World Islamic Retail Banking Conference convenes on positive outlook for industry

The World Islamic Retail Banking Conference tackled today the structural challenges of the industry and untapped opportunities, which if prudently addressed, could help in the revitalization and further shaping of the industry on a new international level.

Session Four on the conference's first day, which was moderated by Hussain Al Qemzi, Group CEO at Noor Investment Group, following his key note speech, stood out with its particular focus on where Sharia'a compliant retail banks stand today.

The panel, which consisted of authoritative speakers from Doha Bank Group, HSBC Amanah, Bank of Whittier, Ajman Bank, Islamic Bank of Britain PLC, Bahrain Islamic Bank BSC, Islamic Finance Council of UK and Ernst & Young UK, tackled the current trajectory of the international Islamic banks' strategies in the global expansion game. There was also a particular focus on the international markets with immediate need for the Islamic banking model, to fill the gap in their financial systems, as well as new expansion platforms triggered, as a result of the global financial crisis.

The panel also examined the various untapped opportunities across European markets- while referring to specific countries that would make 'sensible hubs' for International Islamic Banking.

Following his focused discussions with the panel, Hussain Al Qemzi, Group CEO at Noor Investment Group, said:

"We have had a very productive first day. It brought together the people who are analyzing financial stability and financial stability risks at various Islamic and conventional banks, central banks, treasuries, and other institutions from around the world, with the people who are in charge of developing expansion tactics and who are gearing up for venturing into new territories, within the context of the Sharia'a boundaries."

"I am confident that these insightful and fruitful sessions will provide a much needed extended platform for researchers, opinion leaders and the banking and finance sector fraternity, to debate on issues and challenges facing the industry, especially in light of the current international consolidation trends. This exceptional gathering of representatives from both the Islamic banking and the conventional banking sides is testament to a strong symbiosis, especially during hard times like these, and will prove an integral component for the good of the world's financial systems," he added.

The conference which is endorsed by the Dubai Chamber of Commerce, ISRA (International Sharia'a Research Academy) and supported by the Islamic Finance Council, UK, the Swiss Islamic Banking & Finance Association, the Bahrain Association of Banks and Arab News of Saudi Arabia. Over two hundred delegates, including CEOs and Heads of Islamic and Conventional Retail Banking are taking advantage of this well regarded conference over the three days.

Noor Islamic Bank is a Platinum Sponsor at this year's World Islamic Retail Banking Conference. To read Hussain Al Qemzi's keynote speech, please refer to the attachment.