Spotlight on Islamic finance

MORE than 1,200 industry leaders, senior decision-makers and key regulators from over 50 countries are set to gather at the 18th annual World Islamic Banking Conference (WIBC 2011) in Bahrain.

Hosted with the strategic partnership of the Central Bank of Bahrain and supported by the Economic Development Board of Bahrain, WIBC 2011 will be held at the Gulf International Convention Centre, Gulf Hotel from November 21-23.

The theme for this year’s WIBC, ‘Competing for Global Growth’, reflects the expanding geographical footprint of Islamic finance and the increasing presence of Islamic financial institutions in new jurisdictions that is providing significant opportunities for cross-border trade and investment flows that are Sharia-compliant.

Discussions will emphasise strategies for managing the challenges of industry globalisation and reinforce co-operation across jurisdictions to ensure stronger international capabilities for the Islamic banking and finance industry.

David McLean, managing director of the WIBC said: “Islamic finance is no longer a niche market and is rapidly becoming an important component of the mainstream financial system.

“As various jurisdictions seek to intensify efforts in developing their respective Islamic banking and finance markets, it is vital to strengthen the global framework for greater collaboration between these geographies that will facilitate significant cross-border activities and deal flow.”

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