08/05/2012 11:36 AST

Liquid wealth of Shariah-sensitive investors in the GCC is expected to add more than $70 billion to Islamic funds by 2013, Ernst & Young Islamic Funds and Investments Report 2011 said.

"This, along with the fact that Islamic funds industry had registered a growth of 7 percent in AuM last year - shaking off a period of stagnation - indicates a significant opportunity to harness the full potential of Shariah-compliant investments", David McLean, Chief Executive of the World Islamic Funds and Financial Markets Conference, said ahead of the 8th Annual World Islamic Funds and Financial Markets Conference (WIFFMC 2012) to be held in Manama on May 20-21.

"With key markets for Islamic finance, especially in Asia and the Middle East, now facing escalating infrastructure and development needs backed by solid economic growth, and the outlook for global lending markets still remaining uncertain, Islamic investments will play a key role in funding these multi-billion dollar projects given the fact that the global liquidity pool continues to shrink. Governments in various key markets are making moves to create a more attractive investment climate for Shariah-compliant finance and are forging greater co-operation between each other and multilateral agencies to attract investments," he noted.

Abdul Rahman Mohammed Al Baker, Executive Director, Financial, Islamic Funds and Investments, said "the increasing interest in Islamic finance in major markets across the globe presents a unique opportunity of expanding the global footprint of the Islamic investments industry. It is therefore important to ensure that the Islamic funds and investment industry has solid and strong foundations for future development and growth.”

“In addition to enhancing the innovations of new Islamic instruments and encouraging more spending in research and development, it is also essential that the Islamic financial institutions develop strategic alliances with other financial institutions globally, especially in the area of products structuring and offering,” he added.


Saudi Gazette

Ticker Price Volume
QNBK 120.95 306,407
SABIC 99.69 2,911,153
SHAKER 10.16 382,449
WALAA 29.83 602,347
EXTRA 46.24 192,226
ALMARAI 54.42 257,285
NADEC 30.22 212,768
Mubadala unit to reveal jet engine facility details 'soon'

16/11/2017

The Turbine Services & Solutions Group (TS&S), a wholly owned subsidiary of Abu Dhabi's Mubadala Investment Company, expects to unveil details of the facilities it will build for GE and Rolls-Royce e

The National

Kuwait non-oil growth set to rise to 4pc: IMF

16/11/2017

Kuwait’s non-oil growth is projected to increase gradually to about 4 per cent driven by accelerated project implementation under the 5-year development plan and improved confidence, said the Interna

Trade Arabia

IT spending in EMEA to top $1trn in 2018: Gartner

16/11/2017

IT spending in EMEA (Europe, Middle East and Africa) is projected to total $1trillion in 2018, an increase of 4.9 per cent from estimated spending of $974 billion in 2017, according to a new report f

Trade Arabia

Dubai non-oil foreign trade up 13pc to top $93bn in Q3

16/11/2017

Dubai’s non-oil foreign trade increased to Dh344 billion ($93.6 billion) in the third quarter of 2017, an increase of 13 per cent year-on-year from Dh305 billion in the corresponding quarter of last

Trade Arabia

ADIPEC 2017 Awards recognise energy industry innovation

16/11/2017

According to Saif Ahmed Alghfeli, CEO of Abu Dhabi National Oil Company (ADNOC) and chairman of the ADIPEC Awards, said that 2017 has attracted around 407 entries from more than 132 companies based i

Oil Review Middle East