Potential to boost trade between Islamic states

A conference on Islamic banking and finance by the World Bank, is set to take place in Bahrain on March 2 and 3.

It is being held by the Accounting and Auditing Organisation for Islamic Financial Institutions with the support of the Bahrain Monetary Agency, under the theme 'Adapting to a Rapidly Changing Regulatory and Financial Environment'.

An impressive speaker line-up includes Bahraini Minister of Finance, three central bank governors, top officials from various regulatory authorities and leading industry representatives. Over 350 delegates from around the world are expected to attend.

Professor Rifaat Abdul Karim, secretary general of AAOIFI, said: "Given the changing regulatory environment that Islamic banks are facing, with amendments to the Basel Accord and the establishment of the Islamic Financial Services Board (IFSB), there is a need to address issues relating to the Islamic financial services industry."

Meanwhile, with trade between Islamic countries being no more than 9-11 per cent, there is considerable potential to substantially grow this level, senior officials suggested.

The Islamic Development Bank could have a big role to play in fostering closer links and boosting intra-regional trade flows, particularly in the private sector, they noted.

The potential highlights the importance of the upcoming Ninth Islamic Trade Fair and Exhibition, to be held at the new Expo Centre Sharjah complex from December 21-26.

The event enjoys the patronage of His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, and is being held by the Sharjah Chamber of Commerce and Industry, in cooperation with the UAE Ministry of Economy and Commerce, the Dubai Chamber of Commerce and Industry, and the UAE Federation of Chambers of Commerce and Industry.

The executive committee chaired by Sheikh Abdullah bin Salem Al Qasimi, head of the Sharjah Emiri Diwan, met members of the higher organising committee and sub-committees last week to review final preparations for the upcoming event.

The officials discussed the recommendations of the various sub-groups, including the media, arts and heritage, hospitality and services, and security sub-committees.

Around 21 investment projects will be offered during the six-day event, with various activities also to be organised by the Gulf Organisation for Industrial Consulting.