WIBC 2013 kicked off in Singapore

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WIBCThe 4th Annual World Islamic Banking Conference: Asia Summit (WIBC Asia 2013) held at the Pan Pacific Singapore Hotel in Singapore from June 3 to 5 on its first day saw 482 industry leaders representing over 175 international and regional organisations and more than 55 international speakers and industry thought leaders discuss critical issues the Islamic finance industry in Asia is currently facing.

The event began with a pre-conference summit on Islamic liquidity management, Islamic hedging and capital market instruments hosted by the Bahrain-based international standard-setting body – the International Islamic Financial Market (IIFM). The pre-conference summit featured an inaugural keynote session led by 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 pre-conference summit also featured a special keynote address by Dr. Halim Alamsyah, Deputy Governor of Bank Indonesia. The ‘IIFM Inter-Bank Unrestricted Master Investment Wakalah Agreement’ was also launched at the IIFM pre-conference summit.

The main WIBC conference was officially inaugurated by a special address by Lim Hng Kiang, Minister for Trade and Industry, Singapore and Deputy Chairman of the Monetary Authority of Singapore. In his inaugural address he discussed the role of Islamic finance in facilitating inter-regional trade and investment flows between Asia and the Middle East.

A key highlight of WIBC Asia 2013 was the Power Debate session led by internationally respected CEOs and industry leaders. The Power Debate Session featured 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, and assessed prospects for greater inter-regional linkages and cross-border Islamic finance transactions, analysing key strategies to create a level playing field across borders for Islamic finance.

Speaking to the media at the event, David McLean, Chief Executive of the World Islamic Banking Conference: Asia Summit said that “both Asia and the Middle East are on an upward trajectory of economic growth. Trade and investment flows between the two regions are set to further increase given the fact that investors are looking for markets which can offer higher returns at acceptable risk levels and both Asia and the Middle East offer diversified and balanced growth. With the revival of the “New Silk Route”, historic bonds between the Middle East and Asia are being revitalised in a torrent of trade and investment in energy, infrastructure and manufacturing.”

Talking specifically about Islamic finance, McLean noted that “the Ernst & Young World Islamic Banking Competitiveness Report 2012 which was launched at the 19th Annual World Islamic Banking Conference (WIBC Global) in the Kingdom of Bahrain last December noted that Islamic banking assets with commercial banks globally grew to $1.3 trillion in 2011.” Recent industry reports also indicated the global Islamic finance industry is expected to hit $1.8 trillion by the end of 2013, adding about $500 billion out of which $220 billion – nearly 44 per cent of the total growth – is expected to come from the Arabian Gulf and Southeast Asia combined.

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Reading Time: 2 minutes

The 4th Annual World Islamic Banking Conference: Asia Summit (WIBC Asia 2013) held at the Pan Pacific Singapore Hotel in Singapore from June 3 to 5 on its first day saw 482 industry leaders representing over 175 international and regional organisations and more than 55 international speakers and industry thought leaders discuss critical issues the Islamic finance industry in Asia is currently facing.

Reading Time: 2 minutes

WIBCThe 4th Annual World Islamic Banking Conference: Asia Summit (WIBC Asia 2013) held at the Pan Pacific Singapore Hotel in Singapore from June 3 to 5 on its first day saw 482 industry leaders representing over 175 international and regional organisations and more than 55 international speakers and industry thought leaders discuss critical issues the Islamic finance industry in Asia is currently facing.

The event began with a pre-conference summit on Islamic liquidity management, Islamic hedging and capital market instruments hosted by the Bahrain-based international standard-setting body – the International Islamic Financial Market (IIFM). The pre-conference summit featured an inaugural keynote session led by 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 pre-conference summit also featured a special keynote address by Dr. Halim Alamsyah, Deputy Governor of Bank Indonesia. The ‘IIFM Inter-Bank Unrestricted Master Investment Wakalah Agreement’ was also launched at the IIFM pre-conference summit.

The main WIBC conference was officially inaugurated by a special address by Lim Hng Kiang, Minister for Trade and Industry, Singapore and Deputy Chairman of the Monetary Authority of Singapore. In his inaugural address he discussed the role of Islamic finance in facilitating inter-regional trade and investment flows between Asia and the Middle East.

A key highlight of WIBC Asia 2013 was the Power Debate session led by internationally respected CEOs and industry leaders. The Power Debate Session featured 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, and assessed prospects for greater inter-regional linkages and cross-border Islamic finance transactions, analysing key strategies to create a level playing field across borders for Islamic finance.

Speaking to the media at the event, David McLean, Chief Executive of the World Islamic Banking Conference: Asia Summit said that “both Asia and the Middle East are on an upward trajectory of economic growth. Trade and investment flows between the two regions are set to further increase given the fact that investors are looking for markets which can offer higher returns at acceptable risk levels and both Asia and the Middle East offer diversified and balanced growth. With the revival of the “New Silk Route”, historic bonds between the Middle East and Asia are being revitalised in a torrent of trade and investment in energy, infrastructure and manufacturing.”

Talking specifically about Islamic finance, McLean noted that “the Ernst & Young World Islamic Banking Competitiveness Report 2012 which was launched at the 19th Annual World Islamic Banking Conference (WIBC Global) in the Kingdom of Bahrain last December noted that Islamic banking assets with commercial banks globally grew to $1.3 trillion in 2011.” Recent industry reports also indicated the global Islamic finance industry is expected to hit $1.8 trillion by the end of 2013, adding about $500 billion out of which $220 billion – nearly 44 per cent of the total growth – is expected to come from the Arabian Gulf and Southeast Asia combined.

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