The hugely successful inaugural World Islamic Banking Conference: Asia Summit (WIBC Asia 2010) wrapped-up in Singapore on the 15th June 2010 with resoundingly upbeat feedback from our strategic partners, speakers, sponsors, delegates and media assembled at WIBC Asia 2010. The success of this high-profile regional summit further confirmed the strength of the WIBC brand in helping to shape the future of the global Islamic finance industry.

With more than 380 senior decision-makers participating in the conference, combined with the quality of debate stimulated by the expert speaker panel, WIBC Asia 2010 successfully exceeded even our most optimistic expectations and has now further established its position as "a key platform that will enable the further development of Islamic finance as it takes root in the Asia region by bringing together industry leaders to explore and create business partnerships to capitalize on new opportunities in the Middle East and Asia" said H.E. Lim Hng Kiang Minister for Trade and Industry of the Republic of Singapore & Deputy Chairman of the Monetary Authority of Singapore.


Central Bank of Bahrain governor Rashed Mohammed Al Maraj (left, above) and Central Bank of the United Arab Emirates governor Sultan Bin Nasser Al Suwaidi (right, above) called on Senior Minister and Monetary Authority of Singapore (MAS) chairman Goh Chok Tong at the Istana.

The two governors spoke at the inaugural World Islamic Banking Conference: Asia Summit, two-day event supported by MAS, which ended on the 15th June 2010.

Mr. Goh and the governors discussed recent economic and financial developments in the Middle East and Asia, and explored initiatives to enhance bilateral financial cooperation.



The industry leaders gathered at WIBC Asia 2010 agreed that there has been an upsurge in interest in Islamic finance and the general outlook for Islamic finance remains positive despite the negative spillover from the global financial crisis. In his inaugural speech, H.E. Lim Hng Kiang Minister for Trade and Industry of the Republic of Singapore & Deputy Chairman of the Monetary Authority of Singapore, noted that: "The Islamic industry needs to take heed of the lessons learnt from the current crisis and pay greater attention to issues related to capital adequacy, market liquidity and risk management. Overcoming these challenges will require strong cooperation within the industry and across different jurisdictions. Responsible and competent board and senior management who manage the risks of their financial institutions well are also critical".



H.E. Rasheed M. Al Maraj, Governor, Central Bank of Bahrain highlighted three issues that the industry now needs to consider to ensure that the strong growth in Islamic finance can continue into the future. The first concerns achieving certainty in Islamic financial contracts. Second, the industry's ability to manage risks needs to be enhanced. Third, the regulatory framework needs to keep pace with the rapid growth of the industry, and also to reflect the lessons learned from the global financial crisis. H.E. Sultan Bin Nasser Al Suwaidi, Governor, Central Bank of the UAE also highlighted 3 challenges that the industry will need to overcome. The first such challenge is the rulings by the various Shari'ah boards of Islamic banks, which should be better coordinated and harmonized. Another challenge is the short-term liquidity management at Islamic banks and other financial institutions. The third challenge is the distinction between profit to shareholders and profit to investors / depositors, which is not a clear-cut issue at the moment.



Industry leaders participated in high-level networking and deliberated insights from their peers and internationally renowned industry specialists on the challenges and opportunities in Asia and beyond.



Given the topical nature of the discussions, WIBC Asia 2010 generated significant coverage and debate with the large delegations of international and regional media.