The 2nd Annual World Islamic Banking Conference: Asia Summit to gather more than 450 industry leaders for discussions on enhancing cross-border connectivity and driving growth of international transactions in Islamic finance
More than 450 key players and thought leaders in the global and regional Islamic finance industry will be gathering on 8 and 9 of June 2011 in Singapore for the 2nd Annual World Islamic Banking Conference: Asia Summit, which is convened with the support of the Monetary Authority of Singapore.
Discussions will focus on boosting cross-border connectivity in the Islamic finance industry and on fostering new business partnerships with key centres for Islamic finance to enable the development of more international transactions in the industry. The increasing presence of Islamic financial institutions in new jurisdictions and the accelerating internationalization of Islamic finance have increased cross-border trade and investment flows that are Shari’ah-compliant. With the growth of Asian economies relatively unshaken by the global financial crisis, there is tremendous demand for financing and investment into real economic activities including corporate, trade and infrastructure financing. Recent reports indicate that the Asia region is expected to account for one-third of global trade and would require financing of around $8 trillion up to 2020. With Asia being recognised as a dynamic growth region in the post-crisis landscape, there is substantial potential for the growth of Islamic finance in the region.
Speaking ahead of the event, David McLean, Managing Director of the World Islamic Banking Conference: Asia Summit, said, “As Islamic finance moves towards a new era of growing global connectivity, it is essential to enhance the role of Islamic finance in creating stronger business and investment ties between Asia, the Middle East and other key centres for Islamic finance. The theme for this year’s WIBC Asia Summit ‘Islamic Finance in Asia: Enhancing Cross-Border Connectivity to Drive Global Growth’, reflects the critical importance of the international dimension of Islamic finance and promoting cross-border Shari’ah-compliant financial transactions.”
A similar view was expressed by Badlisyah Abdul Ghani, Executive Director/Chief Executive Officer, CIMB Islamic Bank Berhad, the Leadership Partner for WIBC Asia 2011. Abdul Ghani said that “with the increasing internationalisation of the Islamic finance industry, it is essential to build deeper relationships between the key markets for Islamic finance and understand the developments in various regions. The World Islamic Banking Conference: Asia Summit provides a collaborative platform bringing together industry leaders from various regions to share their knowledge and experience to facilitate a deeper understanding of how Islamic finance needs to be spearheaded into its next phase of development in the region.
“We are once again delighted to be associated with WIBC Asia as Leadership Partner and Conference Luncheon Host and we look forward to this important gathering”, he added.
Ng Nam Sin, Assistant Managing Director (Development), Monetary Authority of Singapore was earlier quoted saying that “WIBC Asia has a special focus on Asia and will provide a unique platform for the industry to share knowledge and experience from more established centres and players in Islamic finance.” He also said that “the conference is an important platform to bring delegates from all over the world to Asia to explore new opportunities to tap Islamic finance and to work closely together and that it will also bring about greater awareness within Singapore's financial and business community of the growing opportunities and potential of Islamic finance.”
The 2nd Annual World Islamic Banking Conference: Asia Summit is set to begin on the 8 of June with an inaugural address by H.E. Lim Hng Kiang, Minister for Trade and Industry, Republic of Singapore and Deputy Chairman, Monetary Authority of Singapore.
The inaugural address will be immediately followed by an opening keynote session by H.E. Mohd Rosli Sabtu, Managing Director, Autoriti Monetari Brunei Darussalam (AMBD); H.E. Halim Alamsyah, Deputy Governor, Bank Indonesia and Tan Sri Zarinah Anwar, Chairman, Securities Commission Malaysia.
WIBC Asia 2011 will also feature a special keynote address on, “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 9 of June 2011. Confirming his participation at the event, Prof. Mahbubani said that “from Year 1 to year 1820, the two largest economies of the world were China and India. After two centuries of Western domination, the world is returning to the historical norm of two millennia. Asia is returning to the center stage of world history.”
Another key highlight of WIBC Asia 2011 will be the Industry Leaders’ Power Debate session led by internationally respected CEOs from Asia and the Middle East. Moderated by Haslinda Amin of Bloomberg Television, this dynamic session will analyse the new cross-border growth opportunities and define the future of Islamic finance in a global industry. The Power Debate session will feature Shayne Nelson, Chairman of Standard Chartered Saadiq and Chief Executive Officer and Global Head of Standard Chartered Private Banking of Standard Chartered; Toby O’Connor, Chief Executive Officer of the Islamic Bank of Asia; Hussain AlQemzi, Chief Executive Officer of Noor Islamic Bank and Group Chief Executive Officer, Noor Investment Group; Muzaffar Hisham, Chief Executive Officer of Maybank Islamic; Ikbal Daredia, Chief Executive Officer of Unicorn International Islamic Bank Malaysia; and Mohamad Safri Shahul Hamid, Deputy Chief Executive Officer, CIMB Islamic Bank Berhad.
Confirming their participation at the event as a Platinum Strategic Partner, Tan Jeh Wuan, Managing Director – Corporate Banking and Capital Markets at the Islamic Bank of Asia said that "With its successful launch last year, the WIBC Asia Summit has firmly established itself as an important forum for practitioners and participants in the Islamic finance and banking industry to interact in Asia. The Islamic Bank of Asia is delighted to be a Platinum Strategic Partner of the 2nd Annual World Islamic Banking Conference: Asia Summit once again. We look forward to the opportunity to network and exchange information amongst the Islamic finance industry leaders and participants at the Summit.”
Byron E. Askin, Executive Director, Head Asia-Pacific for Al Salam Bank, a Gold Strategic Partner at WIBC Asia 2011, noted that “with our vision of becoming a leading global force in the Islamic financial services industry, Al Salam Bank is committed to providing innovative and tailor-made Shari’ah-compliant products and services. We are excited about the new opportunities presented in the Asia-Pacific region for Islamic finance and are delighted to join international experts at the 2nd Annual World Islamic Banking Conference: Asia Summit and engage in thought-provoking debates about the future of the regional Islamic finance industry.”
WIBC Asia 2011 will convene more than 450 key players and thought leaders in the global Islamic finance industry in Singapore on the 8 and 9 of June. Islamic Business & Financewill be providing extensive on-the-ground coverage of this event.
source: CPI Financial