MANAMA: Over 1,000 delegates are expected to attend the 15th edition of the World Islamic Banking Conference (WIBC) opening tomorrow at the Gulf Hotel and Convention Center in Bahrain.
Held under the patronage of Prime Minister Shaikh Khalifa bin Salman Al-Khalifa, the pre-event session of the conference will witness the launch of WIBC McKinsey Competitiveness Report 2008-09 today. Following the opening by the Governor of the Central Bank of Bahrain Rasheed Al-Maraj tomorrow, experts, regulators and leading bankers will highlight strategic challenges being faced by the Islamic finance industry.
According to the organizers, more than 1,000 delegates from over 45 countries are expected to attend the two-day event, the world’s largest gathering of Islamic finance leaders.
This year’s McKinsey Report will also examine the structural advantages and potential challenges being faced by Islamic banks in the context of the global economic crisis. A groundbreaking original research project, conducted annually by McKinsey & Company, the report generates powerful new research insights into the Islamic banking industry and has over the past five years become an indispensable reference resource for industry decision-makers.
Ozgur Tanrikulu, partner of McKinsey & Company, said that the Competitiveness Report would highlight the recent developments in Islamic finance, including growth and performance, understanding the challenges and opportunities facing the industry in the context of the current global economic climate and their implications on business models. “It has been another year of strong growth and performance for Islamic finance. Yet, the question on everyone’s mind is whether the industry will be able to maintain its growth trend and be shielded from the financial turmoil that the world has been experiencing. No doubt that this year’s conference will witness a unique exchange of ideas on the prospects of the industry and the impact of the global events,” Tanrikulu said.
“The Competitiveness Report will highlight as usual the recent developments in Islamic finance, including growth and performance. It will also focus on understanding the challenges and opportunities facing the industry in the current context and their implications on business models. In addition, we have conducted a deep dive into key business segments, including Sukuk, Takaful Islamic wealth management and asset management as well as GCC retail banking, where we discuss the trends, growth drivers as well as the characteristics of winning business models and offering.
“Most importantly what is unique this year is that we have met with a number of leaders of major financial institutions, both in GCC and Asia, and we will be sharing their perspectives on the industry in the Competitiveness Report.”
The launch of the 2008-09 report at the WIBC Executive Briefing will be led by McKinsey partners from key international centers, and takes the form of a dynamic and interactive discussion of the strategic challenges facing the executive leadership of Islamic financial institutions.