It started off with an ATM machine. Nigerians were finding out about Ethica’s Islamic finance training and certification on bank teller machines in urban centers around Nigeria, completely unbeknownst to the Dubai-based institute. When Ethica learned about the free advertising, they were pleasantly surprised and more than a little encouraged by the dynamism and excitement of those trying to bring Islamic finance to Nigeria.

Now with a collaboration between Ethica and local partner Haifx Consult in place – including on-the-ground Islamic finance learning centers and mentorship programs – professionals get local access to global certification at subsidized rates. With a population of 150 million – the largest in Africa – and with Muslims making up more than half this number, it is no surprise that Nigeria is spearheading the growth of Islamic finance in Africa.

Dhikr Ajani, Director at Haifx Consult, said, “We are excited about our partnership with Ethica. It offers prospective students in Nigeria and Africa in general easy access to high quality and affordable Islamic banking courses at the most heavily enrolled Islamic finance training and certification institute in the world.” Ethica’s spokesperson added, “Africa is one of our fastest growth markets for Islamic finance jobs and we are delighted to be able to bring standardized global certification to Nigeria to support this growth.”

Already in 47 countries around the world – including 11 in Africa alone – Ethica is the most heavily enrolled Islamic finance certifier in the world with over 20,000 paying users in more than 100 institutions. What makes Ethica’s certification especially attractive to Nigerians is that the 100% online platform takes newcomers to an advanced level of understanding in less than 4 months. Banks are also attracted to Ethica’s 100% AAOIFI-compliance, the Islamic finance industry’s leading standard-setting body.

About Ethica Institute of Islamic Finance (www.EthicaInstitute.com)

Winner of “Best Islamic Finance Qualification” at the Global Islamic Finance Awards, Ethica is chosen by more professionals for Islamic finance certification than any other organization in the world. With over 20,000 paying professionals in 47 countries, the Dubai-based institute serves banks, universities, and professionals across over 100 organizations with its 4-month Certified Islamic Finance Executive (CIFE) program delivered 100% online. The CIFE is the only globally recognized certificate accredited by scholars to fully comply with AAOIFI, the world’s leading Islamic finance standard. For more information about this article, or to schedule an interview with Ethica Institute of Islamic Finance, please call +971-4-455-8690 or e-mail at info@ethicainstitute.com.

About Haifx Consult
Haifx is Ethica’s exclusive partner in Nigeria and offers Ethica’s award winning e-learning based Islamic finance certifications in Nigeria at special rates as part of its mission to introduce an ethical alternative to the conventional interest-based financial system. Certified Islamic Banking and Finance Institute (CIBFI) is Haifx’s turnkey solution designed to bridge the professional learning gap in the Islamic finance sector in Africa in general and Nigeria in particular. Haifx also specializes in talent management, learning solutions and business automation services. To contact Haifx, please call +234 8096120518 or email at leadership@cibfiafrica.com.

Important Links:

• ■ Download Ethica’s Handbook of Islamic Finance (2013 Edition): 700 Pages of Practical, Usable Knowledge
• ■ Get your 7 day Islamic banking course – FREE
• ■ Watch a webinar on how to get your next job in Islamic finance
• ■ Play an Ethica training video
• ■ Listen to what CIFE™ graduates are saying
• ■ Search the largest database of Islamic finance Q&As
• ■ Ask a qualified scholar an Islamic finance question

The winners of the eighth Islamic Finance news Best Banks Poll have just been announced, with some unexpected firsts, including Bank Indonesia’s win over Bank Negara Malaysia for the title of Best Central Bank in Promoting Islamic Finance. This is the first time since the inception of the Poll in 2006 that the Malaysian central bank has not emerged a winner in this category. Covering all major and emerging Islamic finance markets, the IFN Best Banks Poll received an overwhelming response from industry players across the globe, including Australia, Syria, the UK, Lebanon, Iran and Kenya.

This year, the poll received an unprecedented number of votes totaling at 12,505, and after due diligence, 9,883 votes were counted towards the final results with 2,622 being rejected due to self-voting, duplication, and coming from dubious sources. The surge in votes by over 3.5 times this year is also attributed to a new voting system, allowing subscribers of Islamic Finance news to vote for their preferred bank by selecting from a provided list. In total 160 nominees over 36 categories received votes; illustrating yet again the growing size and reach of the Islamic banking and finance industry.

The full results are as follows, with the exception of the Best Overall Islamic Bank category which will be announced during an Awards dinner ceremony on the 25^th February 2013 at the Jumeirah Emirates Hotel, Dubai.

About the IFN Awards:

The annual Islamic Finance news Best Bank Poll recognizes the best providers of Islamic financial services across a series of markets and sectors as voted by the readers of Islamic Finance news. Islamic finance issuers, investors, non-banking financial intermediaries and government bodies from around the world are invited to participate by casting their votes.

Russian tycoon, ministers among high-profile participants

A high profile Russian delegation, led by senior government officials and business leaders including a Russian tycoon, is in Sharjah to explore enhanced trade and investment opportunities with their counterparts in the GCC.

The delegation, including several high-ranking ministers, senior officials, owners & CEOs of major Russian companies including the Chairman of Russian conglomerate Sistema, is in the country to take part in the three-day Russia-GCC Business Forum that got under way at Expo Centre Sharjah on Monday (December 17, 2012).

The forum was inaugurated by H.E. Sheikh Sultan Bin Ahmed Al Qassimi, Chairman – Sharjah Media Corporation and Vice Chairman of Sharjah Petroleum Council and accompanied by H.E. Ahmed Mohammed Al Midfa, Chairman of Sharjah Chamber of Commerce & Industry, and will run until Wednesday, December 19, 2012, at Expo Centre Sharjah.

It was attended by Mr. Abdulla Al Saleh, Undersecretary of UAE Ministry of Foreign Trade; Mr. Saif Mohammed Al Midfa, Director-General, Expo Centre Sharjah; and leading executives and officials from GCC and Russia.

“The forum is being held when bilateral ties between the UAE and the rest of the region and Russia are on an upswing, the latest sign of this being the launch of Air Arabia service to Rostov, the Sharjah carrier’s fifth destination in Russia. The recent decision by Russia to exempt investment bodies and sovereign wealth funds from the UAE from taxation is another positive sign for trade and will open up practically unlimited vistas to UAE investors in Russia,” said Mr. Ahmed Mohammed Al Midfa.

Previously, UAE official investors in Russia had to pay a 20 per cent tax on stock profits, 15 per cent on profits from interest, and 20 per cent on capital gains. The treaty may prove advantageous for private entities too, which can invest through government investment funds, according to experts.

The VVIPs attending the forum from the Russian side include Mr. Vladimir Evtushenkov, Chairman of Sistema; Mr. Valery Shantsev, Governor of Nizhny Novgorod region; Ms Tatiana Gvilava, Director of the Russian-Arab Business Council; and a number of key ministers of Chechen Republic.

Apart from this, deputy ministers, department officials, an official delegation from the city of Moscow, and senior executives representing Russian establishments are also taking part in the forum.

From the GCC, the forum has participation by Dr. Ahmed Saif Belhasa, Chairman of Belhasa Group; Mrs. Fatima Al Jaber, Chairperson of Emirates Businesswomen Council; Mr. Saleh Al Aroud, Chairman, Al Aroud Group; and Dr. Azza Ibrahim Almulla, Attorney, Almulla Lawyers & Legal Consultants, Mr. Marwan Bin Jassim Al Sarkal, CEO of Shurooq; and Mr. Khalid Jassim Al Midfa, Director of SCTDA, among others.

Being the Platinum sponsors, several key executives from Crescent Petroleum and Gulftainer — including Mr. Badr Jafar, President, Crescent Petroleum, and Mr. Peter Richards, Managing Director, Gulftainer Group — are also addressing the forum.

“We have an impressive Russian participation that represents the cross section of its public and private sectors. During the three days of the forum, we expect to get a clear picture of investment & joint venture opportunities and a multitude of other business leads available from both the Russian and GCC sides. I am sure the event will play a key role in boosting the strong bilateral trade and cultural ties,” said Mr. Saif Mohammed Al Midfa.

In 2011, trade between Russia and the UAE reached US$ 1.5 billion, and in the first half of 2012 exceeded US$ 1 billion, registering a rise of 50 per cent with six more months yet to be accounted for. Forum participants also pointed out that there is a strong possibility of the figure touching the US$ 2 billion-mark by the end of the year.

BMW is the official car of the forum. “The forum is a clear indicator of Sharjah’s growing importance within the business community. With the forum acting as a key meeting point to progress important issues of cooperation between the GCC and Russia, AGMC feels extremely honoured to be appointed official car sponsor and to support Sharjah in its role as host,” said Mr. Paiman El Malla, Regional Manager – Sharjah & Northern Emirates, AGMC, the sole distributor of BMW in Dubai, Sharjah, and the Northern Emirates.

“The sessions of the forum are covering strategic fields like oil & gas, energy projects, nuclear power prospects, alternative energy sources, various investment opportunities in the city of Moscow, GCC construction & infrastructure projects, sea ports and logistics, railways, current investment climate in GCC & Russia, Islamic banking, and tourism & hospitality projects,” said Mr. Roman Gavrilin, Project Manager, Expo Centre Sharjah.

About GCC-Russia Business Forum:

The GCC-Russia Business Forum aims to be an effective and prestigious platform that brings together leading institutional investors, private financiers, high-profile government officials, and assets & business owners from across the Gulf Cooperation Council (GCC) states and Russia. It is being held at Expo Centre Sharjah from December 17 to 19, 2012, in association with the Sharjah Chamber of Commerce and Industry, Chamber of Commerce and Industry of the Russian Federation, Russian Business Council in Dubai and Northern Emirates and the Russian-Arab Business Council. Crescent Petroleum and Gulftainer are platinum sponsors and BMW, represented by its distributor AGMC, is the official car of the forum

The Swiss  Watch Manufacture from Le Brassus, Audemars Piguet, celebrated with Michael Schumacher and guests, the international unveiling of the limited edition Royal Oak Offshore Chronograph Michael Schumacher at the Kraftwerk building in Berlin. Joining Audemars Piguet’s Chief Marketing Officer Tim Sayler and Michael Schumacher were internationally acclaimed guests including designers Jette Joop and Anna von Griesheim, photographer Tom Lemke, opera singer Nadja Michael as well as well-known German celebrities, model  Alessandra Pocher, actress Cosma Shiva Hagen, TV presenter Annabelle Mandeng and art collector Christian Boros.

The rough industrial building of the Kraftwerk was specially transformed to host the launch of Audemars Piguet’s new timepiece. A reception area on the ground floor separated by light installation housed the reception cocktail while the dinner was held on the upper floor of the building. During diner, guests enjoyed a projection of a video mapping telling the story of two worlds, watchmaking and car racing being merged to create the Royal Oak Offshore Chronograph Michael Schumacher.

With the launch of its limited edition, Audemars Piguet has the pleasure to release the 3rd video of the Defining Moment Series. Michael Schumacher speaks about how it all started, his journey in the motor racing industry and the defining moment in his career.

For more information and images on the Royal Oak Offshore Chronograph Michael Schumacher and images of Michael Schumacher’s visit to the Audemars Piguet Manufacture please log on: http://www.audemarspiguet.com/s/roo-michaelschumacher/

To view Michael Schumacher’s defining moment video please visit: http://youtu.be/gqHNhm8QZrg

The Association of the Luxembourg Fund Industry (ALFI) today published its Collection of best practices for setting-up and servicing Islamic funds to provide a greater level of understanding and consistency of the requirements and expectations to this growing market sector.

“2012 has been a very active year for the Luxembourg Islamic finance community with several new Shariah-compliant funds launched. Luxembourg currently ranks No. 5 worldwide and first in Europe in the number of Shariah-compliant domiciled funds, at 41 funds with €4 billion in assets under management,” explained Marc Saluzzi, Chairman of ALFI.

Islamic funds are investment vehicles that follow the religious laws, known as Shariah. They operate under a strict set of prohibitions, including the charging and receiving of interest, speculation or investment in certain commodities such as pork related products or activities such as gambling. ALFI’s collection of best practices provides in-depth information and guidance on the legal framework, the fund set-up process, administration, custody and depository bank services for Islamic funds in Luxembourg. It also gives a high level indication of whether Islamic finance instruments are compatible with Luxembourg UCITS laws and should enable service providers who are already active in this field to align themselves with greater consistency and provide guidance to new entrants as to all the areas that need to be considered.

Mr Saluzzi continued: “Most service providers in Luxembourg already have dedicated teams looking at Shariah funds. This collection of best practices will further contribute to establish Luxembourg as the centre of reference for servicing Shariah compliant funds, whether they are domiciled here or elsewhere.”

Shariah-compliant investment funds are a natural development, given Luxembourg’s strengths in conventional investment funds and its international outlook. A number of Shariah-compliant funds have adopted the UCITS structure, given the focus on investor protection of UCITS funds and the fact that UCITS funds have rigorous investment policies that accommodate the principles underlying Islamic Finance well. UCITS funds benefit from a European distribution passport and can therefore be sold to retail investors across Europe. They are widely recognized in Asia, Latin America and the Middle East.

”Setting-up a Shariah-compliant UCITS fund in Luxembourg, opens the doors of the more than 70 countries around the world in which Luxembourg UCITS funds are currently distributed” said Saluzzi.

There are also a number of Shariah-compliant private equity and real estate structures established in Luxembourg and the European distribution passport created by the AIFM Directive will offer new opportunities for these products. “Shariah-compliant fund managers and investors increasingly look to Luxembourg for opportunities,” Saluzzi said. “Luxembourg’s reputation for high-quality fund regulation is growing in the Islamic finance community.”

Luxembourg has a long history in Islamic finance. It first appeared in the Grand-Duchy in 1978 with the arrival of the first Islamic finance institution to set up in a western country. Five years later, the first Shariah-compliant insurance company in Europe was established in Luxembourg and, in 2002, Luxembourg was the first European stock exchange to list a sukuk.

The pace has picked up sharply in the past few years, reflecting the commitment of both the authorities and stakeholders in the financial sector to developing these activities in Luxembourg and in 2008, the government set up a task force to identify potential obstacles to the development of Islamic finance and ways to promote its growth. The group reported that Luxembourg was able to offer a range of vehicles addressing the specific needs of both investors and promoters interested in shariah-compliant investment with no need for specific additional legislation. In January 2010, the Luxembourg direct tax authority published a circular on Islamic finance, clarifying the tax treatment of murabaha contracts and sukuk transactions. This was followed, in June 2010, by a circular from the indirect tax authority clarifying the treatment of murabaha and ijara contracts.

ALFI’s work with Islamic funds dates back to 2008, when it launched a working group focusing on two trends: the rapidly increasing number of investment funds originating from or investing in the MENA region and the creation of Islamic investment funds in Luxembourg. This set of guidelines is one of the outcomes of this working group. In 2009 ALFI launched its first working group outside of Luxembourg in Dubai. This group gathers monthly and comprises Luxembourg expats as well as local players working with the country.

“The launch of a dedicated taskforce by the Ministry of Finance at the same time as the ALFI working group was a cornerstone in the development of Islamic Finance in Luxembourg. With its well-adapted regulatory and tax framework, global distribution expertise and strong commitment from both the authorities and the private sector to develop this market sector, there is no doubt there will be interesting developments in Luxembourg in the near future” Saluzzi concluded.

About the author

The Association of the Luxembourg Fund Industry (ALFI) is the representative body of the Luxembourg investment fund community. Created in 1988, the Association today represents more than 1,300 Luxembourg domiciled investment funds, asset management companies and a wide range of service providers such as depositary banks, fund administrators, transfer agents, distributors, legal firms, consultants, tax experts, auditors and accountants, specialist IT providers and communication companies. The Luxembourg Fund industry is the largest fund domicile in Europe and a worldwide leader in cross-border distribution of funds. Luxembourg-domiciled investment structures are distributed on a global basis in more than 70 countries with a particular focus on Europe, Asia, Latin America and the Middle East. For further information, do not hesitate to consult our website at www.alfi.lu.
You can also keep up to date with the discussion by following @ALFIfunds on Twitter or join ALFI’s LinkedIn group.

Global Islamic Microfinance Forum concluded in the UAE with a unanimous declaration to work together for the advancement of Islamic Microfinance globally.

A three-day “Global Islamic Microfinance Forum” was organized on 8^th-10^th December 2012, in Dubai World Trade Centre, UAE. The delegates from UAE, Pakistan, India, UK, Bangladesh, USA, UK Bahrain, Yemen, Azerbaijan, Turkmenistan, Kirghizstan, Mauritius, Kenya, Canada, France, Egypt, Philippine, Uganda, Iraq, Nigeria, Sudan along with delegates from other countries participated in the Forum.

The salient topics discussed at the conference included bringing together the Islamic Microfinance Institutions on a single platform, discussing the role of Islamic Microfinance in poverty alleviation, Shariah and related issues of Islamic Microfinance Institutions and their solutions, the outreach of Al Huda Centre for Excellence in Islamic Microfinance to different countries and dissemination of Qarz-e-Hasna Model of Akhuwat. Representatives from microfinance institutions from 27 countries expressed their intent to unify their efforts for poverty alleviation and social development through Islamic Microfinance.

Speaking on the successful completion of the forum, Zubair Mughal – Chief Executive Officer AlHuda Centre of Islamic Banking and Economics highlighted that the assemblage of a large number of institutions on the forum of Islamic Microfinance is a clear indication that it is the only viable solution of poverty alleviation around the globe. He urged the World Bank, IDB, USAID, IFC and other international institutions to include Islamic Microfinance in their priority list for social development and poverty eradication; otherwise the achievement of Millennium Development Goals of the United Nations will not be possible.

While addressing the conference, Dr. Amjad Saqib (Executive Director – Akhuwat) declared that the Islamic Microfinance Network will be spread all around the world; a specialist Shariah Supervisory Committee will be setup to cope with the Shariah challenges encountered by Islamic Microfinance Institutions. He further stated that the “3^rd Global Islamic Microfinance Forum” will be organized by Al Huda CIBE on November, 2013.

With the joint effort of Akhuwat, Al Huda CIBE hosted the said forum in Dubai, where internationally well-renowned speakers addressed the participants. The key-note speakers Justice Khalil ur Rehman, Shariah Advisor – AlBaraka Bank Limited, Mr. Kavilash Chawla MD, Nur Global Strategies- U.S.A, Mahesh Jayanarayan, Chairman UMEX Market Group Ltd-UK, Zaigham Mehmood Rizvi,Expert Consultant on Housing and Housing Finance-World Bank – Washington – U.S.A, Dr. Amjad Saqib, Executive Director – Akhuwat –Pakistan, Pervez Nasim Chairmen Ansar Financial and Development Corporation Canada, Syed Hussain Haider Senior Consultant – Govt of Punjab & Akhuwat, Ms. Katrin Fakiri MD (MISFA)–Afghanistan, Gulnora Yakubova, Operation Director, LLCMDO “ARVAND”-Tajikistan, Md. Ariful Islam, International Programmes Muslim Aid–Bangladesh, Humaiyun Saeed Jamshed, Senior Director (Marketing) SAB International FZ,UAE, Raffick Nabee Mohomed Founder & Secretary, Al Baraka Multi-purpose Co-operative Society Ltd,Mauritius, John D. Harwood, Canada, Aziz Ur Rehman Manager Shariah, Mawarid (Finance) UAE, Mohamed El Mehdi Zidan, Director Baraka Editions-France. Dr. Tariq Cheema CEO World Congress of Muslim Philanthropists – U.S.A and others presented their research papers on Islamic Microfinance to enrich the knowledge of the participants.

US$56.6 billion invested in global renewable energy projects in Q3 2012, reports Bloomberg New Energy Finance

• 40 cleantech and renewable energy projects to be showcased at the sixth World Future Energy Summit in Abu Dhabi from 15 – 17 January 2013
• The Project & Finance Village at WFES 2013 is a crucial platform for developers, innovators and investors to connect

More than $8 billion of international cleantech and renewable energy projects are expected to be on display at the Project & Finance Village during the sixth World Future Energy Summit (WFES) in Abu Dhabi from 15 – 17 January 2013.

The Project & Finance Village was introduced in 2011, and this year’s Village at WFES 2012 attracted 27 projects worth over US$5 billion from the Middle East, India, North Africa and other regions, providing an influential platform for project developers, entrepreneurs, banks and financiers to connect.

Naji El Haddad, Show Director for WFES 2013, expects 40 projects to be exhibited during next January’s Project & Finance Village under the theme ‘Powering the Future of Cleantech and Renewable Energy Investments’.

“Investment in cleantech and renewable energy continues to grow globally, and the Project & Finance Village at WFES 2013 will play a crucial role in future investment by allowing companies, investors and developers to showcase their plans, enable investment and create financial rewards for world-class ideas.”

Next January’s Project & Finance Village at WFES 2013, in association with Ernst & Young and supported by Bloomberg New Energy Finance, will have increased participation from banks, donors and cleantech entrepreneurs, and discussions will include new topics such as renewable energy in rural areas.

Mr Nimer AbuAli, Ernst & Young Middle East and North Africa Cleantech Leader, says the connection between innovators and investors is essential in the development of cleantech solutions.

“We believe the World Future Energy Summit in Abu Dhabi is an important platform to engage leaders, decision-makers and innovators to develop new ways of shaping the future of renewable energy. While the widespread use of alternative energy in our region is low, we are seeing a steady increase of early stage projects focused on raising awareness around cleantech and sustainable development across multiple sectors.”

“As our region develops, it is critical that we diversify away from purely petro-based energy, we have reached a pivotal moment where we must look to invest increasingly in renewable and clean energy to fulfill domestic consumption and to conserve valuable energy reserves,” comments Mr AbuAli.

The International Renewable Energy Agency, which recently announced a US$50 million funding cycle for renewable energy projects in conjunction with the Abu Dhabi Fund for Development, has endorsed the Project & Finance Village at WFES 2013.

Frank Wouters, Deputy Director-General of IRENA, believes that there has never been a better time for promoting renewable energy in the developing world.  “Costs have fallen, demand is growing, and renewables offer an unprecedented opportunity to broaden access. But we need finance to make this a reality.”

Governments and businesses are taking advantage of the keen interest in the sector, with global investment in clean energy totalling US$56.6 billion in the third quarter of 2012, according to Michael Liebreich, Chief Executive of Bloomberg New Energy Finance (BNEF).

“The third quarter figure is roughly equivalent to investment in the whole of 2004. The location of some of the biggest projects financed in Q3 this year highlights the geographical shift that is taking place in clean energy, with newer markets in South America, Asia, the Middle East and Africa picking up steam,” said Mr Liebreich.

The sixth World Future Energy Summit, from 15 – 17 January 2013, hosted by Masdar, Abu Dhabi’s multi-faceted renewable energy company, is the centerpiece of Abu Dhabi Sustainability Week (ADSW) and will be co-located with the inaugural International Water Summit, also hosted by Masdar.

During this time, WFES 2013 will also be the host venue for the prestigious biennial International Renewable Energy Conference in Abu Dhabi (ADIREC). ADSW will open with the third session of the Assembly of the International Renewable Energy Agency (IRENA).

The 19^th Annual World Islamic Banking Conference opens on the 9^th of December with a series of pre-conference summits

Leading players, industry thought leaders and key regulators in the international Islamic banking and finance industry will take part in the 19^th Annual World Islamic Banking Conference (WIBC 2012), which is set to commence on the 9^th of December 2012 at the Gulf Hotel in the Kingdom of Bahrain. Held under the theme “Islamic Finance: Adapting to the New Dynamics of Global Finance”, the three day event is convened under the patronage of HRH Prince Khalifa Bin Salman Al Khalifa, the Prime Minister of the Kingdom of Bahrain and is supported by the Central Bank of Bahrain.

Commenting on the Central Bank of Bahrain’s support for the event, Khalid Hamad Abdul-Rahman Hamad, Executive Director – Banking Supervision at the Central Bank of Bahrain said that “the banking sector will witness considerable local and international regulatory changes, and the people who are in charge of managing banks need to adapt to these new realities. The World Islamic Banking Conference (WIBC) will be a high profile platform to examine these realities and focus on these constraints. I hope that the discussions that will take place during the 19th Annual WIBC between leaders of the banking sector will enhance the industry.”

“The Central Bank of Bahrain is once again honored to support this prominent international event”, he added.

Speaking to the media ahead of the event, David McLean, Chief Executive of the World Islamic Banking Conference (WIBC) said that “the global Islamic financial services industry continues to experience double digit growth, with recent estimates indicating that global Shari’ah-compliant assets now stand between USD 1.1 – 1.3 trillion. The range of products and services offered has also widened from primarily retail banking products to more sophisticated capital market instruments catering to a global audience. With the dynamic nature of the industry, Islamic finance is set to further grow by tapping its potential in new high-growth markets and is set to play a key role in financing the development of economies in both emerging and developed markets. Islamic finance has achieved a recognizable position within the global financial landscape as an industry that can make significant contributions to promoting financial inclusion, and economic growth and development. As the global Islamic finance industry is transitioning to its next stage of development, it is essential that the industry further adapts to the new dynamics of global finance in order to achieve sustainable growth.”

A similar view was expressed by Abdul-Kareem Abu Al-Nasr, Chief Executive Officer of the National Commercial Bank who noted that “continuing on its successful high growth trajectory, the Islamic finance industry is now poised for its next phase of global expansion. As a unique form of financial intermediation, Islamic finance incorporates several elements that guide the process of the mobilisation and allocation of funds to generate productive economic activity and inclusive development thereby becoming an important avenue for international fund raising and investment activities, generating significant cross-border flows. As Islamic finance extends its reach to serve the global community and becomes an integral part of the global financial system, it will need to better synchronize with the new dynamics of the post-crisis global financial landscape.”

“The National Commercial Bank (NCB) has been supporting the World Islamic Banking Conference for many years now and we see this event as one of those important global gatherings which undoubtedly plays a key role in facilitating dialogue among the international industry leaders on shaping the future of the industry. We are once again delighted to be partnering with WIBC 2012 and we look forward to the critical discussions at this year’s event”, he added.

WIBC 2012 will begin on the 9^th of December 2012 with a series of pre-conference summits. The pragmatically focused pre-conference executive briefing sessions, led by experienced and respected industry experts, will place a range of complex themes in a practical framework, enabling a deeper understanding of the critical issues facing the Islamic finance industry.

The main WIBC 2012 conference, which begins on the 10^th of December 2012, will be inaugurated by H.E. Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain. The inaugural address will be immediately followed by a special opening keynote address by H.E. Khaled Mohammed Al-Aboodi, Chief Executive Officer and General Manager of the Islamic Corporation for the Development of the Private Sector, the private sector arm of the Islamic Development Bank Group (IDB), Saudi Arabia. The session, focusing on capacity building to support the international development of Islamic finance, will discuss key initiatives that will enhance the supervisory architecture facilitating harmonization, cross-border linkages and the international development of Islamic finance – and, crucially, its benefits to the real economy in key markets.

A major highlight of WIBC 2012 will be the high profile Industry Leaders’ Power Debate led by internationally respected CEOs and decision-makers from the key players in the industry. Led by Andrew Barstow, Partner, MENA Financial Services, Ernst and Young, this dynamic session will analyse the new growth strategies for Islamic finance and will address the challenges of driving operational transformation to achieve sustainable profitable growth in the Islamic banking and finance industry. The Power Debate featuring Adnan Ahmed Yousif, Board Member and President & Chief Executive of Al Baraka Banking Group; Toby O’Connor, Chief Executive Officer of the Islamic Bank of Asia; Suliman Azzabin, Chief Executive Officer of Al Rajhi Bank; Salah Jaidah, Chairman – Islamic Finance of Deutsche Bank AG; and Asad Aziz Ahmed, Managing Director of Gulf African Bank; will also analyse the critical success factors that will propel the Islamic finance industry to its next level of growth.

WIBC 2012 will also feature a special guest address on the potential for Islamic finance in Maghreb countries as exciting new opportunities emerge in a transformational landscape. This address will be delivered by H.E. Jaloul Ayed, Former Minister of Finance of The Republic of Tunisia on the 11^th of December 2012.

As a part of the World comes to WIBC Initiative, a leading panel of international experts will converge at the Country Focus Roundtable to address how well-positioned Islamic banks can explore international opportunities in the most dynamically evolving high-growth markets for Islamic finance. The Country Focus Roundtable along with the WIBC Country Pavilions will explore exciting opportunities in key jurisdictions including Bahrain, Qatar, Luxembourg, the United States, the United Kingdom, Bermuda and Mauritius.

WIBC 2012 will also feature for the first time an exclusive US Country Interface which will be inaugurated by H.E. Thomas Krajeski, United States Ambassador to Bahrain and H.E Houda Nonoo, Bahrain Ambassador to the United States; in addition to the UK Country Interface which will be inaugurated by HMA Iain Lindsay OBE, British Ambassador to Bahrain. David C. Chavern, Executive Vice President and Chief Operating Officer of the U.S. Chamber of Commerce will also be delivering a keynote speech at WIBC 2012.

Confirming his participation at the event David C. Chavern, Executive Vice President and Chief Operating Officer of the U.S. Chamber of Commerce said that “against the backdrop of unprecedented developments, and despite a host of challenges that lie ahead, the U.S. Chamber of Commerce and American businesses remain optimistic about the future prospects for Bahrain and the broader Middle East region.  As markets continue to integrate globally and emerging markets become larger players on the world stage of international finance, the Chamber will continue to advocate for free and fair trade and open access to U.S. markets. This includes enhancing the abilities of American companies through modernizing U.S. export controls and encouraging the globalization of our capital markets.  The World Islamic Banking Conference (WIBC) provides an important platform for international leaders and experts to develop their ideas and explore opportunities that can benefit businesses and nations around the world.”

WIBC 2012 will feature 94 leading international speakers, and more than 60 market-leading industry partners and exhibitors showcasing their latest innovations at the World Islamic Banking Exhibition organised along the sidelines of the conference. The exhibition will be officially inaugurated on the 10^th of December, while more than 1,200 delegates from over 50 countries will attend WIBC 2012.

The eagerly anticipated 2012/13 edition of the World Islamic Banking Competitiveness Report, developed in collaboration with Ernst & Young, will also be launched on-site at the 19th Annual World Islamic Banking Conference in a specially convened plenary session on the 10th of December 2012. Announcing the launch of the Ernst & Young World Islamic Banking Competitiveness Report 2012/13, Ashar Nazim, Partner, Global Islamic Banking Excellence Center at Ernst & Young said that “the global Islamic finance industry is in a transitory phase at the moment, trying to sustain profitability while continuing to grow market share. We believe that Islamic finance has an important opportunity to drive its competitiveness as it expands to emerging and populous economies. The WIBC 2012 is an appropriate platform for Ernst & Young to share our knowledge of the Islamic Banking industry. We will be analyzing new growth strategies and  addressing the challenges of driving new sustainable and profitable growth.”

MEGA BRANDS. MEGA CLIENTS. MARKET LEADERS.

Shaping the Future of the Global Islamic Finance Industry Since 1993

MEGA is the market leading business information firm focused on achieving business results for the global Islamic banking & finance industry since 1993. The portfolio of MEGA brands represents the landmark industry conferences and our clients are the leading players in the international financial markets

“Growing Beyond: DNA of Successful Transformation” – New Research Report by Ernst & Young to be exclusively launched at a special plenary session at the 19^th Annual World Islamic Banking Conference (WIBC 2012) in Bahrain

The World Islamic Banking Competitiveness Report 2012/13, developed in collaboration with leading international advisory firm Ernst & Young, will be officially launched on the 10^th of December 2012 at the 19th Annual World Islamic Banking Conference (WIBC 2012) at the Gulf International Convention Centre in the Kingdom of Bahrain. The World Islamic Banking Competitiveness Report, a ground-breaking initiative designed to not only identify but also to raise the bar of competitive excellence, strategic leadership and performance improvement in the global Islamic finance industry, now in its 9^th annual edition, will analyze key strategies that leading Islamic financial institutions must adopt in order to ensure continued stability amidst the challenges of slowing growth and declining profitability.

Speaking ahead of the launch of the report, David McLean, Chief Executive of the World Islamic Banking Conference said that “despite the challenging global economic environment, leading Islamic financial institutions have been able to sustain their growth ambitions. The industry, with its increasingly international footprint, continues to demonstrate its resilience and competitiveness, while the range of Shari’ah-compliant products and services available globally has significantly widened and deepened. The rapid growth and the intensification of the industry’s internationalisation highlight the dynamic nature of the industry and underscore the increasing efforts of Islamic financial institutions to meet the growing demands of a global economy.”

“However, in order to sustain growth over the long term, there is a need to put in place prudent legal and regulatory policies and sound business frameworks that will further boost the resilience and success of the Islamic financial sector”, he added.

Announcing the launch of the Ernst & Young World Islamic Banking Competitiveness Report 2012/13, Ashar Nazim, Partner, Head of Islamic Banking Excellence Centre, Ernst and Young said that “half yearly results are out and 2012 looks to be another challenging year for Islamic banks in terms of profitability.  This comes at a time when conventional giants are under unprecedented regulatory scrutiny and several European banks are deleveraging and curtailing operations in emerging markets. Clearly for Islamic banks, achieving the second trillion dollars is about demonstrating exceptional value to mainstream customers.  This demands unconventional leadership, to build a business architecture that will help win in the retail market.”

Mr. Nazim further explained that “the Ernst & Young’s World Islamic Banking Competitiveness Report 2012-13 examines Islamic banks’ efforts to penetrate mainstream retail customers and that the report also explores the road map being adopted by Islamic banks to make a transition to a double-compliant model, i.e., excellence in banking operations topped up by exceptional Shari’ah proposition.”

The eagerly anticipated report, which has over the past 9 years evolved into an indispensable reference resource for the key decision-makers in the global Islamic banking and finance industry, will be exclusively launched onsite at a special plenary session of WIBC 2012. The Report titled “Growing Beyond: DNA of Successful Transformation” will be presented by Ashar Nazim, Partner, Head of Islamic Banking Excellence Center, Ernst and Young, and Shoaib Qureshi, Senior Manager Islamic Financial Services MENA, Ernst and Young.

Supported by the Central Bank of Bahrain, the 19^th Annual World Islamic Banking Conference (WIBC 2012) will be held from the 9^th to the 11^th of December 2012 at the Gulf Convention Centre, Gulf Hotel, in the Kingdom of Bahrain. WIBC, which has over the last 19 years established its position as the world’s largest and most influential annual gathering of international Islamic finance leaders, will this year see more than 1200 industry leaders from over 50 countries gather for discussions that will seek to build solid foundations for the Islamic finance industry by adapting to the new dynamics of global finance and further support the international growth of the Islamic banking and finance industry.

WIBC 2012 is also supported by Tamkeen’s Conference Attendance Support Scheme.

MEGA is the market leading business information firm focused on achieving business results for the global Islamic banking & finance industry since 1993. The portfolio of MEGA brands represents the landmark industry conferences and our clients are the leading players in the international financial markets.

The 19^th Annual World Islamic Banking Conference (WIBC 2012) set to gather more than 1200 industry leaders from over 50 countries to chart new growth map

The global Islamic finance industry has witnessed phenomenal growth over the past decade, with the estimated asset size now exceeding US$ 1 tr. The annual World Islamic Banking Conference (WIBC), which over the last 19 years has established its pre-eminent position as the world’s largest and most significant annual gathering of global Islamic finance industry leaders, is set to be held from the 9^th to the 11^th of December 2012 in the Kingdom of Bahrain under the official support of the Central Bank of Bahrain.

Announcing the focus of this year’s gathering, David McLean, Chief Executive of the World Islamic Banking Conference said that “the last several years has seen the international dimension of Islamic finance gaining tremendous significance as the industry continues to demonstrate its competitiveness and build scale in an increasingly globalised playing field. The Islamic banking sector is undoubtedly well placed to play a vital role in facilitating cross-border financial flows particularly between the emerging economies which, in turn, stands to further increase the international participation in Islamic financial markets. As Islamic finance continues to become an increasingly important component of the global financial system, it is also essential that the industry adapts to the new dynamics of global finance in order to achieve sustainable growth.”

He also said that “held under the theme ‘Islamic Finance: Adapting to the New Dynamics of Global Finance’, WIBC 2012 will be a key enabling platform for industry players to innovate the next generation of Islamic finance solutions that will meet the increasingly complex needs of corporate borrowers, consumers, issuers and investors; and create the conditions that will build a more globally harmonised footprint for their institution – that, if achieved, will propel the Islamic finance industry to the next level of success.”

The three day event will commence on the 9^th of December 2012 with a series of pragmatically focused pre-conference summits led by experienced and respected international industry standard-setting bodies and experts.

The main WIBC 2012 conference, which begins on the 10^th of December 2012, will be inaugurated by H.E. Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain.

The inaugural address will be immediately followed by a special opening keynote address by H.E. Khaled Mohammed Al-Aboodi, Chief Executive Officer and General Manager of the Islamic Corporation for the Development of the Private Sector, the private sector arm of the Islamic Development Bank Group (IDB), Saudi Arabia. The session, focusing on capacity building to support the international development of Islamic finance, will discuss key initiatives that will enhance the supervisory architecture facilitating harmonization, cross-border linkages and the international development of Islamic finance – and, crucially, its benefits to the real economy in key markets.

WIBC 2012 will also feature a special guest address by Jaloul Ayed, Former Minister of Finance of The Republic of Tunisia, who will discuss the potential for Islamic finance in Maghreb countries as exciting new opportunities emerge in a transformational landscape.

A key highlight of WIBC 2012 will be the exclusive Industry Leaders’ Power Debate led by internationally respected CEOs and decision-makers from the key players in the industry. Led by Andrew Barstow, Partner, MENA Financial Services, Ernst and Young, this dynamic session will analyse the new growth strategies for Islamic finance and will address the challenges of driving operational transformation to achieve sustainable profitable growth in the Islamic banking and finance industry. The Power Debate featuring Adnan Ahmed Yousif, Board Member and President & Chief Executive of Al Baraka Banking Group; Toby O’Connor, Chief Executive Officer of the Islamic Bank of Asia; Badlisyah Abdul Ghani, Executive Director/Chief Executive Officer of CIMB Islamic Bank Berhad; Suliman Azzabin, Chief Executive Officer of Al Rajhi Bank; Salah Jaidah, Chairman – Islamic Finance of Deutsche Bank AG; and Asad Aziz Ahmed, Managing Director of Gulf African Bank, will also analyse the critical success factors that will propel the Islamic finance industry to its next level of growth.

The eagerly anticipated World Islamic Banking Competitiveness Report, developed in collaboration with Ernst & Young, will also be launched on-site at the 19th Annual World Islamic Banking Conference in an exclusive session on the 10th of December 2012. The 2012/13 Report which is now in its 9th annual edition, will examine Islamic banks’ efforts to penetrate the mainstream retail customers. The groundbreaking report will also explore the road map being adopted by Islamic banks to make a transition to a double-compliant model, i.e., excellence in banking operations topped up by exceptional Shari’ah proposition.

‘The World Comes to WIBC Initiative’ has also been further expanded this year and will feature official delegations representing exciting jurisdictions for Islamic finance including Bahrain, Qatar, Luxembourg, the United States, the United Kingdom, Bermuda and Mauritius. As a part of the World Comes to WIBC Initiative, WIBC 2012 will also feature an exclusive US Country Interface which will be inaugurated by H.E. Thomas Krajeski, United States Ambassador to Bahrain and H.E Houda Nonoo, Bahrain Ambassador to the United States; and the UK Country Interface which will be inaugurated by HMA Iain Lindsay OBE, British Ambassador to Bahrain. David C. Chavern, Executive Vice President and Chief Operating Officer of the U.S. Chamber of Commerce will also be delivering a keynote speech at WIBC 2012.

The 19th Annual World Islamic Banking Conference is set to convene more than 1200 industry leaders representing over 50 countries in the Kingdom of Bahrain from the 9^th to the 11^th of December 2012.

Commenting on their participation at the event, Mohamed Jamil Berro, Group Chief Executive Officer of Al Hilal Bank said that “due to its substantial growth and reliability, Islamic finance has now become a global phenomenon with a number of non-Muslim countries also showing keen interest in this dynamic industry. While the conventional banking and finance industry recuperates from the effects of the global financial crisis, there is now an excellent opportunity for Islamic finance to prove its competitiveness and enhance its profile in the global financial landscape. This calls for a stronger industry architecture that would allow for the most efficient functioning of the industry not only within national economies but also across borders. The World Islamic Banking Conference (WIBC) with its very high-profile international participation, sets the perfect stage for such discussions. We are delighted to be supporting this unique global gathering.”

About MEGA
MEGA is the market leading business information firm focused on achieving business results for the global Islamic banking & finance industry since 1993. The portfolio of MEGA brands represents the landmark industry conferences and our clients are the leading players in the international financial markets.