More than 480 Islamic Finance Leaders to Gather in Singapore for the 4th Annual World Islamic Banking Conference: Asia Summit (WIBC Asia 2013)

The 4th Annual World Islamic Banking Conference: Asia Summit focusing on connecting the world of Islamic finance to open on the 3rd of June with a pre-conference summit hosted by the International Islamic Financial Market.

Singapore: 30 May 2013: More than 480 key players and thought leaders in the international Islamic finance industry will be gathering on the 3rd, 4th and 5th of June 2013 at the Pan Pacific Singapore Hotel, Singapore for the 4th annual edition of the World Islamic Banking Conference: Asia Summit (WIBC Asia 2013), which is convened with the official support of the Monetary Authority of Singapore.

The three day event, held under the theme "Bridging the World of Islamic Finance: Boosting International Linkages and Cross-Border Opportunities", is set to begin on the 3rd of June 2013 with a pre-conference summit hosted by the Bahrain based International Islamic Financial Market (IIFM). The IIFM industry seminar focusing on Islamic Liquidity Management, Islamic Hedging and Capital Market Instruments will open with an inaugural keynote session featuring Khalid Hamad Abdul-Rahman Hamad, Chairman of the International Islamic Financial Market (IIFM) and Executive Director of Banking Supervision at the Central Bank of Bahrain; and Ng Nam Sin, Assistant Managing Director, Development Group, Monetary Authority of Singapore. The inaugural session at the pre-conference summit will be followed by a special keynote address by H.E. Dr. Halim Alamsyah, Deputy Governor of Bank Indonesia.

The main conference, which begins on the 4th of June, will be officially inaugurated by a special address by H.E. Lim Hng Kiang, Minister for Trade and Industry, Republic of Singapore and Deputy Chairman of the Monetary Authority of Singapore. The inaugural address will be immediately followed by special keynote addresses from H.E. Dr. Mohammad Y. Al-Hashel, Governor of the Central Bank of Kuwait, and Ranjit Ajit Singh, Chairman of Securities Commission Malaysia.

Commenting on the Monetary Authority of Singapore’s support for WIBC Asia 2013, H.E. Ravi Menon, Governor of the Monetary Authority of Singapore was quoted saying that “WIBC Asia has grown in both size and stature since its inaugural conference in 2010.  The event is now an important platform connecting the vibrant Islamic finance industries in Asia and the Middle East. The Conference also reinforces the value proposition of Islamic finance to the wider financial industry in the region.”

A key highlight of WIBC Asia 2013 will be the high profile Power Debate session led by internationally respected CEOs and industry leaders. The Power Debate Session featuring Shayne Nelson, Chairman of Standard Chartered Saadiq Islamic Banking, Chief Executive Officer Private Bank and Group Head SME Banking, Standard Chartered; Toby O’Connor, Chief Executive Officer of the Islamic Bank of Asia; Badlisyah Abdul Ghani, Executive Director/Chief Executive Officer of CIMB Islamic Bank Berhad; Muzaffar Hisham, Chief Executive Officer of Maybank Islamic Berhad; Hussain AlQemzi, Chief Executive Officer, Noor Islamic Bank and Group Chief Executive Officer, Noor Investment Group; Syed Abdull Aziz Jailani Bin Syed Kechik, Chief Executive Officer of OCBC Al-Amin Bank Berhad; and Abdulrazzak Mohammed Elkhraijy, Executive Vice President and Head of the Islamic Banking Development Group, The National Commercial Bank-Saudi Arabia, will assess prospects for greater inter-regional linkages and cross-border Islamic finance transactions and will analyze what needs to be done to create a level playing field across borders for Islamic finance.

Speaking ahead of the event, David McLean, Chief Executive of the World Islamic Banking Conference: Asia Summit, said that “though Islamic finance has come a long way, achieving significant growth over the last decade, the overall size of Islamic assets is still less than 1% of the global financial system and the industry has still to build significant economies of scale. Being comparatively young, Islamic finance currently offers fewer product choices for consumers, while isolated pools of Islamic liquidity in each market restrict opportunities for more efficient allocation of capital across international jurisdictions.”

Mr. McLean said that “as Islamic finance embarks on its next phase of growth, the industry must overcome these challenges and build scale, reach critical mass and expand its geographic footprint - and this will require financial institutions, regulators, and international standard setting agencies to work more closely together. With the powerful line-up of speakers and with more than 480 key Islamic finance leaders and senior decision-makers representing the major regional and international institutions, regulatory bodies and government agencies attending WIBC Asia 2013, this gathering will create an ideal platform to facilitate discussions on achieving further growth and international connectivity in the Islamic banking and finance industry in Asia”.

A similar view was expressed by Dato' Sri Abdul Hamidy bin Abdul Hafiz, Chief Executive Officer of Kuwait Finance House (Malaysia) Berhad who said that “the Islamic finance industry has shown tremendous growth in terms of business volumes, product innovation and geographical spread – as well as achieving significant improvements in its legal and regulatory frameworks. The industry is now entertaining customers across wider segments and economic sectors and is moving well beyond its early niche status. However, the Islamic financial system is still very small compared to the existing conventional economic system. With the lessons learnt from the recent global financial crisis, we are now well aware of the inherent dangers in unproductive capital. What is needed is a more efficient and effective mobilization of investible surplus that promotes economic prosperity by financing real economic activities. This perfectly fits with the objectives of Islamic finance and by promoting and strengthening the cross-border connectivity in Islamic finance, it would allow capital allocation to the most efficient investment portfolios.”

Dato' Sri Abdul Hamidy bin Abdul Hafiz went on to say that “the role that the annual World Islamic Banking Conference: Asia Summit plays in bringing together industry leaders from key Islamic financial centres for dialogues on improving the global connectivity of Islamic finance is commendable and we are delighted to be once again supporting this key industry gathering.”

Commenting on their participation at the event, Sulaiman Alireza, Executive Director, Head of Direct Investments, Asiya Investments Hong Kong Limited said that “there has been a significant expansion of both intra-Asia as well as cross-border trade flows between Asia and the Middle East. Annual intra-Asia trade is expected to quadruple from current levels of almost $5 trillion to $20 trillion by 2020. Similarly, trade between the GCC and emerging Asia is growing at a rate of 25 percent per year.”

Sulaiman Alireza said that “today, the emerging Asian economies, excluding Japan, account for approximately 20% of the world GDP. Middle East investors are on the look out for greater diversification, both in terms of geographical allocation and asset classes, beyond the traditional investments in the US and Europe.”

According to Mr. Alireza “Asia's continued need for productive capital and uninterrupted energy supply to sustain its high growth matches the Middle East's resource endowments. However currently, there is a shortage of investment opportunities which offer both attractive income streams and lower risk profiles, especially for those investors who require their investments to be Shari’ah-compliant.”

He also said that “a platform such as the annual World Islamic Banking Conference: Asia Summit provides an opportunity for Islamic finance leaders in both Asia and the Middle East to discuss opportunities for the revival of the ‘Silk Route’ and facilitate greater cross border economic and financial flows that are Shari’ah-compliant between these two high-growth regions and we are delighted to be a part of this unique gathering.”

The WIBC Asia 2013 Exhibition that runs along the sidelines of the conference will also showcase next generation Islamic financial products, innovative solutions and the latest developments in the international Islamic banking and finance industry.