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Eversheds debate sets scene on banking and Islamic finance trends in the Middle East

  • Qatar
  • Banking and finance

06-12-2011

As the dust settles following the FIFA 2022 World Cup announcement international law firm Eversheds hosts its 6th Banking & Islamic Finance Forum in Doha with leading speakers from the banking and professional services industries.

The forum aimed to encourage debate amongst legal, banking and other professional experts on the topical issues affecting banking and Islamic finance. Guest speaker Abdulkader Thomas, President and CEO of SHAPE Financial and director of the American Journal of Islamic Finance, discussed the implications of Basel III on the Islamic Finance industry, whilst Ray Maurer, Managing Director at QNB Capital LLC, provided an overview of the Qatari financial market. Hatim Al Taher, from Deloitte’s Islamic Finance Centre of Excellence outlined some of the key findings of their recent global Islamic Finance survey.

Amjad Hussain, Eversheds’ Partner and Head of Islamic Finance, chaired the forum and said:

“As the Middle East edges towards recovery, the sentiment in the financial markets is radically different at the moment from this time last year. There are still challenges facing the region, and indeed internationally, which will affect Islamic finance in the coming months, however the overall prospects looks positive.

“Whilst the regulatory and prudential framework for Islamic banks is likely to become even more challenging, the emphasis on risk mitigation is welcomed. This will help to build a stronger foundation for the recovery.

“With Qatar winning the right to host the FIFA 2022 World Cup, it is clear that the Qatari economy will continue to grow at a significant rate for the coming years. This success will also boost the growth of Islamic finance in Qatar and the wider Gulf region.

“The need to invest in Qatar’s infrastructure, so that it is ready to host the World Cup, may position Qatar in the driving seat in resolving issues facing the Islamic finance industry such as the need to invest in R&D and improving corporate governance.

“We are very pleased to be hosting this thought-leadership forum at such a momentous time for Qatar and the local Islamic finance industry.”

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