Top financial groups to attend Bahrain summit
Manama, November 22, 2011
Financial organisations from Bermuda and Luxembourg will be making their first appearance at this year's World Islamic Banking Conference.
And there will be a return of representation from Singapore as well as a strong turnout from Malaysia.
"This year's event will be at least as strong as last year's with forums being hosted by both the UK and, for the first time, France, reflecting the growing importance of Islamic finance in Europe," said event organiser David McLean.
"We have yet again received massive international support for this event which shows that Bahrain remains the global centre of Islamic finance and the turnout reflects the importance of the event even at a time of some local problems and a crisis in the European markets.
"That is a reflection of the role of Bahrain as the global hub for this industry.
"Indeed the success of Bahrain's recent $750 million sukuk issue against a background of very difficult global market conditions and its ability to raise this at a reasonable price in the current economic climate emphasises the fact that Bahrain is very much back in business," he added.
He said that one of the key issues that would be debated at the conference was the need to increase scale in the Islamic finance industry.
"That is a huge challenge for the industry. We do not have global giants like Standard Chartered and HSBC but we need to move forward in terms of scale so that we can have proper cross border Islamic finance with standardised regulation.
"Governments across the industry, led by Bahrain are working on this," he added.
Rating agencies were well represented at the pre-conference workshops yesterday.
There were three presentations from the rating agencies, one each from the Islamic International Rating Agency (IIRA), Malaysia Rating Corporation Berhad (MARC) and JCR-VIS Credit Rating Company Limited (JCR-VIS) of Pakistan.
IIRA introduced its latest offering under the name of Fiduciary Ratings at a workshop that attracted more then 200 delegates.
The first rating to be conducted under this methodology was that of Burj Bank Limited in Pakistan, in McLeanwhich Islamic Corporation for Development of the Private Sector has a significant shareholding.
Rather than adapting conventional thinking to accommodate Islamic finance, the methodology rethinks the risks in Islamic institutions, and is centred on the belief that in an Islamic finance institution (IFI) the quality of business being done is as important as the manner in which it is being done.
As a result, a comprehensive system, integrating the principles of governance and the ability of an institution to safeguard the investment of its key stakeholders, has emerged with a special focus on Sharia governance.
At the same time the methodology covers the ability of the institution to meet liabilities, simultaneously catering to all types of investors and all needs of any stakeholder in an IFI.-TradeArabia News Service
More Finance & Capital Market Stories
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment