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World Islamic Banking Conference opens in Bahrain
to delegates from 50 countries

World Islamic Banking Conference opens in Bahrain

MANAMA, December 2, 2014

The 21st annual edition of the World Islamic Banking Conference (WIBC 2014) opened in Bahrain today (December 2) with attendance from over 1,300 industry leaders from over 50 countries representing over 300 organisations.

Convened under the patronage of HRH Prince Khalifa Bin Salman Al Khalifa, the Prime Minister of Bahrain and held with the official support of the Central Bank of Bahrain, the event will conclude tomorrow at the Gulf Hotel.

A powerful line-up of more than 90 international speakers and industry thought leaders discussed critical issues that would enable Islamic finance to move towards a new growth paradigm in global financial markets.

The main WIBC conference was officially inaugurated today with an opening keynote address by Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain, while Baroness Sayeeda Warsi of the House of Lords, who has been a key driving force in the progress made by the UK in Islamic finance, delivered a special keynote address.

“The transformation of global financial markets in recent years has resulted in a new paradigm which has challenged banking institutions to re-think their business strategies and models. Given the continued rapid global expansion of the Islamic finance industry and the increasing inter-linkages between the key international jurisdictions, Islamic financial institutions are also experiencing a major phase of transformation,” said Al Maraj.

“The Kingdom of Bahrain and the Central Bank of Bahrain (CBB) have been a first-mover in terms of its support for the development of the Islamic finance industry. Today, Bahrain is an internationally respected Islamic finance hub that continues to set new standards and initiatives to propel the industry forward in a stable and resilient manner,” he added.


The eagerly awaited 2014/15 edition of the World Islamic Banking Competitiveness Report was also launched at a specially convened session at the conference. Developed in collaboration with EY, the Report titled “Participation Banking 2.0” was presented by Abid Shakeel, Advisory Financial Services, EY and Noman Mubashir, Mena  Advisory Services, EY.

David McLean, chief executive of the World Islamic Banking Conference, said: “From our starting position of just over 120 pioneering delegates and a handful of speakers at the very first WIBC in 1994, we strive to ensure that the conference keeps pace with the evolution of the global Islamic finance industry and year after year, put together a stimulating multi-faceted programme that addresses the challenges in the international Islamic financial markets and provides a platform to support growth, excellence and innovation in the global Islamic finance industry.”

Mohammed Hassan, acting CEO of Bahrain Islamic Bank said: "Islamic finance has a growing importance in the global financial markets as the industry continues to develop new opportunities both in its traditional core markets of the Middle East and SE Asia as well continuing to build momentum in new emerging markets such as the UK, Europe and the Far East. The 21st Annual World Islamic Banking Conference has provided an important showcase to help drive the industry forward at a global level.”

The three day event began yesterday with a pre-conference seminar on Islamic capital and money markets hosted by the International Islamic Financial Market (IIFM) and WIBC 2014 will continue tomorrow featuring in-depth sessions on the practical frameworks to ensure the stability and success of Islamic finance.

Tomorrow will also see the launch of the Thomson Reuters Zawya Sukuk Report and special session led by CIBAFI covering the practitioner’s perspective on strategic options for Islamic banks in response to Basel III requirements. – TradeArabia News Service




Tags: Bahrain | WIBC | World Islamic Banking Conference |

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