The Dubai International Financial Centre (DIFC) hosted a seminar on October 20, 2009 that explored new opportunities in the Islamic finance industry, and the solutions offered by the sector for some of the concerns raised by the current global economic crisis.
Titled ‘Islamic Finance – Solutions for a Post-Crisis World’, the event formed part of the Knowledge Series, a regular series of seminars organised by the DIFC to explore key industry trends, and to raise awareness about its regulations, infrastructure and business support services.
Islamic finance is one of the few sectors that has been resilient in the face of the global crisis, according to the DIFC. Even when markets in London and New York plummeted, Islamic finance indexes maintained their upward trend. As the crisis exposes the vulnerabilities of the current financial system, interest in Islamic finance is growing, creating new opportunities for Islamic financial institutions.
Abdulla Mohammed Al Awar, CEO of the DIFC Authority observed that: “Over the last few years, the global Islamic Finance industry has grown by about 20% to become an almost a trillion-dollar industry. Even with the slowdown caused by the crisis, many estimate the industry to grow at an impressive rate of 15% in 2009."
"However, Islamic Finance makes up less than 1 per cent of world capital, giving it a huge scope for growth. This seminar will explore the tremendous potential for Islamic Finance to transform itself from a niche sector to a mainstream sector.”
Peter Casey, Director – Policy of the Dubai Financial Services Authority (DFSA) added: “The DFSA has developed a ‘Shari’ah Systems’ model of regulation that is optimal for the development of Islamic Finance. Central to the DFSA’s approach to Islamic finance is our belief in risk-based regulation. Many of the risks in Islamic finance have their parallels in conventional finance. However, we clearly recognise the need for the regulations for Islamic Finance to address the unique structures and risks of the sector."
"The Knowledge Series seminar is an excellent opportunity to discuss some the key regulatory issues facing the Islamic Finance sector today.”
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