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The event, held at London Business School’s base in the centre of London, provided a lively platform for the discussion and discov- ery of opportunities coming to the fore in the developing world’s economies, industries, and technologies.
As both emerging markets and leadership strategies become increasingly important to Islamic finance, there was a lot for our indus- try to take away from this day of speeches, panel discussions and seminars.
Islamic finance as an industry has much in common with the developing world’s rapidly evolving economy. For one thing, the rapidity of development in both cases means there is currently a shortfall of specialist talent in the labour marketplace.
In the panel discussion on ‘Understand- ing emerging markets’, Antonio Quintella, CEO, Brazil and co-Head, Global Emerging Markets Council, Credit Suisse, said that because of this shortage of skilled labour, “education should be a priority for emerging markets.
Skilled labour is expensive and will lead to inflation pressures. We need a much bet- ter, educated labour force”. This is a lesson that Islamic finance also arguably needs to learn.
Another shared theme between Islamic fi- nance and emerging markets is the rise in popularity of entrepreneurship. As Rajesh Chandy, Professor of Marketing; Tony and Maureen Wheeler Chair in Entrepreneur- ship, London Business School, said, when interviewed by CNN Anchor Max Foster, “entrepreneurship in emerging markets is like entrepreneurship on steroids”. There is similar enthusiasm for entrepreneurship amongst Islamic finance practitioners, with an increasing number of start-ups using sharia’a instruments such as mudaraba for financing purposes.
The event had a wealth of other notable participants, namely Laura D’Andrea Tyson, former dean of London Business School and now Angela Chan Professor of Global Man- agement at the Haas School of Business; Jasmine Whitbread, Chief Executive of Save the Children; Paul Bulcke., Chief Executive Officer of Nestle, S.A.; Vittorio Colao, Chief Executive of Vodafone; John Connolly, Global Chairman of Deloitte and Evan Davis, Pre- senter of BBC Radio 4’s Today Programme and the television business reality show Dragon’s Den, who acted as Chair for the summit.
The delegates, a mixture of London Business School Alumni, high-profile business leaders, entrepreneurs, international journalists and
academics, were suitably impressed with the content and personnel of the summit. Jennifer Weitzel, an alumna of the School and now a real estate investment trust pro- fessional, said of Professor Tyson, “she’s one of the brightest minds out there”.
When asked about the current status of real estate in the Islamic investment market, Ms. Weitzel told Global Islamic Finance Maga- zine, “I’ve spent the whole of June speak- ing to my supply chain and a lot of suppliers have said that they pulled out of the Middle East when the property market there went bust, and invested instead in Russia and Central Europe”.
Delegates were aware of not only the Middle East as an Islamic finance hub, but also oth- er regions such as South-East Asia. Ashvin Chotai, Director of Intelligence Automotive Asia, rightly said that Malaysia is a hotbed for Islamic finance, telling Global Islamic Finance Magazine, “I don’t think people re- alise how sophisticated its banking system is”, in reference to the country’s dual Islamic and conventional banking system.
The headline sponsor of the event was Deloitte, with CNN as International Broad- cast Partner and Pi Capital as additional supporter. .
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Islamic Finance Ltd offers a comprehensive range of Islamic finance solutions to help expedite your international business, trade and risk mitigation. Islamic Finance Ltd is committed to providing its business customers with a range of innovative Islamic banking solutions. We do our best to arrange a wide range of financing that you can be certain your finance is structured in full accordance with Shariah requirements.
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