Islamic finance has significantly surpassed its niche industry status to become an established component of the financial system, said an expert ahead of a key summit in Dubai.

The fact that over recent years Islamic financial institutions have grown at a faster pace than their conventional peers confirms the increasing demand for Sharia-compliant financial products and services.

With the unprecedented growth of major economies in the Middle East, the region is increasingly becoming a more competitive and sophisticated market and the key players are targeting a greater share of the exciting growth potential for Islamic finance, according to David McLean, chief executive of Mega Events, organiser of first Annual Middle East Islamic Finance & Investment Conference (MEIFIC 2011).

The event, to be held on April 12 and 13 at Dusit Thani Dubai, will set the stage for key players in the region to successfully adapt to new market realities in the Middle East, he said.

'The exclusive opening keynote session at MEIFIC 2011 will examine the current state of and the future prospects for Islamic finance in the region and the next wave of growth opportunities for Middle East players,' he said.

'The session will also share critical insights on how the leading market players are re-tuning their businesses to succeed in the Middle East Islamic finance market.'

Key players in the Middle East Islamic finance and investments industry will be gathering at MEIFIC 2011 to explore the growth potential that the Islamic finance and investment market in the Middle East offers.

The conference will feature groundbreaking debates as the region taps into the next growth phase in the post-crisis landscape.-TradeArabia News Service