Competitiveness report to be launched at WIBC
Manama, November 22, 2010
The 2010/11 edition of the World Islamic Banking Competitiveness Report will be launched at the 17th Annual World Islamic Banking Conference (WIBC 2010) in Bahrain on November 23.
Developed in collaboration with leading global strategy advisory firm McKinsey & Company, the report - now in its 7th annual edition – will provide a comprehensive update on the competitive performance of leading Islamic banks and the development of new strategies for the new global financial landscape, said a statement.
The WIBC will run from November 22 to 24 at The Gulf Hotel in Bahrain.
The Islamic banking industry has continued to grow notwithstanding the turbulence in the global economy, with Islamic banks outperforming conventional banks in terms of asset growth. However, both market values and profitability of Islamic banks have come under pressure, narrowing the gap with conventional peers, the statement said.
Speaking ahead of the launch of the report, David McLean, managing director of the World Islamic Banking Conference, said: “The analysis provided in this year’s report will be even more critical as it comes at a juncture when the major industry players are seeking to adopt best practices and re-visit key strategies and business models in order to ensure continued growth in a challenging economic environment.”
Titled ‘In Search of New Opportunities’, the report will examine the overall competitiveness of the sector, including its achievements and the challenges it faces; a new focus on the affluent high-net worth segment of Islamic banking; how to measure “real” performance; the present and future opportunities in the Takaful market; and strategies for Islamic commercial banking suites for SMEs (small to medium-sized businesses). The findings of the report will be presented by Amer Afiouni, partner, McKinsey & Company at a specially convened session.
More than 1,200 industry leaders from over 50 countries will be attending the exclusive launch of the report. – TradeArabia News Service