Islamic Finance Achieves 20% CAGR in MENA Compared to 9% for Conventional Banks: New Growth Opportunities for Islamic Finance in the Middle East
MEIFIC: Shaping the Future of the Regional Islamic Finance Industry
The World Islamic Banking Competitiveness Report 2011, which was launched at the World Islamic Banking Conference in Bahrain last November, noted that Islamic banking assets with commercial banks globally will reach US$1.1 trillion in 2012, a significant jump of 33% from their 2010 level of US$826 billion. The report, developed in collaboration with Ernst & Young, also noted that Islamic banking assets in the Middle East and North Africa (MENA) region increased to US$416 billion in 2010, representing a five year CAGR of 20% compared to less than 9% for conventional banks. The report also said that as new geographies open up to Islamic banking, the MENA Islamic banking industry is expected to more than double to US$990 billion by 2015.
With an increasing demand for Islamic financial products and services among different market segments within the Middle East, the regional Islamic finance industry is set to enter its next growth phase backed by high consumer demand, prudential regulatory standards and high public spending in the region.
It is against this dynamic backdrop that the 2nd Annual Middle East Islamic Finance & Investment Conference (MEIFIC 2012) will be convened to specifically focus on the opportunities and challenges that are forging the Islamic banking, finance and investment landscape in the region. The event co-located with the 7th Annual World Takaful Conference (WTC 2012), will be held on the 18th of April 2012 at the Dusit Thani Dubai. Held under the theme “Room to Grow: New Directions in the Next Growth Phase for Islamic Banking in the Middle East”, MEIFIC 2012 will focus on providing a powerful platform for industry players seeking to further build their presence in the dynamically evolving Middle East markets for Islamic finance and to explore emerging opportunities which will further increase the momentum of growth.
Noor Islamic Bank Confirms Participation at MEIFIC 2012
as Platinum Strategic Partner
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Announcing their partnership with the event, Hussain AlQemzi, Chief Executive Officer, Noor Islamic Bank and Group Chief Executive Officer, Noor Investment Group said that “it is heartening to see a significant increase in the market share of Islamic financial institutions not only in the Middle East region but internationally. The global financial crisis has given the Islamic banking and finance industry a great opportunity – an opportunity to tap into the growing interest in the Shari’ah-compliant finance model resulting from the obvious flaws in the conventional model. This will provide a solid foundation for the future growth of the Islamic finance industry. The growth opportunities are especially strong in the Middle East as the region has been the least affected by the financial crisis. Given the strong growth in the Middle Eastern economies combined with better regulatory reforms and secure foundations that the industry has laid in the region, Islamic finance in the Middle East is poised to enter its next growth phase. We are delighted to be supporting the 2nd Annual Middle East Islamic Finance and Investment Conference and we see this event as a unique platform for industry leaders to discuss the way forward for the regional Islamic banking and finance industry.”
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Moinuddin Malim of Mashreq Al Islami and Geert Bossuyt of Dar Al Istithmar Confirms Participation in the Keynote Power Debate
Discussions to focus on “taking the next steps towards a sustainable high growth trajectory for Islamic banking in the Middle East and strengthening regional and international connectivity.”
Keynote Power Debate
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