CAIRO: The Dubai-based Islamic financial consulting firm Amanie Advisors has opened a new office in Cairo. The agency seeks to advise bankers and fund managers in Egypt and North Africa about the principles of Islamic finance. They expect a considerable potential for growth in the area. According to Amanie, Shariah-compliant investments total $52 billion globally. The firm expects Islamic assets to rise to US$1.6 trillion by 2012. The head of the Amanie Advisors group, Mohd Daud Bakar, expects a large demand for Islamic financial consulting in Egypt. “Demand for financial services in Egypt is growing rapidly, with a marked preference by many in the country for a Shariah-compliant financial alternative. We believe that our training and advisory services will be much sought after among asset managers and bankers,” he said. CEO Ibrahim Zahaf will leave Amanie's Dubai office to direct the new Cairo office. Islamic finance is a departure from interest-based finance. It works on the principles of trading, leasing and partnership to create new wealth. It prohibits investment into entertainment, pork, alcohol, gambling, and any other goods and services forbidden by Islam. Amanie now has offices in Dubai, Kuala Lampur, Luxembourg and Cairo. BM