06 October 2008 The global credit crunch is a blessing in disguise for Islamic finance as international debt markets enter a new era, according to industry observers. "Now is a golden opportunity for Islamic finance to provide an alternative model which, by its very nature, binds both the real and financial economies - just what the world needs right now," said Swati Taneja, conference director of the International Islamic Finance Forum. The next edition of twice-yearly event will be held on October 13 in Istanbul. "There has never been a more interesting time for cautious investors burned in the conventional credit crunch to begin looking at what the Islamic markets have to offer," Taneja added. "For Islamic financial products to be compliant they avoid excessive gearing and speculation - precisely what regulators are looking for the world over in the new era we are entering." "In today's globalised markets financial products of all types - Islamic or conventional - are affected," said Taneja. "But what is clear is that Islamic finance practitioners are identifying new markets as a result and are likely to have renewed confidence in the inherent sustainability of the Islamic finance model. Some are even suggesting Islamic products could provide safe havens in these challenging times."

By Staff Writer

© Emirates Business 24/7 2008 & omar 1.1:zy