The 21st edition of the World Islamic Banking Conference (WIBC 2014) has today opened in Bahrain. His Royal Highness Prime Minister Prince Khalifa bin Salman Al-Khalifa deputised Central Bank of Bahrain (CBB) Governor Rasheed Al-Maraj to inaugurate the annual event.
The 2014 edition has attracted over 1,300 Islamic banking industry leaders from over 50 countries and representing over 300 regional and international organisations. More than ninety international Islamic banking industry thought leaders are also attending the conference to raise key issues which would enable Islamic finance to develop towards a new growth paradigm in global financial markets.
Baroness Sayeeda Warsi of the House of Lords, which played a crucial role in progress achieved by the United Kingdom in Islamic finance, delivered a special keynote address at the opening session of the (WIBC 2014).
Nurlan Kussainov,Deputy Governor, National Bank of Kazakhstan and ISLAMIC FINANCIAL SERVICES BOARD – IFSB – Secretary-General Jassim Ahmed also addressed the opening session, stressing the importance of consolidating coordination between international leaders in the sector if Islamic finance.
Mr. Al-Maraj underlined the current transformation of global financial markets in recent years which prompted officials in charge of financial and banking institutions to re-think their business strategies and explore new models.
Given the continued rapid global expansion of the Islamic finance industry and the increasing inter-linkages between the key international jurisdictions, Islamic financial institutions are also experiencing a major phase of transformation," said Al-Maraj.
"The continued rapid global expansion of the Islamic finance industry and the increasing inter-linkages between the key international jurisdictions, Islamic financial institutions are also experiencing a major phase of structural transformation," he added.