(MENAFN- Khaleej Times) An upcoming halal event in Sharjah is set to open up better opportunities for regional players in the $1.8 billion Islamic finance industry. Underscoring the galloping pace of Islamic finance, Emirates Islamic Bank (EIB) will support the second OIC Halal Middle East Exhibition and Congress, according to its organiser.
The event will be held at Expo Centre Sharjah from December 16 to 18, 2013.
"EIB will be a key partner in highlighting halal finance opportunities for participants," said Saif Mohammed Al Midfa, director-general, Expo Centre Sharjah.
The value of Shariah-compliant assets has more than doubled in the last six years alone. Global Islamic assets held by commercial banks stood at $1.3 billion in 2011, but the industry's forecast growth of some 40 per cent over two years will see this figure rise to $1.8 billion in 2013, according to research by Ernst & Young.
Eight of UAE's 51 banks are Shariah-compliant units, with their total assets exceeding $55 billion at the end of 2012.
However, the global Islamic finance industry is not growing at its true potential as Shariah-compliant assets account for less than two per cent of conventional equivalents, providing ample room for growth, point out industry experts.۬"The Islamic finance industry has undergone rapid growth in recent years, but it remains an untapped market across many asset classes and geographies. We need to redefine our strategies to capitalise on these opportunities. The industry support to the second OIC Halal ME Exhibition and Congress will go a long way in creating awareness and planning innovative products to achieve that objective," Midfa said.
Industry observers are also pointed out that with the debt crisis deepening in the West, investors are increasingly looking to move away from a speculative financial system. And, Islamic finance's fundamental tenets have helped boost its image as a safe haven.
The show has also come at a time when the UAE Central Bank is planning to create a governance unit that will organise the activities of Shariah-compliant banks and Islamic units at commercial banks.۬For its second edition, while Halal ME will be a comprehensive sourcing point for all halal products, from food to pharmaceuticals and insurance to tourism, the Halal Congress will offer a gathering point for food producers, exporters, importers, dealers as well as scholars and experts on halal markets and standards.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.