Businessmen make pitch to Islamic world

The Financial Supervisory Service will host an investor relations session to promote the country`s investment climate and market potential on Wednesday, during the sixth annual Islamic Financial Services Board Summit in Singapore.

The Kuala Lumpur-based IFSB promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global standards and guiding principles for the industry.



The meeting is an annual gathering of IFSB members and representatives from the Islamic financial services industry and other invited guests. This year`s meeting is hosted by the Monetary Authority of Singapore and takes place at the Shangri-La Singapore from May 5 to 8 under the theme "The Future of Islamic Financial Services," the FSS said.

Along with a financial market overview by the FSS, Woori Investment & Securities, Korea Investment & Securities Co., and KTB Securities are scheduled to give presentations on private equity investment opportunities, Islamic finance from Korea`s capital market perspectives, and opportunities in Korea`s credit markets, during the event.

During the four-day summit meeting, FSS Governor Kim Jong-chang is expected to meet with the heads of the IFSB member organizations including Heng Swee Keat, managing director of Monetary Authority of Singapore, and engage in wide-ranging discussions on Islamic finance and market opportunities in Korea.

The 178 members of the IFSB comprise 42 regulatory and supervisory authorities, six international inter-governmental organizations and 130 market players and professional firms operating in 34 jurisdictions.

The FSC/FSS joined the IFSB in August, 2008, in recognition of its growing importance as a rule-setting authority for Islamic finance. It also co-hosted "Seminar on Islamic Finance" in Seoul in January this year with the IFSB to promote greater understanding of Islamic finance to domestic businesses, financial institutions, and investor groups.

"Korea and the Islamic world have been closely related in terms of history and culture since 1,000 years ago. What we would like to see is significantly expanded capital flows and financial services between Korea and Islamic countries in addition to the trade of goods that have benefited each other so much over the past several decades," President Lee Myung-bak said in the opening address of the January event.

Until now, few Korean financial service firms have been able to tap Islamic markets, as complex Islamic financial rules conflict with Korean financial and accounting standards, making it difficult for Korean banks. Local players, however, have been eager to advance into the Islamic capital market, chasing the region`s ample petrodollars.

By Lee Yong-sung

(danlee@heraldm.com)