Bahrain to host leading Islamic Banking Conference

– Internationalisation of industry boosts event attendance –

Manama: On the 3rd- 5th December 2013 Bahrain will host the World Islamic Banking Conference (WIBC), the world’s largest and most influential international gathering of Islamic finance industry leaders. This year marks the event’s 20th anniversary and more than 1,300 delegates from over 50 countries are expected to attend.

The WIBC 2013 will celebrate the fast growth of the Islamic finance industry globally and discuss the changes and adaptations that the industry needs to make if it is to fulfil its potential with an ever-growing base of investors and customers. WIBC 2013 is held with the support of the Central Bank of Bahrain and the Bahrain Economic Development Board (EDB).

Bahrain is widely recognised as a global leader in Islamic finance and is home to the largest concentration of Islamic financial institutions in the world, including 32 Islamic Banks and Takaful and Retakaful firms. Bahrain is also host to a number of organisations dedicated to advancing Islamic finance policy and regulation, such as the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the International Islamic Financial Market (IIFM), the General Council for Islamic Banks and Financial Institutions, the Islamic International Rating Agency (IIRA), the Thomson Reuters Global Islamic Finance Hub and Deloitte’s Islamic Finance Knowledge Center, making the Kingdom a knowledge hub for the industry.

H.E. Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the EDB, said:

“Bahrain’s affiliation with the WIBC goes back to the very first event 20 years ago and we are exceptionally proud to have been the host country every year since. The Kingdom of Bahrain has always strived to be at the forefront of thinking for the Islamic finance industry.

“This year’s WIBC comes at a particularly crucial time for the industry as it is poised to take an even bigger role on the world stage. If the industry is to continue to build on its growth in recent decades, it will need to adapt and ensure it has the frameworks, trained staff and regulation needed to thrive. It is a great honour that Bahrain is once again convening the world’s leading decision makers in Islamic finance and facilitating such an important conversation.”

Also commenting on this occasion, H.E. Rasheed Al Maraj, Governor of the Central Bank of Bahrain said:

“Hosting a high level gathering of leaders in Islamic Finance is an honor in itself, but to host such an event for twenty consecutive years is a testament to Bahrain’s position as the centre of the world’s Islamic banking industry. With the largest concentration of Islamic Financial institutions globally, Bahrain offers some of the most robust regulation in the finance sector today.

“We look forward to welcoming some 1,300 delegates from over 50 countries who will come to Bahrain to debate the challenges and opportunities that the industry faces.”

The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for attracting inward investment into Bahrain, and is focusing on target economic sectors in which the Kingdom offers significant strengths.

Key areas of focus include manufacturing, ICT, and logistics and transport services as well as other sub-sectors. The Financial Services sector in Bahrain is particularly strong and the EDB supports in the continuing growth of the banking industry and key sub-sectors, including Islamic Finance, Asset Management, Insurance and Re-Insurance.

For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com

Noora Abul, Bahrain Economic Development Board

Tel: +973 17 589 903

Email: internationalmedia@bahrainedb.com