The two-day MEIFIC kicked off in Dubai on Tuesday and the industry leaders over the two days will discuss the challenges and opportunities for Islamic Finance and Investments in the Middle East.
“The Islamic finance industry is rapidly resuming its growth path and increasingly gaining attention in various jurisdictions across the globe in the post-crisis global financial landscape,” the experts say.
The speakers will focus on strategies for successfully adapting to the new market realities for Islamic finance in the Middle East.
Held under the theme “Successfully Adapting to New Market Realities for Islamic Finance in the Middle East”, the (MEIFIC 2011 was opened with high-profile keynote addresses by Hussain AlQemzi, Chief Executive Officer, Noor Islamic Bank and Group Chief Executive Officer, Noor Investment Group; and Dr. Saleh Malaikah, Chairman, Rusd Investment Bank.
“The Shari’a compliant finance and investments sector is gradually building momentum and popularity around the world, and is expected to lead the re-emergence of the overall global financial industry over the next five years,” said Hussain AlQemzi, CEO Noor Islamic Bank and Group Chief Executive Officer, Noor Investment Group.
“We at Noor Investment Group, are eager to scale new heights, and are confident that our sector will serve as a catalyst for the growth of economies everywhere. We acknowledge the importance of forging strategic alliances, and to always promote bilateral discussions among the global industry peers, to fully realize the true business potential in any given market. The MEIFIC 2011 served as a unique platform for the industry leaders to discuss the post-crisis era,” he added.
“The continued growth of Islamic finance further strengthens its role as an increasingly important component of the global financial system in the post-crisis landscape,” said Dr. Saleh Malaikah, Chairman of Rusd Investment Bank.
“As a long-term industry player, Rusd Investment Bank is committed to upholding our position as a leading world-class Shari’ah compliant investment bank that delivers optimum results to our stakeholders.”
“We are excited about the new opportunities presented in the Middle East for Islamic finance and investment and we see this event was an ideal platform to tap into such exciting opportunities”, he added.
The experts during a special session emphasized the key strategies that the leading players must implement in order to succeed in the Middle East Islamic finance market.
“Investor appetite has started to increase again but with a reduced appetite for risk in all its forms.” According to him “the key for the industry is to be able to adapt strategies and structures to meet the change in investor appetite and diversify income,” said Geert Bossuyt, Chief Executive Officer, Dar Al Istithmar.
“Regulators, supervisors, international regulatory bodies and business leaders are required to have strong cooperation in providing roles and guidelines that should help in understanding Islamic finance and Islamic products,” said Dr. Ali Al Amari, Senior Director, Supervision and Authorisation and AML, Qatar Financial Centre Regulatory Authority.
“Enhancing transparency and information sharing and minimizing regulatory arbitrage is the next step in working towards acceptable Islamic financial standards that will lead to harmonizing Islamic regulatory system, Shari’ah Fatwa and Islamic products.”
“MEIFIC, which is the latest addition to our portfolio of flagship industry events, has in its very first year itself established its position as a pre-eminent platform for leaders in the Islamic finance and investments industry in the Middle East region to engage in discussions that provides new and deeper insights into what the future holds for the regional Islamic finance markets,” added David McLean, Managing Director of MEGA Events, the organizers of the event.