New trends in Islamic banking under spotlight as key conference kicks off

His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa yesterday deputised his adviser Shaikh Salman bin Khalifa Al Khalifa to open the 26th World Islamic Banking Conference (WIBC), being held this year under the theme “Mega Trends in Banking and Finance”.

Shaikh Salman conveyed greetings from HRH the Premier to the WIBC-2019 organisers, wishing them success in achieving the goals of the conference which addresses key issues related to the sectors of banking and Islamic finance. He underlined the successful Government’s banking policies laid by HRH the Premier which turned Bahrain into hub for Islamic banks and transformed the Kingdom into a model for other countries.

“HRH the Premier realised early on the importance of Islamic banks in the economic system, which has been the direction of the countries of the region recently, which made Bahrain has the forefront in this regard,” he said. Shaikh Salman stressed the potential for Islamic banks to develop their products and investment tools and enhance their role so as to contribute to boosting the economic development and spurring growth in the region.

He commended Islamic banks which launched an initiative to employ Bahraini jobseekers in this promising sector, stressing keenness on recruiting graduates and integrating them in the sustainable development momentum, in accordance with the 2030 Bahrain Economic Vision. “The Islamic banking sector Bahrain is going through a phase of development, with the support of the Government, chaired by HRH the Premier,” said HH Shaikh Salman bin Khalifa Al Khalifa, hailing the role of Islamic bank as the cornerstone of development and growth.

Top performing Islamic Financial Institutions from the Middle East, Asia, Europe and Africa are vying for the WIBC Leaderboard Awards to be announced at the conference. The WIBC Awards recognise the best performing financial institutions at the global and regional levels. Over 1,200 participants, 50 plus country representations, 98 plus partners, and 60 plus high-profile speakers will provide breakthrough insights that will help Islamic Finance realise its global value proposition.

A testament to its vision of advancing the global Islamic banking industry, the WIBC 2019 will continue in its endeavour of enhancing the performance and quality of key Islamic financial institutions by means of the 5th WIBC Leaderboard, a statement said. Group CEOs of leading banks, top global banking leaders, policy-makers and experts are attending the event.