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Leaders of the Islamic Finance Industry discuss industry related issues next April in the Dead Sea

Jordan: Tuesday, March 07 - 2006 @ 10:25

Their gathering comes within the first forum agenda of the Elite Islamic finance Industry which will be organized by the General Counsel for Banks and Islamic Financial Institutes and the Arab Academy for Banking and Financial Sciences.

Dr. Mustafa Hodieb, President of the Arab Academy for Banking and Financial Sciences elaborated that a number of international dignitaries were invited to attend and participate in the Elite Forum such as; Dr. Mahateer Mohammed/former Prime Minister of Malaysia, add to that other dignitaries who are considered as think tanks and pillars at the global level from different countries such as Saudi Arabia, Qatar, United Arab Emirates, Bahrain, Kuwait, Oman, Lebanon, Sudan, Iraq, Malaysia, Kazakhstan, United kingdom and The Hashemite Kingdom of Jordan .

Mr. Hodieb added that this forum comes within a series of annual Islamic forums organized by the academy for the last ten years. He also added that the Arab Academy for Banking and Financial Sciences worked together with the General Counsel for Islamic Banks and Financial Institutes in organizing this Elite forum as to maintain relations with international institutes specialized in offering and providing the best of services and technical support to Islamic and Arab banks.

On his part, Dr. Izzedin Khawajah, Secretary General of the General Counsel Of Banks and Islamic Financial Institutes said the Elite Forum will be limited only to leaders of Islamic Financial Institutes to discuss a number of specific issues especially after the appraisal and analytical study by the Counsel that indicated variants of the Finance Industry in the period between 1993-2003.

He further asserted that the reason behind confining this Elite Forum to the higher administrations and leaderships is the high growth ratio in the Islamic finance industry which annual average amounted in the period between 1994-2004 to 23% and that the Counsel expects the Islamic Finance Industry assets to reach (1089, 000.000 $) in 2013 based on an annual growth ratio of (20%), explaining that indicators such as the outcomes of the BASEL II convention are worthy to be discussed by the aforementioned leaders, in addition to the legal and organizational framework of Islamic Financial action, modules of the Islamic and the ideal Financial Institutes action, conformity between the lawfulness and issued Sharia’ Fatwa, and conversions from the conventional finance industry to Islamic finance industry.

Dr. Khojah further explained that the forum will be interactive in order to utilize the opinions and views of the higher administrations of the Islamic Finance Industry and dealing with it by specialized moderators and honorary guests who are highly experienced and knowledgeable, and then to prepare the outcomes and recommendations that represent the key players of the Islamic Finance Industry.

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Tuesday, March 7- 2006 @ 10:25 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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