Istanbul to Host International Islamic Finance Forum

The biannual forum – known as the "premier event" in the multi-billion dollar no-interest financial industry – is scheduled from 27 to 29 September.

The impact of recent high oil prices is one of the issues to be debated at the forum, as private wealth in the Middle East – particularly the Arabian Gulf states – is remarkably growing due to the latest boom.

The regulation of Islamic banks in the West and in Muslim countries will be up on the agenda, along with the development of Islamic finance in the European Union.

The role of regulators, exchanges, industry organizations and the media will be examined in a debate on transparency, disclosure and corporate governance at the event.

Islamic Bonds

The forum, organized by IIR Middle East, will also examine the status of Islamic hedge funds, the booming trade in Sukuk (Islamic bonds), retail and corporate lines of Islamic credit and derivatives.

Mortgages, auto financing, consumer finance, along with Islamic credit/charge/debit cards across the world will come under the spotlight as well.

Held in Turkey, the forum will handle progress of Turkey’s Islamic banks (known as special finance houses), which are increasing their market share in a country predominantly Muslim but with a secular tradition.

Whether enough is being done to allow that growth to continue, will be a question for delegates to answer.

The forum further brings together the world’s leading scholars in Islamic jurisprudence for a dedicated day of debate on the issues and challenges raised by rulings and opinions affecting Islamic finance internationally.

New Research

The forum will discuss a new research unveiling that private wealth in the Middle East – particularly the Arabian Gulf states – is growing at an unprecedented rate, principally due to higher oil prices.

The research cites evidence that the flow of money to the West – particularly the United States – that occurred in the oil shock years of the 1970s is not being repeated this time.

According to the research, conservative estimates of private wealth in the Arabian Gulf states stand at around US$1.5 trillion.

Of that figure, some $250 billion is reckoned to be managed by Islamic institutions and another $400 billion by international finance houses, it added.

New Contacts

"Commercially-minded, practitioner-focused and aimed at furthering the development of the world’s fastest growing financial sector, the forum is unchallenged as the most important international networking event in the calendar of the multi-billion dollar global Islamic finance industry," said forum director Chris Mullinger.

"At each forum, participants learn of new developments and opportunities, make new contacts, discover new business streams and make deals. Many return to each and every forum after discovering the unique value they offer," he added.

The September event is run in association with Dow Jones Indexes of the USA. The broad DJ Islamic Market Index (DJIM-Global) has 1,600 plus companies with a market cap of US$9 trillion.

The diamond sponsor of the Forum is the National Commercial Bank, Saudi Arabia. With active branches in Bahrain and Beirut, five overseas representation offices and more than 600 foreign correspondent banks, the NCB is currently positioned as the largest bank throughout the Arab world.

The NCB is the leading provider of Islamically-compliant products and services and is the largest mutual fund manager in the Kingdom, with a 51% market share and more than SR25 billion invested in 27 funds, including 14 Islamic funds.