(Ahlul Bayt News Agency) - The 1st Muscat International Islamic Finance Forum kicked off at al Bustan Place Hotel today under the auspices of Sayyid Asa'ad bin Tariq al-Said and lasts for two days.
The forum organized by Amanie Advisors will cover the different issues and developments related to Islamic banking, Islamic Finance, Takaful systems, Sukuk, Igaza and other issues related to banking industry technologies that are compatible with Islamic Sharia.
The opening ceremony was attended by a number of ministers, undersecretaries and more than 400 personalities from inside and outside the Sultanate.
Sayyid Asa'ad bin Tariq al-Said said that the speech given by Dr. Mahathir Mohammed, Ex-Prime Minister of Malaysia gave far sighted ideas. He stressed that Omanis in general are looking forward for Islamic banking long time ago. He explained that the studies conducted pointed out that there are billions of Omani Riyals outside the Sultanate. He hoped that such monies would come back to benefit the Omani economy.
He hoped that Islamic banks and Islamic windows would succeed in getting their business on the right track.
On his part, His Eminance Sheikh Ahmed bin Hamad al-Khalili, the Sultanate's Grand Mufti said that the conference is expected to cast light on the Islamic Banking and its importance for the Islamic Umma. He hoped that the practical experience in this field would succeed in building the Islamic economy in the Sultanate, as well as in other Islamic countries.
Tun Dr. Mahathir Mohammed, Ex-Prime Minister of Malaysia delivered a speech where he said that Islamic countries should exploit the bounties provided to them by Allah through following the teachings of Islam which guide us on how to benefit from such bounties.
He added that ' there is a dire need for Islamic banking in this age to make the optimum utilization of the available capitals in the Islamic world. He affirmed that the Non Islamic countries adopt the Islamic banking model as they believe that such model is important in this age.
He also pointed out that the revenues generated by the Arab countries from following the Islamic banking system could be utilized in setting up industrial projects. These projects will enhance the sources of national income on one hand and generate many job opportunities on the other.
He added that the revenues may be utilized in agricultural aspects, especially the Islamic countries have expansive farmable lands that need capital for their utilization.
Dr. Mohammed Dawood Baqer, Founder and Chairman of Amanie Advisors delivered a speech where he stressed the role played by Islamic banking in enhancing national economies and reducing the risks of financial crisis implications.
Suleiman bin Hamad al Harthy, Manager of Islamic Banking at Bank Muscat, Mithaq' delivered a speech where he pointed out that BankMuscat dedicated RO150 millions of its capital for Islamic banking ' Mithaq'. The move has been approved by the CBO.
On his part, Hamdan bin Ali bin Nasser al-Hinai, chairman of Ahlibank delivered a speech where he highlighted the importance of caring for Islamic banking and finance, especially the later can provide many services to citizens and residents in the Sultanate.
Fahd bin Mohammed al-Khalili, Executive Partner for Amanie in Oman expressed his satisfaction for the positive response to 1st Muscat International Islamic Finance Forum.
On the other hand, the first day witnessed the launch of the first Real Estate Islamic Sukuk in the Sultanate as Telal Real Estate Development Company appointed Amanie Advisors to provide consultancy service with related to developing the real estate Sukuk of the company; the first of its kind in the Sultanate after the Royal Decree which allowed for Islamic finance operations.
Commenting on the decision made by the group to issue the Sukuk, Eng. Khamis bin Mubarak al-Kiyoumi, Chairman of Telal Real Estate Development Company said that the decision provides the company with the required flexibility and diversify the finance base. It also provides sharia compatible additional money for the company.
This announcement marks the first Islamic Sukuk translation in the real estate sector in the Sultanate. The industry, which is U.S dollars billions worth in the world market, is nourishing in many countries including Kingdom of Saudi Arabia, Malaysia and other Gulf countries.
During the first day of the forum, three MoUs among the participant agencies were also signed. The MoUs cover cooperation in finance, Islamic banking and other related issues to them.
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