First Islamic Banking Conference in Oman by ITS

Top Quote Global Islamic finance sector currently estimated at 0.38 trillion Omani riyals; 24% annual growth expected. End Quote
  • (1888PressRelease) June 16, 2011 - Muscat - International Turnkey Solutions (ITS), one of the leading business and technology solutions providers for banking, Islamic finance, higher education and telecommunications sectors, will host its first Islamic banking conference in Oman at the Shangri-la's Barr Al Jissah Resort and Spa on June 20th, 2011. Following an Omani royal decree in early May authorizing the establishment of Sharia-compliant services, the event will feature top Islamic banking experts discussing opportunities for Omani banks interested in taking advantage of this new opportunity.

    "I am very excited to join ITS in discussing Islamic banking issues with the Omani banking sector, which is facing a unique opportunity today with the opening up of an Islamic finance sector," said Dr. Mabid Al-Jarhi, President, International Association for Islamic Economics, who will present at the Conference. "This is surely a situation where early adopters will pick up the most benefits but much planning and expertise is required to assure long-term growth, profitability and credibility."

    HRH Sultan Qaboos bin Said Al Said's royal decree authorizing Sharia-compliant financial products sparked interest in the Islamic finance sector. The decree comes as studies indicate that the global Islamic finance industry is set to grow 24 percent annually and has weathered the financial crisis, with total value of assets controlled growing from 154 billion OR at the end of 2008 to more than 0.38 trillion OR in 2010.

    "The royal decree ushers in a new era for Omani finance. Demand from the youth, who make up 65 percent of the GCC, will certainly drive this industry. We are proud to extend our support to ITS who will leverage their years of experience to benefit Oman's burgeoning Islamic finance industry," said Dr. Haroun Dharsey, Senior Vice President Operational Projects, Dubai Islamic Bank, and speaker at the ITS Islamic Banking Conference.

    The seminars will bring together industry experts and speakers from regional Islamic institutions who will discuss the challenges involved in migrating to a Sharia-compliant structure. Those challenges include overhauling the IT infrastructure, training staff and integrating with the global banking system, elaborated Tarek Khalifa, SGR Area Manager of ITS

    "AT ITS, we are taking the initiative and sharing our 30 years of industry experience with what is sure to become a key market. The expertise we have accumulated through our operations in Saudi Arabia and various Islamic knowledge centers allow us to design turnkey solutions that will help our clients migrate to Sharia compliancy quickly and seamlessly," said Khalid Al-Saeid, MD and General Manager of ITS. The seminars are targeting key decision-makers in the banking industry such as top management officials and C-level executives.

    About International Turnkey Systems (ITS)
    International Turnkey Systems Group (ITS), a leading integrated information technology solutions provider, offers cutting-edge solutions for numerous valued clients in the Middle East, North Afri-can, and East Asian regions, as well as the Caribbean, through our resource pool of over 2,500 skilled IT professionals based in 24 offices worldwide. At ITS, we are proud of our long and suc-cessful track record since our establishment in 1981. For more information on ITS, please see:

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