More than 400 industry leaders from international Islamic funds and investments industry will be in Bahrain to attend the 7th Annual World Islamic Funds and Financial Markets Conference (WIFFMC 2011) which opens tomorrow.

The event is being held under the theme “Achieving International Scale: Creating Vibrant Islamic Financial Markets and Re-Invigorating the Islamic Investments Industry.”

The two-day conference, to be held at the Gulf Hotel in Manama, will set the stage for critical discussions that will evaluate strategies to re-ignite growth and achieve a critical mass for the global Islamic funds and investments industry.

Speaking ahead of the conference, David McLean, the managing director of WIFFMC 2011 said there was significant potential for Islamic investments to play a more active role in mobilizing funds across regions and financial centres.

"Opportunities exist to use Islamic funds and investments to deepen global connectivity thus contributing to the current efforts aimed at achieving global scale for the industry," he remarked.

Held under the strategic partnership of the Central Bank of Bahrain, WIFFMC has over the years become the world’s most significant and influential annual platform for the global Islamic investments industry leaders to converge.

This year it will feature critical discussions and debates that are vital to successfully support the next phase of development for the global Islamic funds and investments market, said McLean.

The event will be officially open on Monday with an opening keynote address by Abdul Rahman Mohammed Al Baker, executive director – Financial Institutions Supervision, CBB who will discuss key regulatory initiatives to strengthen the Islamic investments industry.

Confirming his participation, Al Baker said that “despite the strong potential for Shari’ah compliant funds and investment instruments in the global market, a number of economic, legal, and regulatory challenges remain which need to be addressed to further strengthen growth."

"It is critical to facilitate harmonization of standards and practices globally so that the industry can realize its full potential in the international markets," he observed.

Al Baker said that “With the strong and robust regulatory frameworks adopted by the CBB, Bahrain will continue to be one of the leading financial centers in the region and a global leader in Islamic finance.”

Shaikh Mohammed bin Essa Al-Khalifa, chief executive of the Bahrain Economic Development Board (EDB) said, “Bahrain takes pride in its role as a pioneer and leader in the Islamic Finance sector and we are delighted to be hosting this conference."

"It is vital that the industry continues to evolve and grow taking into account the changing economic realities and the wider global Islamic population that will benefit from a strong and dynamic Islamic Finance industry, and bringing together industry leaders at events such as these is an important way of making that happen," he added.

A key highlight of the WIFFMC will be the exclusive 'CEO & Industry Leaders Power Debate' session led by internationally respected CEOs and industry leaders.

The session featuring Oscar Silva, CEO of Global Banking Corporation; Moinuddin Malim, CEO of Mashreq Al Islami; Geert Bossuyt, CEO of Dar Al Istithmar; Dr Salah Addeen A Qadar Saeed, general manager – Credit & Risk Management at Bahrain Islamic Bank, Samad Sirohey, CEO of Citi Islamic Investment Bank, and Fadi Salim Al Faqih, general manager of Bank of Khartoum will analyze and discuss new strategies for re-igniting growth in Islamic financial markets.

The session will also assess the internationalization of the Islamic investments market and will address key challenges of aligning business strategies with the new economic realities.

Also at the event, the eagerly anticipated Ernst & Young Islamic Funds and Investments Report 2011 will be launched exclusively onsite at a special plenary session.

The conference will also host a gala dinner and award ceremony on the 26th September wherein the prestigious WIFFMC 2011 Islamic Investments institution of the Year Award will be announced.-TradeArabia News Service