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More than 1,200 international delegates from over 50 countries gathered in Bahrain this week to work towards new strategies for the global Islamic finance industry in light of the new economic realities that are emerging in a changing business landscape.
The 16th Annual World Islamic Banking Conference (WIBC 2009), the world's largest and most influential gathering of Islamic finance leaders, kicked off on Monday with the inaugural plenary session which featured a series of prominent keynote addresses from Rasheed Al Maraj, governor of the Central Bank of Bahrain, Heng Swee Keat, governor of the Monetary Authority of Singapore; Aset O Issekeshev, tIndustry and Trade Minister of the Republic of Kazakhstan; and Khalid M Al Aboodi, CEO & general manager of The Islamic Corporation for the Development of the Private Sector, the private sector arm of the IDB Group.
This was immediately followed by the thought-provoking perspectives of industry leaders on growth strategies in the aftermath of the global economic crisis.
Diversifying the revenue base of Islamic financial institutions while understanding risks to ongoing industry success in the context of the turmoil in the international financial markets were some of the issues discussed during this session.
This session was chaired by Citi and speakers included Dr Ala'a Al Yousuf, chief economist of Gulf Finance House; Dr Salah Addeen A Qader Saeed, GM-credit & risk management for Bahrain Islamic Bank; and Dr Montassar BenMrad, executive partner - Leader Financial Services Sector MENA, IBM Global Business Services.
The conference, supported by the Central Bank of Bahrain, broke all previous attendance records with more than 70 sponsors and over 1,200 delegates attending what was seen as one of the most crucial WIBC events in history as the industry grappled with the challenges of a post-crisis business environment.
