Leading players and experts in the international Islamic finance industry will take part in the 18th Annual World Islamic Banking Conference (WIBC 2011), which opens in Bahrain tomorrow (November 21).

The three-day event, at the Gulf Hotel, is convened under the patronage of HRH Prince Khalifa Bin Salman Al Khalifa, the Prime Minister of Bahrain and held under the support of the Central Bank of Bahrain.

Speaking to the media ahead of the event, David McLean, managing director of the World Islamic Banking Conference, said: “In recent years Islamic finance has further transitioned into a dynamic, fast growing and highly competitive market servicing an increasingly international community. This expanding globalization of Islamic finance has now gained significant momentum as manifested by increasing cross-border investment and deal flows that are Shari’ah compliant, greater participation in international Islamic financial markets, and the increased presence of Islamic financial institutions in new jurisdictions. “

Held under the theme 'Competing for Global Growth', the conference will set the stage for discussions that will seek to boost the scale of Islamic finance activities across international markets, he said.

He also said: “We have delegates attending from more than 50 countries, providing the discussions at WIBC with a truly international perspective.”

WIBC 2011 will begin with a series of pre-conference summits. The pragmatically focused pre-conference executive briefing sessions, led by experienced and respected industry experts, will place a range of complex themes in a practical framework, enabling a deeper understanding of the critical issues facing the Islamic finance industry.

The main WIBC 2011 conference, which begins on November 22, will be inaugurated by  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 Khaled Mohammed Al-Aboodi, chief executive officer and 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.

The inaugural plenary session will be followed by the high profile Industry Leaders’ Power Debate led by internationally respected CEOs and decision-makers from the key players in the industry.

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 November 23.

WIBC 2011 will feature more than 60 leading industry partners and exhibitors showcasing their latest innovations at the World Islamic Banking Exhibition organised along the sidelines of the conference. The exhibition will be officially inaugurated on November 22.

The eagerly anticipated 2011/12 edition of the World Islamic Banking Competitiveness Report, developed in collaboration with Ernst & Young, will also be launched at an exclusive session on November 22. – TradeArabia News Service