NEW YORK — Organized by Finance IQ, the 2nd Annual Islamic Finance World Summit will be held October 20-22, 2008 in New York, NY. This global forum will discuss the latest trends and solutions needed to overcome entry barriers within Islamic finance. Shari’ah scholars and advisors will be on hand, as well as asset managers, attorneys, and high-level executives to examine the opportunities in the Islamic finance market today.
Dr. Fahad Al-Zumai, a manager of legal affairs and Shari’ah compliance for the Bank of London and The Middle East plc, and also one of the notable speakers at the 2nd Annual Islamic Finance World Summit commented, “One of the main challenges in the Islamic finance industry is dealing with tax laws in Western economies, as Islamic finance is asset-based finance and this always raises a tax liability, which is a disadvantage to the industry in comparison to conventional banking.”
Industry-leading organizations including Ansar Financial, Algebra Capital, UIB Capital, the American Bar Association and the International Islamic University Malasia among others at the summit, will address regulatory hurdles like making distressed debt products compliant with Shari’ah, structuring special purpose vehicles to access Islamic financing and overcoming U.S. taxation and regulatory hurdles.
“Hedge funds are a very sensitive topic in the Islamic finance industry due to their investment tools and mechanics,” Dr. Al-Zumai continued, referring to one of the topics that will be discussed at the summit. “This is despite the fact that some Shari’ah-compliant hedge funds have been introduced, as many of the common tools used by conventional hedge funds will not be available, at least for now, to the Islamic hedge funds, such as stock lending and margin trading.” (MORE)