Islamic Banks Need to Reinforce the Values of Ethical Banking for Profitability

Islamic Banks Need to Reinforce the Values of Ethical Banking for Profitability
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Published October 12th, 2010 - 07:28 GMT

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Abu Dhabi
,
Simon Eedle
,
Samad Sirohey
,
Khalid Howladar
,
Citi Islamic

The global Islamic banking industry has been forecast to touch US$ 2 trillion in the next five to seven years from the current US$ 1 trillion. This growth can be achieved with a strong focus on ethical banking values, where Islamic banks can lead the way. These statements were echoed by industry experts at the International Islamic Finance Forum Abu Dhabi.

As the region's Islamic banks increasingly demonstrate a renewed emphasis on the basic principle of good relations with clients driven by friendly and efficient customer service, this 'ethics and values' themed-industry gathering is a timely opportunity for top tier Islamic financiers to get together to debate a range of critical industry issues.

"The banking industry as a whole needs to revisit and restore the balance. Islamic banks using the foundation of Islam, should lead the way for an ethical banking structure. This will pave way for a profitable future and be an example to conventional banking industry," said Afaq Khan, Chief Executive Officer, Standard Chartered SAADIQ.

Top regional Islamic bankers met in Abu Dhabi today for the start of the International Islamic Finance Forum Abu Dhabi. The first day witnessed key industry speakers which include Khalid Howladar, Senior Credit Officer for Asset Backed and Sukuk Finance, Moody's Middle East, Samad Sirohey, CEO, Citi Islamic and Simon Eedle, Head of Islamic Banking, Credit Agricole CIB.

The two-day gathering is sponsored by Abu Dhabi Islamic Bank, as the headline sponsor, as well as ITS, Thomson Reuters, Path Solutions and JAJ Consultants. The International Islamic Finance Forum Abu Dhabi features a host of interactive round table discussions as well as the release of an exclusive regional YouGov survey on October 12th, 2010 on 'Consumer Banking Preferences and the Implications for Islamic Retail Banks'. 

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