Leading Dubai-based Islamic Finance consultancy Amanie Advisors has opened a new office in Egyptian capital Cairo as part of its regional expansion strategy.

The new office aims to captalise on the considerable business potential in Egypt and North Africa advising bankers and fund managers about the principles of Islamic Finance.

As the regional banking sector continues to mature and develop new products to cater to changing market needs, there is growing interest in doing the banking via the principles of Islamic finance, said a statement from Amanie.

As per Amanie estimates, there is already $52 billion invested in Shariah investment funds on a global basis and an estimated $1.6 trillion of Islamic assets by 2012.

Heading-up the Amanie Advisors group is Dr Mohd Daud Bakar a renowned Shariah scholar, who sits on various Shariah boards around the world.

"Demand for financial services in Egypt is growing rapidly, with a marked preference by many in the country for a Shariah-compliant financial alternative," said Dr Bakar.

"We believe that our training and advisory services will be much sought after among asset managers and bankers," he stated.

The Cairo office will be directed by CEO, Ibrahim Zahaf, who will be moving from the group’s Dubai office.

Commenting on the launch, Zahaf said like many other industries in Egypt, Islamic Finance too needs human capital development.

"Banking executives and staff need to understand the underlying principles and rules, of Islamic Finance to be able to offer Shariah-compliant products. We are now perfectly positioned to fill that gap in the market," he added.

Also planned is a two-day conference scheduled on October 23 this year, which will highlight new opportunities available for the Islamic finance industry in Egypt and North Africa.

Amanie’s new Cairo office will be supported by their internationally respected Shariah Board and global network of financial professionals, which operate from offices in Kuala Lumpur, Dubai and Luxembourg.-TradeArabia News Service