Al Salam Bank-Bahrain sponsors WIBC

Al Salam Bank-Bahrain Chief Executive Mr. Yousif Taqi said that efforts exerted by organizations concerned with regulating the Islamic financial practices, effectively influence the improvement of Islamic finance industry to the extent that it has attracted the attention of countries hosting major conventional banks. Taqi said that those countries have realized the extent of the influence of the global Islamic finance industry especially that it is worth now as much as $800bn and is growing at about 15% per year, according to a recent report by the Financial Service Authority (FSA).

In this respect, Mr. Taqi referred to the vital role of the Shari'a supervisory boards, and affirmed that such independent boards were important to regulate the banks' business and supervise daily practices as well as provide consultations that would adapt those practices to the Shari'a regulations. Mr. Taqi pointed out that Al Salam Bank-Bahrain has assigned the role of the Shari'a supervision to well informed Islamic expertise in implementation of its objectives to be a bank that builds on Shari'a regulations in its pursue to introducing new initiatives and financial solutions for potential clients and to preserve a constant growth of capitals invested in the Bank.

By sponsoring the 14th Annual World Islamic Banking Conference (WIBC) to be held in Bahrain from December 8 to 10, Mr. Taqi said that Al Salam Bank-Bahrain expresses it continuous interest in supporting such important congregations which aim at developing and strengthening the Islamic finance industry making it a competitive and preferable choice for clients worldwide.

He said that WIBC's significant importance is bolstered by the participation of more than 1,000 delegates representing decision-makers of the world's leading Islamic financial institutions and with over 60 partners and sponsors from industry-leading companies who are contributing to the organization of this gathering.

Al Salam Bank-Bahrain was able to take a competitive position not only within the 26 Islamic banks in Bahrain whose assets are more than $15.9bn, but also within the Islamic banks in the region in which the Bank is intending to expand.