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.