Islamic finance industry exceeds growth expectation as conventional finance suffers through the economic crisis

Published December 16th, 2009 - 12:38 GMT

The Islamic Business & Finance Awards taking place 
this week will not only honour Islamic financial institutions from around the world and the region, but also highlight the significance and rising attraction of Islamic finance, particularly in times of unstable market performance.

“In the midst of the global economic turmoil, Islamic Finance has proved to be a more stable and promising finance sector,” says Nigel Rodrigues, CEO of CPI Financial, which publishes Islamic Business & Finance magazine and organizes the magazine’s annual Awards.

“Where conventional financial institutions have mostly announced fiscal shortfalls in their institutions, Islamic finance has weathered the global crisis and maintains a growth of assets,” he continued.  

 Due to its Shari’ah compliance, the features of 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 a built in checks and balances system that creates a more stable financial institution.

Robin Amlôt, Managing Editor of CPI Financial, stated: “Presently, 60 per cent of Islamic Institutions are located in the Gulf region, with 20 percent in South Asia, and the other 20 percent throughout the rest of the world. However, with a compound annual growth rate (CAGR) averaging 10-20 per cent, further countries are looking to adopt such systems, and are currently re-evaluating their domestic legislation to become a more attractive market.” 

The Islamic Business and Finance Awards will take place on 14th December under the patronage of Dubai International Financial Centre at the Emirates Towers Hotel in Dubai, where a total of 27 awards will be granted. The Awards ceremony will not only rate worldwide Islamic finance organizations, 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 recognized industry Awards are presented annually in a different country of the GCC, as well as other Islamic finance capitals. A carefully selected panel of judges, including past Awards winners and industry observers and analysts from the Middle East, South Asia, Europe and the USA, created a shortlist of Islamic institutions from around the world.

Readers of Islamic Business & Finance magazine from across the world have completed casting their votes for the winners from a shortlist by the international panel of judges. Following analysis of the voting results, final winners will be announced at the 14th December gala dinner taking place at the Emirates Towers Hotel in Dubai.

More information on the Awards is available on www.cpifinancial.net.


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