gif Market Review
THE POPULARITY OF ISLAMIC FINANCE FUND INDUSTRY
Source:
GlobalIslamicFinanceMagazine.com
The popularity of Islamic finance fund in- dustry is growing steadily as more confer- ences and awareness about Islamic funds are being promoted around the world.
An International Conference on Islamic Funds and Investment opened in Pakistan Karachi which was participated by a large number of investors from UAE, USA, UK, Canada, Ma- laysia and Qatar. The topics covered on first day of the Conference were, Investment op- portunities for Islamic Funds, Shariah status and Mechanism of Islamic Investments and Funds with global trends, Standardization and Brokerage and exchange rules and the Islamic Exchange Indices.
The two days have been allocated for train- ing workshops on the allied topics on Islamic Investments, Marketing and Shariah guide- lines. A large number of well-known Shariah Scholars and Islamic finance professionals including Majid Siddique Dawood, CEO, Yas- sar Ltd. UK; Mr. Asif Arif Commissioner, Secu- rities and Exchange Commission of Pakistan; Mr. Saleem Ullah, Director, Islamic Banking State Bank of Pakistan; Omar Farooq Kalair, CEO, Um Financial Group, Canada; Sham- shad Nabi, CEO, MUFAP; Prof Dr. Aurangzeb, HOD, Business Administration Department, Dadabhoy Institute Of Higher Education, Karachi; Mohammad Shoaib, CFA; Nadeem Naqvi, MD, Karachi Stock Exchange Limited, Pakistan; Kavilash Chawla, MD, Nur Global Strategies, Chicago, U.S.A; Ms.
Tara Uzra Dawood, Chief Executive Officer, Dawood Capital Management Ltd, Pakistan; Dr. Zubair Usmani Shariah Advisor MCB Bank Limited, Pakistan; Syed Tariq Ali, Ex- ecutive Director, Pathway Global LLC, UAE; Mufti Muhammad Najeeb Khan, Shariah Ad- visor, Habib Metropolitan Bank Limited, Pa- kistan; Qazi Abdul Samad, Shariah Advisor,
52 Global Islamic Finance May 2012
The Bank of Khyber, Pakistan and Azeem Iqbal Pirani Regional Manager FWU Group. Islamic finance is making healthy growth in Pakistan which now stands over 1000 Islam- ic banking branches from 5 Islamic Banks and 13 Conventional Banks with Islamic fi- nance operations. In addition, we have good support from 5 Takaful Companies, Mudara- bah Companies, 20 Islamic Microfinance In- stitutions, over 29 Sukuk issues and 15 As- set Management Companies have launched their Islamic Funds, which have made promi-
Cayman Island 59, Bahrain 46, Luxemburg 29, Dubai 16, Singapore 11 are the promi- nent players in the world. Mr Zubair Added that Islamic Funds industry is growing with other aspects of Islamic Finance including Mudarabah and Takaful businesses. Some of these funds are the leading funds in Asian markets as well, which is a matter of honor for Pakistan and can be taken as the source of further development in this sector. He further added that from the bright pros- pects for Islamic Funds other allied sectors
Islamic finance is making healthy growth in Pakistan which now stands over 1000 Islamic banking branches from 5 Islamic Banks and
13 Conventional Banks with Islamic finance opera- tions. In addition, we have good support from 5 Takaful Companies, Mudarabah Companies, 20 Islamic Micro- finance Institutions, over 29 Sukuk issues and 15 Asset Management Companies have launched their Islamic Funds, which have made prominent role of Pakistan in the global Islamic finance canvas
nent role of Pakistan in the global Islamic fi- nance canvas. The organizer of this Interna- tional Conference and CEO, AlHUda-CIBE, Mr Zubair Mughal while declaring the objectives behind this conference, highlighted the valu- able contribution by Pakistanis in research, shariah and skilled professionals bringing strong alternative in a difficult financial situ- ation faced by the world.
Mr Zubair added that Islamic funds are rapidly gaining popularity in US$1.3 Trillion worth of global Islamic finance market gain- ing 6.1% share from over 650 funds spread all over the world, of which the highest 230 is in Saudi Arabia while Malaysia has 172,
like brokerage houses; stock market indices etc will also gain momentum. The hosts and organizers of the Conference AlHuda Center of Islamic Banking and Economics are or- ganizing it with the technical support of UBL Asset Management limited and the support of other Dawood Capital Management Ltd, FWU, Burj Bank Ltd, Dadabhoy Institute of Higher Education, Diyanah Financial Serv- ices, Khyber Bank Ltd, ABL Asset Manage- ment Ltd, Habib Metropolitan Bank and Babib Mudarabah to make the Conference successful.
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