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 124.49 629,141
SABIC 100.91 2,837,584
STC 68.05 146,812
ADNOCDIST 2.64 8,269,986
ARNB 24.61 104,008
ALMARAI 55.29 169,404
BURUJ 33.16 457,204
UAE, Saudi, Bahrain follow US with interest rate hike

14/12/2017

The UAE, Saudi Arabia and Bahrain followed the US in raising key interest rates on Wednesday, following the announcement from the Federal Reserve. The UAE central bank said it was raising its key in

Gulfnews

Dell EMC hastens KSA digitization acceleration plan

14/12/2017

Dell EMC hosted its flagship Dell EMC Forum at the Four Seasons Hotel in Riyadh, Saudi Arabia. Following Dell Technologies’ first anniversary celebration as the world’s largest privately-controlled t

Saudi Gazette

Banks directed not to misuse Citizen’s Account deposits

14/12/2017

The Saudi Arabian Monetary Authority (SAMA) has directed all local banks not use any amounts of money that are deposited in the Citizen’s Account Program for any other banking purposes.

The

Saudi Gazette

Islamic finance plays larger role in sustaining economic growth

14/12/2017

With Islamic finance assets growing 7% to $ 2.2 trillion in 2016, and projected to reach $3.8 trillion by 2022, the Islamic Finance Development Report and Indicator (IFDI) 2017 sees Islamic finance p

Saudi Gazette

Petrofac wraps up Middle East deals worth $1bn

14/12/2017

Oil industry services group Petrofac has ramped up its position in the Middle East with two deals worth nearly $1 billion.

On Wednesday, the London-listed company won a $160 million contract

Arab News