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Tuesday, 11 December 2007

Islamic finance set to surge next year

MANAMA--11 Dec 07 : The 14th Annual World Islamic Banking Conference concluded with experts predicting industry growth to continue to surge into next year at rates that exceed conventional figures.

A major challenge for leading institutions is to channel resources and focus on those markets and segments that have the greatest potential for exciting growth.

The concluding day opened with the 'Leaders & Winning Strategies' session where 'Innovation in Islamic finance' and the current challenges were discussed.

'The Corporate & Investment Banking Summit: Pinpointing the Next Wave of Big Deals', focused on exploring key trends in the corporate and investment banking markets, the latest developments in the Islamic capital markets with a specific emphasis on the way forward for sukuk.

The conference also the focused on the retail banking market and analysed the product development and operational capabilities of the industry leaders with a view to capture the consumer banking growth opportunity.

During the Sharia and Business Open Forum, a high-profile panel of scholars and bankers tackled the challenges of ensuring greater consistency of Sharia interpretation.

While the development of Islamic banking in the GCC markets will continue to lead the way, experts at the conference also predicted significant growth for Islamic banking in Asia and even in markets in the UK, Europe, Africa and North America. - (GDN)

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