WIBC to highlight strategic challenges facing Islamic finance industry

A groundbreaking original research project, conducted annually by McKinsey & Company, the report generates powerful new research insights into the Islamic banking industry and has over the past five years become an indispensable reference resource for industry decision-makers.

Ozgur Tanrikulu, Partner (Principal) at McKinsey & Company notes that the Competitiveness Report will highlight the recent developments in Islamic finance, including growth and performance, understanding the challenges and opportunities facing the industry in the context of the current global economic climate, and their implications on business models.

Speaking ahead of the 15th Anniversary of the World Islamic Banking Conference (WIBC 2008), Mr. Tanrikulu commented:

"It has been another year of strong growth and performance for Islamic finance; yet, the question on everyone's mind is whether the industry will be able to maintain its growth trend and be shielded from the financial turmoil that the world has been experiencing. No doubt that this year's conference will witness a unique exchange of ideas on the prospects of the industry and the impact of the global events."

He pointed out, "The Competitiveness Report will highlight as usual the recent developments in Islamic Finance, including growth and performance; it will also focus on understanding the challenges and opportunities facing the industry in the current context, and their implications on business models. In addition, we have conducted a deep dive into key business segments, including Sukuk, Takaful Islamic wealth management and asset management as well as GCC retail banking, where we discuss the trends, growth drivers as well as the characteristics of winning business models and offering."

"Most importantly what is unique this year is that we have met with a number of leaders of major financial institutions, both in GCC and Asia, and we will be sharing their perspectives on the industry in the Competitiveness Report," he concluded.

The launch of the 2008/09 Competitiveness Report at the WIBC Executive Briefing will be led by McKinsey partners from key international centres, and takes the form of a dynamic and interactive discussion of the strategic challenges facing the executive leadership of Islamic financial institutions.

More than 1,000 delegates from over 45 countries are expected to attend the 15th Anniversary WIBC, the world's largest gathering of Islamic finance leaders.