Dubai – MENA Herald: In light with the rising interest in Islamic finance by the local and global business communities, Dubai Chamber of Commerce and Industry in association with Allen & Overy LLP law firm organised a workshop entitled “Structuring Islamic Finance Transactions,” at its head office recently.
The workshop, which was attended by Dubai Chamber members, lawyers and legal professionals, investors, corporate counsels, investment advisors and bankers, shed light on the background and techniques involved in Mudaraba, Ijara, Istisna’a and Musharaka as well as Sukuk transactions.
Jehad Kazim, Director, Legal Services, Dubai Chamber, said that in line with the directives of H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, to make Dubai the Capital of Islamic Economy, Dubai Chamber organised this first-of-its-kind workshop at the Chamber premises to demystify the technical aspects of Islamic finance and transactions to promote and educate the participating professionals about their practical use in everyday business.
“The workshop has come at a time when there is heightening interest by countries like Britain, China, Hong Kong, the African continent and others who are looking at the liquidity in the Middle East as well as the South East Asian investors’ interest in knowing the Islamic finance structure,” said Kazim.
The workshop was conducted by Christian Saunders, Anzal Mohammed, and Bilal Ahmad, Partners, Allen & Overy LLP law firm, who spoke in detail about the various technical aspects of Islamic finance.
One of the speakers, Anzal Mohammed, informed that Islamic finance assets today stands at USD 2 trillion and is expected to increase to USD 3 trillion by 2017. Also, new Islamic banks and institutions are being set up and a lot of publicity surrounds this as a number of banks, corporates, Government and Semi-Government entities want to be a part of it.
“But, unless you practically work on Islamic finance you are not likely to get a better understanding of the key Sharia principles and how banking and capital market transactions are structured to comply with such principles,” said Mohammed.
Dubai Chamber regularly organises training, seminars and workshops to serve the business community in boosting their trade while contributing to the economic growth of Dubai.