Flip through the latest issue of Gulf Weekly.
WITH the Islamic investments market standing on the threshold of an exciting boom period, a major conference in Bahrain will next week feature prominent international industry leaders who will assess where the next wave of growth opportunities will come from.
All signs now indicate that Sharia-compliant investments are generating tremendous excitement in the global marketplace with, in particular, the Sukuk market witnessing a spate of record-breaking deals and attracting phenomenal attention from international financial centres.
The 4th Annual World Islamic Funds & Capital Markets Conference - WIFCMC 2008 - is set to achieve a record-breaking attendance.
The conference enjoys the support of key Bahrain government agencies such as the Central Bank of Bahrain and Economic Development Board, as well as the participation of the five 'Platinum Strategic Partners', namely Khaleeji Commercial Bank, Bahrain Islamic Bank, Eskan Bank, International Investment Bank (IIB) and BankMuscat International.
A spokesman for IIB said: "Islamic banking has not only become a mainstream activity in several countries but a global booming industry throughout the world.
"The confidence in the sector has grown even further lately as Islamic banks were not directly affected by the sub-prime crisis. Growing liquidity in the region is, however, putting more pressure on Islamic banks to innovate and scale up their operations.
"These are exciting times for the industry and IIB looks forward to attending the conference and actively participating in the discussions in order to further the industry's reach".
Major industry announcements will also be made in the conference on Monday and Tuesday at the Gulf International Convention Centre, Bahrain.
More than 400 international delegates are expected to attend the conference, making WIFCMC 2008 the largest and most significant gathering of Islamic investment leaders in the world.
Meanwhile, this week The Islamic Bank of Asia (IB Asia) stated it was also seeing an increase in investor interest for Islamic finance as the US sub-prime crisis continues.
The bank's pre-eminent Sharia Board members have seen a steadily-growing stream of interest from Gulf investors, Muslim and non-Muslim, for Islamic banking products, as they seek new investment opportunities.
They say that while changes in the global investment climate are driving demand for Islamic banking, it is the development of innovative Sharia-compliant products that will help grow the industry.
"Islamic Sharia scholars have led the way in innovation. Investors now demand more than just debt finance (lending and borrowing) in their products. They participate in the assets and this creates real economic value," says IB Asia Sharia Board member Shaikh Nizam Yaqouby, an internationally-acclaimed Islamic scholar and teacher of Tafsir - a scientific study that focuses on the interpretation and explanation of the Holy Qu'ran based in Bahrain.
He added: "More investors - whether affected directly or indirectly by the sub-prime situation - are attracted to investment vehicles which are underpinned by an inherent immunity from risk. As Sharia-compliant banking forbids the purchase of debts, it is therefore one of the options that investors are turning to."
