MANAMA, Bahrain, December 19, 2014 /PRNewswire/ --
Organisation of Islamic Cooperation Markets Projected to Grow at Average of 5.4% -
There has been an encouraging early response by global investors for a new event aimed at generating business in the Islamic finance sector being held in early March next year.
Bahrain Economic Development Board (EDB) and the Islamic Development Bank (IDB) announced the launch of the Global Islamic Investment Gateway, a pioneering initiative aimed at bringing together investors and cross-border Islamic investment opportunities in some of the world's fastest growing economies.
The event, set to take place in March 2015, is attracting decision makers from investment banks, sovereign wealth funds, investment companies and family offices of high net worth individuals.
The Global Islamic Investment Gateway is organised by Thomson Reuters, the Islamic Development Bank (IDB), through its Business Forum "THIQAH". It is being held at the Gulf Hotel in Manama on March 2nd and 3rd under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, First Deputy Prime Minister and chairman of the EDB, and His Excellency Dr. Ahmad Mohamed Ali Al Madani, President of IDB Group.
The event is geared toward linking investors with opportunities aligned to their preference, and providing the information and assurance required to facilitate informed investment decision making.
It will be supported by an online portal which will collate international investment opportunities - opportunities that have been refined with the help of Thomson Reuters' internal specialists and which are designed to be within a fortnight of being ready to go to companies' investment committees for approval.
The organisers are collaborating with investment development agencies and investment originators in Islamic markets to obtain, review and standardise investment opportunities across sectors.
Organisation of Islamic Cooperation (OIC) markets are projected to grow at an average of 5.4% till 2019, significantly higher than the rest of the world (3.6%) and the high growth BRICS markets (3.9%). This increased economic growth is accompanied by a greater maturity in their financial markets, enabling greater involvement of private capital in their development.
His Excellency Dr. Ahmad Mohamed Ali Al Madani, IDB Group President, said: "The OIC economies are at the heart of the world's most rapid economic growth and Islamic finance provides an excellent chance to connect capital to exciting opportunities in these markets. This event can play an important role in making that process happen."
His Excellency Kamal bin Ahmed, Minister of Transportation and Telecommunications and Acting Chief Executive of Bahrain EDB said: "We are very proud to support this event in Bahrain. We are committed to the development of the international Islamic finance sector and event such as this, which will enable real investment in viable projects, can play a great role in the process."
Dr Sayd Farook, Global Head of Islamic Capital Markets, Thomson Reuters, said: "The Global Islamic Investment Gateway will be the premier event for any investor looking for access to opportunities in emerging and frontier Islamic markets. These markets have the value chains that have the potential to provide excellent returns for the capital in the GCC and this event will give investors the means to access them."
Hasan Al Jabri, Chief Executive Officer, SEDCO Capital said: "Other events have focussed on the intellectual issues around Islamic investment which are important but GIIG is very focussed on linking real investors with real opportunities and facilitating actual business and we are very excited to be involved."
The event will feature over 30 OIC countries, split into the key regional sectors including GCC, MENA, CIS, South East Asia, South Asia, West Africa and Sub-Saharan Africa and will cover all major investment sectors, driven by the opportunities presented by the investment development agencies and investment originators.
Individuals can register their interest at: http://www.giig2015.com
Notes to Editors
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About the Islamic Development Bank (IDB)
IDB is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in December 1973. In the past 40 years, the IDB Group (which comprises of 5 entities) have promoted comprehensive human development, with a focus on the priority areas of alleviating poverty, improving health, promoting education, improving governance and prospering the people. IDB has grown to be a leading international bank in the past 40 years, with a AAA credit rating and Zero Risk-Weight' awards. All over the world, member and nonmember nations are being helped by IDB. More than 8000 projects, worth around 100 billion dollars, have benefited more than 100 nations and communities worldwide.
The intention behind IDB's efforts is to lessen the imbalance between poor and rich nations, empowering people in less developed countries, restoring their dignities and changing the lives of millions for the better. After 40 years of continuous service, IDB has embarked on a comprehensive and objective assessment of its strategies and performance since inception which will eventually lead into formulating a new strategy. By the year 2020 IDB shall have become a world-class development bank, inspired by Shariah, that has helped significantly transform the landscape of comprehensive human development in the Muslim world and helped restore its dignity.
About The Bahrain Economic Development Board (EDB)
The Bahrain EDB is a dynamic public agency with an overall responsibility for attracting inward investment into Bahrain, and is focusing on target economic sectors in which the Kingdom offers significant strengths.
Key areas of focus include manufacturing, ICT, and logistics and transport services as well as other sub-sectors. The Financial Services sector in Bahrain is particularly strong and the EDB supports in the continuing growth of the banking industry and key sub-sectors, including Islamic Finance, Asset Management, Insurance and Re-Insurance.
SOURCE Bahrain Economic Development Board (EDB)