Tuesday, October 2, 2007

DIFC and The Wall Street Journal launch Islamic and Ethical Finance Conference

from Kirstie Hepburn at DIFC Week

The appetite for Shariah products for consumers and investors worldwide is increasing exponentially, with the current Islamic finance market estimated at $500 billion with expected annual growth of 10 to 15 per cent. Nasser Al Shaali, CEO of DIFC Authority, said: 'Non-Islamic institutions and governments are issuing Islamic securities, while non-Islamic investors are purchasing Sharia-compliant securities. This means greater access to funding, investment channels, innovation and opportunities for both Islamic and non-Islamic investors,' he added. Rushdi Siddiqui, Global Director, Dow Jones Islamic Indexes, added: "Although only 40 years old, Islamic finance has gained traction in the global capital markets. Be it a Sukuk issue from America, FSA-approved Islamic banks in the UK or Singapore declaring itself as a hub for Islamic finance, Islamic finance presents a compelling and efficient alternative to all stakeholders of capital.'

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