Oct 25 2011 |
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Islamic finance prepares to compete for global growth
More than 1200 industry leaders from over 50 countries to gather at the 18th Annual World Islamic Banking Conference to tackle globalization challenges of Islamic finance
The theme for this year's WIBC, "Competing for Global Growth", reflects the expanding geographical footprint of Islamic finance and the increasing presence of Islamic financial institutions in new jurisdictions that is providing significant opportunities for cross-border trade and investment flows that are Shari'ah-compliant. Discussions at WIBC 2011 will emphasize strategies for managing the challenges of industry globalization and reinforce co-operation across jurisdictions to ensure stronger international capabilities for the Islamic banking and finance industry.
Announcing the launch of the event, David McLean, Managing Director of the World Islamic Banking Conference said that "Islamic finance is no longer a niche market and is rapidly becoming an important component of the mainstream financial system. As various jurisdictions seek to intensify efforts in developing their respective Islamic banking and finance markets, it is vital to strengthen the global framework for greater collaboration between these geographies that will facilitate significant cross-border activities and deal flow."
He also said that "in order to ensure the industry's orderly evolution as an integral component of the international financial system, it is essential to manage the challenges of industry globalization. WIBC 2011 will provide the leading industry players with the platform to capitalize on the growth opportunities from new emerging frontiers for Islamic finance."
The three day event will commence on the 21st of November 2011 with a series of pragmatically focused pre-conference summits led by experienced and respected industry experts, who will place a range of complex themes in a practical framework, enabling a deeper understanding of the critical issues facing the Islamic finance industry today.
The main WIBC 2011 conference, which begins on the 22nd of November 2011, will be inaugurated by H.E. Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain . The inaugural session which focuses on strengthening the regulatory frameworks to accelerate the international development of Islamic finance will also feature H.E. Khaled Mohammed Al-Aboodi, Chief Executive Office & General Manager, The Islamic Corporation for the Development of the Private Sector, the private sector arm of the Islamic Development Bank Group (IDB), Saudi Arabia.
Confirming his participation at the event and announcing the Central Bank of Bahrain 's strategic partnership with WIBC 2011, H.E. Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain noted that the "the growing internationalization of Islamic finance reflects its ability to be competitive and respond to the complex needs of businesses globally. As the industry's geographic footprint expands, it is becoming increasingly vital to develop appropriate global frameworks and overcome the challenges of globalization faced by Islamic finance. We believe that the World Islamic Banking Conference (WIBC 2011) will play a meaningful role in facilitating dialogues to prepare the international Islamic finance industry to "Compete for Global Growth"."
" The Central Bank of Bahrain is delighted to be again hosting this unique global industry gathering", he added.
A key highlight of WIBC 2011 will be the exclusive Industry Leaders' Power Debate led by internationally respected CEOs and decision-makers from the key players in the industry. Moderated by Ashar Nazim, Partner, Assurance and Advisory Business Services, Ernst & Young, this dynamic session will analyze how the leading players are positioning themselves to capitalize on the new growth opportunities presented by the increasing internationalization of Islamic banking and finance. The Power Debate session will feature Tirad Mahmoud, Chief Executive Officer of Abu Dhabi Islamic Bank; Toby O'Connor, Chief Executive Officer of the Islamic Bank of Asia; Syed Abdull Aziz Jailani Bin Syed Kechik, Chief Executive Officer of OCBC Al-Amin Bank Berhad; Asad A Ahmed, Chief Executive Officer of Gulf African Bank; Abdulrazzak Mohammed Elkhraijy, Executive Vice President and Head of the Islamic Banking Development Group at the National Commercial Bank-Saudi Arabia, and Dr. Salah Addeen A Qadar Saeed, General Manager - Credit & Risk Management at Bahrain Islamic Bank.
WIBC 2011 will also feature a special keynote address on "Competing for Global Growth: Preparing for the Asian Century" by Prof. Kishore Mahbubani, the Dean and Professor in the Practice of Public Policy at the Lee Kuan Yew School of Public Policy (LKY School) at the National University of Singapore on the final day of the event.
The eagerly anticipated World Islamic Banking Competitiveness Report, developed in collaboration with Ernst & Young, will also be launched on-site at the 18th Annual World Islamic Banking Conference in an exclusive session on the 22nd of November 2011. The 2011/12 Report which is now in its 8th annual edition, will explore the key trends and successful strategies deployed by leading Islamic banks. The report will also assess issues such as the absence of an enabling Islamic finance environment in most OIC markets; conversions and startups - the projection of 100 new Islamic banks by 2020; Oman's Islamic banking debut; deteriorating margins, with provisions remaining the biggest contributor; and local currency sukuks in the spotlight.
As a part of the world comes to WIBC initiative, a leading panel of international experts will converge at the Country Focus Roundtable to address how well-positioned Islamic banks can explore international opportunities in the most dynamically evolving high-growth markets for Islamic finance. The Country Focus Roundtable along with the WIBC Country Pavilions will explore exciting opportunities in key jurisdictions including France, the United Kingdom, Singapore, Bahrain, Bermuda, Luxembourg and Labuan.
Announcing their support for the event, Dr. Jamil El-Jaroudi, Chief Executive Officer of Elaf Bank said that "the global Islamic banking and finance industry has seen tremendous growth internationally and Bahrain is at the forefront of this growth and has a long history of being a pioneer in the global industry. With the industry now beginning to break out from its niche status to achieve critical mass in the global financial system, it is essential that we prepare the industry to tackle the challenges ahead. As a renowned, leading and global integrated wholesale Islamic banking institution, our partnership with the World Islamic Banking Conference highlights our commitment to the industry in creating a dynamic environment that will contribute to the sustainable growth of the Islamic finance industry."
He also said that "as a Gold Strategic Partner of the 18th Annual WIBC, we welcome you to the Kingdom of Bahrain, to be a part of the discussions that will define the next stage of evolution for the global Islamic finance industry."
The 18th annual World Islamic Banking Conference will convene more than 1200 industry leaders from the 21st to the 23rd of November 2011.
-Ends-
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Abdul Muhsin
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MEGA
Tel: +9714 3431200
Email: abdul@megaevents.net
© Press Release 2011
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