The future of Islamic trade and finance was discussed by a group of 50 bankers, entrepreneurs and other experts at a roundtable at the Crowne Plaza Hotel in Bahrain.

The World Islamic Economic Forum (WIEF) hosted the roundtable, headed by WIEF Foundation secretary general Tan Sri Ahmad Fuzi Abdul Razak.

It featured a special address by Elaf Bank chief executive officer Dr Jamil El Jaroudi on the global outlook and challenges facing Islamic trade and finance and the way forward for the industry.

The address was followed by a panel discussion comprising prominent experts in the field. The roundtable was also attended by Malaysian Ambassador Dato' Syed Sultan Idris.

It aimed at generating an in-depth insight into the future of the Islamic finance and trade in an increasingly globalised world. It also set the stage for the seventh WIEF in Astana, Kazakhstan, from June 7 to 9.

Islamic banking and finance has expanded globally at an average annual rate of 20 per cent.

It represents one of the fastest growing segments in the financial industry, said organisers.

They said the number of Islamic financial institutions and banks grew from just a few in the mid-1970s to several hundred now operating in more than 50 countries across the world, with leading global banks entering the business.-TradeArabia News Service