Manama: Islamic Finance sector has bright future and it will continue to grow in more and more countries in near future resting on the double digit growth of the sector, leaders of the Islamic Finance industry said ahead of the 19th Annual World Islamic Banking Conference (WIBC 2012).
The 19th Annual World Islamic Banking Conference (WIBC 2012) is going to kick off in the capital of Bahrain, Manama, on Sunday and leaders expressed hope that more countries will adopt the Islamic Finance in coming days.
“The global Islamic financial services industry continues to experience double digit growth, with recent estimates indicating that global Shariah-compliant assets now stand between $1.1- 1.3 trillion,” Chief Executive of the World Islamic Banking Conference (WIBC), David McLean, said while speaking to the media ahead of the event.
Leading players, industry thought leaders and key regulators in the international Islamic banking and finance industry will take part in the 19th Annual World Islamic Banking Conference (WIBC 2012) at the Gulf Hotel in the Kingdom of Bahrain.
Held under the theme “Islamic Finance: Adapting to the New Dynamics of Global Finance”, the three-day event is convened under the patronage of Prince Khalifa Bin Salman Al Khalifa, the Prime Minister of the Kingdom of Bahrain, and is supported by the Central Bank of Bahrain.
David McLean stated, “The range of products and services offered has also widened from primarily retail banking products to more sophisticated capital market instruments catering to a global audience.”
“With the dynamic nature of the industry, Islamic finance is set to further grow by tapping its potential in new high-growth markets and is set to play a key role in financing the development of economies in both emerging and developed markets,” he added.
Islamic finance has achieved a recognizable position within the global financial landscape as an industry that can make significant contributions to promoting financial inclusion, and economic growth and development.
McLean said, “As the global Islamic finance industry is transitioning to its next stage of development, it is essential that the industry further adapts to the new dynamics of global finance in order to achieve sustainable growth.”
A similar view was expressed by Abdul-Kareem Abu Al-Nasr, Chief Executive Officer of the National Commercial Bank.
He said, “Continuing on its successful high growth trajectory, the Islamic finance industry is now poised for its next phase of global expansion.”
“As Islamic finance extends its reach to serve the global community and becomes an integral part of the global financial system, it will need to better synchronize with the new dynamics of the post-crisis global financial landscape,” he added.