CEO of DIEDC and Executive Director – Banking Supervision of Central Bank of Bahrain provide key insights on the growth potential of the global Islamic finance industry.
Manama, Bahrain: The future potential, new territories available, environmental sustainability and financial inclusion of the Islamic finance industry were the critical discussion points on the final day of the World Islamic Banking Conference (WIBC).
Day 2, kick-started with an engaging speech on the key insights on the growth potential and sustainable future that the Islamic economy represents for the Middle East region. Abdulla Mohammed Al Awar CEO, Dubai Islamic Economy Development Centre mentioned “It is no longer a challenge to convince customers about the efficiency and importance of Islamic banks as was the case prior to the global financial crisis. The tangible resilience of Islamic banks during and after the crisis, their offerings that are geared to revive investments and restore confidence in the global economy, and their call for a more comprehensive development, are compelling reasons to persuade investors that Islamic finance does indeed provide an enabling environment for sustainable businesses.”
Khalid Hamad Abdul-Rahman Hamad, Executive Director – Banking Supervision, Central Bank of Bahrain said “We are living in a world where the pace of change is so high and the miracles of technology are so appealing that it is easy to get distracted and forget the basics. I would like to take this opportunity to remind us all that success in the banking business comes with trust, which in turn is a function of how compliant the institution is. Compliant with the laws of the country, compliant with the regulations of the central bank and other authorities, and most importantly, in case of Islamic banks, compliant with Shari’ah rules and principles. ”
The CEO power debate forecasted new territories and horizons for the benefits of the industry and the exclusive session on Corporate Social Responsibility also highlighted the social function of Islamic finance.
The upcoming sessions include a panel on Women leadership that will highlight women representation in Islamic banks. A special focus on the FinTech revolution will demonstrate how Islamic finance can capitalize on the innovations in financial technology such as Bitcoin and Mpesa to better deliver on its promise of inclusive financial services, as well as a session on Fintegration that explains the need of social media for banks to improve customer interactions.
Additionally, the stream on Global Economic trends will present Islamic finance opportunities in Europe, the need for High Quality Liquid Assets and the Basel III, as well as the fluctuations in energy markets and interest rates.
WIBC 2016 sponsors includes the strategic support of the Central Bank of Bahrain along with: Kuwait Finance House (KFH), Abu Dhabi Islamic Bank (ADIB), Finance Accreditation Agency (FAA), World Gold Council, GFH Financial Group, Khaleeji Commercial Bank, Bahrain Islamic Bank (BisB), Al Salam Bank Bahrain, Boubyan Bank, Bank Islam Brunei Darussalam Berhad (BIBD), Simply Sharia Human Capital, Bank of Khartoum International (BOKi), Thomson Reuters, Ithmaar Bank, Grant Thornton, Al Baraka Banking Group, E-Marefa, Ernst & Young, Islamic International Arab Bank (IIAB), Path Solutions, Bahrain Economic Development Board, Luxembourg for Finance, Natixis, Capital Intelligence, S&P Global Ratings, Eiger Trading Advisors Ltd, SAB IT, Shariyah Review Bureau, Deloitte, ELIAN, Intertrust, AAFAQ Center for Research in Islamic Economy, DDCAP Group, Fitch Ratings, Bank AlKhair, Swiss Arab Group.
ABOUT MIDDLE EAST GLOBAL ADVISORS:
Connecting markets with intelligent insights & strategic execution since 1993.
Middle East Global Advisors (MEGA) is the gateway connectivity and intelligence platform to opportunities in the rapidly developing economic region that stretches all the way from Morocco in the West to Indonesia in the East – The Middle East North Africa Southeast Asia (MENASEA) connection. We pride ourselves for being at the heart of these diverse markets for over 23 years.
The World Islamic Banking Conference (WIBC) has established its reputation as the world’s largest and most influential gathering of international Islamic banking and finance leaders for over two decades. With the strategic support of the Central Bank of Bahrain, the next generation WIBC will focus on transforming Islamic finance into a global proposition by facilitating strategic opportunities, addressing systematic challenges and connecting international market players and institutional investors to the industry’s catalysts, thought leaders, partners and institutions.
For over two decades, WIBC has served as a key platform for bankers, institutional investors, asset managers, policymakers, academics and other stakeholders within Islamic finance and banking from key markets such as Luxembourg, the United Kingdom, the Middle East, Sudan, Nigeria, Singapore, Malaysia, Indonesia, and other Asian growth markets. Over the years it hosted globally renowned leaders such as Sir Howard Davies, Former Chairman of the European Central Bank, Professor Robert Kaplan of Harvard Business School, Nicholas Naseem Taleb, the author of “The Black Swan,” and Dr. Mark Mobius, Emerging Markets Guru and Executive Chairman of Templeton Emerging Markets. With its strong focus on cutting edge content, WIBC remains the strategic event for staying ahead of the innovation and technology forces that will shape the Islamic financial services industry in the near future.