March 4, 2013, Dubai, United Arab Emirates: Dubai Maritime City Authority (DMCA), the government authority charged with regulating, coordinating and supervising all aspects of the maritime sector in Dubai, has announced that it will share key insights on the growing importance of Islamic financing in the maritime sector during its participation at the 9th Annual Marine Money Gulf Ship Finance Forum, which will be held at the Emirates Towers Hotel in Dubai on March 6, 2013.
The specialized discussion session about Islamic finance within the maritime sector in the Middle East will take place during the Marine Money forum and with the support of Dubai Maritime City Authority.
Mrs. Mia Jensen, Regional General Manager for Operations, Marine Money Europe and Middle East, said: 'We in Marine Money strive always to provide a platform to exchange views and promote dialogue among key decision-makers in shipping finance and ship owners around the world. Islamic finance for ships will be a key focus in the maritime sector, as there are huge challenges facing traditional ship financing. We are glad to arrange this panel in Dubai and we would like to thank Dubai Maritime City Authority for their help in putting this panel together at our 9th Dubai event.'
The Annual Marine Money Gulf Ship Finance Forum has been a leading platform to discuss key issues in the Middle East shipping industry, including those related to opportunities in shipping investments. DMCA will be highlighting the growing importance of Islamic financing as a viable alternative source of capital in light of the slowdown in traditional shipping financing facilities.
H.E. Sultan Ahmed Bin Sulayem, President, Dubai Maritime City Authority, said: 'Dubai's transformation into a major maritime hub has opened a huge window of opportunities for maritime industry players to move ahead with their growth plans and expand their reach across new global markets. Shipping companies worldwide, however, have been affected by the slowdown in financing facilities, particularly from traditional sources such as European banks that are still coming to terms with the European debt crisis and the legacy shipping portfolios already on their books.
Bin Sulayem added: 'We believe this is a great opportunity to highlight the strategic advantages of Islamic financing as an excellent alternative to traditional financing. The Annual Marine Money Gulf Ship Finance Forum 2013 will therefore be a great venue to discuss emerging investment opportunities in the shipping industry through Islamic financing. Dubai Maritime City Authority will be sharing exclusive insights on this matter, particularly in light of the vision of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to establish Dubai as the Capital of Islamic Economy.'