EIB supports halal exhibition
Sharjah, August 18, 2013
Emirates Islamic Bank (EIB) is the platinum sponsor for the the second OIC Halal Middle East Exhibition and Congress to be held in Sharjah in December.
The halal event, which will be held at the Expo Centre Sharjah from December 16 to 18, is set to open up better opportunities for regional players in the $1.8 billion Islamic finance industry, said a statement.
“We are proud to have Emirates Islamic Bank as Platinum Sponsors of the second OIC Halal Middle East Exhibition and Congress. EIB will be a key partner in highlighting halal finance opportunities for participants,” said Saif Mohammed Al Midfa, director-general, Expo Centre Sharjah.
The value of Shariah-compliant assets has more than doubled in the last six years alone. Global Islamic assets held by commercial banks stood at $1.3 billion in 2011, but the industry's forecast growth of some 40 per cent over two years will see this figure rise to $1.8 billion in 2013, according to research by Ernst & Young. Eight of UAE’s 51 banks are Shariah-compliant units, with their total assets exceeding $55 billion at the end of 2012.
However, the global Islamic finance industry is not growing at its true potential as Shariah-compliant assets account for less than 2 per cent of conventional equivalents, providing ample room for growth, point out industry experts.
“The Islamic finance industry has undergone rapid growth in recent years, but it remains an untapped market across many asset classes and geographies. We need to redefine our strategies to capitalise on these opportunities. The industry support to the exhibition will go a long way in creating awareness and planning innovative products to achieve that objective,” added Midfa.
Industry observers are also pointed out that with the debt crisis deepening in the West, investors are increasingly looking to move away from a speculative financial system. And, Islamic finance’s fundamental tenets have helped boost its image as a safe haven.
The exhibition will be a comprehensive sourcing point for all halal products including food, pharmaceuticals, insurance and tourism and will gather food producers, exporters, importers, dealers, scholars and experts on halal markets and standards. - TradeArabia News Service