a parochial phenomenon, has emerged as a global force to be reckoned with.

"The figures are mind-blowing" said Forum Director, Christianna Tsiterou, "Islamic banks have a combined market capitalisation of US$ 13 billion, their assets currently stand at US$ 265 billion with investments in excess of US$ 400 billion. Deposits are currently estimated at over US$ 202 billion with average growth between ten and twenty per cent. When you consider that there are only about 270 Islamic banks worldwide, their performance is exceptional."

Hot topics on the agenda include the evolution, development and challenges ahead to standardise the globalisation of Islamic Finance. Of particular interest and key to the moral dimension of investing will be the parallels drawn between Islamic Finance and Socially Responsible Investing (SRI), a strong and growing force in Europe and the US, which aims to balance sustainable value to both society at large and the shareholders by investing in companies who meet their exacting standards of Corporate Social Responsibility (CSR).

The Forum will also examine a wide range of Islamic Financial issues, such as Islamic bonds, the mortgage market, investment banking, wealth management and private banking, risk management, project financing and the fast developing Takaful funds. Other interesting facets to be debated will be Islamic accounting, Islamic Life assurance and bancassurance.

Tsiterou commented, "In an industry as dynamic as Islamic Finance, only by continuously researching the prevalent issues and adapting the programme accordingly, can you stay current and topical. This programme is the result of extensive research that was conducted world-wide. Over 70% of the speakers are new to IIFF and will convey fresh ideas and propose thought provoking debate".

The highlight of the social agenda will be the IIFF Gala Dinner hosted by the Saudi Economic & Development Company (SEDCO) during which the highly coveted Sheikh Mohammed bin Rashid Al Maktoum Islamic Finance Awards will be presented. Celebrating Excellence in Islamic Finance will see a record of 28 awards presented to those individuals and organisations that have made a significant contribution to Islamic finance.

The Islamic Finance industry has also shown solid support for the IIFF, with all levels of sponsorship covered. The companies form a virtual who's who of the Islamic Finance world with heavyweights such as Al Tawfeek securing platinum status, Oasis Group Holdings, Singapore Exchange and Path Solutions taking Gold sponsorship packages and HDG Mansur and Nur Advisors acquiring Silver status. Solidarity is the Takaful sponsor.