Islamic Banking and finance specialist Dr. Sabahuddin Azmi told delegates that outstanding credit in the UAE housing market is expected to rise sharply between now and 2011 as real estate growth exceeds an estimated AED419 billion during this period.

Dr Azmi, Faculty at the Emirates Institute for Banking and Financial Studies in Sharjah, said Amlak Finance and Tamweel, both Sharia’ah compliant, dominate the UAE housing finance market, holding 35 per cent and 25 per cent shares respectively.

He was speaking at a two-day summit where 13 financial experts debated the difference between western family wealth management methods and Islamic Shariah compliant principles.

Sponsored by Ras Al Khaimah Free Trade Zone Authority, the summit was held under the patronage of HH Sheikh Saoud Bin Saqr Al Qassimi, Crown Prince and Deputy Ruler of Ras Al Khaimah.

Lisa Gray, managing member of US-based family wealth consultants Graymatter Strategies LLC, told delegates the number of wealthy families in the GCC is growing exponentially.

Addressing the problem of understanding GCC clients’ customs and how best to meet their needs, Gray said that advisors who make assumptions about the needs of GCC families of wealth based on preconceived notions about GCC demographics will miss the mark. She said wealthy GCC families face particular challenges since much of their wealth is relatively new and there are new generations are coming up in a globalized world.

Gray noted the GCC is made up of six countries with different economies and different cultures and emphasized that financial advisors need to take time to understand each country’s characteristics and each family’s dynamics.