MANAMA: More than 1,000 global industry powerhouses, policy-makers, innovators and stakeholders have converged in Bahrain for the 26th edition of the World Islamic Banking Conference (WIBC) under the patronage of His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa.
HRH the Prime Minister yesterday deputised his adviser Shaikh Salman bin Khalifa Al Khalifa to open the WIBC.
Organised by Middle East Global Advisors (MEGA) in strategic partnership with the Central Bank of Bahrain (CBB), the largest gathering of Islamic banking and finance leaders in the world concludes today.
The forum is focusing on the theme of ‘Mega trends in banking and finance’ in line with its steady vision to serve as compass for the global Islamic finance and banking industry.
The conference this year will promote standardisation and harmonisation of Islamic finance standards, value-creation via M&A and consolidation, sizing up the sukuk market and 360-degree solutions to industry challenges.
CBB executive director for banking supervision Khalid Hamad said, “Every year at the WIBC we have addressed the most pressing issues facing the Islamic banking industry. This year’s edition is focussing on harmonisation of Islamic finance standards, the digital transformation, sustainable finance, mergers and acquisitions and consolidation in the GCC region.
“For over a quarter of a century, WIBC has been the definitive platform for C-level executives to discuss strategies to navigate the myriad complexities and subtle nuances of the global economy – and given the uncertain economic environment that we find ourselves in, these discussions will prove even more critical to better understand the shifting economic, demographic, technological and regulatory landscape.
“The conference is tackling key topics such as upcoming potential threats facing the industry, digital transformation, along with other major trends that are affecting Islamic and non-Islamic banking. These discussions are critical in order for us to maintain progress.”
BisB chief executive Hassan Jarrar took part in a panel discussion under the topic, ‘Digital Transformation – New Trends in Fintech Influencing the Future of Islamic Finance’.
During the session, Mr Jarrar discussed how the face of the banking industry has changed in the last few years and that BisB, along with other banks, is embracing digital transformation.
He also highlighted how the integration of digital technology into all areas of a business is significantly transforming the way banks operate and deliver value to customers, pushing the boundaries with the adoption of advanced technologies to elevate the standards of banking in the kingdom.
He concluded the session by introducing BisB’s first Virtual Employee, Dana.
Other speakers included: CBB fintech unit head Yasmeen Al Sharaf, Moody’s Investors Services Middle East financial institutions group vice-president and senior credit officer Nitish Bhojnagarwala, Fitch Ratings Islamic finance global head Bashar Al Natoor, Refinitiv Islamic finance head Mustafa Adil and Accounting and Auditing Organisation for Islamic Financial Institutions secretary general Omar Mustafa Ansari.
Introduced in 2015 and forming the basis of the annual WIBC Performance Awards is the WIBC Leaderboard: a first-of-its-kind comprehensive assessment tool aimed at helping the Islamic finance industry to critically appraise the challenges and growth opportunities that lie ahead.
The WIBC Leaderboard ranks Islamic banks in comparison to their key competitors at the global and regional levels, based on various robust financial and governance metrics. These metrics comprise: Financial Stability (Total Capital and Tier 1 Capital Ratios, Loan-Loss Reserves to Gross Loans Ratio, Loan-Loss Reserves to Non-Performing Loans Ratio, Non-Performing Loans to Gross Loans), Financial Performance (Return on Average Assets, Return on Average Equity, Cost-to-Income Ratio, Assets Growth) and Governance and Social Responsibility (Financial Disclosure Index, CSR Disclosure).
In addition to the individual metrics, banks will be ranked on the basis of an aggregate score, which forms the apex of the WIBC Leaderboard. This aggregate index holistically ranks entities on the basis of the aforementioned financial and governance measures. The data employed in creating the assessment framework has been sourced primarily from Orbis Bank Focus.
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