Oct 08 2013
The 20th Anniversary special edition of the World Islamic Banking Conference (WIBC 2013) to gather more than 1300 industry leaders from over 50 countries to set the path for transformation of the global Islamic finance industry
Manama, Kingdom of Bahrain: 08 October 2013: The organizers of the annual World Islamic Banking Conference (WIBC 2013) held a press conference today in the Kingdom of Bahrain to announce the launch of the 20th Anniversary special edition of the event which is scheduled to be held in Bahrain from the 3rd to the 5th of December 2013. The 20th Anniversary World Islamic Banking Conference, which is held under the patronage of HRH Prince Khalifa Bin Salman Al Khalifa, The Prime Minister of the Kingdom of Bahrain and supported by the
Central Bank of Bahrain
, is set to gather industry pioneers, thought leaders, key regulators and leading industry players for discussions focused on transforming the industry to improve the stability, competitiveness and global growth of the international Islamic finance industry.
Outlining the plans for the special anniversary edition of the World Islamic Banking Conference (WIBC), David McLean, Chief Executive of WIBC noted that “for 2 decades the annual World Islamic Banking Conference has remained the world’s largest and most influential annual gathering of international leaders in the global Islamic banking and finance industry. From a mere 120 pioneering delegates at its launch way back in 1994, the 20th Anniversary WIBC is set to continue its tradition of supporting growth, excellence and innovation in the industry – and is poised break new records in 2013 with more than 1,300 attendees from over 50 countries set to join over 90 high-profile speakers and 60 market-leading partners and sponsors for a very special and unique event that will celebrate the tremendous achievements made thus far and prepare the industry to forge ahead with more success in the years ahead.”
Mr. McLean also noted that “much has been said about the phenomenal growth of the Islamic finance industry over the past decade – and the growth rates have been outstandingly impressive. Industry supporters have also lauded how successfully Islamic banking has largely weathered the global economic crisis that engulfed the conventional banking industry. However, notwithstanding these achievements, much still needs to be done if the industry is to truly come of age and play its part on the world stage as a powerful form of ethical finance.”
“The theme of the 20th Anniversary WIBC 2013 will focus on ‘Industry Transformation to Improve Global Competitiveness’ across key areas of the Islamic finance sector, including regulatory, strategic, Shari’ah, operational and risk transformation to ensure that the industry is able to build critical mass, expand its geographic reach and depth, and participate in large-scale deals seamlessly across jurisdictions – and, ultimately and most importantly, to successfully meet the needs of an ever-growing base of sophisticated investors, customers and end-users”, Mr. McLean said.
Khalid Hamad Abdul-Rahman Hamad, Executive Director of Banking Supervision at the
Central Bank of Bahrain
; Dr. Khaled Al Fakih, Secretary-General and CEO of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI); Ijlal Ahmed Alvi, Chief Executive Officer of the
International Islamic Financial Market
; Ashar Nazim, Partner, Head of Islamic Banking Excellence Center, Ernst Young; and Dr. Jarmo Kotilaine, Chief Economist at the Bahrain Economic Development Board were also present at the press conference.
The three day event will commence on the 3rd of December 2013 with a series of pragmatically focused pre-conference summits led by experienced and respected international industry standard-setting bodies and experts.
The
International Islamic Financial Market
(
IIFM
) will be hosting a pre-conference seminar on Islamic Capital and Money Markets. Speaking about the pre-conference seminar, Ijlal Ahmed Alvi, Chief Executive Officer of the
International Islamic Financial Market
(
IIFM
) noted that “while Islamic banking has enjoyed tremendous growth over the past few years, there is undoubtedly substantial room for the industry to expand further particularly in the Islamic Capital and Money Market segment. Over the years, the Islamic finance industry has developed a diverse range of financial products throughout the key markets of the Middle East, Europe and Asia. There are exciting times ahead for the global Islamic finance industry with increasing interest from more countries to allow Shari’ah compliant banking and also from key financial centres keen to support its growth.”
Mr. Alvi also said that “an interesting trend that we have been noticing now is an increasing number of Sukuk issuances in non-local currency, such as an issuer based in the UAE issuing a Sukuk in Malaysian Ringgit, or an issuer based in Malaysia issuing a Sukuk in Chinese Yuan and so on. Another positive development is issuance of perpetual Sukuk both by corporate as well as financial institution for strengthening their capital base. These trends highlight the rapid global growth of Islamic finance – though, in terms of Sukuk, there is lot of room for further growth and innovation, including for instance more issuance of Sukuk for infrastructure projects.”
According to Mr. Alvi, “though the Islamic Financial Services Industry has now established itself as a viable alternative financial system, the Islamic Capital and Money Markets in many OIC jurisdictions are still in the infancy to development phases. Given the Islamic finance industry’s strong inter-linkages with the global financial system, it is necessary that the Islamic Capital and Money Markets develop the key products to meet the needs of the industry which are a pre-requisite to bring a risk-sharing approach in our industry.”
”
IIFM
will be hosting an industry seminar at the 20th Anniversary World Islamic Banking Conference (WIBC 2013) and we would like to invite global leaders in Islamic finance to join us for critical discussions on the way forward in the development of a sound Islamic Capital and Money Market, which is essential for the comprehensive development of the Islamic finance industry globally”, Mr. Alvi said.
A similar view was expressed by Dr. Khaled Al Fakih, Secretary-General and CEO of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) who said that “Islamic finance has grown to be an important component of the global financial system and there has never been a more vibrant and exciting time for the global Islamic finance industry. Not only is the industry rapidly becoming more complex and sophisticated in its core traditional markets of the GCC and South East Asia but is also expanding to new emerging markets including in Europe, Africa and Central Asia. With the ever increasing global footprint and the changing dynamic of the Islamic finance industry, standardization of Shari’a, accounting, auditing, governance, ethics and risk management for the industry is now even more critical. In addition to developing new standards, it is also essential to revisit and revise the existing standards to keep up with market development, and this requires continuous dialogue between the standard setting organizations and industry practitioners.”
“The annual World Islamic Banking Conference has been a key platform for the industry to come together and deliberate on the most pressing issues. This year being the 20th anniversary of this prestigious event, we are looking forward to some interesting discussions on how AAOIFI standards can further support and boost growth of the global Islamic finance industry”, Dr. Al Fakih added.
The main WIBC 2013 conference, which begins on the 4th of December 2013, will be inaugurated by H.E. Rasheed Mohammed Al Maraj, Governor of the
Central Bank of Bahrain
. The inaugural address will be immediately followed by a special keynote address by H.E. Saeed Abdul Jalil Al Fahim, Chairman of the Board of the International Investment Bank Bahrain.
This year’s WIBC features the most impressive line-up of speakers in the conference’s 20 years of history. Key highlights of WIBC 2013 include the interactive dialogue with H.E. Sheikh Saleh Abdullah Kamel, Chairman and Founder of Dallah Al Baraka Group; one of the genuine pioneers of the industry and widely acclaimed as the father of contemporary Islamic finance, who will share his perspectives of Islamic finance past, present and future during an onstage conversation with acclaimed media personality Turki Al Dakhil of Al Arabiya News Channel.
In addition, much attention will also be on the special guest address by Sir Howard Davies, Former Chairman, Financial Services Authority; Former Deputy Governor, Bank of England and Professor, Sciences Po, Paris. The keynote session featuring Sir Howard Davies will provide new insights on the future of banking regulation and its implications for Islamic financial institutions.
WIBC 2013 will also feature a high profile Industry Leaders’ Power Debate featuring internationally respected CEOs and decision-makers from the key players in the industry. Led by Ashar Nazim, Partner, Head of Islamic Banking Excellence Center, Ernst Young and featuring Badlisyah Abdul Ghani, Executive Director/Chief Executive Officer of CIMB Islamic Bank Berhad; Afaq Khan, Chief Executive Officer, Standard Chartered Saadiq; Toby O’Connor, Chief Executive Officer of the Islamic Bank of Asia; and Steve Troop, Group Chief Executive Officer of Barwa Bank, the power debate session will analyse what changes the Islamic finance industry must undergo in order to adapt and evolve to meet the evolving needs of the end-user.
The eagerly anticipated World Islamic Banking Competitiveness Report, an original research project led by Ernst Young’s award winning Global Islamic Banking Center, will also be launched on-site at WIBC 2013. This year’s special anniversary edition of the WIBC Competitiveness Report will analyse the performance of the industry, the missed opportunities, the strategic priorities, and the transformation that is underway to move the industry to a sustainably profitable path.
Speaking about the forthcoming EY World Islamic Banking Competitiveness Report 2013/14, Ashar Nazim, Partner, Head of Islamic Banking Excellence Center, Ernst Young said that “the ongoing rebalancing of the world economy means that a group of 25 Rapid Growth Markets (RGMs) will decisively dominate the GDP growth and the trade flows between now and 2020. The future success of Islamic finance hinges upon being embedded in these markets.” He noted that “previously, questions were asked on the quality of growth of Islamic banking. Growing balance sheets did not necessarily translate into better profitability or robust institutions. And with quick wins behind us, most Islamic banks agree that future incremental growth in key markets of GCC and Malaysia will only come from embracing technology and being more analytical about serving customers. Regional growth is also on the board agendas. And the debate on creating holistic Halal economy – though still a concept at this stage – provides for an exciting future for the industry.”
“It is in this backdrop of evolving business structures and strategies that the EY World Islamic Banking Competitiveness Report (2013/14) takes a deeper look at some of the underlying trends and transformational approaches at leading and start-up Islamic banks”, Mr. Nazim said.
‘The World Comes to WIBC Initiative’ has also been further expanded this year and will feature official delegations representing exciting jurisdictions for Islamic finance including Bahrain, Luxembourg, the United Kingdom, Canada and Azerbaijan. WIBC 2013 will also feature a special ceremonial awards function that will recognize excellence, innovation and pioneering initiatives in the global Islamic banking and finance industry.
The World Islamic Banking Conference, in its 20th Anniversary celebrations, will set the stage for pioneers, industry titans and global leaders who have trail-blazed the development of Islamic finance to gather in the Kingdom of Bahrain not only to celebrate the tremendous growth that the international Islamic finance industry has achieved over the past 2 decades but also to revisit and re-mould the critical success factors that will enable the industry to achieve the next set of milestones.
-Ends-
MEGA BRANDS. MEGA CLIENTS. MARKET LEADERS.
Celebrating 20 Years of Market Leadership
Shaping the Future of the Global Islamic Finance Industry Since 1993
MEGA is the market leading business information firm focused on achieving business results for the global Islamic banking finance industry since 1993. The portfolio of MEGA brands represents the landmark industry conferences and our clients are the leading players in the international financial markets.
Abdul Muhsin
Head: Marketing Media
MEGA
Tel: +9714 3431200
Email: abdul@megaevents.net
© Press Release 2013
© Copyright Zawya. All Rights Reserved.