As you are aware, Islamic investors have not been immune from the global equity market sell-off with millions of dollars wiped off the value of Shari’ah-compliant equities worldwide during the third quarter of 2008 alone. But as global economies have lurched from one crisis to another, the fact that the Islamic finance industry is asset based and not debt financed has protected the sector from the runaway collapse that has brought the downfall of conventional financial giants.

The International Islamic Finance Forum (IIFF) – Dubai comes at a crucial time as the industry seeks signposts for the way ahead in a new economic era. Islamic finance currently accounts for about 1% of the global market. Some had been forecasting a rise to 12% by 2025. That level could now be reached much faster. The virtual collapse of confidence in the conventional sector represents a huge opportunity for the Islamic finance sector. The changed conditions brought about by the financial meltdown are already prompting more countries to recognise and adopt Islamic principles in their economies.

The ugly side of conventional finance has been laid bare. Islamic finance is more conservative and sober in its approach – the very attributes upon which the global financial system needs to be rebuilt.

Islamic finance cannot rest on its past laurels, in periods of uncertainty, standards of risk management, governance, sustainability and transparency must be seen to be sound and stable. IIFF will address the challenges and opportunities presented by the new global financial era and the increasingly important role the Islamic finance industry can play.

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