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Islamic finance shows way to fight meltdown

DUBAI: Islamic finance sector has proved to be more stable and promising during the global economic turmoil.

"Where conventional financial institutions have mostly announced fiscal shortfalls, Islamic finance has weathered the global crisis and maintained a growth of assets," said CPI Financial chief executive Nigel Rodrigues.

CPI Financial publishes Islamic Business & Finance magazine and organises the Islamic Business and Finance Awards.

Twenty-seven awards will be presented tomorrow in a ceremony under the patronage of Dubai International Financial Centre, at Emirates Towers Hotel, Dubai. The awards will not only honour Islamic financial institutions from around the world and the region, but also highlight the significance and increasing attraction of Islamic finance, particularly in times of unstable market performance.

Due to its Sharia compliance, the Islamic financial systems encompass a thorough screening process, greater transparency and a need to understand the nature of the investment rather than just focusing on returns.

Such features ensure built -in checks and balances that create a more stable financial institution. CPI Financial managing editor Robin Amlot said 60 per cent of Islamic financial institutions are located in the Gulf, with 20pc in South Asia and the other 20pc throughout the rest of the world. "However, with a compound annual growth rate averaging 10-20pc, more countries are looking to adopt such systems, and re-evaluating their domestic legislation to become a more attractive market." The ceremony will not only rate worldwide Islamic finance organisations, but will also honour exceptional professionals for 'Best Islamic Bank,' 'Islamic Banker of the Year' and 'Lifetime Achievement.' The awards were launched in 2005 in response to the phenomenal growth of the Islamic finance industry, currently estimated at around $840 billion in value. These globally-recognised awards are presented annually in a different country of the GCC as well as other Islamic finance capitals.



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