BAHRAIN, 23 November 2006 — Strategic industry trends, plus analysis of the growth and performance of the leading industry players are the highlights of the World Islamic Banking Competitiveness Report, which will be released on Dec. 9 during the 13th Annual World Islamic Banking Conference (WIBC) in Bahrain. In a world industry first, the report also features a special focus on the wholesale Islamic banking sector.
Now in its third year, the report has rapidly evolved into an indispensable reference resource for the key decision-makers in the global Islamic banking and finance industry.
The research led by McKinsey & Company will review the performance of the sector from the angles of growth and performance and focus more specifically on wholesale banking, providing a set of recommendations on how Islamic financial institutions can capture the large opportunity in this sector. Wholesale banking represents almost 40 percent of total banking revenues in Islamic economies and despite the strong growth of retail activities, it remains one of the main profit drivers of the industry. The report will pose critical questions on the size and attractiveness of the market and the key success factors to meaningfully enter it.
Al-Salam Bank partners with WIBC as the competitiveness report sponsor. Headquartered in Bahrain, and with a growing presence in the MENA region and Asia, Al-Salam Bank is a dynamic, diversified and differentiated Islamic banking and financial services enterprise. Hussein Mohamed Salem Al-Meeza, MD and board vice chairman, said: “Al-Salam Bank is committed to supporting the growth and development of the global Islamic banking and finance industry. We therefore take great pleasure in sponsoring this important research initiative, and to be participating in such a prestigious industry forum as the World Islamic Banking Conference.”
Yousif Abdulla Taqi, CEO of Al-Salam Bank said: “The provision of well-researched market data is crucial to promoting a wider awareness and understanding of the global importance of Islamic banking. As such, this report is both timely and welcome. Together with my colleagues at Al-Salam Bank, I look forward to continuing the debate on key issues facing the industry, especially the concern over the shortage of qualified and experienced Islamic banking specialists.”
Nasr-Eddine Benaissa, partner at McKinsey & Company in Dubai and leader of the firm’s Islamic finance practice said: “This year’s competitiveness report will probe new depths into the analysis of the Islamic banking sector. Last year, the report shed new light on the key success factors for Islamic banks to capture the large retail banking potential. The 2006-07 report will analyze in-depth the development of the wholesale banking market and bring insights on the very much talked about but seldom documented parts of the industry. It will be, to my knowledge, the first in-depth report focusing on the Islamic wholesale banking opportunities. We’ll also highlight the strong need for all players, especially local ones, to develop a set of skills which are typically lacking in the region and encourage them to put in place a real talent management system, which will be core to future success, in retail or wholesale banking.”