Sukuk industry likely to sustain double-digit growth

WIEF Foundation Chairman Tun Musa Hitam speaks at the Islamic finance forum.

WIEF Foundation Chairman Tun Musa Hitam speaks at the Islamic finance forum.

The Islamic finance forum is an opportunity for everyone to leverage the potential for growth offered, according to Dubai Chamber President and CEO Hamad Buamim.

“This prestigious forum, celebrating its 10th anniversary, is an important occasion for Dubai as we seek to build strength and prosperity of the global Islamic economy. We are honored to have the patronage of Sheikh Mohammed bin Rashid Al-Maktoum, the UAE vice president, prime minister and ruler of Dubai,” he said in his welcome address.

The event, co-organized by the Dubai Chamber of Commerce and Industry and WIEF Foundation, opened in Dubai on Tuesday. The three-day forum focuses on the increasing role of Islamic financing in stabilizing the global economy.

Experts are calling for more equalization between Islamic and convention financing methods, highlighting the role sukuk plays in the development of emerging economies across the world.

Essa Kazim, governor of Dubai International Financial Centre, secretary general of the board of Dubai Islamic Development Centre and chairman of Dubai Financial Market, said: “Islamic finance is a key pillar of Dubai’s capital of Islamic economy vision, and an area of expertise in Dubai’s finance sector.”

“With the establishment of the Dubai Islamic Economy Development Centre in 2013, we have begun witnessing growth across the various sectors that represent Dubai’s strategy for an Islamic economy. We are confident that new Islamic and non-Islamic sovereign issuers will continue to enter the market, as the call for an Islamic economy gain resonance,” Kazim added.

WIEF Foundation Chairman Tun Musa Hitam said one reason why the World Islamic Economic Forum (WIEF) is popular is because of the Malaysia branding that it carries. The Malaysia-initiated forum has also gained popularity for its role in connecting economies to the various opportunities in Islamic markets.

Kazim also said that Dubai is today the third global center for sukuk following the recent listing of $750 million sukuk by the Dubai government as well as plans by Hong Kong to list its first successful offering of $1 billion sukuk on Nasdaq Dubai.

“The sukuk market is likely to sustain a double-digit growth in the next three years with assets in Islamic finance expected to reach $2.8 trillion by 2015,” he added.


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