Encouraged by the double digit growth of the Islamic
finance industry, the industry leaders ahead of the 19th Annual
World Islamic Banking Conference (WIBC 2012) beginning Sunday in
Bahrain expressed hope that the concept will find acceptance in
more and more countries in near future.
“The global Islamic financial services industry continues to
experience double digit growth, with recent estimates indicating
that global Shariah-compliant assets now stand between $1.1- 1.3
Executive of the World Islamic Banking Conference (WIBC) David
McLean said while speaking to the media ahead of the event.
Leading players, industry thought leaders
and key regulators in the international Islamic banking and
finance industry will take part in the 19th Annual World Islamic
Banking Conference (WIBC 2012), to kick off Sunday at the
Gulf Hotel in the Kingdom of Bahrain.
Held under the theme “Islamic Finance: Adapting to the New
Dynamics of Global Finance”, the three-day event is convened under
the patronage of Prince Khalifa Bin Salman Al Khalifa, the Prime
Minister of the Kingdom of Bahrain and is supported by the Central
Bank of Bahrain.
"The range of products and services
offered has also widened from primarily retail banking products to
more sophisticated capital market instruments catering to a global
audience", David McLean added.
"With the dynamic nature of the
industry, Islamic finance is set to further grow by tapping its
potential in new high-growth markets and is set to play a key role
in financing the development of economies in both emerging and
developed markets", he said.
Islamic finance has achieved a
recognizable position within the global financial landscape as an
industry that can make significant contributions to promoting
financial inclusion, and economic growth and development.
"As the global Islamic finance
industry is transitioning to its next stage of development, it is
essential that the industry further adapts to the new dynamics of
global finance in order to achieve sustainable growth", he said.
A similar view was expressed by Abdul-Kareem Abu Al-Nasr, Chief
Executive Officer of the National Commercial Bank.
“Continuing on its successful high
growth trajectory, the Islamic finance industry is now poised for
its next phase of global expansion", he said.
"As Islamic finance extends its
reach to serve the global community and becomes an integral part
of the global financial system, it will need to better synchronize
with the new dynamics of the post-crisis global financial
landscape", he added.