The Shariah-compliant financial services sector is worth between $200 and $500 billion annually and is of growing interest for world financial markets, experts participating in Halal World Expo slated on Nov. 11-13 at the Abu Dhabi National Exhibition Centre said. The forum is throwing the spotlight on the billion dollar Islamic finance sector in a move which will be of great interest to UAE businesses and potential investors. Organized by IIR Middle East, it is set to feature three illuminating seminars on Shariah-compliant banking and financial services. The Islamic finance sector is valued at approximately $1 trillion worldwide and has been growing 20 percent annually, with more than 300 financial institutions worldwide. The growth of Shariah banking has been fuelled by an increasing emphasis on Islamic values and money from wealthy Middle East oil exporters keen to find assets that conform to Islam's teachings. It is expected to enjoy even greater longer-term growth given that Muslims comprise almost a fifth of the world's population. The global credit crisis presents this lucrative industry with an opportunity to expand its appeal beyond Muslim investors and it remains virtually unscathed unlike conventional banks nursing catastrophic losses. Christine Weaver, Exhibition director for Halal World Expo, said the talks, which will be followed by a panel discussion, would undoubtedly arouse great interest among what is set to be a huge Halal-buying audience at the event. “According to a recent survey only between five and 10 percent of halal businesses use Shariah-compliant financial services and therefore this presents extensive opportunities for banks, law firms, service providers and financial institutions involved within the Islamic Finance arena,” she said. In addition, the forum will focus on halal lifestyle products, including Islamic fashion, cosmetics and other health care products, for which there is a growing demand in the UAE and other parts of the Middle East. Abrar Mir, managing partner of NBD Capital in the UAE, will speak on “Raising awareness about Islamic banking and finance among the public as well as in the industry'.” His presentation will touch on subjects such as the growth of Islamic finance, how it can benefit Islamic industries and add value to businesses, plus its role in the halal industry. Emad El Sahhar, chief operating officer of RAK Bank in Dubai, will discuss “Restructuring the Consumer Lending Market” that will cover issues such as the need to restructure and a money and values analysis. Javed Abbasi, principal consultant at GISBA Group in Saudi Arabia, will discuss topics such as criteria to benchmark Islamic products, questions to ask when selecting products and the top five halal financial product offerings. __
