The 22nd World Islamic Banking Conference (WIBC) is set to connect the industry with pioneers and innovators in the financial technology space with its upcoming conference to be held in Bahrain from first to third December. Supported by the Central Bank of Bahrain, WIBC will focus very prominently on the changing face of financial services in the digital age.
The internet and now near ubiquity of mobile phones are challenging the banking sector at an exponential pace. Mobile money, crowdfunding, peer-to-peer lending and other new business models allow individuals to perform traditional banking services outside of the formal banking system – and WIBC 2015 is looking to address these challenges.
Dr. Sayd Farook, Vice-Chairman and CEO of ME Global Advisors, an intelligence platform serving the emerging & frontiers markets within the Middle East North Africa Southeast Asia (MENASEA) region, will lead WIBC. Dr. Farook brings to WIBC extensive industry experience, including developing technology platforms to provide practical insights and spearhead the new age of digital banking for the industry. Speaking ahead of the event he said, “Over the past two decades, the World Islamic Banking Conference (WIBC) has reaffirmed its position as the frontrunner in driving the Islamic finance industry mainstream. It has gathered luminaries from across the world – Central Bank governors, CEOs and leading thought leaders from across the Islamic world. This year, the industry’s flagship platform is to forge a fresh, innovative and technology-enabled phase of the industry’s development.”
With the industry undergoing rapid growth and transformation, having reached $1.94 trillion as at the end of 2014 with a 17% growth rate over the past three years, Islamic finance is expected to play an increasingly pivotal role in shaping the Middle East North Africa Southeast Asia (MENASEA) economies.
This year, Ernst and Young (EY) will play an integral role through the launch of the EY World Islamic Banking Competitiveness Report, spearheaded by Ashar Nazim, Partner, Islamic Banking and Digital Financial Services, MENA at Ernst and Young. A long-term partner of WIBC, Mr Nazim said, “This year, our report will add tremendous value to the growing Islamic finance industry and will provide a new look into core international markets. It will further explore how digital innovation is set to positively disrupt traditional banking models.”
Thomson Reuters, WIBC’s Knowledge Partner, is playing a formative role in the showcasing of intelligence at the forum. Mustafa Adil, Acting Head of Islamic Finance at Thomson Reuters stated: “Thomson Reuters has remained a strategic partner of the World Islamic Banking Conference for over a decade. Every year, we see the growth of this landmark forum and our report studies the development and progress of the industry on a global scale. We look forward to contributing to the assessment of the industry with our exclusive insights from our IFDI Report“.
