The Oman Islamic Economic Forum (OIEF) held on the 17th and 18th of December 2011 in Muscat was the first international Islamic finance conference held in the Sultanate of Oman. Edbiz Consulting, in collaboration with Amjaad Investments, were proud to organise such an event, an event which marked the beginning of the story of Islamic banking and finance in Oman.
The Oman Islamic Economic Forum (OIEF) held on the 17th and 18th of December 2011 in Muscat was the first international Islamic finance conference held in the Sultanate of Oman. Edbiz Consulting, in collaboration with Amjaad Investments, we’re proud to organise such an event, an event which marked the be- ginning of the story of Islamic banking and finance in Oman.
At the resplendent Al Bustan Palace-A Ritz Carlton hotel, which overlooks a translucent, private beach, leading figures in the global Islamic finance market convened to discuss pertinent issues affect- ing the industry. Adding to the illustrious roster of speakers, 400 participants from Oman and beyond attended to listen, discuss, network and contribute to this dynamic conference.
The conference was opened by HH. Sayyid Shihab bin Tariq and featured a keynote speech by the former Prime Minister of Malaysia Tun Abdullah bin Haji
Ahmad Badawi. The ex-Prime Minister addressed the importance of Islamic finance for Oman in strengthening the economy and highlighted the success stories of other countries, focusing mainly on Malaysia. HE Yaseen Anwar, Governor of the State Bank of Pakistan offered a unique perspective on Islamic banking and finance in Pakistan. Vice President of Islamic Development Bank, the preeminent Islamic finance multilateral organization, HE Dr Abdul Aziz bin Hinai, emphasized the ben- efits of intra-national cooperation in advancing the Islamic finance industry and expressed enthusiasm regarding Oman’s entry into the sector.
To provide in-depth exposure and focused analysis of Islamic finance, the two-day conference was divided into a series of panel discussions and speeches. Panels comprised of leading practitioners in the Islamic banking and finance industry coming from organizations that have advanced Islamic finance in the fields of law, accountancy, asset management, banking and academia. Further, the conference welcomed prominent Shari’a Scholars including Sheikh Nizam Yaqubi, Sheikh Dr Ali Al Quradaghi, Sheikh Dr Kahlan Al Kharusi, Sheikh Dr Abdul Rahim Sultan Al Olama, Mufti Zubair Butt and Mufti Talha Ahmad Azami to offer their insights and advice to an attentive audience. Topics tackled at the conference included regulatory models, banking mod- els, Islamic insurance (takaful), capital markets, corporate governance, economic reform, and Shari’a issues. In addition, and uniquely for a conference of this magnitude, the Forum addressed the potential of building up social responsibility and philanthropy in Islamic finance, taking a focused look at Waqf and Zakat, two pillars of the traditional Islamic economic system. Edbiz Consulting CEO, Professor Humayon Dar, is of the view that the conference will be seen as a pivotal moment for Islamic finance in Oman in the future.
He states “Our aim for hosting this conference was to provide the domestic financial market with the tools to understand how Islamic finance could bolster the Omani economy. We wanted to expose the successes of this industry and the values it confers to indigenous decision-makers who have a cursory knowledge of Islamic fi- nance. The interest generated and the at- tendance was unparalleled and highlighted the potential for Islamic finance in Oman”. Khaled Alyahmadi, the Founder of the OIEF, was delighted at the success of the conference and the content covered. “I sincerely believe that the conference has sparked widespread interest in Islamic fi- nance within Oman. We have vaunted aims and wish to truly compete on the global stage. Truly developing Islamic fi- nance can only push Oman forward in the world economy. The conference marks the first step. We hope to continue going for- ward and push Islamic finance in Oman and beyond”
The Global Islamic Finance Awards (GIFA) were part of the OIEF and were offered to recognize the outstanding work undertaken by institutions and individuals within the Islamic finance sector for 2011. They followed the close of the first day of the OIEF, on the 17th of December 2011.
The gala dinner/awards ceremony held at the scenic Al Bustan Palace was attended by leading figures in Islamic banking and finance industry including ex-Prime Minister of Malaysia HE Tun Abdullah bin Haji Ahmad Badawi, HE Yaseen Anwar- Governor State Bank of Pakistan, Dr Abdul Aziz Hinai- Vice President Islamic Development Bank and other people from different parts of the world.
The event commenced with Professor Humayon Dar-Chairman & CEO of Edbiz Consulting, a Shari’a advisory and Structuring firm based in London- providing an introduction to the GIFA and high- lighting the importance of awards in the Islamic banking and finance industry in granting exposure of the current and potential luminaries in the industry. There were 18 categories, taking account of the multiple facets of Islamic finance. The prestigious Leadership in Islamic Finance Award was given to Tun Abdullah Badawi, recognizing his committed support of Islamic finance and the praiseworthy work carried out in the sector during his time as the Prime Minister of Malaysia.
The National Commercial Bank (NCB) won the award in the category of “Best Islamic Bank” because of their successful conversion of retail banking operations into Islamic, where they adopted a dynamic and innovative approach to the transition. Professor Humayon Dar commented that “The Best Islamic Bank for 2011 by Global Islamic Finance Awards is a recognition of the NCB’s appreciation of the glittering potential of Islamic finance and its provision of a wide range of Islamic retail banking services. The bank is remarkable for taking the challenge of converting its retail banking operations into Islamic – a model that has been replicated by other conventional banks in the world.” The award was received by the VP Islamic Banking Group Mr Adnan bin Himd.
Abu Dhabi Commercial Bank (ADCB) won the award in the category of the “Most Improved Islamic Bank of 2011”. The “Islamic Banker of the Year 2011” award was won by the youthful CEO of CIMB Islamic, Malaysia, Badlisyah Abdul Ghani, and received by Datuk Noripah Kamso- CEO of CIMB Principal Islamic Asset Management in his absence. The “Best Takaful Company of 2011” went to FWU Global Takaful Solutions and was received by the Partner and Head of Business Development, Mr Sohail Jaffer.
Other awards included “Best Islamic Finance Consultancy of 2011” which went to KPMG and was received by the Head of Islamic Finance- Mr Neil Miller. “Best Islamic Finance Structured Products” went to Societe Generale for creating innovative and effective structures while achieving impressive sales given the tough economic conditions. The award was received by Mohamed Virani- Head of Islamic Structured Products. The “Best Islamic Finance Education Provider 2011” went to INCEIF for their leading role in Islamic finance education. The award was received by the CEO & President- Mr Daud Abdullah Vicary who was pleased to receive the award. “INCEIF is very proud to receive this prestigious award in recognition of it’s leadership in the development of human capital for Islamic finance. We will continue to strive to develop even higher standards of content and delivery for all our stakeholders.”
In addition, the GIFA recognized the efforts of the Islamic finance technology providers and the “Best Technology Provider of 2011” was given to Path Solutions and the “Best Technology Product of 2011” was given to ITS.
