30 March 2016
Bahrain is recognized as both a first-mover and a leader in the global Islamic finance industry, playing host to the highest concentration of Islamic financial institutions in the Middle East as well as being an important centre for the development of international standards for the industry.

In Asia Islamic finance has experienced solid growth due to strong demand for Shariah-compliant financial products as well as efforts to support the development of robust Islamic financial markets. Together the key markets across the Middle East and Asia continue to be the leading centres of Islamic finance and opportunities for collaboration will enable the industry to respond to headwinds and refresh the vision for Islamic finance.

Singapore - Bahrain has continued to strengthen its position as a global leader in Islamic finance. The regulator, the Central Bank of Bahrain, was a pioneer in establishing a comprehensive prudential and reporting framework for Islamic banking, covering areas such as licensing requirements, capital adequacy, risk management, financial crime, and reporting requirements. In addition, Bahrain also plays host to several key organizations vital to the development of Islamic finance on an international scale, including the International Islamic Financial Market (IIFM), the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), and the Islamic International Rating Agency (IIRA).

Focusing on a fresh approach on how industry leaders from across the key markets of the Middle East and Asia can engage with the major issues impacting the future of Islamic finance, The Islamic Banking & Investment Asia/Middle East Congress 2016 will take place on the 5th & 6th of April 2016 at the Intercontinental Hotel in Singapore, under the theme "Responding to Headwinds & Refreshing the Vision for Islamic Finance", and will be held under the auspices of H.H. Sheikh Salman bin Khalifa Al Khalifa.

Ijlal Alvi, Chief Executive Officer of The International Islamic Financial Market, speaking ahead of his participation in the Congress, said that: "The role of standard-setting bodies, such as the IIFM, is key in the ongoing successful international development of the Islamic financial services industry. IIFM plays an enabling role in market unification by developing best practices at the global level and achieving harmonization through its efforts to create a robust, transparent and efficient Islamic finance industry."

Mr. Alvi continued by saying, "The Islamic Banking & Investment: Asia/Middle East Congress 2016 presents a high-profile platform for IIFM to communicate new developments and we look forward providing a briefing on technical aspects of Islamic hedging and liquidity management standards to the industry leaders from across Asia and the Middle East."

According to PwC, the Islamic finance industry will more than double to $2.6 trillion by 2017, with the Middle East, North Africa and Asia accounting for a large part of that growth. The World Bank has recently released a statement saying that, in countries where Muslims are in majority, the Islamic banking assets have been growing 50 percent faster than conventional banking assets. The sector accounts for over 25 percent of banking in the Gulf, but there has also been a surge in interest from non-traditional markets for Islamic finance such as the UK, Singapore and Hong Kong -- particularly as those countries position themselves to attract Middle Eastern investment into infrastructure and real estate.

The Islamic Banking & Investment Asia/Middle East Congress 2016 has confirmed an outstanding line-up of world renowned speakers. The congress opens with a special keynote address by H.H. Sheikh Salman bin Khalifa Al Khalifa, which focuses on Strengthening Business and Investment Ties Between Asia and the Middle East - A New Era of Opportunity. The special address is followed by a keynote session featuring Dr. Mahmoud Mohieldin, Senior Vice President of the 2030 Development Agenda United, Nations Relations and Partnerships at The World Bank Group; Dato' Muzaffar Hisham, Group Head, Islamic Banking and Chief Executive Officer of Maybank Islamic Berhad; Mohamad Safri Shahul Hamid, Senior Managing Director & Deputy Chief Executive Officer, CIMB Islamic, Ijlal Alvi, Chief Executive Officer, The International Islamic Financial Market (IIFM), who will discuss key challenges such as how can the Islamic finance industry respond to headwinds domestically, regionally and internationally, what are the new directions for Islamic finance, and the role of Islamic standard‐setting bodies in the successful international development of the Islamic financial services industry. These keynote speeches will be followed by a thought-provoking Question and Answer session led by Rushdi Siddiqui, Co-Founder & CEO, Zilzar.

The innovative format of the Islamic Banking & Investment Asia/Middle East Congress 2016 also provides an interactive opportunity to engage with two prominent leaders in the world of Islamic finance. The Leader's Dialogue Live! keynote interview sessions will present a live onstage one-on-one discussion with a leading player in the global Islamic finance industry. This is a unique opportunity to engage directly with the key issues and gain a fresh perspective and first-hand insights into what we can expect from the Islamic finance industry going forward. These live interview sessions feature renowned industry leaders Raja Teh Maimunah, the Managing Director/CEO of Hong Leong Islamic Bank Berhad; and Dr. Mahmoud Abdalaal, Chief Executive Officer, aafaq Islamic Finance (UAE) on the 5th & 6th April respectively.

The Islamic Banking & Investment Asia/Middle East Congress 2016 will take place in Singapore at the Intercontinental Hotel on the 5th and 6th of April and will feature some of the most prominent Islamic finance experts from across Asia and the Middle East.

© Press Release 2016