Singapore to host Islamic banking conference

SINGAPORE: More than 480 leading industry players, thought leaders and
key regulators in the international and regional Islamic finance
industry will be gathering from June 3 to 5 at the Pan Pacific
Singapore Hotel for the 4th Annual World Islamic Banking Conference:
Asia Summit (WIBC Asia 2013).

To be held under the theme
"Bridging the World of Islamic Finance: Boosting International Linkages
and Cross-Border Opportunities", WIBC Asia 2013, hosted with the
official support of the Monetary Authority of Singapore, will set the
stage for high-level discussions focusing on strengthening international
connectivity and capturing cross-border opportunities that will drive further growth in the Islamic finance industry in Asia.

The
summit will also seek to bolster stronger economic linkages with other
key centres for Islamic finance, with a principal focus on forging ties
with the Arabian Gulf.

Announcing the launch of the event, David
McLean, chief executive of WIBC Asia, noted that the global Islamic
finance industry has over the last decade witnessed a transition into a
dynamic, fast growing and competitive form of financial intermediation
servicing an increasingly international client base.

He said the
Ernst and Young World Islamic Banking Competitiveness Report, which was
launched at the 19th WIBC in Bahrain last December, estimated that
global Islamic assets are expected to reach US$1.8 trillion by 2013.

According
to McLean, a key factor which will ensure further growth in the Islamic
finance industry and boost its ability to successfully compete with the
conventional financial system would be improved international
connectivity -- both in terms of trans-jurisdictional regulatory
harmonisation and product
standardisation.

He noted stronger
inter-linkages between the key Islamic financial centres will
facilitate better mobilisation of funds and more sophisticated product
development giving Islamic investors the breadth and depth that is
currently lacking in the Shari'ah-compliant banking, finance and
investments industry.

He also said that "with Asia-Pacific
becoming an increasingly attractive destination for investments that
are Shari'ah compliant, there is a need to make further advances
towards achieving global connectivity and deepening economic
cooperation with other key centres for Islamic finance."

In
order to better facilitate cross-border relationships, he said, more
intensive international co-ordination of regulatory approaches and
supervisory oversights, as well as collaboration amongst leading
industry players, is needed.

Ravi Menon, managing director of
the Monetary Authority of Singapore, said WIBC Asia has grown in both
size and stature since its inaugural conference in 2010, adding the
event is now an important platform connecting the vibrant Islamic
finance industries in Asia and the Middle East.

A
pre-conference seminar hosted by Bahrain-based International Islamic
Financial Market (IIFM) will focus on Islamic Liquidity Management,
Islamic Hedging and Capital Market Instruments.

A key highlight
of WIBC Asia 2013 will be the Power Debate session featuring 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; Muzaffar Hisham, chief executive officer of Maybank Islamic
Bhd; and Badlisyah Abdul Ghani, executive director/chief executive
officer of CIMB Islamic Bank Bhd.-- Bernama