WIEF-UEF Chennai Roundtable 2018, 10th November 2018
Chennai, India: United Economic Forum (UEF) and World Islamic Economic Forum (WIEF) will jointly organise Roundtable to address ‘Innovative and Alternative Finance for Business and Infrastructure Development in India’. The event is scheduled to be held at Hotel ITC Grand Chola in Chennai, Tamil Nadu, India on 10th November 2018.
‘We are pleased to partner with WIEF Foundation by bringing the Roundtable, along with subject matter experts to the business community in Tamilnadu,’ said Mr Ahmed Buhari, President, United Economic Forum.
‘UEF believes that the way to raise the socio economy of a community is through trade and businesses. With the steady growth the country is experiencing, we wish that the private and government sectors will have further understanding of shariah compliant finance as an alternative to conventional banking and finance in developing the country’s infrastructure, manufacturing and real estate industry,’ continued Mr Ahmed Buhari.
‘Buoyed by the perception of more tranquil market conditions and an improving regulatory backdrop, issuance of sovereign shariah compliant debt by non-Muslim countries is set to hit a 3-year high in 2018,’ said Tun Musa Hitam, Chairman of WIEF Foundation.
‘The non-speculative nature of shariah compliant finance can help to ensure financial stability- a reason why it is gaining traction globally. As a matter of fact, it has become so attractive that even non-Muslims find it appealing,’ continued Tun Misa Hitam.
According to a report by Asian Development Bank, Developing Asia continues to enjoy steady growth and buoyant prospects. India is set to rebound from a dip in growth following the government’s economic reform – improved business regulations and buoyant tax revenue will bolster growth to the forecast horizon, as its GDP accelerates to 7.3 per cent in 2018 and 7.6 per cent in 2019.
The growing demand for shariah compliant finance, coupled with various initiatives undertaken by a number of governments and regulatory bodies across Asia have fueled the growth of the industry. It is estimated that the value of shariah compliant assets in Asia will exceed USD1 trillion by 2023.
In 2017, India remained the second most populous nation in the world at 1.3 billion. Muslims made up 14 per cent of India’s population in 2010 and is projected to have the world’s largest Muslim population in 2050 (311 million). In that respect, India will have a vast opportunity to grow in the Shariah compliant banking and finance services sector.
The 63,388 million of Micro, Small & Medium Enterprises (MSMEs) in India could benefit from the option available to access the inclusive banking and finance services.
Asia plays a significant role in both the global economy and the shariah compliant financial system. The industry itself has grown from strength to strength with the total financial assets amounting to USD528.7 Billion, or 26 per cent of the world’s Shariah-compliant financial assets. Asia has spearheaded several initiatives and innovative development that create new growth areas which will further spur the industry’s progress. Moving forward, the region’s infrastructure development needs will also present large growth opportunity for this alternative finance to have stronger footing.
About the World Islamic Economic Forum (WIEF) Foundation
The WIEF Foundation, a not-for-profit organisation based in Kuala Lumpur, organises the annual World Islamic Economic Forum, a world-class business platform showcasing business opportunities in the Muslim world, and runs programmes of the various initiatives of the Foundation that strengthen people partnership and knowledge exchange between Muslim and non-Muslim communities across the globe. The WIEF has previously held forums in Malaysia, Kazakhstan, Indonesia, Kuwait, Pakistan, the United Kingdom and United Arab Emirates and aims to bring together Muslim and non-Muslim communities through the common language of business.
About United Economic Forum (UEF)
United Economic Forum (UEF) was founded in the year 1979, by Alhaj BS Abdur Rahman, to improve the Socio-Economic status of backward communities in India, through Education and Entrepreneurship. It has become a Chamber of Commerce since 6 December 2016 and since then it has taken upon itself facilitating achieving of an ambitious target of $20 billion of Economic enhancement for its members through business activities, Islamic funding, Sovereign Wealth Funds, Private equity, Government Schemes, Bank Finance etc.by 2030. Towards this objective, it has successfully conducted two biennial Trade Summits in 2015 and 2017, modelled on WIEF annual business Summits, wherein thought leaders across the world has participated and thousands of Indian delegates have been benefitted, several thousand Crores worth MOUs have been signed.