Islamic Finance footprint across Asian Markets offers an opportunity to respond to headwinds

Islamic financing is growing around the globe, a large part of this is coming from Asia which has five out of the top 10 countries with the largest Muslim populations. According to an article published by the Asian Development Bank.

At the end of 2013, Islamic banking and Islamic bonds or Sukuk in Asia had made up 49 per cent and 45 per cent, respectively, of global Islamic financial assets. Malaysia is one of the leaders with a 10 per cent global share of Islamic banking assets at the end of 2013, with established markets in Bangladesh, Brunei Darussalam, Indonesia and Pakistan and growing interest from non-Muslim economies such as Singapore, Japan, Republic of Korea and Hong Kong, China.

The benefits have been significant. Islamic finance has been an important alternative source of funding for infrastructure in the region, it has provided an attractive source of investment finance for both governments and businesses, and it promotes financial stability because it is based on the principles of risk sharing. Of even greater benefit is its potential for delivering much-needed financial services to Muslims

Focusing on a fresh approach on how industry leaders from across the key markets of the Middle East and Asia can engage with the major issues impacting the future of Islamic finance, The Islamic Banking & Investment Asia/Middle East Congress 2016 will take place on the 5th & 6th of April 2016 at the Intercontinental Hotel in Singapore, under the theme « Responding to Headwinds & Refreshing the Vision for Islamic Finance », and will be held under the auspices of H.H. Sheikh Salman bin Khalifa Al Khalifa.

Mohamad Safri Shahul Hamid, Senior Managing Director & Deputy Chief Executive Officer of CIMB Islamic, said that, « There are more than 600 Islamic financial institutions operating in more than 75 countries, offering a wide range of products and services. In the last decade the growth has been well documented, with total global Islamic banking assets growing at a compound annual growth rate of more than 40 per cent globally. The Kingdom of Saudi Arabia continues to dominate the share of the global Islamic banking market at 33 per cent and is the highest contributor to total global Islamic banking assets, followed by Malaysia at 15.5 per cent and the UAE at 15.4 per cent.

The size of Islamic banking assets is estimated at $1.35 trillion globally. This represents approximately 1.3 per cent of total global banking assets. Islamic banking growth is forecasted to move full steam ahead with its assets set to grow further to $2.6 trillion by 2020 – a compound annual growth rate of 9.8 per cent annually. The outlook continues to appear very bright for the industry. »

According to PwC, the Islamic finance industry will more than double to $2.6 trillion by 2017, with the Middle East, North Africa and Asia accounting for a large part of that growth. The World Bank has recently released a statement saying that, in countries where Muslims are in majority, the Islamic banking assets have been growing 50 percent faster than conventional banking assets.

The sector accounts for over 25 percent of banking in the Gulf, but there has also been a surge in interest from non-traditional markets for Islamic finance such as the UK, Singapore and Hong Kong — particularly as those countries position themselves to attract Middle Eastern investment into infrastructure and real estate.

The Islamic Banking & Investment Asia/Middle East Congress 2016 has confirmed an outstanding line-up of world renowned speakers. The congress opens with a special keynote address by H.H. Sheikh Salman bin Khalifa Al Khalifa, which focuses on Strengthening Business and Investment Ties Between Asia and the Middle East – A New Era of Opportunity. The special address is followed by a keynote session featuring Dr. Mahmoud Mohieldin, Senior Vice President of the 2030 Development Agenda United, Nations Relations and Partnerships at The World Bank Group; Dato’ Muzaffar Hisham, Group Head, Islamic Banking and Chief Executive Officer of Maybank Islamic Berhad; Mohamad Safri Shahul Hamid, Senior Managing Director & Deputy Chief Executive Officer, CIMB Islamic; Ijlal Alvi, Chief Executive Officer, The International Islamic Financial Market (IIFM), who will discuss key challenges such as how can the Islamic finance industry respond to headwinds domestically, regionally and internationally, what are the new directions for Islamic finance, and the role of Islamic standard‐setting bodies in the successful international development of the Islamic financial services industry. These keynote speeches will be followed by a thought-provoking Question and Answer session led by Rushdi Siddiqui, Co-Founder & CEO, Zilzar.

The International Islamic Banking & Investment: Asia/Middle East Congress 2016 touches on present trending issues and topics in the Islamic Finance industry, with a special session on Harnessing the New Growth Drivers for Islamic Finance and Capitalising on the Large‐Scale Infrastructure Opportunity for Islamic Finance, the keynote address will be delivered by Ashraf Mohammed, Assistant General Counsel and Practice Leader ‐ Islamic Finance of the Asian Development Bank. The keynote address is followed by session led by Asit K Biswas, Visiting Professor of the Lee Kuan Yew School of Public Policy and Cecilia Tortajada, Senior Research Fellow of the Lee Kuan Yew School of Public Policy who will Assess the Role of the Newly Launched Asian Infrastructure Investment Bank (AIIB) in Infrastructure Development in Asia.

The innovative format of the Islamic Banking & Investment Asia/Middle East Congress 2016 also provides an interactive opportunity to engage with two prominent leaders in the world of Islamic finance. The Leader’s Dialogue Live! keynote interview sessions will present a live onstage one-on-one discussion with a leading player in the global Islamic finance industry.

This is a unique opportunity to engage directly with the key issues and gain a fresh perspective and first-hand insights into what we can expect from the Islamic finance industry going forward. These live interview sessions feature renowned industry leaders Raja Teh Maimunah, the Managing Director/CEO of Hong Leong Islamic Bank Berhad; and Dr. Mahmoud Abdalaal, Chief Executive Officer, aafaq Islamic Finance (UAE) on the 5th & 6th April respectively.

The Islamic Banking & Investment Asia/Middle East Congress 2016 will take place in Singapore at the Intercontinental Hotel on the 5th and 6th of April and will feature some of the most prominent Islamic finance experts from across Asia and the Middle East.

Copyright Reserved to CPI Financial 2016

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