More than 250 regional and international delegates are in Dubai to discuss ways to bolster growth momentum in the regional Islamic finance industry by promoting the convergence and integration of Islamic finance into the key components of a holistic Islamic economic system at the third Annual Middle East Islamic Finance and Investment Conference (MEIFIC 2013) which opens today (April 17).

Leading players, industry thought leaders and key regulators in the regional Islamic finance and investment industry are taking part in the third annual conference at Dusit Thani, Dubai.

Co-located with the 8th Annual World Takaful Conference (WTC 2013), the MEIFIC 2013 is set to gather representatives from over 120 leading organizations in Dubai.

With a significant increase in the market share of Islamic banks in the GCC and given the increasing appetite for Shari'ah-compliant financing and investment alternatives across a broad range of corporate, wholesale and consumer segments, the Islamic finance and investments industry is yet to fully realize its full potential in the region, said the organisers.

MEIFIC 2013 will be officially inaugurated with a special opening address by Ahmed Bin Sulayem, the executive chairman of Dubai Multi Commodities Centre (DMCC) who will discuss key strategies for building and integrating the Islamic economy.

The inaugural address will be immediately followed by a special keynote address by Tayeb Abdulrahman Al Rais, the secretary general of the Awqaf & Minors Affairs Foundation.

The session chaired by Dr Alberto Brugnoni, the chairman of the Board at ASSAIF, will analyse the role of Awqaf in supporting the Islamic economy.

Tayeb Abdulrahman Al Rais pointed out that in the last few years, the Islamic finance industry surpassed the average growth rate achieved by conventional banking and the overall financial industry.

"This suggests that Islamic finance holds the potential to play a key role in fuelling the growth of a holistic Islamic economic model," he added.

A key highlight of the event will be the high profile keynote power debate that will assess new growth opportunities for Islamic finance and will discuss new strategies for stepping up the pace of growth and innovation in Islamic finance.

The power debate session, chaired by Dr Sayd Farook, the global head of Islamic Capital Markets at Thomson Reuters and featuring Moinuddin Malim, the CEO of Mashreq Al Islami; Amr Al Menhali, EVP, the head of Islamic Banking at ADCB Islamic Banking; Rajashekara V. Maiya, the AVP & lead product manager at Finacle, Infosys; and Anouar Adham, the head of Asset Management at QIB – UK, will analyze how Islamic finance institutions can scale-up to better meet the needs of the real economy.

Malim said the global market for Islamic finance is rapidly expanding and the industry is expected to continue its current annual growth rate of 15-20 per cent.

"The recent increased international attention on Islamic finance, post the financial crisis, presents a unique opportunity for the industry to further strengthen its appeal by attracting investors who are now turning to more ethical products that are based on risk participation and closely monitored by Shari’ah Supervisory Boards," said the Mashreq Al Islami chief.

According to him, the demand for Islamic finance had been growing rapidly compared to conventional finance in the Middle East and Dubai, in particular, has played a key role in the development of the Islamic finance industry.

"The recent announcement by Sheikh Mohammed of his vision and plans to make Dubai a centre of the global Islamic economy and finance industry, which promotes the convergence and integration of key components of a holistic Islamic economic system, will set a new growth wave for the Islamic banking and finance industry not only locally, but globally," he added.-TradeArabia News Service