July 8th, 2008

Industry Experts Predict Huge Growth Potential for Islamic Finance in Europe
More than 400 international delegates attend the first-ever European Summit of the World Islamic Banking Conference

Proof that the Islamic banking industry has a bright future on the international stage was in full evidence in London today as more than 400 delegates gathered in the City to assess growth opportunities for the industry in Europe. Far from the traditional hubs of Islamic finance, senior decision-makers from Islamic and conventional institutions as well as regulators from key jurisdictions participated in the 1st Annual World Islamic Banking Conference: European Summit (Euro WIBC) at the Park Lane Hotel.

The conference, which builds on 15 years of success of the World Islamic Banking Conference held in Bahrain each year, provided the meeting place for building strategies that will shape the development of Islamic banking in Europe. The opening keynote plenary session which was addressed by senior government figures, including Shaikh Mohammed bin Isa Al Khalifa Chief Executive Officer, Bahrain Economic Development Board; Kitty Ussher, the Economic Secretary to HM Treasury, who further underlined the role of the UK as a Global Gateway to Islamic Finance; The Central Bank of Bahrain Governor HE Rasheed M. Al Maraj; and Andrew Cahn, the Chief Executive Officer of UK Trade and Investment.

The delegates then debated the major forces which are driving the growth of Islamic finance in Europe during a session that was introduced by Sameer Abdi, Partner- Head of Islamic Financial Services Group at Ernst & Young – Bahrain. Abdulhakeem Y. Alkhayyat, Chief Executive Officer & Managing Director, Kuwait Finance House – Bahrain B.S.C,  Stella Cox,  Managing Director of DDCAP Limited and Member of the Board of Directors of Gatehouse Bank plc and Raquel Hughes, Head of Product Management, Listed and Regulated Markets,  London Stock Exchange spoke during this session.  They discussed the international perspectives on Islamic finance and assessed the scope and attractiveness of the European markets for Islamic finance in this increasingly global context. 

The potential in specific European countries was discussed during the Country Spotlight session which tackled opportunities in key European financial markets including France, Germany, and Belgium. This opportunity landscape was further expanded during the session on Sukuk in Europe, which asked if the European markets were now poised for MEGA Deals? With the internationalization of the industry, the need for managing increasingly complex products and deals within a consistent Shari’ah Framework cannot be ignored and EURO WIBC offered a platform during the Shari’ah and Business Open Forum session to address this important issue in the industry.

In the concluding session delegates and speakers were upbeat about the prospects for Islamic banking in Europe and were confident that the basic frameworks and market conditions were now coming into place that would enable the rapid expansion of the industry. The 15th Annual meeting of the World Islamic Banking Conference, to be held in Bahrain from the 23-25th November 2008, will debate these points further. 

 

29th June 2008

Industry Leaders Gathering in London to Explore Growth of Islamic Finance in Europe

Kuwait Finance House-Bahrain announced as Platinum Partner of Euro WIBC

Significant developments in the UK and Europe augur well for the continued international expansion of Shari’ah-compliant finance. A major international conference, to be held in London on the 8th of July 2008, is bringing together the leading international players in this rapidly growing market under the theme of ‘Islamic Finance in Europe: Seizing the Growth Opportunity’. The UK’s Treasury Minister, Kitty Ussher, one of the Keynote speakers at the forthcoming European Summit of the World Islamic Banking Conference (Euro WIBC), has recently outlined the UK Government's response to the consultation on a Sterling Sukuk issuance saying the government favoured a 'bill-like' Sukuk programme, which could be fully integrated with the conventional Treasury bill programme. Industry observers have pinpointed this issue as a potential catalyst for the dynamic growth of Islamic finance in the UK and throughout Europe as a whole.  

Attracting key decision-makers representing the international industry, Euro WIBC 2008 is delighted to announce Kuwait Finance House-Bahrain as the Platinum Strategic Partner. Established in October 2002 as the first fully-owned subsidiary of Kuwait Finance House, KFH-Bahrain brings to the market a compelling concept in Islamic Banking combining both Islamic investment banking and Islamic commercial banking facilities. According to Abdulhakeem Alkhayyat, Managing Director and C.E.O.: “Islamic banking assets are currently estimated at US$750 Billion in value and will top the US$ 1 Trillion mark by 2010. This continuous expansion is being driven by a global demand in Shari’ah compliant financial products, and services in which we continue to pioneer’.

Euro WIBC 2008 builds on the 15 years of success of the flagship World Islamic Banking Conference in Bahrain, and brings to London a high-profile speaker line to stimulate new insights into the drivers of Islamic finance in the European markets.  Associate Attorney Abdi Shayesteh from New York law firm, King & Spalding, notes that holding an event of this magnitude in the UK is of great significance as the global competition for Shari’ah-based capital reaches new heights. “Its presence in the UK capital signals a major shift in the West in the perception of Islamic Finance and Banking. I am delighted to be a part of this inaugural conference and I look forward to sharing my expertise in areas of corporate finance and bank regulatory matters relating to Islamic finance, emerging growth industries and international business transactions.”

Euro WIBC 2008 features a powerful opening keynote session which includes Kitty Ussher, Economic Secretary to HM Treasury, Shaikh Mohammed bin Isa Al Khalifa, Chief Executive Officer of the Bahrain Economic Development Board, HE Rasheed M. Al Maraj, Governor of the Central Bank of Bahrain, and Andrew Cahn, Chief Executive Officer of UK Trade & Investment.

More than 400 international delegates are expected to attend the inaugural Euro WIBC in London on the 8th of July 2008.


22nd June 2008

Kuwait Finance House-Bahrain announced as Platinum Partner of Euro WIBC

Kuwait Finance House-Bahrain is the Platinum Strategic Partner of the World Islamic Banking Conference, which will be held in London on the 8th of July 2008.

Established in October 2002 as the first fully-owned subsidiary of Kuwait Finance House, Kuwait, KFH-Bahrain brings to the market a compelling concept in Islamic Banking combining both Islamic investment banking and Islamic commercial banking facilities.  Its global investment strategy continues to take the Bank in new and exciting directions.

KFH Bahrain is built on the same strengths and vision that made KFH Kuwait a leader in the Islamic Banking Industry for more than 30years and it is with this commitment that it is promoting Islamic Banking worldwide. One of the Bank’s innovative projects is the New Zealand Australia Private Equity Fund which underlines the growth in Shari’ah compliant investments beyond the GCC countries.

Major developments in the in the UK and Europe augurs well for the growth in this market, hence the theme of the conference “Islamic Finance in Europe: Seizing the Growth Opportunity’... please click here to read further

9th June 2008

Defining the growth drivers for Islamic Finance in Europe

UK Treasury Minister and Gulf Keynote Speakers to address international delegates at London conference 

Kitty Ussher, Economic Secretary to HM Treasury, HE Rasheed M. Al Maraj, Governor of the Central Bank of Bahrain, Shaikh Mohammed bin Isa Al Khalifa, Chief Executive Officer of the Bahrain Economic Development Board, and Andrew Cahn, Chief Executive Officer of UK Trade & Investment, have been confirmed as Keynote Speakers to lead the Opening Plenary Session at the 1st Annual World Islamic Banking Conference: European Summit (Euro WIBC 2008), which will be held at The Park Lane Sheraton in London on the 8th of July 2008.

With all signs now indicating exciting growth potential for Islamic finance in Europe, Euro WIBC could not come at a more opportune time as the industry stands on the threshold of significant expansion.

UK Economic Secretary and City Minister Kitty Ussher MP, has just announced the Government's response to the consultation on a sterling Sukuk issuance saying the government favored a 'bill-like' Sukuk programme which could be fully integrated with the conventional Treasury bill programme. Speaking after chairing a meeting of the UK’s Islamic Finance Experts Group, Kitty Ussher emphasised the importance of the Islamic Finance sector to the city and the government’s commitment to its growth:

”The Government is determined to maintain its momentum on work on Islamic finance and to make clear to stakeholders its commitment to this industry. As such, we want to reiterate our aim to publish a paper detailing the UK strategy on Islamic finance by the end of 2008. This paper would clarify the role of the Government in the development of this sector and importantly, the steps that industry will need to take to ensure that Islamic finance becomes one of the UK's success stories."

Britain has already licensed 5 Islamic banks, with Gatehouse Bank being the most recent; while other key European financial centers continue to develop opportunities for Islamic finance, including exciting initiatives in Germany, France, Italy and Belgium. One of the speakers at the conference Baron Junaid Abbas Bhatti, an expert in Islamic Finance and head of Ballencrieff House, noted that mainstream acceptance of Islamic finance will increase as consumer desire for ethical product options increases:

“Within five years time I can foresee Islamic Finance within Europe being marketed almost exclusively on its ethical merits. Holding an event of the magnitude of Euro WIBC in London clearly demonstrates that Europe is the most exciting growth market for Islamic financial services right now.” 

Baron Bhatti will lead a discussion on the country focus session which will explore specific opportunities in key European Financial markets.

The participation of HE Rasheed M. Al Maraj and Shaikh Mohammed bin Isa Al Khalifa as Keynote speakers will also provide an opportunity to harness Bahrain’s expertise as a global hub for the Islamic banking and finance industry and there is much that can be learned from its world-class regulatory framework.

The event has the support of major industry players including Bahrain Economic Development Board, UK Trade & Investment, Ernst & Young, InfrasoftTech, CALYX, Al Rajhi Financial Services Co, ITS, Trowers & Hamlins, Moody’s Investors Services, UPS, Global Securities House, Locate in Birmingham,  DDCAP, Bank of London and the Middle East, Path Solutions, Standard & Poor’s, International Financial Services, Securities & Investment Institute, and Advantage West Midland.

More than 400 international delegates are expected to attend the inaugural Euro WIBC in London on the 8th of July 2008.

19th February 2008
The World Islamic Banking Conference to be held in London

Bahrain Financial Services Development announced as

Jurisdiction Partner at

The 1st Annual World Islamic Banking Conference: European Summit
 

The 1st Annual World Islamic Banking Conference: European Summit (Euro WIBC) will be launched in London on 8th July 2008.

Over the past 15 years the World Islamic Banking Conference (WIBC) held annually in the Kingdom of Bahrain) has firmly established itself as the largest and most important gathering of its kind in the world attracting more than1,000 industry leaders and Delegates from over 35 countries. With the Islamic finance industry continuing to experience extraordinary growth, especially in new international markets, it was a logical move to host a European focused event. 

David McLean, the Managing Director of MEGA, the owners of the WIBC brand, commented: “the London conference will complement the objectives of the world event held annually in Bahrain, and will provide a powerful platform for industry leaders seeking to leverage their presence in the dynamically evolving European markets for Islamic finance. Building on WIBC’s decade and a half of tracking the developments and shaping the trends in the global Islamic banking and finance industry, Euro WIBC 2008 will feature insightful debates on the substantial issues facing the industry.” 

Bahrain Financial Services Development (BFSD) has announced its strategic partnership with Euro WIBC. BFSD provides a single point of contact for international financial institutions looking to build their base in the region.

Jane Dellar, the Managing Director of BFSD, notes that: “Bahrain has established a strong leadership position as a global hub for international Islamic financial institutions and there is much that can be learned from Bahrain’s world-class regulatory environment in terms of further advancing the international development of the industry. It is in this spirit that BFSD is delighted to be the Jurisdiction Partner of the 1st Annual Euro WIBC in London.”

With major initiatives already well underway to establish London as a key European centre for Islamic finance, Euro WIBC 2008 will provide a unique opportunity to engage those leaders who are currently shaping the international opportunities for Islamic banking, and gain new insights into the incredible global growth story of Islamic banking

Some of the key topics to be addressed at the conference will include critical issues facing the European Islamic financial markets, assessing the dynamically developing regulatory environments, establishing opportunities for the major international players from the Middle East and Asia who are now focusing on rapidly emerging growth prospects for Islamic finance in Europe and identifying the outlook for new institutions based in the UK and Europe. In addition, Euro WIBC will provide a unique platform for the industry to share experience from established centres for Islamic finance such as the Middle East and South East Asia.   

More than 400 international delegates are expected to attend the inaugural Euro WIBC to be held at the Sheraton Park Lane in London on the 8th of July 2008.