World Islamic Banking Conference Focusses On Framework For Islamic Banking & Finance To Thrive
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The 12th Annual World Islamic Banking Conference (WIBC) opened today under the official patronage of HH Shaikh Khalifa Bin Salman Al Khalifa, the Prime Minister of the Kingdom of Bahrain. HE Rasheed Mohammed Al Maraj, Governor of the Bahrain Monetary Agency welcomed more than 700 delegates from more than 30 countries at a grand opening ceremony at the Gulf International Convention Centre in Bahrain. The conference proceedings began with the high-profile opening session, the Governors Table, titled “Regulation & Business: Creating a Framework for Islamic Banking & Finance to Thrive”. HE Mr. Al Maraj who led the discussions commented: “The theme of this year’s conference - Unlocking Market Opportunities: Consolidation, Innovation & Growth – has been well chosen. Islamic banking is receiving increasing recognition and attention from the global financial industry. It is experiencing strong growth, and demonstrating credible innovation in developing new products and markets. “At the same time, the challenge of consolidation – how to strengthen the players in the market and thus maintain this strong momentum – remains as pertinent as ever. And finally, of course, no one would claim that the industry has yet realised its full potential, given the opportunities for Islamic finance that exist around the world”. He stressed in his presentation that Islamic banks need to consolidate and increase their financial strength if they are to meet the challenges posed by better resourced competitors. Panelists joining him included Dr. David Mullins, Chief Executive Officer, VEGA Institutional Advisors, USA, and formerly Vice Chairman & Governor of the Board of Governors of the Federal Reserve System, who spoke about Regulatory Perspectives. He outlined the objectives of Regulation, namely to maintain the stability and integrity of the financial system, protect customers from fraud and abuse and improve the efficiency of the financial system. The other panelists - Teo Swee Lian, Deputy Managing Director (Prudential Supervision), The Monetary Authority of Singapore; and Bilal San, Member of the Auditing Committee, Central Bank of the Republic of Turkey - both forward the latest developments in Islamic Banking & Finance in their respective countries. The following session was titled, “Industry in Transition: Trends & Innovations for Islamic Financial Institutions in an Increasingly Competitive Global Market”. The speakers included Mohamad Toufic Kanafani, Chief Executive Officer, Noriba; Abdulrazzak Elkhraijy, Islamic Retail Banking Division Head, National Commercial Bank; Abdulhakeem Yaqoob Alkhayyat, General Manager, Kuwait Finance House-Bahrain; Babak Soltani, Marketing Director, Bahrain Financial Harbour Holding Company; Jacques Bernard, Managing Director, Asset Management, Unicorn Investment Bank; and Professor Samuel L. Hayes III, Jacob Schiff Professor of Investment Banking Emeritus, Harvard Business School. Professor Hayes commented: “The growing acceptance among Muslims of Halal savings and investment products over the past decade has been impressive. Consequently, a number of conventional Western financial institutions have eagerly moved into this market as the array of investment vehicles has broadened. Less attention has been paid to the financing needs of Islamic business firms. At the WIBC 2005 gathering, I will review the Halal solutions available to accommodate the financing requirements of Islamic businesses in the 21st Century.” The session that followed, “Addressing the Challenges of Market Development and Risk Management“, featured a joint presentation by Anwar Khalifa Al-Sadah, Executive Director, Financial Institutions Supervision, Bahrain Monetary Agency and Simon Heale, Chief Executive, London Metal Exchange on Promoting Standardisation and Liquidity in the Market: The BMA’s Standardised Mudaraba Contracts Initiative. The World Islamic Banking Exhibition was also inaugurated today by HE Mr. Rasheed Mohammed Al Maraj. The Exhibition showcases leading Islamic banks, Finance companies, Media, Insurance companies and IT providers specializing in solutions that improve efficiency & performance in the Islamic Banking & Finance industry. The exhibition will run alongside the conference and is open to conference participants only. For the first time, WIBC featured concurrent breakout summits - the Retail Banking Summit and the Corporate & Investment Banking Summit. The Retail Banking Summit focused on exploring the latest trends and new product opportunities in the consumer banking environment and discussed why Islamic banks will need to make their Retail offering competitive to both Islamic and conventional banks and how service quality will be a key factor in guaranteeing the capture of new Retail business. The Corporate & Investment Banking Summit focused on exploring the latest trends in corporate & investment banking markets, assessing the latest developments in Islamic Capital Markets and emerging opportunities in sovereign & corporate Sukuk. |