More than 1,000 delegates from over 35 countries are participating in the 14th Annual World Islamic Banking Conference (WIBC) which opened in Bahrain today.

The conference is being held under the patronage of Shaikh Khalifa Bin Salman Al Khalifa, the Prime Minister of Bahrain.

Rasheed M Al Maraj, Governor of the Central Bank of Bahrain, welcomed the delegates at the grand opening ceremony held at the Gulf International Convention Centre in Bahrain.

The conference proceedings began with the high-profile opening session: the Financial and Regulatory Architecture: Enabling Industry Growth & Containing Risks, led by Al Maraj.

Burhanuddin Abdullah, Governor of the Bank of Indonesia, continued the discussion and stated: This occasion is certainly an important stepping-stone, which would contribute in determining our pathway to the future in building a more resilient and prosperous Islamic banking and financial industry.

“It is clear that the recent developments in the international Islamic banking and financial industry are a reflection of our eagerness to intensify the economic and financial activities under the compliance of Sharia principles,” he said.

The keynote plenary session was lead by Adnan A Al Musallam, chairman & CEO, Investment Dar; Abdulrazzak Mohammed Elkhraijy head of Islamic Banking Development Group of National Commercial Bank; David W Pace, chief financial officer of Unicorn Investment Bank; Dr Omar Marwan Kamal, executive vice president – Investment Group head Al Salam Bank – Bahrain; and Sohail Masood, head of Islamic Banking for Samba Financial Group.

Assessing the future development of the Islamic Finance Industry, Islamic Banking Becoming a Truly Globalised Industry, Key Ingredients for Success in New Markets and Tapping New Sources of Growth were the main issues discussed in this session.

The official launch of the WIBC Competitiveness Report 2007/08, opened by Afaq Khan, chief executive officer - Islamic Banking for Standard Chartered Saadiq and conducted by Ozgur Tanrikulu, partner and Chris Figee, partner at McKinsey & Company, provided an opportunity to assess the key findings of the research programme.

The key discussion points of the report included an update on the competitive performance of leading Islamic banks, asset management trends, risk management in Islamic banking plus an assessment of the growth potential for Islamic banking in Asia.

This year, WIBC also featured the inaugural Country Focus Roundtable, a debate featuring a panel of international experts representing exciting new growth markets for Islamic financial services, with a special focus on the UK, South Africa, Asia and North America.

The debate further built on the spotlight surrounding the exciting international growth markets for the industry.

The discussions were led by Mohammed Paracha, executive vice president and general counsel, Al Salam Bank – Bahrain.

The World Islamic Banking Exhibition was also inaugurated today by Al Maraj.

The exhibition, schedule to conclude on Monday, showcases leading Islamic banks, finance companies, insurance companies, international media, legal advisors and IT providers specializing in solutions that improve efficacy and performance.

The conference will conclude on December 10 with the PowerTable, a high-powered interactive debate session focusing on Performance, Growth and the Way Forward. –TradeArabia News Service