The annual World Islamic Funds and Financial Markets Conference (WIFFMC) has called for nominations for the Islamic Investment Institution of the Year Award is seen as a key driver in encouraging the development of new financial instruments.

The award is designed to recognise institutions that have made significant contribution to the Islamic funds and investments industry and demonstrated outstanding achievements and institutional excellence in major performance areas.

WIFFMC will be holding its seventh edition at the Gulf Hotel in Bahrain from September 26 to 27.

"The Islamic Investment Institution of the Year Award recognises achievements, innovations and excellence in the global Islamic investments industry and encourages industry players to further strengthen their business models and innovate next generation products that will propel the industry to the next phase of development," said WIFFMC 2011 managing director David McLean.

"The global Islamic funds and investments industry has gained significant momentum in the recent past," said Central Bank of Bahrain (CBB) executive director financial institutions supervision Abdul Rahman Al Baker.

"In order to further strengthen the industry and enhance its growth, it is important to further enhance the innovations of new Islamic instruments and encourage players to invest more in research and development.”

"While the regulators have their role, the major responsibility of evolving and pushing the industry forward lies with the industry players and practitioners," he said.

"Awards like the Islamic Investment Institution of the Year Award recognises commitment and dedication by the leading industry players in further developing the global Islamic investments industry," he added.

Nominations will be accepted until September 8 and the winning institution will be recognised at the high-profile gala dinner ceremony held at WIFFMC 2011.

Key criteria for the nomination include significant contribution to the development of the Sharia-compliant investments industry either through the development of innovative products and services that have substantially advanced the regional and global investments industry and or outstanding financial performance resulting from excellence in its operations.

WIFFMC 2011 is being held under the patronage of the Central Bank of Bahrain. – TradeArabia News Service