Islamic banks, financial institutions meet in Asia

MANILA, Philippines - An estimated 450 industry leaders will converge in Singapore to discuss the outlook and opportunities for Islamic finance in Asia at the 2nd Annual World Islamic Banking Conference on June 8 and 9.

There are over 430 Islamic banks and financial institutions operating in more than 75 countries, and around 191 conventional banks that have Islamic banking windows. The strong growth showcased by established centers of Islamic finance in the Middle East and Asia further reinforced its growing globalization.

Islamic finance has emerged as one of the most rapidly expanding sectors in the global financial system and is evolving into an industry with an increasingly significant global footprint.

World Islamic Banking Conference managing director David McLean in a press statement said that WIBC Asia 2011 would focus on enhancing cross-border connectivity to drive global growth.

“With the increasing internalization of Islamic finance, industry leaders are looking to boost cross-border growth opportunities and Asia is rapidly strengthening its position as a leading hub for significant Islamic finance transactions,” McLean said.

Maybank Islamic Bank Berhad (MIB) chief executive officer Muzaffar Hisham was quoted to have said that it was committed “to meeting the exciting and challenging developments of the Islamic banking and finance industry both regionally and globally.” It is currently the number one Islamic banking player in the region based on asset size which totals up to 55 billion Malaysian ringgit.

Hisham further added: “There is an increasing trade and investment flows between countries worldwide and this offers substantial business opportunities for Islamic finance. Regionally we are actively pursuing opportunities for growth in Indonesia, Singapore and Brunei whilst working closely with regulators to ensure sound governance for the industry in the respective countries. We see our presence in China as an enabler to establish the new ‘Silk Road’ in finance as MIB is also present in the Middle East through the set up in Bahrain and as well as Saudi’s Joint Venture with Anfaal Capital.”