Islamic Finance Must Adapt to the New Dynamics

28/07/2015 15:32 AST

The 19th Annual World Islamic Banking Conference (WIBC 2012) set to gather more than 1200 industry leaders from over 50 countries to chart new growth map The global Islamic finance industry has witnessed phenomenal growth over the past decade, with the estimated asset size now exceeding US$ 1 tr. The annual World Islamic Banking Conference (WIBC), which over the last 19 years has established its pre-eminent position as the world's largest and most significant annual gathering of global Islamic finance industry leaders, is set to be held from the 9th to the 11th of December 2012 in the Kingdom of Bahrain under the official support of the Central Bank of Bahrain.

Announcing the focus of this year's gathering, David McLean, Chief Executive of the World Islamic Banking Conference said that "the last several years has seen the international dimension of Islamic finance gaining tremendous significance as the industry continues to demonstrate its competitiveness and build scale in an increasingly globalised playing field. The Islamic banking sector is undoubtedly well placed to play a vital role in facilitating cross-border financial flows particularly between the emerging economies which, in turn, stands to further increase the international participation in Islamic financial markets. As Islamic finance continues to become an increasingly important component of the global financial system, it is also essential that the industry adapts to the new dynamics of global finance in order to achieve sustainable growth."

Business Islamica