(openPR) - HE Yousef Hussain Kamal, Minister of Finance of the State of Qatar & Chairman of the Qatar Financial Centre Authority inaugurated the 2nd Annual World Islamic Infrastructure Finance Conference at a ceremony at the Four Seasons Hotel in Doha, Qatar yesterday.

In his keynote address, H.E Sheikh Abdulla bin Saud Al-Thani, Governor of the Qatar Central Bank commented on how the growth in infrastructure financing has coincided with the growth of Islamic banking all over the world during the last few years.

‘’In terms of economic growth, for the last three years the world economy has maintained high growth rates with an average of 5.2%. During this period, developing economies averaged 7.7% growth while the average growth rate of Middle Eastern economies was around 5.6%. These strong growth rates partially reflect the substantial expansion in the field of governmental expenditure on infrastructure-related projects. For example, the high growth rates in Qatar have been accompanied by a constant increase in expenditure on major infrastructure projects. In 2003/4 this stood at QR 5.3 billion, increasing to QR 18 billion in 2005/2006 and more than QR 20 billion in 2006/2007’’, said His Excellency.

The first session focused on the Next Wave of Opportunities and Sources of Finance for Large-Scale Infrastructure Projects, where the Opening presentation was made by Dr. Ali Mohieddin Al-Qurrah Daghi, Deputy Chairman of the Shari’ah Advisory Board for QNB Al Islami. The second session focused on Managing Complex Transactions: Innovation in Islamic Project Finance featured an opening presentation from Doha Bank’s Chief Executive Officer, R. Seetharaman. Innovation and the increasing sophistication of Islamic-structured transactions, the next generation of Islamic financial solutions and the question of whether Islamic financial institutions are ready for the challenges of increasingly complex transactions were discussed by a panel of experts which included Arul Kandasamy, Head of Islamic Financing Solutions, Barclays Capital among others.

The next session on Partnering with Conventional Financial Institutions to Mobilise Infrastructure Finance focused on how effectively Islamic and conventional banks can work together, overcoming the hurdles to successful collaboration, and insights into case study deals.

Highlights of the day also included the Shari’ah & Business Open Forum with panellists Dr. Aznan Hasan, Assistant Professor, International Islamic University & Shari’ah Advisor –Shari’ah Advisory Council of Bank Negara Malaysia, Dr. Muhammad Imran Ashraf Usmani, Shari’ah Advisor, Meezan Bank Ltd & Dr. Mohamed Elgari, Shari’ah Advisor & Professor of Islamic Economics, King Abdulaziz University. The session was led by QNB Al Islami’s General Manager, Musadag El Melik. The session involved a powerful debate on the challenges of Shari’ah-compliant project finance and effectively integrating the Shari’ah board with the business, plus international perspectives and insights.

The conference, moderated by Naser El Tibi of CNBC Arabiya, sparked fruitful discussions and led to productive and insightful debate on the next generation of Islamic finance solutions.

More information on the World Islamic Infrastructure Finance Conference is available on the official conference website www.megaevents.net/wiifc

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For further information, please contact:
Annie Chinoy
Marketing & Media Manager
Middle East Global Advisors (MEGA)
Tel: +9714 3431200
Email: annie@megaevents.net

The WIIFC is sponsored by QNB Al Islami, Borouj Capital, Barclays Capital, Masraf Al Rayan, Investment House, Ernst & Young, Al Safa Islamic Bank, Doha Islamic Bank, Calyon Corporate & Investment Bank, Fitch Ratings, International Centre for Education in Islamic Finance (INCIEF), Calyx Financial, KPMG, DLA Piper, Path Solutions & Qatar Airways.

Media Partners are Banker Middle East, Forbes Arabia, CNBC Arabiya, Islamic Finance Information Service, Zawya, Project Finance International, Trends, Saneou Al Hadath, Eureka Hedge, Al Bayan, Capital, Business Islamica, Qatar Today, Qatar Al Youm, Business Life, Islamic Business & Finance, Al Morakeb Al Inmai, Investors, Al-Ittihad Al-Iktissadi, The Middle East in Europe.

MEGA is the leading business information firm focused on achieving business results for the Islamic banking & finance industry since 1993. The portfolio of MEGA brands represents the landmark industry conferences and our clients are the leading players in the international financial markets.