Organized by IFC Azerbaijan Corporate Governance Project, a seminar was held in Baku on the topic Islamic Finance: Relevant Concerns of Corporate Governance, Transparency and Disclosure, Trend reports.
Opening the seminar, Mohamed Hamra-Krouha, a Dubai based lawyer from the Islamic Finance Group of the law firm of Clifford Chance, said that the Islamic finance market became developed for 30 years and the Company forecasts conclusion of financial contracts in the amount of $15 bln in 2006, and that over the whole period of the activities with Islamic principles, the investment allocations amount to $300 bln. He said that the annual growth of the operations of the Islamic financial institutions is reported at 20%. Till 2020, the Saudi Arabia plans to turn into 100% Islamic market. In addition, during the meeting, information was presented about the products applied in the Islamic banking system, kinds of the financial institutions and the principles of the corporate governance. The 3-year ACGP project has been implemented by the International Financial Corporation since January 26, 2005, with the financial support of the State Secretariat for Economic Affairs of Switzerland.
The event brought together the representatives of 35 banks.