MALAYSIA: WIBC Asia 2011 Sets Stage for Industry Leaders Discuss Islamic Finance

The 2nd Annual World Islamic Banking Conference: Asia Summit (WIBC Asia 2011), to be held here on June 8 and 9 will set the stage for further development of Islamic finance.

Some 450 industry leaders are expected to explore new opportunities in Asia and to foster new business partnerships and boost cross-border connectivity.

Islamic finance has emerged as one of the most rapidly expanding sectors in the global financial system and is evolving into an industry with an increasingly significant global footprint.

There are an estimated 430 Islamic banks and financial institutions operating in more than 75 countries and around 191 conventional banks that have Islamic banking windows.

With the emergence of exciting new jurisdictions in addition to the strong growth showcased by established centres of Islamic finance in the Middle East and Asia, the industry has further reinforced its growing globalisation.

"Hosted with the support of the Monetary Authority of Singapore (MAS), WIBC Asia 2011 will focus on "Enhancing Cross-Border Connectivity to Drive Global Growth, said David McLean, WIBC managing director.

"With the increasing internalisation of Islamic finance, industry leaders are looking to boost cross-border growth opportunities and Asia is rapidly strengthening its position as a leading hub for significant Islamic finance transactions", he said at the launch to announce the 2nd annual edition of WIBC Asia 2011 Tuesday.

MAS assistant managing director (Development) Ng Nam Sin said WIBC Asia had a special focus on Asia and would provide a unique platform for the industry to share knowledge and experience from more established centres and players in Islamic finance.

She said the conference was an important platform to bring delegates from all over the world to Asia to explore new opportunities to tap Islamic finance and to work closely together.

"It will also bring about greater awareness within Singapore's financial and business community of the growing opportunities and potential of Islamic finance," he said.

Lim Hng Kiang, Singapore Minister for Trade and Industry and MAS Deputy Chairman will address the conference, followed by the opening keynote session by Securities Commission Malaysia chairman Tan Sri Zarinah Anwar and Mohd Rosli Sabtu, Managing Director, Authority Monetary Brunei Darussalam.

The session will focus on enhancing the role of Islamic finance in creating stronger business and investment ties between Asia and other key Islamic financial centres. -- BERNAMA