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WIBC '14 to transform global Islamic finance [Saudi Gazette, The]
[October 30, 2014]

WIBC '14 to transform global Islamic finance [Saudi Gazette, The]


(Saudi Gazette, The Via Acquire Media NewsEdge)     MANAMA - The organizers of the annual World Islamic Banking Conference (WIBC 2014) has launched the 21st annual edition of the event, which is scheduled to be held in Bahrain on Dec. 1-3, 2014. The 21st annual WIBC, which is held under the patronage of Prince Khalifa Bin Salman Al Khalifa, The Prime Minister of the Kingdom of Bahrain and supported by the Central Bank of Bahrain, is set to gather industry pioneers, thought leaders, key regulators and leading industry players for discussions focused on further boosting the global expansion of Islamic finance.



Outlining new plans for WIBC 2014, David McLean, Chief Executive of WIBC noted that "for more than two decades now the World Islamic Banking Conference has remained the world's largest and most influential annual gathering of international leaders in the global Islamic finance industry.

At last year's WIBC we were honored to have such inspirational industry figures as Sheikh Saleh Kamel address the audience on the past, present and future of Islamic finance as seen through the eyes of a genuine pioneer, and the 21st annual WIBC will continue to build on it's tradition of supporting growth, excellence and innovation in the industry." Speaking about important new developments in the industry, Khalid Hamad Abdul-Rahman Hamad, Executive Director of Banking Supervision at the Central Bank of Bahrain, noted that "the rise of Islamic finance in key countries across the globe over the past decade has been largely based on strong demand in both the traditional markets of the GCC and SE Asia combined with the appetite of new markets such as in the UK and Africa, which have truly internationalized the industry. The next crucial stage in the development of Islamic finance is to continually strengthen the backbone that will ensure the stability and future success of Islamic finance. The World Islamic Banking Conference provides an important platform to tackle key issues such as building the technical infrastructure vital to the success of the Islamic finance industry and adapting to challenges such as the implementation of Basel III in Islamic banks." Picking up on key industry trends identified in the recent ICD Thomson Reuters Islamic Finance Development Indicator (IFDI), Mustafa Adil, Head of Research and Development and Lead for the Islamic Finance Development Indicator from Thomson Reuters, said "Bahrain is the most developed Islamic finance market in the region, and the second most developed globally, after Malaysia.  The Kingdom has one of the strongest Islamic finance eco-systems in the world, performing well in all the different areas covered in the IFDI.  In particular, Bahrain was the top global performer in terms of Governance, second in terms of Knowledge and Corporate Social Responsibility and third in terms of Awareness. This eco-system has supported the country in building up Islamic banking assets in excess of $60 billion and issuing sukuk with a total outstanding value of over $4 billion. All these factors help to cement the Kingdom's claim to being one of the premier Islamic finance hubs in the world." McLean noted that the theme of WIBC 2014 "will focus on Moving Islamic Finance Towards the New Paradigm Shift in Global Financial Markets and will tackle key areas in the Islamic finance sector, including regulatory, strategic, Shariah, and risk transformation. - SG (c) 2014 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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