(Ahlul Bayt News Agency) - That was the claim by World Islamic Banking Conference managing director David McLean at the opening of the two-day Second Annual World Islamic Banking Conference: Asia Summit (WIBC Asia 2011) in Singapore yesterday.
'Today there are more than 600 financial institutions operating in more than 75 countries,' he said.
'The increasing presence of Islamic financial institutions in new jurisdictions and the increased international interest in Islamic financial markets represents a tremendous opportunity for cross-border flows that are Sharia-compliant.
'With Asia rapidly strengthening its position as a leading hub for significant Islamic finance transactions, we believe that the discussions at WIBC Asia 2011 on enhancing cross border connectivity and driving global growth will trigger this next phase of international growth.'
He said that more than 450 leaders in the international Islamic banking and finance industry will engage in critical discussions at the event that will seek to enhance the role of Islamic finance in creating stronger business and investment ties between Asia and other key centres for Islamic finance.'
'The Asia summit was established last year with the aim of complementing the objectives of the WIBC Global Summit and now in its second annual edition has already confirmed its position as the most influential platform that will support growth, excellence and innovation in Islamic finance in Asia,' he added.
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