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Islamic finance sector robust

MANAMA: As international financial markets move towards recovery, the Islamic finance industry continues to display robustness.

Industry leaders are devising and implementing growth strategies that embrace the new global financial landscape.

The effects of the economic crisis have necessitated a thorough revision of key business thinking that previously underpinned the strategies of the leading players in the Islamic banking industry.

The 17th Annual World Islamic Banking Conference (WIBC 2010), which last year had a record 1,200 participants from more than 50 countries, will provide a crucial platform from November 22 to 24 in Bahrain for leading institutions to "build a new growth paradigm" as they embrace the new world of a changing financial landscape.

"Last year's WIBC Competitiveness Report, developed in collaboration with McKinsey & Company, said that Islamic banking continued to grow notwithstanding the challenging economic climate, with Islamic banks outperforming conventional ones in terms of asset growth," said organiser MEGA Events managing director David McLean.

"However, both market values and Islamic banks' profitability have come under pressure, narrowing the gap with conventional peers."

The company is preparing a research framework for the launch of the 2010-11 Competitiveness Report at the conference.



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