Liquidity Management Centre Chairman Appointed to Chair DIFC Islamic Financial Advisory Council

Manama (PRWEB) February 24, 2006

The Dubai International Financial Centre (DIFC) Islamic Finance Advisory Council has just ratified the appointment of Mr. Aref A. Kooheji as its first Chairman.

Mr. Kooheji is the current LMC Chairman and represents Dubai Islamic Bank (DIB) on the LMC Board. His current role sees him as one of the eminent figures in the growth of DIBs market leading position in the Islamic Investment Banking field. In recent times Mr. Kooheji has played a key role in the continued development of the Islamic Capital Market along with other strategic players. He was also an integral strategic contributor to the overwhelming success of the recent Dubai Ports Sukuk Offering of US$ 3.5 billion.

Mr. Koohejis co-members on the DIFC Islamic Finance Advisory Council are: Mr. Saad Abdul Razak (CEO – Dubai Islamic Bank), Mr. Hussain Al Qemzi (CEO – Sharjah Islamic Bank), Mr. Mohasin Al Nathani (MD & CEO – Citi Islamic Investment Bank E.C), Mr. Eqbal Khan (CEO – HSBC Amanah Finance), Mr. Hussein Al Meeza, and Mr. Abdul Wahid Al Ulama (Legal Consultant and Advocate – Al Tamimi & Co).

The DIFC Islamic Finance Advisory Council (the Council) was established in late 2005, at the direction of H.H. General Sheikh Mohammed Bin Rashed Al Maktoum, Crown Prince of Dubai, UAE Defence Minister, and the President of the DIFC. It has the objective of playing a key strategic and industry guidance role for the primary purpose of further assisting the development of the Islamic Finance Industry and DIFCs position as one of the key centres of operation within such an expanded industry. The founding council members are comprised of industry expert individuals able to provide their expertise and insight on trends and market environment developments, from a number of perspectives including Dubai, the broader GCC and on a pan-global level.

All members are appointed to the Council on an honorary basis.

Mr. Ahmed Abbas (CEO Liquidity Management Centre), speaking on behalf of LMCs board of directors and executive management, commented as follows: It is an honor for LMC to have such an experienced, supportive and motivated Chairman such as Mr. Kooheji. We at LMC have benefited from the ongoing support and guidance supplied by our Chairman and it is very apparent that his contribution to the industry extends far beyond his role at LMC. On a personal note we would like to congratulate Mr. Kooheji on what is a most deserved appointment to such an eminent guidance body. There is no doubt that the combined input of all the council members will assist the development of DIFC and the broader Islamic Finance industry.

There are currently over 290 Islamic banks with total assets under management of~US$ 500 billion. It is expected that both Islamic banks, as well as their conventional counterparts with Islamic windows, will greatly benefit from the initiatives and guidance of the DIFC Islamic Finance Advisory Council.

Issued on behalf of LMC by T&M EVENTSCOM, Bahrain. For further information, please contact Annie Shagra on Tel: +973 17 226775 or Fax +973 17 226698


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