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6th WIRBC to Boost New Thinking in a Dynamic Region


Posted May 11, 2014 by madhura
The conference will have a significant role in raising issues related to Islamic retail finance sector and how to develop financing this sector through taking into consideration the reality of granting this finance, challenges facing it and its future pro
 

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Pressnews.biz (Press Release) May 11, 2014 -- Islamic banking has grown from a niche market into a mainstream industry. What seemed to be an "utopian dream" more than two decades ago has now become a reality. Islamic financial service today is accepted worldwide as an ethical and viable financial system. Today Islamic banking is an increasingly visible alternative to conventional banks globally. It has also contributed to growth in the Islamic world by drawing the unbanked and under banked populations into the financial system and allowing risk sharing in regions that are subject to large stocks but few buffers. The industry is presently managing funds worth more than $1 trillion and this is only the tip of the iceberg.

According to reports published in Zawya.com - “ Global Islamic finance assets are expected to surpass the USD2tln mark in 2014. The proposition for Islamic finance manifests itself in the robust growth of assets from USD150.0bln in the mid-1990s to approximately USD1.8tln as at end 2013. The industry's strong performance over the years will be further augmented by the growing participation of the international financial community, particularly in the Islamic banking sector, as well as by the support of various key multilateral development entities in the efforts to spur the growth of the industry.”

Identifying the sources of Islamic banking’s expansion and ways to adhere its continued growth is therefore of great interest to policymakers. It is argued that strategic marketing is the key to phenomenal growth and is in fact the missing link. “The increase in islamic finance volume is based mainly on the increase of finance volume directed to individuals ( retail finance) due to the diversity of retail islamic finance modes such as Murabaha sale, Musawamah sale, Ijara Muntahia Bittamleek (IMB), Istisna’a sale, financing utilities based on Forward Ijara” Ijara Mawsufah fi Zimma” ….etc. Accordingly, this leads to increasing the financiers’ basis. Undoubtedly, the expansion in Islamic retail finance grants directed to individuals (retail banking) will lead to the increase in the share of islamic finance from the total retail finance which will result in increasing the volume of retail banking globally.” says Musa Shihadeh, Vice Chairman & CEO - Jordan Islamic Bank.

Musa Shihadeh, was one of the key speakers in the 5th World Islamic Retail Banking Conference, which was held in Dubai last November. According to him “ The World Islamic Retail Banking Conference (WIRBC) had a significant role in raising issues related to Islamic retail finance sector and how to develop financing this sector through taking into consideration the reality of granting this finance, challenges facing it and its future prospects.”
Islamic retail banking is at the frontline of the industry’s growth and acts as the pivotal point for development in changing the future of banking operations as a whole. Understanding the differentiated need of customer line and product diversification owing to the geographic bifurcations, the need for innovative strategic initiatives and implementation of the same is the driving force for the future of this sector.

Recognizing the pressing need for boosting new ideas and solutions, Fleming Gulf has developed the central theme of ,
“New Thinking in a Dynamic Region” - for the 6th World Islamic Retail Banking Conference. Taking place on 23 – 24 November, 2014, in Dubai – UAE, this forum will bring forth the opportunity to grasp and brainstorm market trends and insights, in-depth dialogues from global and local practitioners and phenomenal networking opportunities with key policy makers, Islamic scholars, global Islamic retail bankers and business decision makers.
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Contact Email : moho...@fleminggulf.com
Issued By : Fleming Gulf
Website : world-islamic-retail-banking-conference
Phone : +97146091570
Business Address : Fleming Gulf Dubai Airport Free Zone P.O. Box 54772 Dubai, U.A.E.
Country : United Arab Emirates
Categories : Business, Event, Finance
Tags : Islamic Retail Banking, Islamic Finance, Sharia, Islamic Life Insurance, Islamic Mortgages, Retail Asset management, Fund distribution, takaful
Last Updated : May 11, 2014

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