Dubai-based Dar Al Sharia Legal & Financial Consultancy has signed a collaboration agreement with the German Institute of Islamic Banking and Finance (IFIBAF)
The relationship between these two organisations originates from a highly successful Islamic Finance Trade Mission to Europe conducted by Dubai Exports, an agency of the DubaiDepartment of Economic Development.
The Islamic Finance Trade Mission sought to increase the awareness of Islamic financial service providers and institutions from the UAE in the European markets. In doing so the trade mission held a number of high level meetings and seminars with government and private sector participants in Europe. In due course, Dubai Exports will announce some of the outcomes fromthis mission but one success story was inked on 22 June 2011 at the Islamic Finance Forum organised by Dubai Exports with almost 200 participants.
Sohail Zubairi, Chief Executive Officer of Dar Al Sharia, said, “I strongly feel that the next big thing in the Islamic Finance industry may well be Germany. It is not the matter of why but when the first Islamic bank will start operation in the country. Our feeling is built upon pleasant revelation as to the high level of excitement and enthusiasm about Islamic finance amongst the bankers, lawyers, consultants and members of the public whom we met and talked to during the Islamic Finance Trade Mission in April.”
Dar Al Sharia and IFIBAF intend to work more close especially in the field of capital market transaction for retail and institutional business. Bringing in local market expertise in legal and regulatory requirements combined with Shari’ah-compliant product solutions, IFIBAF will benefit from the expertise of Dar Al Sharia, especially in the area of Shari’ah advisory and Shari’ah auditing.
IFIBAF is a German based consultancy that is developing Islamic banking and finance in the German speaking nations and Europe. IFIBAF serves clients in Shari’ah-compliant transactions and offers a full chain of services as an on shop system. IFIBAF was established in order to be a provider of Islamic finance knowledge and expertise to the largest Muslim population in Europe of 4.6 million with an estimated wealth in excess of EUR 35 billion.
Mounsif Chtaiti, Director of IFIBAF stated, 'This partnership brings together the huge and extensive expertise of Dar Al Sharia in providing Islamic financing and investment solutions to the institutions from around the world with the on the ground knowledge and connections of IFIBAF in Germany.
“This agreement will help in serving the institutions and clients needing consultancy services for Islamic finance products, training and Shari’ah audit in Germany and other German speaking nations in the Europe.”
Three quarters of the Muslim population in Germany is below the age of 49. In addition to this estimates show that the Muslim population in Germany has a much higher saving ratio of 18 per cent compared to 10 per cent for the country as a whole. More importantly, a survey in 2010 showed that 72 per cent of Muslims living in Germany are interested in Islamic financial products and services. The survey also found that if such products were to be offered in Germany, 60 per cent of respondents would consider making an investment. An amazing 94 per cent of them stated that they would purchase such products if offered by an Islamic financial institution. Muslim entrepreneurs generated more than EUR 50 billion in profits last year.
Dr Hussain Hamed Hassan, leading Shari’ah scholar and Managing Director of Dar Al Sharia said, “It is befitting to Dubai being the birth place of Islamic Finance that such an agreement is signed here which will allow the flow of innovative products from Dubai to Germany. I would personally like to thank Dubai Government represented by Dubai Exports Islamic Finance Team, and the German Government represented by AHK for facilitating the Islamic Finance Trade Mission and the agreement which is the direct result of the mission.”
cpifinancial.net
0 Comments:
Post a Comment