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Conference on Islamic banking in Oman

Islamic Banking: the next big leap of Oman
Islamic Banking is going to spur the next big investment drive and a major employment generator in Oman in the upcoming years. So Oman Islamic Banking and Finance Conference to be held at the Grand Hyatt on 5 and 6 June, 2012 are awaited with much anticipation. 

As the key speaker of the conference, Mr. Mohammad Harris' presence will be noted with extreme curiosity. He is one of the pioneers of Islamic Banking in Pakistan and Kenya and having played a key role in establishing the first Islamic banks in the two countries. He is the ideal choice for speaker at Oman Islamic Banking and Finance Conference to be delivering his insights on the Successful implementation of Islamic Banking in Africa. This is happening as part of the initiative by OITE (Oman International Trade and Exhibition) under the theme "Building a Growth for Islamic Banking & Finance" in Oman through improved regulation, innovation, standardization and best practices.

Mr. Harris has worked as Deputy General Manager and Head of Corporate & SME Banking, Structured Finance and Product Development at Gulf African Bank (GAB), the first Sharia'h compliant bank in Kenya and is expected to join very soon one of the major banks here in Oman. His responsibilities included developing and implementing business strategies to help establish the bank as a leader in Islamic banking and in providing innovative and structured products to meet customer requirements. 

Islamic Banking commenced in Kenya in 2008, when the government allowed Kenya Commercial Bank to operate its Amana Islamic suite, the country's first full-fledged Islamic bank. 

According to a report by KFH Research, the continent has seen the surge of Islamic Banking attributed to increasing awareness in Sub-Sahara Africa on the back of the growing trade interactions with the Middle Eastern countries. The demand for Shariah-compliant products and services by Muslims in keeping with religious beliefs, demand for risk averse banking approaches in light of the global financial crisis and measures taken by the government to review and reform banking laws allowing the setting up of Islamic banking institutions. 

Vast potential lies in North African countries in addition to Kenya, Nigeria, Senegal and South Africa. The report also states that there are currently 38 Islamic finance institutions operating in the country and most African countries are witnessing amendments to their legislations, thus allowing Islamic institutions to operate. These banks will greatly benefit retail services, small and medium scale projects and real estate development projects.

Other stories on Islamic Banking:

Omani college for Islamic finance training
Five edu gems from UAE to get into a plum job
5 Most desirable Management programmes in UAE
Islamic Banking : The next big thing in Oman


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