Itqan Capital Participates in the 34th Symposium for Islamic Economics
Jeddah, Saudi Arabia – July 17th, 2013: Itqan Capital, a member of Al Baraka Banking Group, and one of the leaders in providing investment offerings and opportunities to high net worth individuals and family offices in Saudi Arabia, participated in the Al Baraka 34th symposium for Islamic Economic. The two-days symposium on the 8th and 9th of Ramadan 1434H, the 17th and 18th of July 2013, which was held under the patronage of Al Baraka Banking Group’s Chairman, Sheikh Saleh Abdullah Kamel, highlighted and discussed a number of emerging banking and financial themes.
The 34th symposium in Jeddah, was attended by a number of Itqan Capital’s top clients, who were attentive to the lively discussions on various Islamic financing and economic topics, with the participation of a large number of global experts and scholars specialized in the Islamic Banking and Financing sectors.
Mr. Adil Dahlawi, CEO and Managing Director of Itqan Capital expressed his deep contentment with the success of this 34th Session. He added “This years’ 34th Symposium on Islamic Economics, has connected jurisprudence with contemporary economic issues to find solutions to challenges faced by the Islamic banking Industry, with one of the most prominent topics discussed being Zakat on Debt, especially with the widespread presence of financial institutions specialized in financing from private companies and banks. In addition to the increase in demand for private and public financing, whose notable effects are apparent on the financial statements of various companies and institutions.
Mr. Dahlawi added “Recently, the Islamic banking sector has been witnessing a remarkable growth, with an increase in Islamic financing by 27% in one year from $800 billion to $1.1 trillion. Additionally, the fact that countries of the Organization of Islamic Cooperation possess an impressive 98% share of the global Islamic finance assets requires the development of solutions that commensurate with this increase and steady growth”.
It is important to point out, and as indicated by Mr. Dahlawi that global Islamic financing centers are mostly concentrated in the Middle East, including Iran whose share is estimated at 35.7% of the total Islamic financial assets, followed by Saudi Arabia with 13.9%, the United Arab Emirates
with 8.7%, Kuwait with 7.3%, Bahrain with 5.3%, Qatar with 4.8%, and Malaysia with a 12.3% share.
In light of the large attention the organizers are shedding on this industry, Mr. Dahlawi expects the Islamic banking sector to witness an increasing rate of demand in this market, and especially with the expected solutions and outcomes of Islamic Banking and Financing specialized seminars such as this one. Additionally, according to Standard & Poor’s forecasts, Sukkuk sales are to double and reach $3 trillion by 2015, in light of companies which are working to capitalize on this growing and promising market.