"The Black Swan" at the 16th Annual WIBC

The World Islamic Banking Conference (WIBC 2009) has firmly established itself as the largest and most significant gathering of Islamic banking & finance industry leaders in the world and now in its 16th year, WIBC is set to further build on this iconic status.

This year's WIBC comes at a critical stage when the failure of major conventional financial institutions and the current global recession has led industry experts to look for new business models.

WIBC 2009 will include an exclusive Keynote Plenary Session featuring, live and in-person,

Nassim Nicholas Taleb
Author of The New York Times bestseller
"The Black Swan: The Impact of the Highly Improbable."

Nassim Nicholas Taleb

"A giant of Mediterranean thought ...Now the hottest thinker in the world"
-London Times.

Nassim N. Taleb, known for predicting the current crisis, is combination of a literary essayist, scholar of randomness, writer of philosophical tales, and former derivatives trader. He is known for a multidisciplinary approach to the role of the high-impact rare event -across psychology, social science, philosophy, finance, engineering, and history.

His books have more than 2.5 million copies in print. His work has been translated into 31 languages. Taleb holds the title of Distinguished Professor in Risk Engineering at New York University.

Taleb has an MBA from Wharton and a PhD from the University of Paris.

Nassim Nicholas Taleb
The Black Swan

A quote from "The Black Swan: The Impact of the Highly Improbable"

"Globalization creates interlocking fragility, while reducing volatility and giving the appearance of stability. In other words it creates devastating Black Swans. We have never lived before under the threat of a global collapse. Financial Institutions have been merging into a smaller number of very large banks. Almost all banks are interrelated. So the financial ecology is swelling into gigantic, incestuous, bureaucratic banks - when one fails, they all fall. The increased concentration among banks seems to have the effect of making financial crisis less likely, but when they happen they are more global in scale and hit us very hard.
We have moved from a diversified ecology of small banks, with varied lending policies, to a more homogeneous framework of firms that all resemble one another. True, we now have fewer failures, but when they occur ...I shiver at the thought."

WIBC 2009 will feature insights from key decision makers, thought leaders and industry heavyweights in the global Islamic banking industry, sharing their perspectives on the future
of Islamic finance.