Islamic Finance Forum opens today in Dubai

Chris Mullinger, conference director of IIR, the conference organiser, said that first day of the forum will take the form of a Shariah symposium with three moderators leading separate sessions with some of the world's leading Shariah scholars and academics including Dr.Mohamed Ali Elgari of Saudi Arabia, Shaikh Nizam Yaquby of Bahrain, Shaikh Mohammed Daud Bakar of Malaysia and Dr.Mahmoud El Gamal of the US.

"The world of Islamic finance is one of increasing sophistication and reach but with a growing convergence of global standards for financial service regulation," he pointed out.

Mulliger said that in the only 10 years or so, Islamic finance has grown from virtually nothing to a business worth well in excess of $230 billion. Islamic finance now has customers in 75 countries and in some of those countries has already captured more than 30 per cent of market share.

"The fourm, with its searching panel sessions, case studies and lively debates also provides the international Islamic financial industry with an unparalleled networking opportunity," he added.

The fourm will debate on various topics that include the international regulatory environment and its effects on Islamic finance.

It will also look at Muslim country stock exchanges and Islamic financial centres, pros and cons of Islamic hedge funds, wealth management post September 11, new Islamic indices, funds and sukuk market and international moves in the Islamic mortgage market among others.

A. Rushdi Siddiqui, global director of Islamic group of Dow Jones Indexes, said that Dow Jones is now launching the Dow Jones Islamic Titans 100 that would have 65 per cent of its weighting coming from the technology, heathcare and energy sectors.