Exclusive product launches mark inaugural Islamic retail banking and finance conference (FRIBC 2004) in Dubai Royal Professor Ungku Aziz, Founder of Tabung Haji, to speak at FIRBFC

February 13, 2004--Retail banking and finance is taking off in a big way both in the conventional and Islamic banking sectors especially in the Middle East region, where retail banking and finance is particularly under-developed.

This together with developments in regulatory and legal infrastructure relating to the retail and consumer banking sector promises a very encouraging market potential for a array of products worth billions of dollars.

Senior executives from both the conventional and Islamic finance industry will discuss the current state of the Islamic retail banking and finance market, and deliberate on the issues and challenges that lie ahead. The organisers are finding that the specially set up conference website at www.islamicretailbanking.com has been attracting great interest from industry players who are keen to be part of this landmark event.

The organizers are particularly pleased to announce that Royal Professor Ungku Aziz of Malaysia, the founding father of Lembaga Tabung Haji (Malaysia's Pilgrims Management Fund), Malaysia's pioneering and unique savings institution which today has assets in excess of US$2.8bn, will give the keynote speech.

Royal Professor Ungku Aziz, the father of the award-winning Dr Zeti Akhtar Aziz, Governor of Bank Negara Malaysia, was one of the first Muslim intellectuals to recognise the necessity of facilitating the financial needs of ordinary Muslims through saving and investment schemes; and through access to financial services consistent with their religious principles.

Tabung Haji today boasts investments in Islamic banks; corporates; plantations; and technology companies. It has over 4.5m depositors with a deposit base of US$2.6bn. In August 2003, Tabung Haji launched its internet banking service which attracted US$20m in online deposits in the first two weeks of the service. Tabung Haji is a highly successful savings mobilisation model that can readily be emulated by other Muslim countries.

The conference has also received support from Professor Rifaat Abdel Karim, Secretary General of the Islamic Financial Services Board (IFSB) in Kuala Lumpur.

"On the occasion of the First Islamic Retail Banking Conference, I commend the theme and focused topics for discussion which are both timely and relevant. This Conference should provide a splendid opportunity to meet, discuss and forge a new path towards a credible global system that offers a wide and competitive range of Shariah-compliant products and services."

The conference organizers are encouraged by the support and enthusiasm for this inaugural conference. Mushtak Parker Editor of Islamic Banker magazine believes this is due to the theme-based nature of the event, distinguished by its focus on issues in retail Islamic banking and finance, which is one of the fastest growing sectors in the Islamic finance industry.

Parker went on to say that as the Islamic finance industry matures, the utility derived from generic conferences has diminished as they tend to offer only networking and marketing platforms, when market sentiments are demanding meaningful discourse and inter-action that deliver greater scrutiny of products, services and promoters in a focused and value-added environment.

Islamic bankers such as Nathif Adam, Retail Banking Manager at National Bank of Sharjah, are bullish about the future prospects of the Islamic retail banking sector. "With continued weaknesses in global investments, worsened by tighter financial margins domestically," he stresses, "the retail banking sector is undoubtedly the new high-growth high-margin target business for banks.

"Your focused conference is timely in many respects, and should offer solid perspectives on the opportunities, issues, and challenges pertaining to the Islamic retail market place today".

Mohammed Paracha of Norton Rose, the international law firm, agrees that as market players from across the globe are developing and launching new products in various jurisdictions, it is imperative for the development of this growing industry that there is a frank and focused discussion of all aspects of Islamic retail banking and finance. Paracha believes that FIRBFC provides an ideal environment for such discourse.

Keith Leach, Senior Manager in charge of ABC International Bank plc's UK Islamic Financial Services business in London and a founder member of the Bank of England's Working Party on Islamic Finance enthusiastically added "one of the most exciting areas of potential growth in the retail Islamic Banking market lies in providing Shari'a-compliant products to Muslim clients in non-Muslim majority countries such as the UK and USA".

The conference will break new ground in several of the presentations. Meshal Al-Ameri, Managing Director of Munshaat Real Estate Company, will give a special Featured Case Study of the first Islamic BOT (Build-Operate-Transfer) and Sukuk Al-Intifaa (the Islamic equivalent of a timeshare concept) relating to the pioneering Zam Zam Tower Project in Makkah, Saudi Arabia.

Munshaat, through its international marketing company, MAS International, is also pioneering an online trading portal where Muslims who own the Sukuk al-Intifaa can trade the Sukuk.

Munshaat is the sponsor of Gold Gala Dinner, during which delegates will be treated to a multi-media presentation of the Zam Zam Tower Project and the rubrics of the Sukuk Al-Intifaa, in the stunning surroundings of the Amphitheatre of the Grand Hyatt.

Other exclusive features of FIRBFC include:

-The launch of the newly-licensed Unicorn Investment Bank by its Chief Executive Majid Al-Refai.
- A presentation on the first-ever Islamic securitization of retail finance receivables by Mohammad Al-Omar, Chief Executive Officer of the newly-established Kuwait-based Al Manar Financing & Leasing. The receivables are those of Investment Dar, the Kuwaiti Islamic investment company.
- The launch of a major new retail brand by one of the established Islamic financial Institution.
- The launch of the first Islamic retail real estate fund regulated by the Financial Services Authority in the UK

FRIBFC will also feature a Marketing and Branding Focus in which speakers will address the process of creating brand value in a competitive environment; retail marketing strategies and trends; and using PR as an effective marketing and branding tool.

A new format Shariah Scholars Session, first pioneered by the organisers in their annual Islamic Real Estate Finance Conference in London (IREF 2003) and moderated by Mushtak Parker, will feature a panel of industry experts inter-acting with the Scholars on various aspects of Shariah compliance relating to a range of retail products. The session will then be opened to questions from the floor for wider debate.

Shariah Scholars participating in FIRBFC include Sheikh Dr M. A. Zaki Badawi OBE; Dr. Hassan Hussain; Sheikh Nizam Yaquby; Sheikh Mohammed El Gari; Dr. Daud Bakr; Dr. Imran Usmani; Mohamed Burhan Arbouna.

This conference for the first time in the sector brings together retail Islamic banking and finance markets and practices in the Middle East; South East Asia; and the West. That is why all those institutions and senior executives involved in this sector can ill-afford to miss this unique opportunity and value-added event.

For further details contact: Reza Adil; Conference Director; Islamic Conferences Group; Unit A Tudor House, Llanvanor Road, London NW2 2AR. UK. Tel: +44 (20) 8209 1751; Fax: +44 (20) 8905 5822; E-mail: firbc@islamicconferences.com Website: www.islamicretailbanking.com




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