International Islamic Finance Leaders Discuss New Strategies toRespond to Headwinds and Capitalize on the Large‐Scale Infrastructure Opportunity in markets across Asia and the Middle East at the Islamic Banking & Investment Asia/Middle East Congress: Singapore 2016
H.H Sheikh Salman bin Khalifa Al Khalifa, Special Envoy - Kingdom of Bahrain and Patron of the Islamic Banking & Investment Asia/Middle East Congress: Singapore 2016 presented a special keynote address on how to strengthen business and investment ties between Asia and the Middle East.
05thApril 2016, SINGAPORE:Focusing on a fresh approach on how industry leaders from across the key markets of the Middle East and Asia can engage with the major issues impacting the future of Islamic finance,The Islamic Banking & Investment Asia/Middle East Congress 2016,held under the patronage of H.H. Sheikh Salman bin Khalifa Al Khalifa, Special Envoy - Kingdom of Bahrain,opened today in Singapore. The event was attended by more than 250 industry leaders representing over 80 international organizations. A powerful line-up of more than 40 international speakers and industry thought leaders discussedtopics focused onResponding to Headwinds and Capitalizing on the Large‐Scale Infrastructure Opportunity in markets across Asia and the Middle East through Islamic finance.
The special opening address was followed by a keynote session featuring Dr. Mahmoud Mohieldin, Senior Vice President of the 2030 Development Agenda United, Nations Relations and Partnerships at The World Bank Group; Dato’ Muzaffar Hisham, Group Head, Islamic Banking and Chief Executive Officer of Maybank Islamic Berhad; Mohamad Safri Shahul Hamid, Senior Managing Director & Deputy Chief Executive Officer, CIMB Islamic and Ijlal Alvi, Chief Executive Officer, The International Islamic Financial Market (IIFM), who discussedkey challenges such as how can the Islamic finance industry respond to headwinds domestically, regionally and internationally, what are the new directions for Islamic finance, and the role of Islamic standard‐setting bodies in the successful international development of the Islamic financial services industry. These keynote speeches werefollowed by a thought-provoking Question and Answer session led by Rushdi Siddiqui, Co-Founder & CEO, Zilzar.
Speaking at the sidelines of the Islamic Banking & Investment: Asia/Middle East Congress 2016, Dr. Mahmoud Mohieldin, Senior Vice President of the 2030 Development Agenda United, Nations Relations and Partnerships at The World Bank Group said that, “The advantages that Islamic finance can provide to key economies has captured the attention of the World Bank, especially with regards to the resilience demonstrated by Islamic financial institutions and Islamic finance’s strong linkages to the real economy. The World Bank has taken several practical steps to support the development of Islamic finance, including involvement in some of our projects such as the US$500 million Sukuk to finance health projects. The Islamic finance industry needs an enabling environment and economies of scale and the Islamic Banking & Investment: Asia/Middle East Congress presents the kind of international platform where key decision-makers and leading players can engage and play a role in advancing the industry further. With its emphasis on inclusion and its link to the real economy, Islamic finance can and must play a role in advancing the 2030 Agenda for sustainable development and the attainment of the SDGs.”
The International Islamic Banking & Investment: Asia/Middle East Congress 2016 touched on present trending issues and topics in the Islamic Finance industry, with a special session that focused on Harnessing the New Growth Drivers for Islamic Finance and Capitalising on the Large‐Scale Infrastructure Opportunity, A keynote address was delivered by Ashraf Mohammed, Assistant General Counsel and Practice Leader ‐ Islamic Finance of the Asian Development Bank, which was followed by Asit K Biswas, Visiting Professor of the Lee Kuan Yew School of Public Policy who will assess the role of the newly Launched Asian Infrastructure Investment Bank (AIIB) in infrastructure development in Asia.
The innovative format of the Islamic Banking & Investment Asia/Middle East Congress 2016 also provided the audience with an interactive opportunity to engage with one of the mostprominent leader’s Islamic finance.The Leader’s Dialogue Live! keynote interview session was presented as a live onstage one-on-one discussion with a leading player in the global Islamic finance industry. This was a unique opportunity to engage directly with the key issues and gain a fresh perspective and first-hand insights into what we can expect from the Islamic finance industry going forward. The live interview session featured renowned industry leader Raja Teh Maimunah, the Managing Director/CEO of Hong Leong Islamic Bank Berhadwho was interviewed by Mark Laudi Managing Director, Hong Bao Media.
Speaking at the event, Ms. Raja Teh Maimunah, Managing Director / CEO, Hong Leong Islamic Bank Berhad said that, “The global Islamic finance industry offers a value proposition that applies to both Muslims and non-Muslims alike, which is a key component that will increasingly broaden the consumer base for Islamic financial institutions. Islamic banking services in core markets such as Malaysia and Indonesia, where the Muslim population is comparatively high, is increasingly being seen as a preferred choice. In key new markets for Islamic banking, such as in the UK and across Central Asia and the African continent, the central bank and regulatory bodies have been making significant progress to establish the essential infrastructure for Islamic banking to function. Industry forums such as the Islamic Banking & Investment: Asia/Middle East Congress 2016 provide an opportunity for industry leaders to strengthen collaboration on an international scale, explore new innovations in the industry, and showcase the value proposition of Islamic banking to companies and entrepreneurs as an alternative means of funding.”
Day 1 of the Islamic Banking & Investment Asia/Middle East Congress 2016 also saw the launch of the latest edition of the IIFM Sukuk Report which focused on key trends and the changing dynamics of Sukuk issuances in various markets across the globe, The report was launched by Mr.Ijlal Alvi, Chief Executive Officer, The International Islamic Financial Market (IIFM).
The Islamic Banking & Investment Asia/Middle East Congress 2016 continues on the 6th of April 2016 with industry driven sessions such Navigating Opportunities: Sectoral &Geographical Perspectives; and Making Headway: New Developments in the Regulatory, Governance & Risk Environment.
Speaking at the event, Mr. Mohamad Safri Shahul Hamid, Senior Managing Director & Deputy Chief Executive Officer of CIMB Islamic, said that: “There are more than 600 Islamic financial institutions operating in more than 75 countries, offering a wide range of products and services. In the last decade the growth has been well documented, with total global Islamic banking assets growing at a compound annual growth rate of more than 40% globally. The Kingdom of Saudi Arabia continues to dominate the share of the global Islamic banking market at 33% and is the highest contributor to total global Islamic banking assets, followed by Malaysia at 15.5% and the UAE at 15.4%. The size of Islamic banking assets is estimated at US$1.35 trillion globally. This represents approximately 1.3% of total global banking assets. Islamic banking growth is forecasted to move full steam ahead with its assets set to grow further to US$2.6 trillion by 2020 – a compound annual growth rate of 9.8% annually. The outlook continues to appear very bright for the industry.”
The Islamic Banking & Investment Asia/Middle East Congress 2016 is created by Ethico Live!
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