London forum to probe Islamic banking issues

Gulf Daily News: Global Banking Corporation (GBCORP) will offer insight into the current financial crisis and the way forward for Islamic banking.

Through a strategic partnership at the GCC-Euro Expo on Wednesday and Thursday in London, GBCORP is taking the lead in bringing into focus issues related to the current economic crisis.

The discussion will also focus on the challenges faced by the Islamic banking and finance industry, the positive and diverse aspects of Sharia compliance and the way forward in the face of the global financial crisis.

The expo is a premier event facilitating trade and investment opportunities between the GCC countries and Europe.

The event is sponsored by the Bahrain Economic Development Board.

Highlighting GBCORP's partnership of the event as a platinum sponsor, chief executive Mark Hanson said that this event is happening at a time when the world economy is in grave crisis and we are staring in the face of a global recession.

"These are indeed very challenging times and like the old saying - 'When the going gets tough, the tough get going' - the challenge now is to look deep into the heart of the crisis and find ways and means of addressing the issues and also look at the opportunities that such challenges throw up.

"The tremors of the financial crisis in the US have also had an impact on the GCC in terms of reduced oil prices, financial liquidity and the drop in share values of companies listed on the GCC stock markets.

"These effects are manageable when compared to the retrenchment and recession experienced elsewhere in the world and when seen in the context of the fundamental strength of the GCC economies.

"Surplus revenues generated over the past few years through robust oil prices and investment income generated so far this year and last have produced massive current account surpluses and these are still available to fund major state infrastructure projects," he said.

Mr Hanson will also be leading the panel discussion on banking and Islamic finance.

The forum will seek to address key issues related to the current crisis and how Islamic banking is suddenly the centre of attraction of the global banking community in terms of the opportunities it offers as a true complement to conventional banking system.

The expo is expected to build firm investment bridges between the GCC regions and Europe and also provide great business opportunities for the resilient long-term investor.

The economic development of the GCC region and the advantages it carries for European enterprises will be showcased by way of an exhibition and seminar programmes.

The seminars and panel discussions are expected to be attended by a number of highly placed government officials, key figures from the investment banking, regulatory and trading arena from across the GCC and Europe as well as industry specialists from Europe and across the GCC region.

Bahrain to host global Islamic banking forum

IANS : Bahrain will host the 15th annual World Islamic Banking Conference (WIBC), the largest gathering of Islamic finance leaders in the world, Nov 23-25.

The event will help shape new growth strategies in the increasingly global market of Islamic finance, according to the state-run Bahrain News Agency (BNA).

Notwithstanding the gloomy backdrop of the subprime crisis afflicting conventional financial institutions across the world, experts remain optimistic of the Islamic banking and finance industry.

WIBC plays a pivotal role in shaping the future of the Islamic finance industry.

The Second Shari'ah-Compliant Finance Summit will be held on August 12-14 2008

The second Shari'ah-compliant Finance Summit will be held on August 12-14 to add momentum to the establishment and operation of Islamic banking in Mauritius.

The summit will feature a number of international CEO's who have backgrounds in Islamic banking and who come from strategy, business, process and technology backgrounds.

Team SYNthesis CEO, Tan Chee Peng says: “ The summit targets a selected audience of decision-makers from business and financial organisations. It will offer first hand personal knowledge of the products and services and also explain how it is viewed as commercially more advantageous than traditional banking methods.

There are three key elements to maintain growth in this sector. First, a need for increased investment in research and development. Second, training and certification to meet current shortage in the talent pool and last, a greater use of technology.”

The Managing Director of BOI , Raju Jaddoo, points out that Middle Eastern investors are looking for alternative investment opportunities. “They are not investing in US or in Europe because they feel that the housing market will fall further and they prefer to diversify to other markets. Qatar and Dubai have already expressed interest in investing in Mauritius and have asked us whether we have Islamic banking. This is a new market that we must explore,” he says.

Islamic banking will bring an alternative mode of banking offering its clients a higher degree of security by removing the whims of fluctuations in interest rates.

Peng says: “Islamic banking does not give interest rates like traditional banks. The banks invest the money deposited and in return you get a dividend that could be higher or lower than interest paid by a traditional bank. It brings an additional level of certainty in an uncertain market. A weakness of Islamic banking is perhaps, when interest rates go down, traditional banks lending rates may seem more appealing,” he adds.

Islamic banking & finance moot to be held in Aug

KARACHI: A two-day international conference and exhibition on “Islamic Banking & Finance” would be held on August 12 to August 13 in Karachi with an aim to further boost Shariah-compliant banking in Pakistan.

Event & Conference International would organize the conference in collaboration with Meezan Bank and Karachi Chamber of Commerce & Industries.
The prime motive of the conference is to describe the prevalent position of Islamic Banking in Pakistan given the situation that all conventional banks of the country have started the Shariah-compliant services to provide their customers Riba-free financial solutions.

The event would make deliberations on the reforms being adopted under the guidance of Islamic Banking rules while bosses of companies, which are entirely running their businesses through Islamic banking have been invited to share their fruitful experiences. staff report

Top experts for London Sukuk Summit

A roundtable comprising senior representatives from some of the most proactive Sukuk
originators in recent times will be convened at this year’s premier Islamic finance event the 2008 London Sukuk Summit.

The event is scheduled to be held at the Royal Horseguards in Whitehall in
London on June 25 and 26, 2008.

The theme of this year’s summit, which is endorsed by the UK Treasury; UK Trade &
Investment (UKTI), City of London Corporation; and the London Stock Exchange, is ‘Gearing up for UK Sukuk Originations’.

The roundtable will comprise Mutlaq Al-Morished, vice-president, Saudi Arabian Basic
Industries Corporation (Sabic); Karl E Marietta, chief financial officer, The National Cooling Company (Tabreed); Ayman Sejiny, advisor to the chairman, Dar Al-Arkan Real Estate Development Company (Daar); Nazmi Camalaxman, manager, Global Markets, CIMB Islamic Bank; and Emmanuel Volland, director, Financial Services Ratings, Standard & Poor’s.

Sabic, Tabreed and Daar have all issued several Sukuk issuances over the last two years pushing the boundaries of Islamic capital market structures and innovation. Sabic has issued the SR3 billion ($0.80 billion) Sabic Sukuk-I and the SR8 billion Sabic Sukuk-II issuances in 2007.

Tabreed similarly has gone twice to the market with Sukuk issuances - a $100 million Sukuk in 2004 and a $200 million in 2006.
Daar in early 2007 issued a $600 million Sukuk issuance, the first international Sukuk issuance by a Saudi corporate, followed by a $1 billion issuance in late 2007.

Malaysia’s CIMB Group is the leading structurer and arranger of Sukuk in terms of
volumes, total assets and mandates. Standard & Poor’s is one of the leading agencies assigning ratings to Sukuk issuances.

The rationale behind the convening of the Issuers Roundtable is to ascertain the motives of issuers in going to the market to raise funds; their requirements and concerns about the Sukuk structures; their views on the Shariah governance process; and their future outlook in sourcing Islamic Finance especially in the era of the global credit crunch and its impact on the financial markets.

Conference delegates will also have a chance to dialogue with Roundtable participants in what could be potentially a very informative interactive exercise.

The 2008 Summit follows the highly successful inaugural London Sukuk Summit along the theme ‘Strategies for Today; Demystifying Islamic Capital Market Products’ held in June 2007 and organised by ICG Events, with the support and encouragement of leading market players in the UK and abroad.

Senior speakers from the Financial Services Authority; the Japan Bank for International Cooperation; Dubai International Financial Centre; The Islamic Financial Services Board; the Islamic Corporation for the Insurance of Export Credits and Investment; and prominent organisations and market players have already committed to participate at this year’s summit.

The London Sukuk Summit is specifically aimed at keeping you informed about the Sukuk market developments and innovation; to provide a platform for dialogue with your peers; and to give you a voice in contributing to the future direction of the Islamic debt and capital markets.

News report on recent Islamic Finance Conference, North America

Brightcove: News Report on recent Islamic Finance Conference, North America.

Islamic Project Finance 2008

Islamic Project Finance 2008 is your opportunity to meet the key borrowers and lenders capitalising on the growing opportunities for sharia compliant deals in the region's booming project finance market.

You'll meet a world-class line up of speakers and decision making delegates to discuss the opportunities for growth in the Islamic finance market. Where can the sector stimulate significant growth, and what are the drivers for demand among project sponsors?

How much appetite is there among lenders to take sharia compliant tranches in project finance deals? You'll gain unrivalled insight into the landmark deals that are stimulating enthusiasm for Islamic project finance, and explore how the major industry players are developing products and services to meet the rise in demand for sharia compliant deals.

You can learn more about this event by visiting - www.meed.com/islamicproject

More than 400 international & regional leaders gather to discuss new growth opportunities in islamic investments industry

HE Rasheed M. Al Maraj, Governor of the Central Bank of Bahrain and Dr. Mohamad Nedal Alchaar, Secretary General, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) will tomorrow inaugurate the 4th Annual World Islamic Funds & Capital Markets Conference (wifcmc 2008), which will be held at Gulf International Convention Centre, Kingdom of Bahrain on the 26th & 27th of May 2008.

This flagship event which annually attracts more than 400 international delegates from leading conventional & Islamic banks, regional & international Fund Managers, Investors, Asset Managers, Senior Regulatory representatives, Legal specialists, and influential Shari’ah scholars, has become the most important gathering of decision-makers in the dynamically growing Islamic investments industry.

The conference will feature an outstanding speaker faculty representing the market leaders in the Islamic investments, banking and finance industry, with a focus on innovation in Islamic products. Key speakers will include Mohamed Hedi Mejai, Executive Director, Direct Investment & Business Development, International Investment Bank (IIB), Dr. Bakri A. Bashir Head of Strategic Planning & Business Development Eskan Bank, and Dhafer Alqahtani, Co-CEO & CIO of Arbah Capital.

Sameer Abdi Partner - Head of Islamic Financial Services Group Ernst & Young - (Bahrain) will present the launch of the 2nd Annual Islamic Funds and Investments Report (IFIR) at the conference, a ground-breaking mixture of both primary research and desk-based analysis that will offer unique insights into the dynamically growing Islamic investment markets.

Abdul Rahman Al-Baker, Executive Director of Financial Institutions Supervision, Central Bank of Bahrain and Badlisyah Abdul Ghani, Executive Director/Chief Executive Officer, CIMB Islamic Bank Berhad will look at the key market developments as well as assess the potential for further growth.

Speakers on the session focusing on Islamic mortgages, property finance and securitisation will include Sabah Khalil Al Moayyed, General Manager, Eskan Bank, and Mohammad Asaria, VP Head of Principal Investments, at Rasameel Structured Finance. Renowned Shari’ah scholar, Sheikh Essam Mohammed Ishaq and Dr.

Fareed Mohammed Hadi Abdul Qader Chairman – Department of Arabic & Islamic Studies, University of Bahrain will be the key contributors during the Shari’ah and Business Open Forum, an interactive discussion aimed at overcoming the challenges for balancing Shari’ah compliance and industry growth imperatives.

Other leading speakers include Dr. Omar Marwan Kamal, EVP- Investment Group Head, Al Salam Bank Bahrain, Bindesh P. Shah. Co-founder Amiri Capital, Hesham M. Youssef, Executive Director, Investment First Investment Bank, B.S.C., Ahmed Abbas, Chief Executive Officer, Liquidity Management Centre B.S.C, Hossam Abdullah, Partner, Al-Sarraf & Al Ruwayeh, Asar Legal, Ijlal Ahmed Alvi, Chief Executive Officer,
International Islamic Financial Market, Shamsun Anwar Hussain, Director, Global Market: Middle East, CIMB Islamic Bank Berhad, Harris Irfan, Director of Global Markets, Deutsche Bank AG, Douglas Clark Johnson, Chief Executive Officer, Calyx Financial LLC, and Trevor C. Regan, Chief Investment Officer, Al Rajhi Financial Services.

A panel of speakers from Islamic International Rating Agency led by Jamal Abbas Zaidi Chief Executive Officer, will conduct the Ratings workshop that will look at the role of ratings in Islamic financial markets.

Major new industry announcements will also be made tomorrow at a press conference that will be held alongside the event. Key announcements will be by Arbah Capital which according to the Co-CEO & CIO, Dhafer Alqahtani, “chose this important conference in particular as a platform for launching one of its unique private equity funds and first of its kind because of the size and magnitude of participants from the Islamic investment industry particularly the funds. Mr. Alqahtani described WIFCMC as “the Davos of Islamic funds".

In addition, the winners of the two prestigious Islamic Investments awards, The Annual Funds Excellence Awards 2008 and The Innovation Award will also be announced at the Gala Dinner of the conference.

World Islamic Funds Conference opens

MANAMA: The two-day Fourth Annual World Islamic Funds and Capital Markets Conference begins today at Gulf International Convention Centre.

The event will be opened by Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj and Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) secretary general Dr Mohamad Nedal Alchaar.

This flagship event, which annually attracts more than 400 international delegates from leading conventional and Islamic banks, regional and international fund managers, investors, and other financial experts, including Sharia experts has become the most important gathering of decision-makers in the dynamically-growing Islamic investments industry.

The conference will feature an outstanding speaker faculty representing the market leaders in the Islamic investments, banking and finance industry, with a focus on innovation in Islamic products.

Financial services group Ernst & Young (Bahrain) head of Islamic finance Sameer Abdi will launch the Second Annual Islamic Funds and Investments Report, a ground-breaking mixture of both primary research and desk-based analysis that will offer unique insights into the dynamically-growing Islamic investment markets.

CBB executive director of financial institutions Abdul Rahman Al Baker, CIMB Islamic Bank Berhad executive director and chief executive officer Badlisyah Abdul Ghani will look at the key market developments as well as assess the potential for further growth.

Speakers will focus on Islamic mortgages, property finance and securitisation and there will be a Sharia and business open forum, an interactive discussion aimed at overcoming the challenges for balancing Sharia compliance and industry growth imperatives.

A panel of speakers from Islamic International Rating Agency led by chief executive officer Jamal Abbas Zaidi will conduct the ratings workshop that will look at the role of ratings in Islamic financial markets.

Major new industry announcements will be by Arbah Capital, which according to the co-chief executive officer Dhafer Alqahtani, "Chose this important conference in particular as a platform for launching one of its unique private equity funds and first of its kind because of the size and magnitude of participants from the Islamic investment industry particularly the funds. He described the event as the Davos of Islamic funds."

The winners of the two prestigious Islamic Investments awards, The Annual Funds Excellence Awards 2008 and The Innovation Award will also be announced at the gala dinner of the conference.

IFSL to Support the 2008 London Sukuk Summit

International Financial Services London (IFSL) are pleased to announce our participation in and support for the 2008 London Sukuk Summit which will be held at the Royal Horseguards in Whitehall on the 25th to 26th June 2008. The Summit whose theme is ‘Gearing up for UK Sukuk Originations’, is supported by the UK Treasury; the Financial Services Authority (FSA); the City of London Corporation and the Islamic Financial Services Board (IFSB).

It is also endorsed by UK Trade & Investment (UKTI), the trade promotion body jointly funded by the Dept for Business Enterprise and Regulatory Reform and the Foreign and Commonwealth Office.

An IFSL report on Islamic Finance published in January 2008 estimated that the global market for Islamic financial services has grown three fold over the past decade to $531bn in 2006. London is establishing itself as the key western centre for Islamic finance. The cluster of expertise in London is represented by banks, fund managers, international law firms, a secondary market in Sukuk and a growing market for retail mortgage business.

IFSL is taking a leading role in the promotion of Islamic financial services available from the UK through its Islamic Finance Working Group, involving the private sector and government. For further information on the work of IFSL’s Islamic Finance for Business Working Group or a copy of the report see www.ifsl.org.uk The timing of the Summit could not be more opportune.

It comes at a time when the UK government took a definitive step nearer to the eventual issuance of a debut sovereign benchmark Islamic bond (Sukuk) when Chancellor of Exchequer Alistair Darling confirmed in his Budget 2008 announcement on 12 March that “the Government remains committed to examining this issue and will continue to assess the feasibility of issuing a sovereign Sukuk.” In fact the UK Government has taken legal powers in the Finance Bill 2008 to facilitate a future sovereign issuance.

The Sukuk Summit will be addressed by a bevy of top local and international experts including Professor Rifaat A Karim, Secretary General of the IFSB, the prudential and supervisory standard setting body for the global Islamic finance sector; Dr Abdur-Rahman Taha, CEO of the Islamic Corporation for the Insurance of Exports Credits and Investment (ICIEC), a member of the Islamic Development Bank (IDB) Group; Michael Ainley, Head of Financial Institutions at the FSA; and Darko Hajdukovic, Manager, Debt Products, London Stock Exchange.

IFSL see the Sukuk Summit as a vital event in consolidating London as a major international hub for Islamic trade, finance and investment, which is in line with the stated policy of the UK government.

We look forward to participating in the Summit and plan to leverage and to contribute to the discussions and networking opportunities to expand our contacts and further understanding of the sector. If you have any interest in Islamic capital markets or in Sukuk and other Islamic commercial papers, this is a Summit which you simply cannot afford to miss.

Know it All Seminar and Workshop on Islamic Banking, Finance & Takaful

A seminar and workshop titled ‘Know it All’ on the Fundamentals of Islamic Banking, Finance and Takaful will be held from June 7-8 at Trans Asia Hotel, Colombo.
The two-day seminar and workshop is organized by the First Global Knowledge Centre, a leading event manager and franchisee of Islamic Banking and Finance study courses in Sri Lanka.

President of the First Global Group, Ikram Thowfeek, said that this event, the second of a series of signature events titled ‘Know it all’ is back by popular demand in a context where the demand for events and study courses relating to Islamic Banking, Finance and Insurance is growing both locally and globally. He noted that studies have revealed that the demand for Islamic Banking professionals is growing at a phenomenal rate with numerous new banking jobs in the sector being made available in the Gulf region alone.

The seminar which is billed as the top Islamic banking event of the year will be addressed by a number of internationally renowned tutors and practitioners in Islamic Banking, Finance and Takaful, among them Sheikh Esam M.Ishaq, a well known Shari’ah scholar sitting in the Shari’ah boards of several leading Islamic financial institutions, Dr.Mohammed Burhan Arbouna, an internationally reputed tutor on Islamic Banking and Takaful and Muhammad Ikram Thowfeek, a start-up specialist and well known lecturer in Islamic Banking and Finance forums worldwide .

The subjects dealt with include Introduction and background of Islamic Banking, Islamic Banking Modes of Financing such as Murabaha, Ijara and Ijara Muntahia Bittamleek, Instruments of equity investment such as Musharaka and Mudaraba ventures, Loan and its application by Islamic Banks and the concept and the operations of Islamic Insurance which is commonly known as Takaful.

The seminar will seek to instill in participants an understanding of the principles of Islam that are relevant to Islamic banking products and services, a familiarity with the full range of Islamic products and services, a grounding on how Islamic banks earn profits and distribute them among shareholders, depositors and investors and a training on how to create new markets with Islamic Financial Products. It also seeks to provide participants with an in-depth knowledge of the concepts of Takaful, its operations and its application in this era.

MEED's 2nd Islamic Project Finance conference in June- UAE

Khaleej Times - MEED's second Islamic Project Finance conference, the only Islamic finance event focusing on Middle East project financing, will mark a milestone in the sector with market value reaching $50 billion.

The conference, organised by MEED, will also bear witness to the fact that increasing demand for Shariah-compliant funding and the growing flexibility and expertise of lenders saw this market grow by 25 per cent in 2007.

The Islamic Project Finance 2008 conference will be held from June 2 to 3, 2008 at the Park Hyatt Hotel, Dubai and will focus on the growth predictions within the market.

Global Islamic finance leadership summit to open in Istanbul next month

UAE. Turkish Prime Minister, HE Recep Tayyib Erdogan, and leaders in Islamic finance from across the globe will address international delegates at the upcoming 'Leaders in Islamic Finance' summit from 26-29 May in Istanbul, Turkey.

This is the first time that such a significant conference on Islamic finance has been held in Turkey. The gathering of high level government speakers as well as the most respected Shariah scholars, including Sheikh Nizam Yaquby, promises an agenda-setting conference that is sure to attract global attention.

The summit has been developed by the International Quality & Productivity Center (IQPC), the global providers of tailored, industry-driven conferences; in collaboration with an elite international advisory board that includes senior representatives from the European Union Commission to the Turkish Parliament, Dow Jones, Al Salam Bank, Credit Suisse, Heritage Fiduciary Services, GMD Global Advisors and HSBC Amanah.

“With substantial innovation, increasing competition and strong growth in key markets and products segments, the Islamic finance industry is becoming truly global, and increased interest and opportunities are emerging in non-Islamic regions,” said Christianna Tsiterou, Divisional Director of Finance IQ, IQPC Middle East.

“Leaders in Islamic Finance summit provides a unique platform to address all such issues. Many leading financial institutions from the GCC will be participating in the summit. There will be a keynote address by Dr Nassir Saidi, Chief Economist at Dubai International Financial Centre Authority on ‘Leading Islamic Finance Across Borders’.

“The summit will also mark the launch of the Centre for Innovation in Islamic Finance (CIIF), a global platform for the Islamic finance industry to invest in innovation,” added Tsiterou.

Topics under discussion will include global expansion and implications on a geo-political level, opportunities for Islamic finance in emerging markets, exploring the potential in global markets (funds and new product developments) and the appeal of Islamic structures to investors.

Unicorn Investment Bank, Bahrain will be leading an interactive workshop within the framework of the summit on ‘Innovations in Structuring Sukuk’. The summit will also feature a special session on financing infrastructure projects in Turkey through alternative finance, to be moderated and attended by senior representatives of the Turkish government.

KFH sponsors the Fourth Islamic Economic Convention

KFH sponsors the Fourth Islamic Economic Convention
Al-Omar: Establishing an independent authority to market Kuwait globally is a step towards turning it to financial center
The General Manager of Kuwait Finance House (KFH) Mohamed Sulaiman Al-Omar recommended establishing an independent authority that has full authority to work on marketing Kuwait in global meetings, especially that there is a great demand from investors all over the globe to invest in Kuwait.

Al-Omar stated that Kuwait has the qualities that can help in restoring its role in the region as a financial and commercial center, where commerce and financial transactions meet. The best quality is the availability of employees who inherited long accumulated experiences over the generations that came by since the birth of Kuwait as a political state.

Al-Omar announced that sponsoring the Fourth International Islamic Economic Convention that will be held in Bayan Palace on 29th of April, and attended by His Highness Sheikh Subah Al-Ahmad Al-Jaber Al-Sabah, many country presidents and leaders, high-ranked officials, intellectuals, and economists, both in the Arab and Islamic worlds, comes as a contribution in making this important event that will be held in Kuwait for the first time a success.

Moreover, this event cements Kuwait's development role in assisting the Islamic countries and people, and reveals its status as a prominent center for Islamic financial services, because of its corporations, establishments, their growth rates, unique performance, and network around the globe.

Al-Omar stated in a press release that KFH is concerned with highlighting the role of Islamic financial business in constructing the globe and the development of Islamic nations through investment projects that benefits both parties, whether participants or beneficiaries. This leads to more job opportunities and adds experience to young experts, and at the same time contributes in the development of Arab and Islamic countries.

He added that the Islamic corporations that have assets over $ 400 billion are invited to broaden their field of business and focus on major development projects in Islamic countries, which started to allow the private sector more working grounds, in addition to attracting capitals and modify legislations that hinder that, including the ones that did not allow the existence of Islamic banks.

He stressed that KFH is also concerned with making the His Highness the Emir's wish a fact by turning Kuwait into a global financial center, taking into consideration that the Islamic financial transactions have become a main pillar in the global economy. Thus, it is vital to activate this side, add to its experience, present solutions and projects that contribute in reinforcing the role of the Kuwaiti economy through major contributions.

Al-Omar noted that the Fourth Islamic Economic Convention is held under the title "Islamic countries are partners in global development".

The convention includes a series of discussions that tackle various economic and development issues that are occupying the participating countries, will offer a golden opportunity to reveal the capabilities of Islamic corporations and banks, and their plans to participate in supporting economic development plans in the participating countries; in addition to highlighting the most prominent obstacles that block the road to development.

He expressed his hope that the convention will assist in setting clear mechanisms and bases that guarantee that Islamic and Arabian capitals will assist in developing their countries and people, especially Islamic money that is welcomed outside the Islamic world, which makes it prone to attraction from other countries.

He praised the efforts of the convention organizers and their eagerness in presenting it in the best way possible, where they will organize the participants, topics and speakers. Moreover, Al-Omar welcomed all the convention attendees.

Dubai Bank sponsors Islamic Finance Forum in April

In a move that reinforces its commitment to furthering knowledge-sharing in the Islamic Banking sector, Dubai Bank has announced its Diamond Sponsorship of the upcoming International Islamic Finance Forum (IIFF), which will be held at the Jumeirah Beach Hotel from 13to 17 April 2008.

The forum will host interactive workshops covering Islamic micro finance, retail banking, treasury management, accounting, alternative asset management, Sukuk structures and emerging Takaful development. Mr Ahmed El Shall, CFO of Dubai Bank, will be speaking at the event on the subject of Liquidity Management Challenges faced by Islamic Banks.

Commenting on his participation in the forum, Mr El Shall said, 'As a representative of Dubai Bank, I am proud to be participating in the prestigious IIFF. Our presentation will be looking at the Central Bank's taskforce on liquidity management solutions for Islamic Banks, and focusing on the solution proposed by the taskforce and approved by Shari'a scholars representing the Shari'a Boards of all UAE Islamic Banks. We will also be addressing the future steps that need to be taken to implement this solution.'

Mr Abdulaziz Al Muhairi, Dubai Bank's CEO, said, 'We believe that our extensive experience in the area of Islamic finance and our status as a Shari'a-compliant bank makes us eminently qualified to make a significant contribution to this forum in the area of Islamic alternatives to conventional banking.'

'Our familiarity with the current requirements for accredited Islamic Finance institutions will allow us to present topical information on the issue of alternative Islamic banking options and solutions, and I am confident that our contribution to the discussions, through Mr El Shall's presentation, will be beneficial to the area of Islamic finance as a whole, not only in the Middle East,' Mr Al Muhairi continued.

The forum will be attended by a number of important figures in the world of Islamic Finance, including 2006 Nobel Peace Prize Winner Professor Muhammad Yunus, who will be addressing the topics of economic and social development and ethical financing and micro financing in the Muslim World.

Dubai Bank is one of the fastest growing ethical and Shari'a-compliant banks in the UAE. The bank's commitment to providing highly competitive Islamic alternatives to conventional banking promises to cement their ever-increasing influence in the market

Forum to put Europe in Islamic finance spotlight

MANAMA: More than 400 international delegates are expected to attend a top Islamic banking conference.

The First Annual World Islamic Banking Conference: European Summit (Euro WIBC) opens on July 8 in London.

Over the past 15 years the World Islamic Banking Conference (WIBC) held annually in Bahrain has firmly established itself as the largest and most important gathering of its kind in the world attracting over 1,000 industry leaders and delegates from over 35 countries.

With the Islamic finance industry continuing to experience extraordinary growth, especially in new international markets, it was a logical move to host a European focused event.

"The London conference will complement the world event held annually in Bahrain," conference organiser MEGA managing director David McLean said.

"It will provide a powerful platform for industry leaders seeking to leverage their presence in the dynamically evolving European markets for Islamic finance.

"Building on WIBC's decade and a half of tracking the developments and shaping the trends in the global Islamic finance sector, Euro WIBC 2008 will feature insightful debates on the substantial issues facing the industry."

Bahrain Financial Services Development (BFSD) has announced its strategic partnership with Euro WIBC.

BFSD provides a single point of contact for international financial institutions looking to build their base in the region.

"Bahrain has established a strong leadership position as a global hub for international Islamic financial institutions and there is much that can be learned from Bahrain's world-class regulatory environment in terms of further advancing the international development of the industry," said BFSD managing director Jane Dellar.

With major initiatives already well underway to establish London as a key European centre for Islamic finance, the event will provide a unique opportunity to engage those leaders who are currently shaping the international opportunities for Islamic banking, and gain new insights into the incredible global growth story of Islamic banking

Some of the key topics to be addressed at the conference will include critical issues facing the European Islamic financial markets, assessing the dynamically developing regulatory environments, establishing opportunities for the major international players from the Middle East and Asia who are now focusing on rapidly emerging growth prospects for Islamic finance in Europe and identifying the outlook for new institutions based in the UK and Europe.

In addition, the event will provide a unique platform for the industry to share experience from established centres for Islamic finance such as the Middle East and South East Asia.

EIGHTH HARVARD UNIVERSITY FORUM ON ISLAMIC FINANCE " Innovation and Authenticity "

The Eighth Harvard University Forum on Islamic Finance is scheduled to be held at Harvard Law School in Cambridge, MA on April 19 and 20, 2008. The theme of the conference will explore "Innovation and Authenticity" in the field of Islamic Finance.

The Harvard University Forum on Islamic Finance provides a venue for the critical and objective examination of the purposes, theory, practice, structure, and institutions of the rapidly developing field of Islamic finance.

Building on previous forums, the Eighth Harvard University Forum will focus on a variety of challenges facing this industry; namely the quest for authenticity as innovative ideas progress the field of Islamic finance. The industry.s response to challenges in these areas will no doubt go far in determining the shape of its future expansions, and the degree to which it becomes part of the global financial mainstream.

The Eighth Forum will critically examine the integration of Islamic finance in the mainstream from the point of view of industry innovation.

The Forum will focus on the two issues that have become the central issues of debate within the Islamic finance industry today: the latest innovations and developments at the leading edge of the field, and the long-term impact, scope and authenticity of these ideas in the context of an Islamic community and way of life.

In addition to other topics, the Forum will discuss the theoretical and practical role of debt and product innovation in debt-based financial instruments. The Forum will also investigate economic and legal views of equity as well as focus on specific attempts to introduce equity-based financial instruments. Economic comparisons of debt and equity, including concern for wealth distribution, will be a focal point of discussion.

Additionally, the Forum will consider the impact of global economic forces on Islamic finance and how Islamic financial institutions can and should respond to globalization, liberalization, and international regulation and its impact on innovation and authenticity in the Islamic finance industry.

The role of shari.a supervision in the evolution of the Islamic finance industry will be considered, with an eye towards expanding the scope of current shari.a investment guidelines to include non-financial factors, such as corporate social responsibility, corporate governance, environmental impact, and labor practices.

Lastly, with an eye towards the real world implications of these issues, we ask since having achieved a certain degree of commercial success; can Islamic Finance now push the boundaries of traditional financial services?

The two-day conference will open with a Keynote Address by Professor Robert Merton, winner of the Nobel Prize in Economic Sciences and Professor at Harvard Business School, focusing on Innovation and its implications for Islamic Finance. This will be followed by a Forum Address by Dr. M. Umer Chapra, recipient of the IDB Award for Islamic Economics, focusing on the economics of authenticity. Additionally, more then 25 research papers will be presented in various sections from leading academics, legal and shari.a experts, and practitioners. A summary of this event will be posted on our website soon after the conclusion of the Eighth Forum.