Islamic finance facing integration challenge

MANAMA: The biggest challenge in the development of Islamic finance is the need for integration within the global architecture, a top regulatory official said.

Islamic finance facing integration challenge

Islamic finance facing integration challenge

According to Central Bank of Bahrain executive director for banking supervision Khalid Hamad, ensuring compliance not just with principles of Islamic commercial jurisprudence but also with internationally acceptable standards of conduct and discipline is critical to its success.

Mr Hamad was speaking yesterday at the fourth International Islamic Financial Market (IIFM) industry briefing seminar, organised on the sidelines of the 20th World Islamic Banking Conference (WIBC).

The event is being held at the Gulf Hotel.

IIFM is a Bahrain-based non-profit organisation that aims at facilitating unification, Sharia harmonisation and legal reforms in Islamic financial markets.

The CBB official said that IIFM is currently working on several important projects, such as the master collateralised murabaha agreement, sukuk standardisation and more hedging products etc.

“All these ambitious projects require substantial financial support,” he said.

“Hence, the industry’s support is required.

“Therefore I urge the non-member institutions to initiate the process of joining IIFM.

“Having more members will enable IIFM to contribute more to sustainable growth of the Islamic finance industry,” he added.

“There are vast opportunities to be tapped globally for Islamic finance, not just amongst the Muslim investor community, but in the global financial market. “High standards of disclosure, transparency and governance will ensure sufficient levels of investor confidence that will lead to the development of a market that is robust and credible,” he said. [email protected]

World Islamic Banking Conference to shape the future of Global Islamic Finance Industry

Manama and Kuwait City – 28 November 2013

ITS to showcase flagship Ethical Islamic Banking Solution to Increase Profitability and Performance.

World Islamic Banking Conference to shape the future of Global Islamic Finance Industry

World Islamic Banking Conference to shape the future of Global Islamic Finance Industry

The World Islamic Banking Conference (WIBC), taking place in Bahrain, is set to act as platform for driving change within the finance industry as leaders are poised to discuss ethical banking solutions and growing Islamic financial institutions.

Under the patronage of His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, and supported by the Central Bank of Bahrain (CBB), the event will be taking place at the Gulf Convention Centre, Gulf Hotel 3-5 December.

A pioneer in Islamic Finance solutions, International Turnkey Systems (ITS), an integrated IT solutions and software services provider, is one of the companies that will be leading discussions at the conference.

Haitham Abdou, Head of Global Financial Solutions at ITS Group will be taking part in a panel discussion on ‘Business and Operational Transformation:

Improving Performance and Profitability’, specifically focusing on technology implementation.

“Shari’a compliant Islamic banking around the world has witnessed a surge in recent years as the global economy continues in search of a financial system that promotes sustainable growth in the aftermath of the financial crisis. While this growth has developed a surge in innovation in the finance industry, the majority of technology and software solutions are still designed for conventional financial institutional structures,” said Haitham Abdou.

“ITS’s Shari’a compliant ETHIX platform can be seamlessly incorporated into an Islamic financial institution to enable the organization to compete more effectively against its’ conventional banking counterparts. In order for the Islamic finance industry to continue growing at this fast pace, institutions need to explore the ways in which they can integrate ethical Islamic solutions with their existing core banking software infrastructure.”

ITS’ flagship Islamic financial technology suite is widely recognized as the most comprehensive, flexible and scalable Islamic banking solution worldwide. Described as a premier total banking solution catering to tier one banks, ETHIX was developed in accordance with Shari’a guidelines. It empowers Islamic banks to improve operational efficiency and reduce cost of ownership in specific areas of Islamic banking, while maximizing opportunities for growth.

With 1,300 participants attending from over 50 countries, WIBC is the worlds’ most influential annual gathering of international Islamic finance leaders shaping the current dialogue between Islamic and conventional banking.

Bahrain set for big Islamic finance event

More than 1,300 international Islamic finance leaders will be Bahrain next week for the 20th anniversary special edition of the World Islamic Banking Conference.

Bahrain set for big Islamic finance event

Bahrain set for big Islamic finance event

The event is being held under the patronage of His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa from December 3 to 5 and will be supported by the Central Bank of Bahrain (CBB).

The WIBC has, during the last two decades, established its pre-eminent position as the world’s largest and most influential annual gathering of global Islamic finance industry leaders.

This year the event is set to gather industry pioneers, thought leaders, key regulators and leading players for discussions focused on transforming the sector to improve stability, competitiveness and global growth of the international Islamic finance industry.

“The global Islamic finance industry has undoubtedly undergone significant change over the past two decades, playing an ever increasing role in the international financial system,” remarked CBB Governor Rasheed Al Maraj.

“The industry has also grown significantly in geographic coverage, now encompassing even more new jurisdictions and emerging markets as well as the deepening and mainstreaming of its footprint in its core markets,” he stated.

“However, in order for Islamic finance to continue to be successful as well as robust and resilient across all phases of the economic cycle, a genuine transformation is required in order to progress to the next level of development,” he added.

The three-day event will commence with a series of pre-conference summits led by experienced and respected international industry standard-setting bodies and experts.

“As WIBC celebrates its 20th anniversary this year, it will be the most opportune platform for industry leaders and key regulators to not only look back at the industry’s achievements but also discuss new initiatives to further strengthen the industry foundations and set targets for the next two decades of continued growth and resilience,” remarked Al Maraj.

“As the strategic partner of this prestigious event, the CBB would like to invite industry leaders to the kingdom and be a part of this unique global gathering,” he added.

David McLean, the chief executive of the WIBC said the growing awareness of and demand for investing in accordance with Shari’ah principles on a global scale had been a major catalyst towards making Islamic financial services a flourishing industry with total assets now in excess of $1.3 trillion.

“With the evolving life cycle of the Islamic finance industry, the business models and strategies, regulatory and supervisory frameworks, and legal structures must also evolve to ensure that further progress is achieved,” he added.

The main WIBC 2013 conference, which begins on December 4, will be inaugurated by Al Maraj.

The inaugural address will be immediately followed by a special keynote address by Central Bank of Kuwait Governor Dr Mohammad Al Hashel.

This year’s WIBC features the most impressive line-up of speakers in the conference’s 20 years of history. In addition, much attention will also be on the special guest address by Bank of England former deputy governor, Financial Services Authority former chairman and Sciences Po, Paris, professor Sir Howard Davies.

The keynote session featuring Sir Howard will provide new insights on the future of banking regulation and its implications for Islamic financial institutions.-TradeArabia News Service

Islamic finance forum begins in Bahrain

A major conference on international accounting standards for Islamic finance is being organised in Bahrain in partnership with the World Bank.

Islamic finance forum begins in Bahrain

Islamic finance forum begins in Bahrain

Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is hosting the event under the auspices of the Central Bank of Bahrain starting from today.

The two-day ‘AAOIFI-World Bank Annual Conference on Islamic Banking and Finance’ will run at the Diplomat Radisson Blu Hotel, Residence and Spa.

It is part of AAOIFI’s on-going consultative process with the international Islamic finance industry on the development and review of its standards on Sharia, accounting, auditing, ethics and governance.

The conference will see experts discuss issues relating to development and adoption of international accounting standards for Islamic finance, dynamics of auditing and risks, incorporation of Sharia principles in legal documentation, further innovation on takaful operations and products, and continuing development of Islamic venture capital, reported the Gulf Daily News, our sister publication.

A number of research papers will be presented by eminent Sharia scholars, senior representatives from central banks and regulatory authorities, members of AAOIFI Sharia board as well as AAOIFI accounting and auditing standards board and practitioners.

The conference will also be attended by senior representatives of Islamic financial institutions, accounting and auditing firms, legal firms, universities and higher learning institutions and media from across the world.-TradeArabia News Service.