GCC and Asian regulators join forces to address WIBC 2008 on managing risk in today's turbulent markets

While many experts remain confident that the Islamic finance industry will continue to be a comparatively safe haven in this increasingly global storm, there is nevertheless a need to re-map priorities and key trends in the industry on an international basis.

H.E. Rasheed M. Al Maraj, Governor of the Central Bank of Bahrain and H.E. Heng Swee Keat, Governor of the Monetary Authority of Singapore will concentrate on these issues during their Keynote Addresses during the opening plenary session of the WIBC, which will be held from the 23rd - 25th November 2008 in Bahrain. This session focuses on Perspectives on Creating an Effective Regulatory Framework in the Islamic Finance Industry, and will address managing the impact of the risks inherent in today's turbulent markets, as well as regulatory frameworks that will enable sustainable industry growth.

In addition, Toby Birch, the author of "The Final Crash", will deliver a Keynote Address on the 25th November. His book, which recently caused a major stir due to its foreshadowing of the current economic crisis, takes a strong line on the international financial markets. Toby has spent his career in the exclusive world of private banking and WIBC 2008 provides an opportunity to hear the unique opinions of this renowned author, not only into why the Islamic banking industry is seemingly exempt from the effects of the crisis which are impacting other global financial institutions, but also to explore innovative new lending structures.

Speaking ahead of the conference Abdulhakeem Alkhayyat, CEO & MD of Kuwait Finance House - Bahrain, said:

"As a Platinum Partner of the 15th Annual World Islamic Banking Conference, Kuwait Finance House-Bahrain expresses its continued commitment by supporting such important occasions. WIBC aims to develop and strengthen the Islamic finance industry by making it competitive and a preferable choice for clients worldwide. The significance of WIBC is bolstered by the participation of more than 1,000 delegates representing decision-makers of the world's leading Islamic financial institutions."

The increasingly global footprint of Islamic finance is another critical focus of the 15th Annual World Islamic Banking Conference. The World comes to WIBC initiative will emphasise and exploring new and emerging geographies for Islamic banking; with insights into key developments in exciting markets including France, Singapore, Italy, Japan and the UK. Singapore@WIBC, will feature a high-powered delegation of business and government leaders led by H.E. Heng Swee Keat, Governor of the Monetary Authority of Singapore, and the UK will in evidence at the UK pavilion, hosted by UKTI, the trade and investment arm of the British government.

Speaking about the Pavilion and the role of the UK government in the global growth of Islamic Banking, Humphrey Percy, CEO, Bank of London and The Middle East plc noted that: "The UK Government's continued support, in combination with the City's strength as the world leader in the financial services industry, demonstrates the growth of London as a major centre for Islamic Finance. The UKTI pavilion provides an opportunity for the City of London as well as the individual institutions to showcase their capabilities and expertise."

More than 1,000 international delegates from 45 countries will attend the special 15th Anniversary edition of the World Islamic Banking Conference in Bahrain from the 23rd to the 25th of November 2008 make WIBC the world's most important meeting place for the Islamic finance industry.