First Global commences Islamic Financial Advisory Services

First Global Investments (FGI), a member firm of the Sri Lanka-based First Global Group, has commenced offering Advisory Services for sourcing, structuring and distributing world class Islamic investments and financial products to emerging markets, a move it believes would facilitate the growth of this emerging financial sector worldwide.

The company which has amassed considerable exposure in advising and training emerging Islamic banks in the middle east feels that it is time that it shared its experiences with the rest of the industry, especially in a context where Islamic Banking is fast emerging as a viable alternative to conventional banking in the aftermath of the global economic crisis.

MD of First Global Group, Ikram Thowfeek, a start-up specialist who counts over 15 years of hands-on experience in the industry, said that his company worked with international Islamic financial institutions and specialized investments and financing boutiques to source and advice on the creation of a new breed of Shariah-compliant financial and investment products and services that can compete in every respect with mainstream conventional banking products and services. "Islamic banking is catching on worldwide at a phenomenal pace and we intend to be part of the engine driving Islamic Finance forward. I would say that the funds so far tapped by the industry are only the tip of the iceberg and there is immense potential for the development of the industry which I believe will gather greater momentum in the days ahead due to greater awareness of the merits of the industry, not just among Muslims, but also among non-Muslims".

FGI offers financial advisory services in setting up of Islamic banking windows, independent branches or subsidiaries in which it has wide experience; product due diligence to ensure that products offered in the market are of the highest standard in respect of structure, track record, regulation and management; selection of appropriate Shari'ah consultants and Supervisory boards for issuances of product fatwas and regular Shari'ah audits; cost analysis for product launches which will provide guidance on the likely costs incurred in launching Shari'ah-compliant products including the cost of structuring, procuring a fatwa and constituting an appropriate Shari'ah Supervisory Board for the product; identification of gaps in current product offerings; assessing potential market appetite or size for different types of products which is a speciality of the company given its in-house experience in working with institutional investors thereby allowing it to conduct pre-launch marketing activities and enabling it to advice on the likely investment size for any given product.

FGI also specializes in training staff for banks and financial institutions intending to commence an Islamic unit or window. The personnel will be trained at three different levels- Foundation, Intermediary and Advanced while up-to-date market information on the industry and the latest course material will be shared with the participants. Among the major projects undertaken by the company is the training of the 1000-strong workforce of Abu Dhabi Commercial Bank (ADCB) in its move towards an Islamic banking known as Meethaq.

Link: http://www.dailymirror.lk/DM_BLOG/Sections/frmNewsDetailView.aspx?ARTID=62827