World Islamic banking conference eyes int'l development

2012-12-09 13:25:24 GMT2012-12-09 21:25:24(Beijing Time)  Xinhua English

MANAMA, Dec. 9 (Xinhua) -- The 19th World Islamic Banking Conference (WIBC) opened Sunday in Bahrain with participants eyeing the international development of the Islamic banking industry.

As the world's largest and most significant annual gathering of the Islamic banking industry, the WIBC is set to convene more than 1,200 industry leaders representing over 50 countries this year.

In his speech at the opening of WIBC 2012, Khaled Mohammed Al- Aboodi, head of Saudi Islamic Development Bank's private sector branch, stressed building the Islamic banking's capacity and supporting its international development.

The international development of Islamic finance sector has benefits to the economy in key markets, he said.

Chief Executive of the WIBC David McLean also hailed the Islamic banking sector's importance. "The Islamic banking sector is undoubtedly well placed to play a vital role in facilitating cross-border financial flows, particularly between the emerging economies, which, in turn, stand to further increase the international participation in Islamic financial markets," he said.

According to McLean, WIBC 2012, held under the theme of " Islamic Finance: Adapting to the New Dynamics of Global Finance", will be a "key enabling platform for industry players to innovate the next generation of Islamic finance solutions."

The three-day event will also feature a special guest address by former Tunisian Finance Minister Jaloul Ayed, who will discuss the potential of Islamic finance in Maghreb countries as exciting new opportunities emerge in a transformational landscape.

The conference will include an "industry leaders' power debate" led by internationally-respected CEOs and decision-makers from the key players in the industry. It is also expected to issue a World Islamic Banking Competitiveness Report on Monday.

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