IFIBAF signs collaboration agreement with Dubai Dar Al Sharia

Dubai based Dar Al Sharia which is the leading provider of Shariah services in the region has signed a collaboration agreement with the Frankfurt based Institute for Islamic Banking and Finance (IFIBAF).

The relationship between these two organizations originates from a highly success Islamic Finance Trade Mission to Europe conducted by Dubai Exports, an agency of the Dubai Department of Economic Development. The Islamic Finance Trade Mission sought to increase the awareness of Islamic financial service providers and institutions from the UAE in the European markets.

In doing so the trade mission held a number of high level meetings and seminars with government and private sector participants in Europe. In due course Dubai exports will announce some of the outcomes from this mission but success story that was inked on Wednesday 22nd June 2011 at the Islamic Finance Forum organized by Dubai Exports with almost 200 participants.

Sohail Zubairi CEO of Dar Al Sharia commented that, “I strongly feel that the next big thing in the Islamic Finance industry may well be Germany. It is not the matter of why but when the first Islamic bank will start operation in the country”. Zubairi continued to state, “Our feeling is built upon pleasant revelation as to the high level of excitement and enthusiasm about Islamic finance amongst the bankers, lawyers, consultants whom we met and talked to during the Islamic Finance Trade Mission”.

One of the companies that delegates on the Islamic Finance Trade Mission met was IFIBAF, a Frankfurt based Consultancy for Islamic finance and Sharia consultants. In fact, IFIBAF hosted a seminar for the visiting delegation with over 80 German companies. Mounsif Chtaiti Director of IFIBAF stated, “this partnership brings together the huge and extensive expertise of Dar Al Sharia in providing Islamic financing and investment solutions to the institutions from around the world with the on the ground knowledge and connections of IFIBAF in Germany”. Chtaiti continued to state that, ”This agreement will help in serving the institutions and clients needing consultancy services for Islamic finance products, training and Sharia audit in Germany and other German speaking nations in the Europe.”

Dar Al Sharia and IFIBAF intend with the collaboration to work more close especially in the field of capital market transaction for retail and institutional business. Bringing in local market expertise in legal and regulatory requirements combined with Sharia compliant product solutions, IFIBAF will benefit from the expertise of Dar Al Sharia, especially in the area of Sharia advisory and Sharia auditing.

IFIBAF is the only German based consultancy that is developing Islamic Banking & Finance in the German speaking conutries and Europe. IFIBAF serves clients in Shariah compliant transactions and offers a full chain of services as an on shop system. Furthermore IFIBAF has a strong network and relationship to the German regulator, political Institutions to discuss in working groups how to facilitate Islamic Finance business for Banks and financial institutions.

IFIBAF was established in order to be a provider of Islamic Finance knowledge and expertise to the second largest Muslim population in Europe of 4.4 million with an estimated wealth in excess of 35 billion Euros. The German potential is huge for the Islamic finance world because the growth rate of the population is high as well as being young. Three quarters of the Muslim population in Germany is below the age of 49. In addition to this estimates show that the Muslim population in Germany has a much higher saving ratio of 18% compared to 10% for the country as a whole. More importantly, an IFIBAF survey in 2010 showed that 72% of Muslims living in Germany are interested in Islamic Financial products and services. The IFIBAF survey also found that if such products were to be offered in Germany 60% of respondents would consider an investment. An amazing 94% of them stated that they would purchase such products if offered by an Islamic financial institution. Muslim entrepreneurs generated more than 50 billion Euros in profits last year and this is and ideal market for the launch of Sharia compliant corporate.

Dr. Hussain Hassan one of the world famous Shariah scholars and Managing Director of Dar Al Shariah commented that, “It is be fitting to Dubai being the birth place of Islamic Finance (Dubai Islamic Bank, the world's first Islamic bank was established in Dubai), that such an agreement is signed here which will allow the flow of innovative products from Dubai to Germany and .” Dr Hussain contintued to state, “I would personally like to thank Dubai Government represented by Dubai Exports Islamic Finance Team and the German Government represented by AHK for facilitating this agreement”.

IFIBAF (Institute for Islamic Banking & Finance) is a Frankfurt based consultancy, specialised in providing advisory services to financial institutions and companies in the domain of Shariah Compliance.

IFIBAF offers consulting and advisory services for development, conception and certification of shariah compliant products.

IFIBAF and his co-operating partners offer an international network in defining market trends for Islamic Banking and Finance Business with access to Shariah Scholar Network

IFIBAF offers Legal and offical verdict (Fatwa) by well qualified Islamic Scholars on the basis of the Islamic sources in accordance with AAOIFI (the Accounting and Auditing Organization of Islamic Financial Institution) Shariah Standards as well as Shariah auditing and reporting to Shariah Board for annual statements of Shariah compliance.

Press contact:
Zaid el-Mogaddedi
Founder & Managing Director
Institute for Islamic Banking and Finance (IFIBAF)
Rheinstr. 21, D - 60325 Frankfurt

Fon: +49 (0)69-7430 6847
Fax: +49 (0)3212-1038752

Mail: zaid.el-mogaddedi@ifibaf.com
Web: www.ifibaf.com

This release was published on openPR.