The future potential, new territories available, environmental sustainability and financial inclusion of the Islamic finance industry were the critical discussion points on the final day of the World Islamic Banking Conference (WIBC) in Bahrain.

Day two kick-started with an engaging speech on the key insights on the growth potential and sustainable future that the Islamic economy represents for the Middle East region.

Abdulla Mohammed Al Awar CEO, Dubai Islamic Economy Development Centre said: “It is no longer a challenge to convince customers about the efficiency and importance of Islamic banks as was the case prior to the global financial crisis. The tangible resilience of Islamic banks during and after the crisis, their offerings that are geared to revive investments and restore confidence in the global economy, and their call for a more comprehensive development, are compelling reasons to persuade investors that Islamic finance does indeed provide an enabling environment for sustainable businesses.”

Khalid Hamad Abdul-Rahman Hamad, executive director - Banking Supervision, Central Bank of Bahrain said: “We are living in a world where the pace of change is so high and the miracles of technology are so appealing that it is easy to get distracted and forget the basics. I would like to take this opportunity to remind us all that success in the banking business comes with trust, which in turn is a function of how compliant the institution is. Compliant with the laws of the country, compliant with the regulations of the central bank and other authorities, and most importantly, in case of Islamic banks, compliant with Shari’ah rules and principles. ”

The CEO power debate forecasted new territories and horizons for the benefits of the industry and the exclusive session on Corporate Social Responsibility also highlighted the social function of Islamic finance.

The upcoming sessions include a panel on Women leadership that will highlight women representation in Islamic banks. A special focus on the FinTech revolution will demonstrate how Islamic finance can capitalize on the innovations in financial technology such as Bitcoin and Mpesa to better deliver on its promise of inclusive financial services, as well as a session on Fintegration that explains the need of social media for banks to improve customer interactions.

Additionally, the stream on Global Economic trends will present Islamic finance opportunities in Europe, the need for High Quality Liquid Assets and the Basel III, as well as the fluctuations in energy markets and interest rates. – TradeArabia News Service