The important role of the Islamic finance industry in the global economy will be the focus of a major conference to be held in Bahrain next month.

More than 200 international delegates are expected to take part in the seventh Islamic Financial Services Board (IFSB) summit.

Themed Global Financial Architecture: Challenges for Islamic Finance, the event will be held at the Ritz-Carlton Bahrain Hotel and Spa from May 3 to 5 and will be hosted by the Central Bank of Bahrain.

'As the global financial community considers the lessons of the crisis and how best to respond to the new financial landscape that it confronts, it is vital for the IFSI to be alert and responsive to the unique challenges ahead,' a spokesman for the organisers said.

'The seventh summit will be convened following the events of recent years that have dramatically transformed perceptions of the soundness and stability of the global financial system with respect to both its architectural framework and industry best practices.

'The crisis has highlighted the challenge for regulators and key industry players to take the necessary steps to ensure that this rapidly evolving industry continues to remain sound and stable,' he added.

'The summit will provide a suitable platform to discuss how international organisations can best provide the structure and facilities that equip the industry for further sustainable growth,' he said.

'It will also focus on lessons that need to be learned from the crisis and their implications for the IFSI, areas of monitoring and surveillance that need more attention and whether the current and evolving composition of the industry provides an appropriate basis for its sound and stable development,' he added.-TradeArabia News Service