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Islamic finance gaining ground

At least 50 per cent of all new project financing in the Middle East features some element of Islamic funding, according to MEED Projects.

  • Staff Report
  • Published: 00:04 June 22, 2007
  • Gulf News

Dubai: At least 50 per cent of all new project financing in the Middle East features some element of Islamic funding, according to MEED Projects.

And $30 billion of sukuks are expected to be issued by the end of this year, adds leading law firm DLA Piper.

"DLA Piper believes that Islamic finance will continue to grow in importance and will become an established financing means to raise funds from diverse sources and along the principles of Islamic partnership and co-sharing of risk and reward," said Oliver Agha, global head of Islamic Finance at DLA Piper.

The figures have been released ahead of the MEED Islamic Project Finance conference, taking place at Park Hyatt, Dubai on June 24-25.

The conference is expected to reveal new industry trends in Sharia compliant project funding.

"Islamic project finance is entering previously uncharted territory," said Edmund O'Sullivan, editorial director at conference organisers MEED.

"What is happening now is hugely relevant to the future of the sector. The deals and decisions currently taking place will shape future business practice and legislation in the region and across the world."

O'Sullivan said the conference will feature a presentation from Dubai property developer Nakheel on its $3.52 billion sukuk.

The presentation is expected to give visiting delgates an insight into how Islamic and conventional funding streams can work together in the region's construction and energy sector.

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