(Ahlul Bayt News Agency) - To be held under the theme "Bridging the World of Islamic Finance: Boosting International Linkages and Cross-Border Opportunities", WIBC Asia 2013, hosted with the official support of the Monetary Authority of Singapore, will set the stage for high-level discussions focusing on strengthening international connectivity and capturing cross-border opportunities that will drive further growth in the Islamic finance industry in Asia.
The summit will also seek to bolster stronger economic linkages with other key centers for Islamic finance, with a principal focus on forging ties with the Persian Gulf.
Announcing the launch of the event, David McLean, Chief Executive of WIBC Asia, noted that the global Islamic finance industry has over the last decade witnessed a transition into a dynamic, fast growing and competitive form of financial intermediation servicing an increasingly international client base.
He said the Ernst & Young World Islamic Banking Competitiveness Report, which was launched at the 19th WIBC in Bahrain last December, estimated that global Islamic assets are expected to reach US$1.8 trillion by 2013.
According to McLean, a key factor which will ensure further growth in the Islamic finance industry and boost its ability to successfully compete with the conventional financial system would be improved international connectivity -- both in terms of trans-jurisdictional regulatory harmonization and product standardization.
He noted stronger inter-linkages between the key Islamic financial centers will facilitate better mobilization of funds and more sophisticated product development giving Islamic investors the breadth and depth that is currently lacking in the Shari'ah-compliant banking, finance and investments industry.
He also said that "with Asia-Pacific becoming an increasingly attractive destination for investments that are Shari'ah compliant, there is a need to make further advances towards achieving global connectivity and deepening economic cooperation with other key centers for Islamic finance."
In order to better facilitate cross-border relationships, he said, more intensive international co-ordination of regulatory approaches and supervisory oversights, as well as collaboration amongst leading industry players, is needed.
Ravi Menon, Managing Director of the Monetary Authority of Singapore, said WIBC Asia has grown in both size and stature since its inaugural conference in 2010, adding the event is now an important platform connecting the vibrant Islamic finance industries in Asia and the Middle East.
A pre-conference seminar hosted by Bahrain-based International Islamic Financial Market (IIFM) will focus on Islamic Liquidity Management, Islamic Hedging and Capital Market Instruments.
A key highlight of WIBC Asia 2013 will be the Power Debate session featuring Shayne Nelson, Chairman of Standard Chartered Saadiq Islamic Banking, Chief Executive Officer Private Bank and Group Head SME Banking, Standard Chartered; Toby O'Connor, Chief Executive Officer of the Islamic Bank of Asia; Muzaffar Hisham, Chief Executive Officer of Maybank Islamic Bhd; and Badlisyah Abdul Ghani, Executive Director/Chief Executive Officer of CIMB Islamic Bank Bhd.
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