Islamic Funds and Capital Markets Conference concludes

One of the PowerTable panelists, Dr. Stephan Kriesel, Associate Principal, McKinsey & Company, said: 'The capital markets in the region are still under developed and the challenge is to increase liquidity and then to make new asset classes more available to the retail investor, this will produce a more vibrant capital market.'

The two day conference, in its second year, attracted more than four hundred delegates from the Islamic finance industry worldwide and saw key debates, speeches and deliberations on the forces and instruments shaping and developing Islamic capital markets across its multiple territories.

The conference also recognized corporate contributions to the development of the sectors and presented two awards for outstanding contribution to the development of capital markets and Islamic funds.

The Awards were presented in association with Ernst & Young and were chosen in consultation with selected independent advisors. The 2nd Annual World Islamic Capital Markets Excellence Award was presented in recognition of a financial institution that has structured and delivered significant transactions in the Islamic capital markets.

It was won by Emirates-based Dubai Islamic Bank and presented in recognition of its significant achievements in developing the Sukuk market, including the landmark transactions for Dubai Civil Aviation and Ports Customs and Free Zone Company, the latter currently being the world's largest Sukuk.

Aref Kooheji, Executive Vice President, Investment Banking, Dubai Islamic Bank received the award on behalf of the institution from Tariq Sadiq, managing partner, Ernst & Young.

The 2nd Annual World Islamic Funds Excellence Award was presented to an institution recognized as having contributed most to progress and innovation in the international market for Islamic investment funds. The award was won by National Commercial Bank for its outstanding track record and innovations in the development of Shari'ah compliant funds.

The awards was received on behalf of the bank by Dr. Abdul Rahman Fayed, Head of Origination, National Commercial Bank.

A panel of international and regional specialists in Islamic funds and capital markets, including policy makers, scholars, business leaders and financial experts joined the audience in debating the latest developments, challenges and priorities of the global Islamic funds and capital markets sector at the concluding session the 'Investment Funds & Capital Markets PowerTable'.

Moderated by William McSheehy from Bloomberg, the panelists were Sameer Abdi, Executive Manager-Islamic Financial Services Group, Ernst & Young, Dhafer AlQahtani, General Manager-General Directorate of Specialized Funds, Al-Tawfeek Company for Investment Funds, Stella Cox, Managing Director, Dawnay, Day Global Investment, Baljeet Kaur Grewal, Chief Economist, Maybank Investment Banking Group and Dr. Stephan Kriesel, Associate Principal, McKinsey & Company.