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405724
Tue, 05/03/2016 - 12:42
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AIBIM To Host Global Islamic Finance Forum 5.0

KUALA LUMPUR, May 3 (Bernama) -- The Global Islamic Finance Forum (GIFF) 5.0 will bring experts from across the globe to unlock the potential of the industry in order to stay relevant and maintain a positive momentum. Organising Chairman Nazlee Khalifah said the forum, scheduled for May 10 to 12 here, would be a platform for industry players to identify areas that should be addressed to boost the growth of global Islamic capital. "The global Islamic finance industry was worth about US$2.14 trillion in 2015, of which Malaysia's contribution was at 30 per cent. "The value of the industry globally is expected to hit US$3.7 trillion by end of 2020," he told a press conference on the GIFF 5.0 here Tuesday. Nazlee, who is also Affin Islamic Bank Bhd Chief Executive Officer, said the forum themed 'Dream Big, Go Beyond' would focus on encouraging the banking industry to embrace financial technology (fintech). Fintech is an economic industry composed of mostly start-ups that use technology to make financial services more efficient. According to the Fintech and Evolving Landscape study conducted by Accenture, landing points for the industry structure report showed that global fintech investment grew 75 per cent to US$22.3 billion in 2015 from US$9.6 billion in 2014, while investments in Asia Pacific quadrupled to US$4.3 billion. Spearheaded by the Association of Islamic Banking Institutions Malaysia (AIBIM), GIFF is expected to attract 1,000 experts, practitioners and business leaders from 30 countries. CIMB Islamic Chief Executive Officer Rafe Haneef said the forum would map out prospects of the industry in the next five to 10 years. Running alongside the GIFF is an infrastructure funding workshop which aims at promoting and accelerating the mobilisation of Islamic finance to fund the region's infrastructure needs. Over the period from 2001 until the third quarter of 2014, the sukuk issuances for infrastructure development amounted to US$97.4 billion, with the main issuers being Malaysia, Saudi Arabia and the United Arab Emirates. --BERNAMA

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