RIYADH, May 14: The first International Islamic Financial Markets Conference (IIFMC) is scheduled to begin in Manama, Bahrain on Monday. The two-day event will address ways of establishing an effective Islamic money market in the region.

It is jointly organized by the International Islamic Financial Market (IIFM) and the General Council for Islamic Banks and Financial Institutions (CIBAFI). General council chairman Sheikh Saleh Kamel, a pioneer of Islamic banking, who has just been elected as the president of the Islamic Chamber of Commerce and Industry will be the keynote speaker.

The Bahrain Monetary Agency (BMA) and the Islamic Research & Training Institute (IRTI) of the Islamic Development Bank are actively pursuing the holding of the seminar. “Opportunities in the Islamic Capital and Money Markets”, is the theme of the two-day conference that will focus on various theoretical and practical aspects affecting the Islamic financial services industry, with particular emphasis on the sukuk (Islamic bonds) and Islamic money markets issues.

The event is to be attended by about 250 delegates representing key market players, including sukuk issuers, arrangers, underwriters, market makers, investors, funds/portfolio mangers, regulators, reserve managers, Sharia scholars, consultants and legal advisers. Economists and experts from around the GCC and Asia will also attend the conference.

According to the Secretary General of the Bahrain Centre for Studies and Research (BCSR) Dr Hassan Al Bastaki, so far over 100 people have signed up and that many more are expected to join in the next few days.

“It will bring together senior economists who will discuss ways of attracting foreign investment to the region,” he said.

Topics that will be covered include global FDI trends, the experiences of other countries, the benefits of Free Trade Agreements (FTAs) and others. Dr Al Bastaki says the conference comes at a time when the region is going through many economic and political reforms that aim, among other things, to attract more FDI and improve economic conditions.

“Healthy economies are better able to combat crimes such as terrorism,” he added.