Second Islamic Retail Banking Conference opens today

The event is organised by the Islamic Conferences Group and sponsored by Dubai Islamic Bank (DIB) which is celebrating its 30 glorious years of innovation and growth.

On behalf of Dr. Khirbash, Saleh Lootah, Board Member - DIB, delivered a speech at the opening session. He said: "The Islamic retail banking conference is being organized for the 2nd consecutive year in Dubai, where the first Islamic bank have incorporated the principles of Islam in all its practices. The event also coincides with the 30th anniversary of Dubai Islamic Bank that achieved significant development and growth in the last 30 years and would continue its efforts to reach new heights in its quest for excellence and leadership at the local, regional, and international levels."

"Dubai Islamic Bank has greatly contributed to the significant developments in the world of Islamic retail banking and finance. The bank's efforts have contributed to the development of the industry from a regional business into one of global scale,"

he said.

Mr. Lootah added: The industry has started benchmarking its products to conventional suppliers in terms of consumer convenience, benefits, pricing, transparency, and service standards. Hence, Islamic retail banking and finance products have gained popularity with non-Muslim communities due to their competitiveness and efficiency."

Mr. Lootah added: "In many countries modern Islamic finance has little or no presence, indeed, it is only now establishing itself as a competitive force in the countries where it does have a presence. Islamic retail finance must also work to overcome doubts and misconceptions. There are issues of trust to be resolved, both in regard to the products and services of Islamic finance and in regard to those who offer them."

On behalf of Shaikh Saleh Kamil, Chairman of Dallah Al-Baraka group, Hassan Al Ammari, CEO Al Tawfeek Co. delivered a speech. He said: "As it is well known, Islamic retail banking, since its inception, started operating in a conventional banking environment characterized by conventional financial systems, laws and regulations. From the very beginning, Islamic retail banking has established its objectives that are distinct from the objectives of the conventional banks and financial institutions, which were dominating the banking industry at that time."

Mr. A; Ammari said: "Islamic banking and financial institutions have geographically expanded. Their investment portfolios, instruments and vehicles have been expanded and diversified, leading to the increase of economic growth and social welfare of our societies that live in an environment of security and satisfaction."

Professor Rifaat Abdel Karim, Secretary General of the Islamic Financial Services Board (IFSB) said: "Past years showed significant progress being achieved in the development of Islamic financial services industry (IFSI). Islamic finance has gained wider acceptance around the world, as an alternative form of financial intermediation. The sustainability of this progress, demand due attention into the needs of the future and to evolve an IFSI that will best serve these needs. This provides a starting point for the formulation of international prudential regulations and supervision to enhance the resilience of the IFSI."

Five sessions took place on the first day of the conference. The inaugural session discussed "The Changing Face of Retail Banking - Challenges for Islamic Banking", followed by the first session under the title "The GCC Regional Overview: Setting the Scene"; second session titled "A Focus on the Malaysian Islamic Retail Banking Experience"; third session titled "The UK & Europe: Islamic retail finance in non-Muslim countries, the future seems bright"; and the fourth session on "USA and Canada". The first day was concluded by a featured focus on "Takaful, Relationship between Takaful and financing: Unleashing the potential".