McKinsey & WIBC set to release 'World Islamic Banking Competitiveness Report 2006/07'

In a world industry first, the Report also features a special focus on the wholesale Islamic banking sector.

Now in its third year, the Competitiveness Report has rapidly evolved into an indispensable reference resource for the key decision-makers in the global Islamic banking & finance industry.

The research led by McKinsey&Company will review the performance of the sector from the angles of growth and performance and focus more specifically on wholesale banking, providing a set of recommendations on how Islamic financial institutions can capture the large opportunity in this sector. Wholesale banking represents almost 40% of total banking revenues in Islamic economies and despite the strong growth of retail activities, its remains one of the main profit drivers of the industry. The report will pose critical questions on the size and attractiveness of the market and the key success factors to meaningfully enter it.

Al Salam Bank partners with WIBC as the Competitiveness Report Sponsor. Headquartered in the Kingdom of Bahrain, and with a growing presence in the MENA region and Asia, Al Salam Bank is a dynamic, diversified and differentiated Islamic banking and financial services enterprise.

Commenting on the Bank's sponsorship, Hussein Mohamed Salem Al Meeza, Managing Director and Board Vice Chairman, said:

"Al Salam Bank is committed to supporting the growth and development of the global Islamic banking and finance industry. We therefore take great pleasure in sponsoring this important research initiative, and to be participating in such a prestigious industry forum as the World Islamic Banking Conference."

According to Yousif Abdulla Taqi, CEO of Al Salam Bank: "The provision of well-researched market data is crucial to promoting a wider awareness and understanding of the global importance of Islamic banking. As such, this report is both timely and welcome. Together with my colleagues at Al Salam Bank, I look forward to continuing the debate on key issues facing the industry, especially the concern over the shortage of qualified and experienced Islamic banking specialists."

Nasr-Eddine Benaissa, Partner at McKinsey & Company, International in Dubai and leader of the Firm's Islamic Finance practice said about the report: "This year's Competitiveness Report will probe new depths into the analysis of the Islamic banking sector. Last year, the report shed new light on the key success factors for Islamic banks to capture the large retail banking potential. The 2006/07 report will analyse in-depth the development of the wholesale banking market and bring insights on the very much talked about but seldom documented parts of the industry. It will be, to my knowledge, the first in-depth report focusing on the Islamic wholesale banking opportunities. We will also highlight the strong need for all players, especially local ones, to develop a set of skills which are typically lacking in the region and encourage them to put in place a real talent management system, which will be core to future success, in retail or wholesale banking."

An Executive Briefing on the WIBC McKinsey Competitiveness Report will be held as part of the pre-conference day briefings on December 9 at the Gulf International Convention Centre.

In addition, the closed-door by-invitation-only CEO Strategy Session will be facilitated by McKinsey & Company on December 10 where CEOs representing the world's leading Islamic financial institutions will debate the findings of the Report in an environment conducive to candid discussions.