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News Article

12 November 2007

International Islamic Finance Congress Inauguration Sponsored by ADCB and ADIB

Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi Islamic Bank (ADIB) announced their sponsorship of the inaugural ceremony of the International Islamic Finance Congress to be held in Abu Dhabi from November 19th to the 22nd.

This event is the first of its kind in Abu Dhabi, the capital of the UAE, and it comes at a time when the Islamic Banking industry is rapidly growing throughout the world, especially in the UAE with eighteen percent as an average of annual growth rate. The most salient feature of the Congress is the presentation of a new research about the entire process of new Islamic financial product development by the General Council for Islamic Banks and Financial Institutions.

With such a swift growth rate, several difficulties and obstacles concerning skills, standardization and costs of Islamic Finance need to be addressed for further development to occur. This event will offer interested parties, particularly in Abu Dhabi, the opportunity to learn from experts addressing these critical issues. In particular, speakers will cover the latest developments in Shariah compliancy with regards to products and its influence on investment, the future growth of Islamic banking and how this will impact the requirements for diversifying economies. Other significant topics that will be discussed during the congress are the important factors and their complications in Islamic investment funds, Islamic project finance, Islamic retail banking, Sukuk and Takaful and progress towards uniformity in Islamic finance standards and how that will benefit international market growth.

"ADCB's Sponsorship of the International Islamic Finance Congress affirms our keenness to augment our position as a pioneer bank in Islamic Financial Services sector", Eirvin Knox, Chief Executive Officer of Abu Dhabi Commercial Bank stated

Another urgent issue that needs to be addressed is the demand for training the next generation of Islamic finance managers. The International Islamic Finance Congress will also include two-day workshops on the 19th and the 22nd of November. Delivered by Senior Executives of the Islamic Advisory Group, these highly practical workshops will focus on the Essentials of Islamic finance, Islamic finance risk management, Liquidity management and the Essentials of Sukuk.

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