ISLAMIC finance is a growing force in world commerce that Guernsey should harness, according to an expert in the field.

Bilal Ahmed (pictured), senior manager at Ernst & Young, last week addressed a 70-strong audience of businessmen and women on the ethically-based finance system.

‘It is an area of the market the Channel Islands need to focus on now because it will grow with time,’ he said.

The current climate opened all sorts of possibilities to local businessmen because of recent turbulence, he said.

‘The market, especially the relevant property market, is bottoming out.

‘Lots of new funds are being invested in the Middle East and next year, with oil prices, the market will pick up again.

‘The Channel Islands have been dealing with the Middle East for quite some time now, maybe 10-15 years, but the industry has developed and there is now an opportunity for Middle East investment.’

He said Guernsey was at risk of slipping behind and should pay attention.