Islamic banks urged to be 'entrepreneur-friendly'

 Islamic banks should be more "entrepreneur-friendly", said His Royal Highness Prince Hj Al-Muhtadee Billah, the Crown Prince and Senior Minister at the Prime Minister's Office, by offering a variety of Syariah-compliant financing methods that will help Muslim businesses become successful.

"Such efforts support His Majesty's wishes to enhance the 'Ease of Doing Business' in the country," he said at the International Conference on Islamic Finance held at the Rizqun International Hotel yesterday.

In a sabda, the crown prince said while the industry must fulfil the tenets of Syariah law, it must still be able to compete with the conventional finance industry to offer customers benefits, particularly those that require financing facilities.

He also mooted the creation of a regulatory system for the Islamic finance industry with comprehensive legislation and guidelines to support it.

"Regulations and legislation in the conventional financial system still need to be improved and upgraded," he said.

"At the same time, we need to create a regulatory system with comprehensive rules and legislation (within the Islamic finance industry)."

HRH lauded Universiti Islam Sultan Sharif Ali (UNISSA) for organising the "timely" event, encouraging scholars and experts from the region to come up with sound solutions to further develop the Islamic finance system.

Quoting statistics, the crown prince noted that the industry is undergoing rapid growth with assets valued at US$1.1 trillion - at an annual growth rate of 15 to 20 per cent - and is predicted to reach US$2 trillion in three to five years.

With public confidence in conventional finance shaken after the global economic crisis, and many countries still in a fragile financial state, Islamic finance offers an alternative to investors, he said.

The three-day conference will host scholars and experts from Brunei, Malaysia, Singapore, Indonesia and Kenya and is jointly organised by UNISSA and the International Shari'ah Research Academy for Islamic Finance, Malaysia.

http://business.asiaone.com/Business/News/Story/A1Story20120516-346248.html

Islamic Bank of Britain’s first ‘Islamic Finance Question Time’

Islamic Bank of Britain plc (IBB) has held an exclusive event, entitled Islamic Finance Question Time – an open, public Q&A session hosted by the Bank’s Shar’ah Scholars.  Islamic Finance Question Time is the first event of its kind, and the only time a UK Islamic bank has given public access to the Scholars that form its Shari’ah Supervisory Committee (SSC).

IBB, a wholly-owned subsidiary of Qatar International Islamic Bank, is the UK’s only wholly Shari’ah-compliant retail bank in the UK.  It was originally established in 2004 and has attracted over 50, 000 customers. 

IBB’s SSC consist of Sheikh Dr Abdul Sattar Abu Ghuddah, Sheikh Nizam Muhammed Saleh Yaqoobi, and Mufti Abdul Qadir Barkatulla. The SSC welcomed questions from the public about Islamic Finance in order to facilitate a lively debate.  The aim of the event was to demystify Islamic finance and provide an insight into how it offers a faith-based alternative to conventional finance and banking. 

Chairman of the IBB SSC, Sheikh Dr Abdul Sattar Abu Ghuddah said, “Islamic finance is as old as the religion of Islam itself.  However, there is still a lot of misunderstanding around how it works and the need for Muslims to manage their finances in Shari’ah-compliant manner.  The IBB SSC hopes the Islamic Finance Question Time event has shed some light on the matter and gone some way to encouraging the further take-up of Shari’ah Finance amongst the Muslim community.”

Samir Alamad, Senior Manager, Shari’ah Compliance at IBB who works closely with the IBB SSC on a day to day basis, said, “The feedback from attendees of Islamic Finance Question Time has been very positive.  The public welcomed the opportunity to engage with the IBB SSC so openly.  The event is the first time a UK Islamic bank has given open access to its SSC, and this reflects the open and transparent way the bank works with its customers.”

Over 150 guests attended the event, held at the Bloomsbury Hotel in London.  Over 10 questions were put to the panel leading to a debate lasting over 1.5 hours. Among these questions, the following generated a lively and informed discussion amongst the panel and their guests:

Why don’t you use the rental market rate for your Home Purchase Plan product?

Islamic banks use BBR or LIBOR to price their products as these are the most accurate, widely accepted and consistent benchmarks for financing. This allows Islamic banks to meet the important Shari’ah criteria of avoiding uncertainty.  If rental rates were to be used as a benchmark instead, there would be too much variation.  Not only would this go against the Shari’ah it would also be more costly for the customer.  Rental rates fluctuate across a wide spectrum depending  on location, condition of the property and other aspects, e.g. rent charged for a property in London would be three or four times more expensive than a similar property in the North. Hence, the Islamic bank would end up offering many various rental rates which would not be practical.  The customer would also be disadvantaged by having to pay more if the rental rate was to be used as a benchmark.

Importantly, basing the rental rates of HPPs on benchmarks such as LIBOR or BBR does not affect the actual contracts that the product is based on.  The rent or lease agreement are not rendered Haram, or not compliant with Shari’ah.  Established benchmarks such as BBR and LIBOR therefore play an important role.  They allow the bank to meet the Shari’ah requirements for a benchmark that is widely accepted, consistent, transparent and reliable which in turns eliminates any uncertainty around pricing. 

An Islamic benchmark is currently being developed and this is a great step forward for the industry.  Once established it will eliminate the confusion that exists over the use of BBR or LIBOR, as explained above. 

Is it permissible under the Shari’ah to quote a profit rate for Fixed Term Deposit savings accounts?

It is important to clarify that this Shari’ah compliant savings product(s) is called ‘Fixed Term’ and not ‘fixed return’. It is usually offered under the Islamic principle of Wakala (an agency agreement).  With this product, the Islamic bank provides an expected profit rate over a set period of time as a ‘target’ based on the investment activity it will undertake with the deposits.  The ‘Fixed’ element relates to the length of time the bank will undertake the investment activity for the customer. For example, two years for the Two Year Fixed Term Deposit Account.

These savings products do not offer a fixed return, in the same way that conventional banks that pay interest, do.  Under Shari’ah, the bank cannot guarantee a rate of return, because with investment there is always an element of risk. 

However, Islamic banks mitigate this risk for the customer in many ways, so that the customer’s deposits and return do not suffer.  Essentially, the bank monitors the investment activity, and its performance, very closely.  If, at any time, it looks likely that the customer’s return may be less than the expected profit rate the bank will contact the client and offer them the option to close the account and take back the full deposit amount and the profit accrued up to that date.  Alternatively, the customer can choose to carry on till the end of the term on the lower expected profit rate from that point.

This process is all in accordance with Shari’ah which encourages trade, and forbids Riba.  Shari’ah also mandates that risk is part of all transactions and that these risks are managed responsibly to ensure the best possible outcome for all parties.

http://www.cpifinancial.net/

Islamic finance industry grew by 24.4% & global Sukuk issuance increased by more than 60% in 2011

Highlighting the role of Islamic finance in the global economy

NCB Sponsors and Partakes in Harvard's Islamic Finance ForumThe National Commercial Bank has recently participated in the Islamic Finance Forum organized by Harvard University in the United States of America. The forum is a renowned annual event that brings together top scholars, researchers and analysts, with economists and industry leaders in Islamic Finance from around the world.

Held in its tenth session this year, the forum's agenda was focused on discussing the role of Islamic finance in the global economic development, shedding light on the latest challenges facing the growth of the industry and defining the competitiveness and opportunities inherent in Islamic finance as a potential alternative for the conventional financial system.

NCB is a three-year sponsor of the forum, extending its support to the event's organizer, the Islamic Finance Project (IFP), under the Islamic Legal Studies Program (ILSP) at Harvard Law School, Cambridge, USA.

Commenting on the sponsorship, Abdulrazak ElKhraijy, Executive Vice President and Head of Islamic Banking Development Group, commended the efforts exerted by the organizers and their relentless contributions to the development of Islamic finance over more than a decade of time. He explained that the Harvard's Islamic Finance Forum provides a distinctive platform for exchanging knowledge and experiences amongst industry leaders, scholars and researchers specializing in the Islamic Finance field from around the world, which in turn accelerates the pace of development in the industry.

ElKhraijy explained that the care NCB bestows on such events comes in total harmony with the role it plays as one of the world's pioneers in Islamic banking and the importance the Bank attaches to providing innovative financing solutions compatible with the provisions of Islamic Sharia.

He further indicated that "NCB has been a major contributor to the industry's advancement in the past, bringing forward best practices in Islamic banking and sharing our hands-on experience in international conventions in order to support the growth of Islamic banking services worldwide; a mission we proudly take on ourselves and we support all efforts pouring towards the same direction".

Representing NCB in the forum's panel discussion, Abdulrazak ElKhraijy, presented a paper under the title "the Contributions of Islamic Finance to Economic Growth" wherein he explained the industry's role in the development process, saying "the developmental contributions of the Islamic banking industry are not limited to the direct economic development, but transcends that to embody the social and moral aspects of development as well; elements that are not currently included in the 'Human Development Index' of the UN."

He added "It's known that Islamic finance is but a part of an integrated system underpinning Islamic economics. This system is based on a strong social and moral foundation that abides by general principles and core values set by Islam which aim at preventing exploitative and unfair practices such as profiteering with interest or investing in activities that are prohibited for their detrimental effect on societies, or transactions that involve uncertainty(Gharar) speculations(Maisir). Besides that, the system gains its solid grounding from the institutionalization of Sadaqah (Voluntary Charity), Zakat (Obligatory Levy on Wealth) and Waqf (Voluntary Giving in Cash or Asset) which aim at creating a just and equitable society; a key factor in realizing total development."

"To this extent, it may not be proper to look at Islamic Banking using the same criteria and parameters as applicable for 'Conventional' or even 'Social Responsible Investment' banks. We need to adopt a holistic perspective in assessing the developmental role of Islamic Finance."

Commenting on the role Islamic finance plays in the modern global economy, ElKhraijy stated that "the global Islamic Finance industry has grown exponentially in the past years and has succeeded in attracting the attention of economists, bankers, policy makers and financial regulators across the world, especially in the wake of the global financial crisis. In 2011 alone, the Islamic finance industry grew by 24.4% to reach a $ 1.084 trillion dollars, while the global Sukuk issuance increased by more than 60% up to 84.5 billion."

"This significant growth rate in the industry was a pull factor for many financial institutions" Elkhraijy said "however, we remain aware of the fact that the industry is relatively new in the international financial arena and its infrastructure and constituents are still under construction. There are lots of challenges facing the industry on all fronts, be it in liquidity management (asset-liabilities management), risk or in the area of skills and capabilities necessary to compete effectively with conventional banks. Moreover, there's a need to create a robust regulatory and institutional framework that facilitates the introduction of a varied range of Sharia-compliant banking products that can be competitive and a real alternative to what the conventional banking industry offers in terms of facilities and services that meet the changing needs in the market. "

He continued "In the past few years Islamic banking has surely proven its presence and worth but there's still a long way to go to reach a full implementation of the principles of Islamic economics in its ideal and integrated way that we aspire to. The journey requires continuous work, perseverance and concerted efforts to develop the essential components underlying the industry."

ElKhraijy expected a continued momentum in the growth of Islamic banking and an increasing popularity of Islamic finance in various countries around the world, and said "we have seen during our participations in such international conventions a growing desire to change by financial institutions and there is a certain level of persistence in the search for real alternatives offered by Islamic finance which may help economies avoid the series of financial crises that hit various parts of the world on a cyclical basis, a matter that became widely believed to be natural and an inevitable reality under the existing global financial system."

While affirming that the transition to a full Islamic financial system is possible and promising to many financial institutions, Elkhraijy stressed that there is a kind of consensus that this transition should be gradual and should take its due time and a considerable amount of coordinated efforts, both at the business and the regulatory levels, to ensure complete readiness for the requirements of such systematic change; a change that can be considered fundamental to a large extent.

During his participation in the Harvard forum, ElKhraijy shared NCB's experience in Islamic financing in Saudi Arabia and the contributions the Bank made in embodying the principles of Islamic economics and introducing Islamic Banking business models and practices that provided the industry with practical benchmarks, helping many financial institutions around the world in adopting similar practices.

The Islamic Finance Project was established in 1995, and for the past sixteen years it has been part of a ground-breaking academic research, publications, and other initiatives in Islamic finance. The project has worked with numerous private as well as governmental institutions, such as the US Treasury Department, the Federal Reserve Bank, and other US government agencies and regulators who have expressed interest in Islamic finance in the US. The project has hosted many forums and seminars on Islamic finance and sponsored many publications and workshops both at Harvard and other prestigious academic institutions. The speakers in the Harvard Islamic Finance Forum included distinguished speakers from heads of states and ministers, to central bank governors, besides industry leaders and academics. The Islamic Finance Project's initiatives have attracted great interest in the project's work from faculty members and students in various fields of study at Harvard and other leading universities around the world.

http://www.zawya.com

Islamic finance experts head to Bahrain

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

The event, being hosted in strategic partnership with the Central Bank of Bahrain, will run from November 21 to 23 at the Gulf International Convention Centre, Gulf Hotel.

The event, supported by the Economic Development Board of Bahrain, comes as the global Islamic finance industry enters the next phase of growth, said the organisers.

This year's WIBC theme, “Competing for Global Growth”, reflects the expanding geographical footprint of Islamic finance and increasing presence of Islamic financial institutions in new jurisdictions that is providing significant opportunities for cross-border trade and investment flows that are Shari'ah-compliant.

Discussions at WIBC 2011 will emphasize strategies for managing the challenges of industry globalization and reinforce co-operation across jurisdictions to ensure stronger international capabilities for the Islamic banking and finance industry.

Announcing the launch, David McLean, managing director of the WIBC said that '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,' he added.

McLean said in order to ensure the industry's orderly evolution as an integral component of the international financial system, it is essential to manage the challenges of industry globalization.

'WIBC 2011 will provide the leading industry players with the platform to capitalize on the growth opportunities from new emerging frontiers for Islamic finance.'

The three-day event will kick off on November 21 with a series of pragmatically focused pre-conference summits led by industry experts, who will place a range of complex themes in a practical framework, enabling a deeper understanding of the critical issues facing the Islamic finance industry today.

The main conference will be inaugurated by CBB Governor Rasheed Mohammed Al Maraj on November 22.

The inaugural session which focuses on strengthening the regulatory frameworks to accelerate the international development of Islamic finance will also feature Khaled Mohammed Al-Aboodi, CEO  and general manager, The Islamic Corporation for the Development of the Private Sector, the private sector arm of the Islamic Development Bank Group (IDB), Saudi Arabia.

Confirming his participation at the event, Al Maraj said, “The growing internationalization of Islamic finance reflects its ability to be competitive and respond to the complex needs of businesses globally.'

'As the industry’s geographic footprint expands, it is becoming increasingly vital to develop appropriate global frameworks and overcome the challenges of globalization faced by Islamic finance.'

'We believe that the WIBC 2011 will play a meaningful role in facilitating dialogues to prepare the international Islamic finance industry to 'Compete for Global Growth'. The CBB is delighted to be again hosting this unique global industry gathering,' he added.

A key highlight of WIBC 2011 will be the exclusive Industry Leaders’ Power Debate led by internationally respected CEOs and decision-makers from the key players in the industry.

Moderated by Ashar Nazim, partner, Assurance and Advisory Business Services, Ernst & Young, this dynamic session will analyze how the leading players are positioning themselves to capitalize on the new growth opportunities presented by the increasing internationalization of Islamic banking and finance.

The Power Debate session will feature Tirad Mahmoud, CEO of Abu Dhabi Islamic Bank; Toby O’Connor, CEO of the Islamic Bank of Asia; Syed Abdull Aziz Jailani Bin Syed Kechik, CEO of OCBC Al-Amin Bank Berhad; Asad A Ahmed, CEO of Gulf African Bank; Abdulrazzak Mohammed Elkhraijy, executive VP and head of the Islamic Banking Development Group at the National Commercial Bank-Saudi Arabia, and Dr Salah Addeen A Qadar Saeed, general manager – Credit & Risk Management at Bahrain Islamic Bank.

WIBC 2011 will also feature a special keynote address on “Competing for Global Growth: Preparing for the Asian Century” by Prof. Kishore Mahbubani, the dean and professor in the Practice of Public Policy at the Lee Kuan Yew School of Public Policy (LKY School) at the National University of Singapore on the final day of the event.

The eagerly-anticipated World Islamic Banking Competitiveness Report, developed in collaboration with Ernst & Young, will also be launched on-site at the conference in an exclusive session on November 22.

The 2011/12 Report which is now in its 8th annual edition, will explore the key trends and successful strategies deployed by leading Islamic banks.

Announcing support for the event, Dr Jamil El-Jaroudi, CEO of Elaf Bank said, “The global Islamic banking and finance industry has seen tremendous growth internationally and Bahrain is at the forefront of this growth and has a long history of being a pioneer in the global industry.'

With the industry now beginning to break out from its niche status to achieve critical mass in the global financial system, it is essential that we prepare the industry to tackle the challenges ahead, he added.-TradeArabia News Service

Raising awareness on Islamic banking

BankMuscat will host a seminar on Islamic banking tomorrow at Grand Hyatt Muscat, it was declared at a press conference yesterday. The seminar, which is designed to raise awareness on customer benefits derived from Islamic banking, will be addressed by Shaikh Ibrahim bin Nassor al Sawafi and Shaikh Azan al Amri, researchers at Ifta’a office, Ministry of Awqaf and Religious Affairs.

In his briefing Al Sawafi highlighted the significance of the seminar in enlightening the community about the differences and similarities between the conventional and Islamic kind of banking. “Discussions will also explore home financing through the musharakah mutanaqadha contracts — a contract of partnership between two parties, whereby one of the parties buys the entire property and the other repays in instalments until all dues are cleared.

The seminar will also look into aspects of Islamic bonds, an assortment of services that could be shared between both types of banking structures and many issues that govern the Islamic type of banking, among others”, remarked Al Sawafi. Also speaking on the occasion, Sulaiman bin Hamad al Harthy, Group Deputy General Manager, Consumer Banking, said: “BankMuscat strives to increase the range of benefits for customers and we are confident that the Islamic banking seminar will shed light on important aspects of Islamic banking from the Shariah perspective.”

As a follow-up measure, the bank will organise a series of presentations on Islamic banking across the Sultanate, highlighting the difference between Islamic banking and conventional banking. The presentations will familiarise people with the main characteristics of Islamic finance. Experts and scholars will make presentations and educate the public on the features and benefits of Islamic banking.

The CBO has initiated steps to incorporate Islamic banking legislation into the banking law and thereby form a legal framework for Islamic banks and Islamic banking branches in line with the best international practices. “Since Islam is the religion of the Sultanate of Oman as stated in the Basic Law, Oman is ideally placed to play a leading role in Islamic finance. Omani commercial codes are completely supportive to Islamic banking structure without any conflict. The commercial code has a very strong Sharia foundation in the form of Article 2, 4 and 5 of Royal Decree 55/1990”, affirmed Al Harthy.

http://main.omanobserver.om

Sri Lanka lawyers, accountants promote Islamic finance

Mar 19, 2011 (LBO) - Top organizations representing Sri Lanka's lawyers and accountants have brought together experts in Islamic finance to broaden understanding of one of the faster growing niches in the financial sector.

The Chartered Institute of Management Accountants (CIMA) Sri Lanka Division and the Bar Association of Sri Lanka (BASL) said they are hosting program on Islamic Finance and Banking on March 28.

"Islamic finance has become one of the world's fastest growing financial sectors as investors show an increasing appetite for a variety of Islamic financial instruments," organizers said in a statement.

"The growth in Islamic finance in recent years has been driven by renewed awareness of faith based concepts and the internationalisation of the financial markets."

Islamic finance is compliant with Shariah or Islamic law which prohibits charging of interest, speculating with derivatives or options or investing in firms that produce pork or pornography.

The program will introduce the concept deal with equity investments, accounting for Islamic finance, corporate governance, the regulatory framework, legal and tax issues.

Among the speakers would be, M A M Shukri, director, Naleemiah Institute of Islamic Studies; Faizal Salieh, managing director, Amana Investments Limiteda and Ishrat Rauff, managing director, Adl Capital Limited.

Also in the program are Reyaz Mihular, Partner, KPMG Ford RhodesThornton & Co.; Suresh R I Perera, principal -tax and regulatory, KPMG Ford Rhodes Thornton & Co; Yvette Fernando, director bank supervision, Central Bank and Javed Mansoor, Attorney-at-Law.

source : lbo sri lanka

KEY ISLAMIC FINANCE ISSUES ARE REVIEWED

 Islamic liquidity management and financing were discussed at a key forum held in Bahrain.

The Bahrain Financial Exchange (BFX) and Bursa Malaysia organised a forum which also discussed contemporary issues relating to commodity Murabaha transactions and Tawarruq practices.

The forum was part of a two-day event marking the inauguration of a commercial relationship between the two exchanges.

The underpinning for this relationship is to provide financial products to Islamic market participants and strengthen bilateral ties between both organisations.

The event, held at the BFX offices, attracted over 50 key players from the Islamic financial markets and was attended by three eminent Sharia scholars within the industry.

Dr Mohammed Ali Elgari, Shaikh Nizam Yaqubi and Bursa Malaysia Sharia adviser Dr Aznan Hasan participated with the objective of providing insights and expert opinion on the concept of Tawarruq and its application and practices to facilitate Islamic liquidity management and financing.

"The use of Tawarruq and its role in money markets and risk management is important in further developing the industry and through discourses such as this, we hope to provide industry participants with greater understanding of the concept from a Sharia perspective as well as its commercial importance," said Bursa Malaysia global head of Islamic markets Raja Teh Maimunah Raja Abdul Aziz, who was also the moderator for the panel discussion,

The event also introduced a newly developed regulated Islamic commodity trading platform to industry participants specifically designed to facilitate Islamic financing and liquidity management aimed at tightening the application and enhancing integrity of Tawarruq practices.

Tawarruq is a sale of an asset to a purchaser on deferred payment with an onward sale by the purchaser to a third party on cash.

"It gives me great pleasure to host such a high-profile panel and audience from the Islamic finance community," BFX director Arshad Khan said.

"I am confident I can say from all involved, that this was an extremely informative and thought-provoking discussion with the practitioner community."

Link: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=269517

AAOIFI - World Bank Annual Conference on Islamic Banking and Finance

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), in cooperation with the World Bank, will convene the AAOIFI- World Bank Annual Conference on Islamic Banking and Finance on 14 and 15 December 2009 in Bahrain Conference Centre, Crowne Plaza Hotel, Manama, Kingdom of Bahrain. The Conference is held under the auspices of Central Bank of .

At the opening ceremony, conference introduction will be given by Dr Mohamad Nedal Alchaar, Secretary General of AAOIFI: welcome address by H. E. Shaikh Ebrahim Bin Khalifa Al Khalifa, Minister of Housing, Kingdom of Bahrain who is also Chairman of Board of Trustees of AAOIFI: address by H. E. Rasheed Mohammed Al Maraj, Governor, Central Bank of Bahrain: and keynote address by Mr James Adams, Vice President, the World Bank.

Discussions at the Conference will be led by eminent Shari'a scholars and members of Shari'a Board of the international organisation that formulates standards on accounting, auditing, ethics, governance, and Shari'a for the international Islamic finance industry. AAOIFI also offers professional development programs such as the Certified Shari'a Adviser and Auditor (CSAA) and Certified Islamic Professional Accountant (CIPA), and contract certification program that certifies financial contracts between Islamic financial institutions and their clients comply with Shari'a rules and principles.

"This Conference, which is a premier event for the international Islamic finance industry, brings together the leading Shari'a scholars and Islamic finance practitioners to discuss the challenges and opportunities for the industry especially in the current international financial environment." said Dr. Mohamad Nedal Alchaar, the Secretary - General of AAOIFI

The opening ceremony of the Conference will also see graduation certificates being handed over to candidates who have passed the recent CSAA and CIPA examinations.

The conference is supported by Albaraka Banking Group, Bahrain Islamic Bank, Elaf Bank, Emirates Islamic Bank, Ernst & Young, Gulf Finance House, Khaleeji Commercial Bank, Kuwait Finance House, International Turnkey Systems, Ithmaar Bank, Path Solutions, Qatar Islamic Bank, and Unicorn Investment Bank.

Link: http://www.zawya.com/Story.cfm/sidZAWYA20091212103800/AAOIFI%20-%20World%20Bank%20Annual%20Conference%20on%20Islamic%20Banking%20and%20Finance

Partnering to create a stronger Islamic financial sector

UK Trade and Investment is leading an 18 strong delegation of UK Islamic finance organisations to the 16th Annual The World Islamic Banking Conference. While financial markets have been tested this year UK Islamic financial organisations remain positive that business continues and they remain committed to strengthening their partnerships with the Gulf region more than ever.

Note: For the third year running, UK Trade & Investment is leading a high-powered delegation of decision-makers representing key banks and institutions from the UK who will be showcasing the UK's Islamic finance capabilities at the 16th Annual World Islamic Banking Conference (WIBC) in Bahrain on the 6th, 7th and 8th of December 2009. About UK Trade & Investment (UKTI): UK Trade & Investment (UKTI) is the government organisation that helps UK- based companies succeed in the global economy. We also help overseas companies bring their high quality investment to the UK's economy - acknowledged as Europe's best place from which to succeed in global business. UKTI offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage.

Link: http://www.istockanalyst.com/article/viewiStockNews/articleid/3691085

Top forum to probe Islamic banking

As cautious optimism returns to the global economy more than 1,200 industry decision-makers from over 50 countries are preparing to meet in Bahrain for a top Islamic banking conference.

The 16th Annual World Islamic Banking Conference (WIBC 2009), to be held from December 6 to 8, will focus on "New Strategies for New Economic Realities".

WIBC 2009 has set the stage for discussions that will shape the post-crisis landscape as Islamic banks grapple with the need to manage risk, seek new growth markets, deliver on market expectations as well as remain competitive.

The theme of WIBC 2009 reflects this fresh outlook that the leading Islamic financial institutions are currently adopting as they compete in an increasingly challenging landscape.

"It is heartening to experience the vibrancy and sustained growth that our industry, Islamic banking, has seen over the last few years," said Abu Dhabi Islamic Bank chief executive officer Tirad Mahmoud.

"I am impressed most by the upbeat stance of the entire industry in face of the global economic situation in general and that of the banking sector in particular. I am also pleased that we are a Platinum Strategic Partner of the WIBC 2009 as it is one of the few global platforms where leading industry players converge."

"At Gulf Finance House (GFH), we believe Islamic banking has a big future and not just in traditional markets but on the global stage," said GFH chief executive officer Ahmed Fahour. "The annual WIBC is a key player in stimulating debate and tackling the issues the industry will face in the years ahead."

A panel of industry experts will lead discussions on controversies in Islamic finance with emphasis on lessons learnt from the global financial crisis.

A roundtable panel representing UK institutions will offer insights on the UK's perspective on Islamic finance.

In addition, the launch of the 2009-2010 edition of the WIBC Competitiveness Report, a critical reference source for industry decision makers, providing strategic insights from McKinsey & Company, will also provide a powerful research platform for discussing key trends, challenges and opportunities in Islamic banking.

Link: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=264311

New strategies for new economic realities

As cautious optimism returns to the global economy and financial markets begin to move towards stabilisation and economic recovery, more than 1,200 industry decision-makers from over 50 countries are preparing to meet in Bahrain at the 16th Annual World Islamic Banking Conference (WIBC 2009).

This year's conference, to be held on the 6th, 7th and 8th of December 2009, will focus on New Strategies for New Economic Realities and WIBC 2009 has set the stage for discussions that will shape the post-crisis landscape as Islamic banks grapple with the need to manage risk, seek new growth markets, deliver on market expectations as well as remain competitive. The theme of WIBC 2009 reflects this fresh outlook that the leading Islamic financial institutions are currently adopting as they compete in an increasingly challenging landscape.

Speaking ahead of the conference, Tirad Mahmoud, the Chief Executive Officer of Abu Dhabi Islamic Bank was bullish about the long-terms prospects for the Islamic banking industry:

"It is heartening to experience the vibrancy and sustained growth that our industry, Islamic Banking, has seen over the last few years. I am impressed most by the upbeat stance of the entire industry in face of the global economic situation in general and that of the banking sector in particular. I am also pleased that we are a Platinum Strategic Partner of the 16th Annual World Islamic Banking Conference (WIBC 2009) as it is one of the few global platforms where leading industry players converge. We expect this year's event to be a resounding success and contribute to the industry's dynamism; and to rebrand Islamic banking as the true universal banking model which promotes mutual benefit as the basis of growth and a financial eco balance as the basis of planning."

Similar views were expressed by Ahmed Fahour, the Chief Executive Officer of Gulf Finance House, who noted that:

"At GFH, we believe Islamic banking has a big future and not just in traditional markets but on the global stage. The Annual World Islamic Banking Conference is a key player in stimulating debate and tackling the issues the industry will face in the years ahead."

The inaugural plenary session of WIBC 2009 will feature a series of prominent keynote addresses from H.E. Rasheed M. Al Maraj, Governor of The Central Bank of Bahrain; H.E. Heng Swee Keat, Governor of the Monetary Authority of Singapore; H.E. Aset O. Issekeshev, Minister of Industry and Trade of the Republic of Kazakhstan; and H.E. Khalid M. Al-Aboodi, The CEO & General Manager of The Islamic Corporation for the Development of the Private Sector, the private sector arm of the IDB Group.

In addition, the launch of the 2009/2010 edition of the WIBC Competitiveness Report, a critical reference source for industry decision makers, providing strategic insights from McKinsey & Company, will also provide a powerful research platform for discussing key trends, challenges and opportunities in the Islamic banking industry.

A panel of industry experts will lead discussions on controversies in Islamic finance with emphasis on lessons learnt from the global financial crisis. Other key discussions will focus on ways in which the industry will evolve in terms of product innovation, global connectivity and business models. A roundtable panel representing UK institutions will offer insights on the UK's perspective on development, growth and the future outlook for Islamic finance.

A unique feature for the second day of the conference will be the keynote address and Q&A session with Nassim Nicholas Taleb, the renowned thinker and author of the international bestseller "The Black Swan: The Impact of the Highly Improbable".

More than 1,200 delegates are expected to attend the 16th Annual World Islamic Banking Conference.
Link: http://www.ameinfo.com/216355.html

Bahrain to Host the 5th Annual World Islamic Funds & Capital Markets Conference

With the leaders of international & regional financial institutions rapidly revising their strategies in the context of the global financial crisis, the 5th Annual World Islamic Funds & Capital Markets Conference (WIFCMC 2009) could not come at a more opportune time.

With the leaders of international & regional financial institutions rapidly revising their strategies in the context of the global financial crisis, the 5th Annual World Islamic Funds & Capital Markets Conference (WIFCMC 2009) could not come at a more opportune time. Held in strategic partnership with Central Bank of Bahrain under the theme of Islamic Investments: Shifting Gears, WIFCMC 2009 will provide the springboard for new ideas and insights that will catalyse the industry's growth.  The conference is the world's largest gathering of Islamic investment leaders and according to David McLean, Managing Director of MEGA, WIFCMC 2009 will be the most crucial meeting in its 5 years of history as more than 400 experts seek to chart a renewed growth path for the Shari'ah-compliant investment markets.   Speaking ahead of the conference, Charles Peal, Chairman of the BLME Umbrella Fund at Bank of London and the Middle East said that "recovering from the current financial crisis will require thought leadership and innovation by Islamic investors and fund managers. The 5th Annual World Islamic Funds & Capital Markets Conference in 2009 will be a good place to discuss which changes will really work". WIFCMC 2009 will feature insightful discussions by international and regional speakers into the real opportunities for Shari'ah-compliant investments.  Key messages will focus on ways to  kick-start the Sukuk market, revive growth and manage risk as well as identify asset classes offering most resilience in the current economic climate. The conference also features the launch of the Ernst & Young Islamic Funds & Investments Report. The 2009 edition of the EY Report is even more eagerly anticipated given the challenging global economic climate. 2009's report will provide much needed clarity and insight into the changing market landscape and future growth opportunities for leading players in the Islamic investments industry. WIFCMC 2009 has attracted the support of the leading players in the global Islamic investments industry. Platinum sponsors include HSBC Amanah, the global Islamic banking division of the HSBC Group; Bahrain Islamic Bank, the first Islamic commercial bank in the Kingdom of Bahrain; and Reef Real Estate Finance, the premier financing house in the kingdom of Bahrain. A record number of sponsors have partnered with 2009's conference. Other leading institutions partnering with WIFCMC 2009 include Bahrain Financial Exchange, Tharawat Investment House, LM Investment Management, Deutsche Bank, ITS, BNP Paribas, Elaf Bank, BLME, Capinnova, DCAP Limited, NCB Capital, Ernst & Young, Dowjones, Khandwala Securities Limited, BMB Islamic, Bahrain Association of Banks, Riyada Consulting, MA  Foi, Path Solutions, Ohad Trust, SKOPOS Consulting, Gulf Custody Company, and Standard & Poor's. More than 400 industry leaders will gather for the 5th Annual World Islamic Funds & Capital Markets Conference 2009 at the Gulf Hotel in Bahrain on the 25th & 26th May to shape the future of the global Islamic investments market. MEGA is the market leading business information firm focused on achieving business results for the global Islamic banking & finance industry since 1993. The portfolio of MEGA brands represents the landmark industry conferences and our clients are the leading players in the international financial markets. Link: http://www.cibafi.org/NewsCenter/English/Details.aspx?Id=3189&Cat=0