    Second day of forum provided valuable insights and forecasts about Oman’s Islamic banking sector
    Strategic collaboration between Almadina Investment and ACA Amanie announced
    Event was well attended; organisers overwhelmed with success and encouraging remarks

Muscat | November 05, 2012: Following an extremely successful and well-attended opening, the second and final day of Muscat International Islamic Finance Forum saw presence from a large number of prominent personalities from the private and public sector of the Omani Islamic Banking community.

Dr. Mohd Daud Bakar, Amanie’s founder and Group Chairman, commented, “On the conclusion of the first inaugural Muscat International Islamic Finance Forum, we are extremely satisfied with the outcome of the event.” He went on to say, “The two days of informed discussions and workshops successfully shed light on the challenges facing Islamic Finance in the Sultanate and also its early successes. In the future we will build on our experience here in Muscat and organise bringing together thought leaders across industries who will provide fresh perspectives on the subject.”

Eng. Abdul Rahman Barham, Chairman – Amanie Advisory Oman said, “We are very encouraged by the response received by the first edition of the forum. There have been a few key recommendations which have arisen over two days of discussions. We put forward these suggestions to the concerned authorities and ensure that these issues are addressed at the earliest.”

A highlight of the second day of the conference was a MoU signed by Al Madina Financial & Investment Services Co. (S.A.O.C) of Oman (“AlMadina Investment”) and ACA Amanie of Malaysia (“ACA Amanie”) who have jointly agreed to collaborate in their common areas of interest in Islamic investment. This historic collaboration will enhance the standing of both entities as there are complementary competencies among the partners, not just in the investment space but also in the Shariah advisory area. Keeping in line with the theme of the conference, this partnership is the marking of an interesting cross-border relationship. Islamic finance as its core principle would not only serve to strengthen the ties, but also to sustain the cordial relationship and businesses between the partners.

Day two began with a panel discussion on Takaful financing. Gautam Datta, Chief Executive Officer - Al Madina Insurance, Oman mentioned that throughout the global financial crisis, the one sector with Islamic finance to experience steady growth has been Takaful. With more and more new retail markets opening-up to Islamic finance, other experts from new and established takaful markets discussed how the approach varies from country to country and what the prospects are for each.

Taking the conversation to BancaTakaful – the new dimension of Takaful Distribution, Chairman of FWU Dr. Manfred J. Dirrheimer, a renowned global expert in the distribution of takaful products and Chairman, FWU Takaful - UAE gave his thoughts on the most cost effective and profitable ways to bring this new product to retail markets. He was joined by Sulaiman Al Harthy, Group General Manager - Meethaq, Muscat Bank in talking about BancaTakaful.

After a short break, Khalid Al-Yahmadi, Chief Investment Officer - Al Madina Investment, Oman and Mohamad Damshal Awang Damit, Chief Executive Officer- ACA-Amanie, Malaysia discussed structuring Islamic Property Fund in Oman, with special emphasis on Tilal Property.

Following the above, a panel debated the evolution of Islamic Finance. Moderated by Mark Smyth, Managing Director, Amanie Islamic Finance Consultancy & Education LLC, Dubai, the speakers explored the motivations and opportunities available from the perspectives of ethically minded private equity managers, Waqf Funds, and Trade Finance managers.

Al-Bustan Palace hotel hosted an educated gathering of industry leaders in Islamic finance as funding and asset management were examined in much detail.

Small and Medium Enterprises (SME) have been earmarked as the engine for growth in both developed and developing countries. A post-lunch panel shared the success stories of SME with the backing of the Islamic Finance such as the strategic proposition to develop the SME industry further. M.Nazri Muhd, Chief Executive Officer - Global Shariah Technology Centre, Singapore; Shaikh Saleh Bin Hilal Al Mawali, Director-General of the Directorate-General of development of Small and Medium Enterprises; Robert Ryu, Managing Director- Amanie Shariah Finance Co. Ltd, South Korea were present to take the topic forward.

The concluding discussion for the day explored the sukuk instrument. While the basic structures of sukuk are well known in the industry, they can vary widely in terms of application. With new markets for Islamic finance entering the picture, like Turkey, Ireland, Egypt, Australia, and Kazakhstan, a panel explored the regional differences that bankers must manage for success in the new markets

Drawing to a close, the event was widespread appreciation and attendees left the venue more enlightened about Islamic Finance. 

Executive Partner of Amanie Advisory House of Oman, Mr Fahad bin Mohammed Al-Khalili, said “Through my conversations with the participants and speakers here, it is clear that the forum has been highly beneficial in exploring the prominent issues faced by the industry and challenging our own perceptions. . We are indeed overwhelmed by the response and I believe that it was able to successfully impose itself as a forum for industry leaders to come together and share insights.”

Amanie Advisory House is renowned across the globe to organise seminars and symposia on issues facing the Islamic Finance industry and the way forward for the future.

Key sponsors of MIIFF include (Meethaq), the Islamic banking division of Bank Muscat, (Alhilal) the Islamic banking division of Ahli Bank, the Islamic banking division of Bank Sohar, as well as Al-Madina Insurance; Al-Madina Investment; FWU Global; Gulf International Bank; and many others.
For more information on the conference and registration details, please visit www.miiff.amanienexus.com.