IIR Deutschland GmbH - IIR - Financial Products for Muslims Capture the Market

1st IIR "Islamic Finance & Real Estate Forum"
on 4th and 5th November 2008 at the Hotel Hessischer Hof, Frankfurt, Germany

Frankfurt, August 2008. If Germany wants to accumulation from the growing appeal for Islamic banking products, both backroom and banking administration are challenged. The anatomy of banking articles which accede with the Islamic law (Sharia) has to be altered from those accepted in Germany. This requires ambition group-specific concepts on the one duke and new acknowledged constraints on the added (FAZ, 23rd July 2008). "Islamic banking, stigmatised as a bordering affair alone a brace of years ago, has become added accepted - not alone in predominantly Arabic regions, but aswell in non-Islamic countries," said Zaid el-Mogaddedi, Managing Director of the Institute for Islamic Banking & Finance (IFIBAF). According to the IFIBAF, the estimated all-around abeyant of Sharia-compliant banking articles amounts to about four abundance US dollars (Kreditwesen 15/2008).

Strategies for Sharia-compliant banking products
Together with Alberto G. Brugnoni, President and Founding Member of the Associazione per lo Sviluppo di Strumenti Alternativi e di Innovazione Finanziaria (ASSAIF), el-Mogaddedi is administrator of the 1st IIR "Islamic Finance & Real Estate Forum", which will crop abode in Frankfurt , Germany, on 4th and 5th November. More than 20 bread-and-butter experts from Europe and Asia will allegorize the affairs and risks of Islamic accounts for the cyberbanking and absolute acreage business. Sheikh Dr. Mohamed Ali Elgari, Professor at the Saudi-Arabian King Abdul Aziz University, and Dr Mohd Daud Bakar, President and CEO of the International Institute of Islamic Finance (IIIF) in Kuala Lumpur, are a allotment of the speakers. Both are Sharia Board Members of the Islamic Bank of Asia in Singapore. The programme for the accident is accessible in the internet at: www.iir.de/islamic-finance-forum/dn-press.

Background: Islamic finance
The appellation "Islamic Finance" agency case and absolute acreage articles which accede with the Islamic law. The Islamic economics is in accordance with the Sharia. This cipher includes all rules and bans which represent the "right appearance of life" for Muslims (Kreditwesen 15/2008). The Sharia prohibits banks to allegation interests as able-bodied as to advance in specific business sectors and abstract transactions. The Near East, North Africa as able-bodied as Indonesia, India and Malaysia are advised as the better markets for Sharia-compliant banking articles (FAZ, 23rd July 2008). Especially Asian countries accept become targets of absolute acreage investment funds (Der Immobilien-Brief, 22nd August 2008) although these markets can aswell affectation top risks (Der Immobilien-Brief, 25th August 2008). "Due to acquaintance in Indonesia and Malaysia, it can be affected that not alone Muslims are absorbed in Sharia-compliant investments, but aswell added ambition groups," declared IFIBAF Director Jalalle Chahboune. 20 percent of the apple citizenry (1.6 billion people) are Muslims. There are 14 actor Muslims active in the EU and 3.4 actor in Germany, which amounts to 47 percent of the migrants there. There are 300 Islamic banking institutions in 65 predominantly Islamic and Western countries (Kreditwesen 15/2008). London is the arch Islamic banking abode in Europe.

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Contact:
Carsten M. Stammen
Press Relations Officer
IIR Deutschland GmbH
A aggregation of the Informa Group
Westhafenplatz 1
D-60327 Frankfurt am Main
Phone: +49 (0) 69 / 244 327-3390
carsten.stammen@informa.com