Convened by Middle East Global Advisors – a leading financial intelligence platform facilitating the development of knowledge-based economies in the MENASEA markets and in strategic partnership with the Central Bank of Bahrain, the forum is spurring a series of discussions focusing on “Islamic Finance & Sustainable Economic Growth in the Age of Disruption”, a theme that resonates with the conference’s steady vision to serve as a definitive check point for the global Islamic finance and banking industry.
Showcasing his support for Islamic finance entities to thrive and grow globally and stressing on the way forward for the industry, His Excellency Rasheed Mohammed Al Maraj, Governor, Central Bank of Bahrain, in his address mentioned, “Islamic finance has followed a fragmented growth pattern since the start with various countries in the Middle East and South East Asia taking the lead. These country specific models have achieved reasonable success as measured by the share of Islamic finance in the respective markets. I would like to argue, however, that the reduced pace of growth suggests that we cannot hope for a new growth paradigm while maintaining the status quo. If the developments in the conventional finance industry are any indicator, it is reasonable to expect that regional and global cooperation can open new doors for the Islamic finance sector. The magic of such global cooperation works when some pre-requisites are in place, namely, leadership, standardization, good governance and risk management & compliance.”
The conference also played host to an exclusive interview of H.E. Khalid Al Rumaihi, Chief Executive, Bahrain Economic Development Board, which focused on emerging projects and financing, the value added tax which will be implemented in the Kingdom in addition to the benefits and risks of digitization.
H.E. Khalid Al Rumaihi discussed the Government’s integral role in supporting the continuous development of the local economy; encouraging constant collaboration between the public and private sectors, as well as creating an ecosystem that is conductive to the success of startups and entrepreneurs, in order to ensure the Kingdom maintains its lead at the forefront of its competitors in digital transformation across industries. Mr. Al Rumaihi also mentioned the key milestones achieved by the GCC countries during the past three decades, and how they have employed the bilateral cooperation as a factor to promote brotherly countries and unite efforts to succeed in the initiatives and plans set in this regard.
Ahead of the panel session on economic growth & sustainable finance, Adnan Ahmed Yousif, President & Chief Executive, Al Baraka Banking Group, said, “The World Islamic Banking Conference, has, over the last 25 years, established itself as a key global forum for in-depth discussions on the facets of the continued global growth in Islamic finance. The Islamic Financial Services industry has shown tremendous progress as one of the fastest growing asset classes in the world. The industry continues to expand in many emerging and advanced markets and introduce new standards that should further help develop products and attract investors. The industry’s global appeal continues to grow and attract remarkable attention, including from the UK, Europe, Asia, Africa and North America. In order to for Islamic banks to expand their geographical footprints further over the coming years, they must be able to compete more effectively and tackle a number of key challenges facing the industry, including delivering cost efficiencies, building greater talent pools, enhancing corporate governance; leveraging digitization, delivering innovative products that meet genuine market needs; and ensuring risk management systems are up to par. For the Islamic finance industry to build a solid foundation for the next phase of international growth, the industry must undergo transformation in a number of key areas. The 25th Anniversary World Islamic Banking Conference (WIBC 2018) is a key platform for industry leaders to put a spotlight on the challenges, innovations, latest developments and technological solutions essential for further growth of the global Islamic banking and finance sector.”
The conference also saw a Keynote Address by Aziz Elkhyari, Head of Business Development, Casablanca Finance City Authority who spoke about Fostering the development of Islamic finance in Africa and the role of financial centers. This was followed by the joint launch of Casablanca Finance City (CFC)-Thomson Reuters Report – Islamic Finance in Africa: The upcoming frontier that provides an industry landscape of Islamic finance in African countries with an overview of the industry development in 5 African countries including Morocco.
The conference proved to be the ideal launchpad for a number of key financial intelligence reports and also saw the launch of The Global Report on Islamic Finance – 2018: The role of Islamic finance in financing long-term investments by Islamic Development Bank that highlights how Islamic finance could help mobilize long-term funding for development programs.
Other key highlights from the day include the panel discussions focusing on economic growth and sustainable finance, the Fintech Panel on the Digitization Journey of a Global Bank and the Region Round Table focusing on Africa. Leading industry experts analyzed the challenges at hand and focused on coming up with effective suggestions with the ultimate aim of developing a convergence roadmap for the Islamic Finance industry at large.
Key highlights to look forward to tomorrow include: One-on-one Exclusive Interview with H.E. Shaikh Mohamed bin Khalifa bin Ahmed Al-Khalifa, Minister of Oil, Kingdom of Bahrain focusing on investment plans in light of Bahrain’s Mega Discovery of Shale Oil & Gas reserves; Key Panels focusing on Global Economic Outlook & Impact on Regional Economy; Cross-Jurisdictional Issues in Shari’ah Standards & Practices; Launch of the Global Islamic Finance Development Outlook 2018: Building Momentum by Refinitiv; The Country Round Table focusing on Russia & more.
Partners at The 25th WIBC include: Casablanca Finance City Authority, Kuwait Finance House (KFH), Ithmaar Bank, Khaleeji Commercial Bank (KHCB), World Gold Council, Bank ABC Islamic, Bank of Khartoum-International, First Energy Bank, Bahrain Islamic Bank (BisB), DWF, Al Baraka Banking Group, Thomson Reuters, SEDCO Capital, Path Solutions, Moody’s Investor Service, Emerico, The Perth Mint, WTS Dhruva Consultants, Baker McKenzie, Euro Motors, Eiger Trading, ORACLE, Department for International Trade – British Embassy Bahrain, DDCAP, Fitch Ratings, Sadad, GPS, Teamwill Consulting, ERI Bancaire SA, Tejoury, Bahrain Institute of Banking & Finance (BIBF) and International Islamic Financial Market (IIFM).
Truly its an appreciable act needed to be praise. Islamic Banks with huge liquidity strongly get benefits from huge e-commerce market.
The nee it to simplify the process in relation to cost and competition with coventional and also to extent its strong geographycal boundaries so that to reach out at various from small to huge investors