The two day event held in Le Royal Meridien in Abu Dhabi, under the strategic partnership of Noor Islamic Bank, will create an ideal platform to bring all key components of the deal-making value chain together - the corporate banking leaders (both Islamic and conventional) and the corporate end users of these services to come together to develop long-term successful business relationships with one another and to ensure the objectives of both are achieved.
Announcing the launch of the event, David McLean, Managing Director of the International Summit on Islamic Corporate Finance (ICFS 2011) noted that "With market preferences increasingly shifting towards Shari'ah-compliant banking and finance, more and more businesses are looking to include Islamic finance as a key component of their funding mix. Though Islamic retail banking, Takaful and Sukuk have traditionally been the main industry growth drivers, analysts are becoming more convinced that Islamic corporate finance, which includes syndicated lending, trade finance, and project finance, could be poised to be a powerful new growth driver for the global Islamic finance industry - and meet the pent up demand of corporate borrowers for expanding the role of Islamic finance in their funding mix."
ICFS 2011 will be inaugurated by a special keynote session featuring Daniele Vecchi, Senior Vice President/Head of Group Treasury, MAF Holding LLC; and Kazim Ali, Corporate Unit Head, Noor Islamic Bank. The session, focusing on understanding the corporate borrower's expectations of Islamic corporate finance, will evaluate the role of Islamic finance in diversifying the corporate funding mix.
Commenting on their partnership with ICFS 2011, Hussain AlQemzi, Chief Executive Officer, Noor Islamic Bank and Group Chief Executive Officer, Noor Investment Group said that "Islamic finance has been emerging as a viable corporate finance alternative, highlighted by several recent landmark transactions both regionally and globally. However, the Shari'ah compliant corporate finance market has not yet realized its full potential as its value proposition has not been fully communicated to its corporate client base."
"We are delighted to be a strategic partner of the International Summit on Islamic Corporate Finance and see this event as a unique platform to engage the corporate borrowers in critical discussions that will seek to increase the ratio of Islamic finance in their overall corporate funding mix," he added.
A similar view was expressed by Moinuddin Malim, Chief Executive Officer of Mashreq Al Islami - an associate partner of ICFS 2011. Mr. Malim said that "Islamic finance is quickly become an integral part of the global finance industry and has taken its roots in almost all of the Muslim countries but has also been under discussion and penetration in selective Western and Far Eastern jurisdictions. Islamic products and services are available for every segment of the industry so long as it is has acceptability under Shari'ah. Retail, wholesale, investment, capital markets, asset management and treasury products and solutions are available across broad spectrum to meet the requirement of customers who prefers Shari'ah compliant alternative."
"Over the last 10 years we have witnessed an increasing appetite for Islamic products & services. Even post financial crises, the growth of Islamic finance outpaces that of conventional finance in our markets. . Mashreq Al Islami is known for its range of financial services to accommodate the market needs. Conferences such as the International Summit on Islamic Corporate Finance are critical in facilitating such dialogues and we are delighted to be a part of it," he added.
source: AME info