Community News (V10-I32)

Islamic Finance Conference in New York

NEW YORK, NY– Organized by Finance IQ, the 2nd Annual Islamic Finance World Summit will be held October 20-22, 2008 in New York, NY. This global forum will discuss the latest trends and solutions needed to overcome entry barriers within Islamic finance. Shari’ah scholars and advisors will be on hand, as well as asset managers, attorneys, and high-level executives to examine the opportunities in the Islamic finance market today.

Dr. Fahad Al-Zumai, a manager of legal affairs and Shari’ah compliance for the Bank of London and The Middle East plc, and also one of the notable speakers at the 2nd Annual Islamic Finance World Summit commented, “One of the main challenges in the Islamic finance industry is dealing with tax laws in Western economies, as Islamic finance is asset-based finance and this always raises a tax liability, which is a disadvantage to the industry in comparison to conventional banking.”

Industry-leading organizations including Ansar Financial, Algebra Capital, UIB Capital, the American Bar Association and the International Islamic University Malasia among others at the summit, will address regulatory hurdles like making distressed debt products compliant with Shari’ah, structuring special purpose vehicles to access Islamic financing and overcoming U.S. taxation and regulatory hurdles.

“Hedge funds are a very sensitive topic in the Islamic finance industry due to their investment tools and mechanics,” Dr. Al-Zumai continued, referring to one of the topics that will be discussed at the summit. “This is despite the fact that some Shari’ah-compliant hedge funds have been introduced, as many of the common tools used by conventional hedge funds will not be available, at least for now, to the Islamic hedge funds, such as stock lending and margin trading.”

The summit speakers will also share their insights on structuring and securitizing Sukuks, identifying emerging opportunities in Islamic retail banking, and using Shari’ah-compliant hedge instruments.

Tariq Khan appointed senior vice-president of ING USA

Windsor,CT–ING announced today that it has hired Tariq Khan as senior vice president to head market development and multicultural initiatives for its U.S. Wealth Management Wholesale Distribution division. In that role, Khan will develop and implement ING’s strategy to expand growing diverse markets, especially multicultural business in its corporate, fixed and variable annuity markets. He will report directly to Bill Lowe, president of the ING U.S. Wealth Management’s Wholesale Distribution division.

Previously, Khan served as vice president for market development and diversity at Nationwide, where he was responsible for enhancing Nationwide’s presence in the diverse markets including overseeing strategic planning, advertising and brand management, market development and recruiting efforts for all multi-channel retail distribution. Prior to Nationwide, Khan was vice president of marketing at MetLife where he was in charge of all multicultural segments including Hispanic, African-American and Asian markets.

“Tariq’s tremendous experience in developing the growing multicultural markets will allow ING to expand our reach to an even broader portion of the overall market,” said Lowe. “The United States is more diverse than it has ever been, and it is critical that we’re thoughtful and deliberate about tapping this fast-growing segment of the market. With the right approach, we can make it easier for individuals to save and prepare for retirement and their other financial goals.”

“I am truly excited to be joining ING, a well-respected global brand in the wealth management arena,” said Tariq Khan. “The face of America is changing and creating huge opportunities for all us and my role will be critical in taking advantage of these opportunities. I’m looking forward to working with ING’s leadership and diverse talent to build an infrastructure that will take our business to a new level.”

Khan earned a bachelor’s degree in international marketing and advertising from Baruch College, and a master’s degree in business administration in marketing and management from St. John’s University. He is an assistant vice chair and director of the Asian and Pacific Islander American Scholarship Fund, one of the largest U.S. organizations devoted to scholarships for Asian and Pacific Islander American students. He is a frequent speaker at many industry conferences on marketing and diversity.

ING is a global financial institution of Dutch origin offering banking, investments, retirement services and life insurance to over 85 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of over 130,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.

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