Experts to debate impact of Islamic finance on economy in Oman

By Rizwan Khatik - Mon Oct 24, 10:55 am

MUSCAT: Leading experts in Islamic finance will converge on Muscat in December to attend a major conference on Islamic finance.

Organised by Amjaad Development, a major engineering group and chief organiser, Oman Islamic Economic Forum 2011 will be held at Al Bustan Palace Hotel from December 17 to 18. Leading practitioners in the fields of economics and finance will come under one roof to address the ways in which Islamic finance dealings can have a huge impact on global economy in general and the local economy in particular.

The focus will also be on key issues in Islamic finances.
Tun Abdullah bin Haji Ahmad Badawi, former prime minister of Malaysia, will be a keynote speaker at the two-day conference.
The event aims at helping global stakeholders foster relationship with their counterparts in Oman.

Addressing the media here yesterday, Khalid Hilal Alyahmadi, chairman of Amjaad Development said: “After the recent global financial crisis, more and more emerging global markets are looking to explore Islamic finance, making way for commercial opportunities for local corporations as well as international banks.”

He pointed out that the sukuk market is worth $50 billion across the world. Oman now looks forward to bringing the takaful owing to the growing demand of Islamic banking in the country, he added.

Amjaad Development hopes to become a pioneer in creating awareness on Islamic finance in Oman and has appointed a London-based Islamic advisory firm, Edbiz Consulting as a senior advisor.

Professor Humayon Dar, a world renowned Islamic economist and Sharia technician, chairs it.

Giving reasons for choosing Oman as the venue for the forum, Alyahmadi said: “Oman has the potential to become a regional centre of excellence for Islamic finance. We will start from the level where others have reached instead from scratch.”

The Oman Islamic Economic Forum will also hold annual Global Islamic Finance Awards (GIFA) in recognition of outstanding contributions in economics. The awards will be based on an objective.

proprietary methodology developed by Edbiz Consulting.
According to the Global Islamic Finance report, the Islamic finance industry across the world is valued at $1.14 trillion. It is expected to grow from 10 per cent to 15 per cent per annum over the decade.

The conference hopes to provide Oman the opportunity to optimise the potential of the industry.

The sponsors of the event include Bank Nizwa, the first Islamic bank in Oman, BankMuscat and Al Madina Financial and Investment Services Company.