WIBC Asia Summit 2010 to Discuss Findings from the
Ernst & Young Islamic Funds & Investments Report (IFIR) 2010

The 2010 edition of the Ernst & Young Islamic Funds & Investments Report (IFIR) will be a key topic of discussion for industry leaders attending the inaugural World Islamic Banking Conference: Asia Summit (WIBC Asia 2010).

Sameer Abdi, Partner at Ernst & Young, will on the 14th June 2010 lead a special plenary session at WIBC Asia 2010 based on the findings from this new Report.

Sameer Abdi
Ernst & Young
Speaking ahead of the WIBC Asia 2010, Sameer Abdi noted:

"While the overall economic environment continues to remain tough, 2009 saw signs of recovery in global financial markets. Islamic equity, sukuk and commodity funds also posted gains during this period and in the first quarter of 2010. However, fund assets under management remained stagnant at US$52 billion from 2008 as  the  number  of  funds  liquidated  during  2009 almost equaled those incepted. It is a cause for concern for the Islamic funds industry as the participation of retail investors remains negligible.

There is a real risk that executives may be tempted to shy away from making radical changes or tough decisions about business models, people, processes or systems. Those who can do so are most likely to emerge as long-term winners."

More than 300 senior decision-makers from the international Islamic finance industry will gather in full force for the inaugural WIBC Asia 2010 for hard facts on how to tap into opportunities in Asian Markets. The conference is drawing seasoned global fund managers who will bring to the table perspectives on the industry. Dr. Jarmo Kotilaine, Chief Economist of NCB Capital Saudi Arabia will address the challenges and opportunities of Shari'ah-compliant finance - what we have learnt from the crisis; while Suraj Mishra, Chief Executive Officer of Prudential Fund Management Berhad (PFMB) will further discuss the development of Islamic finance with an emphasis on Asia.

Badlisyah Abdul Ghani
Executive Director /
Chief Executive Officer

CIMB Islamic Bank

Badlisyah Abdul Ghani, Executive Director & Chief Executive Officer CIMB Islamic Bank Berhad who will be a Keynote Speaker at WIBC Asia 2010 said:

"Islamic finance in Asia that first started in Malaysia in 1963 is growing fast across many other Asian countries. The WIBC in Singapore will showcase how Islamic finance has become an integral part of Asian economic activities from something that was previously thought to be a small niche market. CIMB Islamic is delighted to be a part of this growth story in Asia."

As at today's date, more than 30 leading international institutions have already confirmed their support and sponsorship of this major international event with the Islamic Bank of Asia, CIMB Islamic, NCB Capital, Maybank Islamic, and Bahrain Islamic Bank already announcing their participation as platinum strategic partners.