Middle East on the prowl
06/09/2008
Islamic finance and Sharia compliant funds, along with investment in bonds and stocks from the region are attracting a wave of investors, according to a seminar on opportunities for the regional funds industry, organised by Dubai International Financial Centre (DIFC).
Nasser Al Shaali, CEO of the Dubai International Financial Centre Authority, said: “The asset and funds management industry is still young but due to the vast wealth concentration in the region, we can expect the GCC to become an international centre for asset management in the next decade."
Managed funds, and in particular Sharia compliant funds, are attracting a wave of new, more sophisticated investors. Dr Nasser Saidi, chief economist of DIFC, said: 'Islamic finance and Islamic funds will be one of the major drivers for the industry over the next few years."
As international interest in the Mena region continues to grow, Dubai's aspirations of becoming a centre for global trade is fast becoming a reality.
In just four years, DIFC has succeeded in attracting some of the leading and most respected names in the global banking industry.Dr Saidi said: "The Middle East is predicted to be the fastest growing region for high net-worth individual (HNWI) assets. With mutual fund penetration rates at very low levels across the GCC, there are tremendous opportunities for growth."
