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Friday, 22 March 2013

Islamic finance to positively benefit local economy

MUSCAT --Highlighting the rapid growth demonstrated in the Islamic Finance sector, and the need for broader discussions on the opportunities for Islamic Finance, Abdul Rahman Barham, Chairman - Amanie Advisory Oman said, "Islamic finance is gaining pace in the Sultanate, and it is a great honour to be a part of this momentous growth. At Amanie Advisors , we specialise in this sector and feel that the great potential of Islamic finance is yet to be fully harnessed. Therefore, it is our duty to organise workshops to increase awareness and share our insights with other stakeholders from the Islamic Finance sector."

The Islamic finance workshop explored themes of the emergence of Islamic finance Oman and presenters delved deeper into the structure of Islamic finance while highlighting the significant progress the sector has undergone in the Sultanate. The workshop was attended by leading figures from the Banking, Investment and Islamic finance sector in Oman, including business leaders and government officials. Also present at the event were representatives from the Central Bank, Islamic banks, pension funds, and large corporations in Oman.

Among the key discussions of the workshop was the opportunity for foreign direct investments (FDIs) into Oman by creating a shariah compliant fund that will invest in strategic industries and small and medium sectors (SMEs). It was considered that this fund could also facilitate the transfer of technical know-how from world-class and reputable companies overseas to the local industries.

Senior speakers from Amanie Advisors Global addressed the attendees and recommended the adoption of state-of-the-art technology to conduct Islamic finance businesses in Oman. The participants were shown the latest tools and techniques developed by the Group inclusive of Shariah stock-screening solutions, cost effective core Islamic banking platform, global best practices in risk management, and the world's first shariah analytics driven by artificial intelligence (AI).

The underlying objective of the workshop was to share knowledge with regard to the latest developments in the Islamic finance industry, across the globe as well regionally and in Oman, while group discussions also centered on how best to harness the increasing interest in the Islamic Finance sector to positively benefit the Oman economy. It was also agreed that Islamic finance in Oman is in its formative years and the speakers recommended means for further growth and strengthening the operations of Islamic finance institutions. Fahad Alkhalili, the Executive Partner of Amanie House of Advisory Oman, concluded the workshop by expressing Amanie's keen interest to work with both public and private sectors to accelerate the development of an Islamic finance ecosystem in Oman.

Amanie Advisory House of Oman in 2012 organised the extremely successful and well-attended inaugural Muscat International Islamic Finance Forum. The Forum hosted the former Prime Minister of Malaysia, Tun Dr Mahathir Mohamad as keynote speaker and saw a huge turnout of prominent personalities from the private and public sector of the Omani Islamic Banking community.

(Zawya / 21 March 2013)

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