Islamic finance industry to hit $1trn by 2010

LONDON: The Islamic finance industry will be worth $1 trillion by 2010, delegates to a top Islamic finance conference were told. The prediction was made by Kuwait Finance House-Bahrain managing director, Abdulhakeem Alkhayyat, whose bank was the Platinum Strategic Partner of the first Annual World Islamic Banking Conference: European Summit (Euro WIBC 2008) in London.

"KFH-Bahrain is strategically positioned and adopts a pivotal role in the growth of Islamic banking," he said.

"Islamic banking assets are currently estimated at $750 billion in value and will top the $1trn mark by 2010. This continuous expansion is being driven by an increased global demand for Sharia-compliant financial products and services.

"The conference provided a unique and high profile platform for the advancement of the global Islamic banking industry in general," Mr Alkhayyat said.

"The exchange of ideas at the conference contributes to the growth of our knowledge, and inspires excellence throughout our work. The Euro WIBC was an excellent forum for discussion and the setting of standards for the conduct of the Islamic financial business.

"The occasion also provided the opportunity for direct interaction with key scholars and experts from the Islamic financial industry, which will contribute highly towards establishing professional relationships and laying foundations for future collaboration.

"With indications of an exciting growth potential for Islamic finance in Europe, Euro WIBC could not have come at a more opportune time as the industry stands on the threshold of significant expansion," he added.