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Snow meets Islamic bankers in Dubai
DUBAI - US Treasury Secretary John Snow met yesterday with leading global Islamic banking officials at the Second International Islamic Finance Conference (IIFC) held during the Annual Meetings of the World Bank and the IMF.
"The Treasury Secretary's presence in Dubai at this meeting is evidence of the willingness of the conventional and the Islamic sectors to consolidate their relationship. This will help us to promote mutual understanding and explain the benefits of Islamic finance products and services within the global financial system," said Sheikh Saleh Kamel, Chairman of the General Council for Islamic Banks and Financial Institutions (GCIBFI), organiser of the conference.
Secretary Snow said that he appreciated the chance to learn more about Islamic finance. He told the meeting that he had been studying and learning about Islamic finance in preparation for this meeting. Mr Snow invited the General Council to organise seminars inside the US to educate regulators and Treasury officials on Islamic finance.
The 2nd IIFC took place yesterday, to leverage the presence of global financial leaders attending the Annual Meetings.
Established in 2001, the GCIBFI staged its first global conference a year ago in Washington, D.C.
Mr Snow learned that total assets in the global Islamic banking industry stand at over $260 billion, with annual growth rate of 23.5 per cent. He was also informed that, the number of Islamic banks increased from 176 in 1997 to 267 today.
He noted the growth and increasing importance of Islamic finance throughout the world and in the US. He expressed surprise that European nations had reacted more quickly to enable their regulations and laws to accommodate Islamic banking. He promised to work so that American regulation would not unnecessarily hamper the growth of Islamic banking in America.
Mr Snow met key Islamic financiers including Dr Ahmed Mohammed Ali, President, of the Islamic Development Bank, Jeddah, Saudi Arabia, Shaikh Ahmed bin Mohammed Al Khalifa, the Governor of the Bahrain Monetary Agency, Mr Atif Abdul Malik, CEO, First Islamic Investment Bank, Mr Adnan Yousif, CEO, Bahrain Islamic Bank, Mr Iqbal Khan, CEO, HSBC Amanah Finance, Dr Said Al Martan, CEO, Shamil Bank of Bahrain, Mr Khalid Janahi, CEO, DMI, Professor Samuel Hayes, Harvard University, Dr Saleh Malaikah, CEO, AlTawfeek, and Mr Abdul Rahman Abdul Malik.
Treasury Under-Secretary for International Affairs, John Taylor, also attended the meeting.
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