SINGAPORE will host the fourth edition of the World Islamic Banking Conference: Asia Summit (WIBC Asia), which will bring together more than 480 Islamic finance players and thought leaders under one roof.

More than 480 leaders are expected to participate in the World Islamic Banking conference to be held in Singapore from the 3rd to the 5th of June, 2013. The fourth annual edition of the World Islamic banking conference (WIBC Asia 2013) will be held in Pan Pacific Singapore Hotel. The event is convened under the official support of the Monetary Authority of Singapore. It will be held under the theme “Bridging the World Islamic Finance –Boosting International Linkages and Cross-Border Opportunities”. Last year’s  3rd Annual World Islamic Banking Conference, also held in Singapore on the 5th and 6th of June 2012, witnessed a record gathering of 481 international leaders representing over 250 leading international and regional organizations. The tremendous success of this event held in 2012 has further confirmed the importance of the event in expanding the growth of Islamic finance in Asia and boosting linkages with other key international centers for Islamic finance.

WIBC Asia 2013 will build on this successful foundation as a large international platform for enabling the growth of Islamic finance throughout the world. Mr. Ravi Menon, Governor of the Monetary Authority of Singapore was quoted saying that “WIBC Asia has grown in both size and stature since its inaugural conference in 2010”. The event assumes huge significance as it helps connect vibrant Islamic finance industries in Asia and the Middle East. The conference also aims to showcase the importance of Islamic finance to the wider financial industry in the region.  Mr. David Mclean, the Chief Executive of the World Islamic Banking Conference, Asia summit said “Though Islamic finance has come a long way, achieving significant growth  over the last decade, the overall size of Islamic assets is still less than 1 percent of the global financial system and the industry has still to build significant economies of scale. Islamic finance, being a young industry offers fewer product choices for the consumers, while isolated pools of Islamic liquidity in each market restrict opportunities for more efficient allocation of capital across international jurisdictions”. Mr.Mclean also opined that as the Islamic finance industry embarks on further growth, the industry must overcome various challenges, build scale, reach critical mass and expand its geographical existence. This will also require financial institutions, regulators and other agencies to work more together more closely.

The WIBC Asia 2013 exhibition, that will run along the sidelines of the conference will also display the next generation of Islamic finance products, innovative solutions and the latest developments in the Islamic finance industry.

Mr.Sulaiman Alireza, Executive Director and head of investments of Hong Kong Limited said a “Platform such as the WIBC Asia 2013 provides an opportunity for Islamic finance leaders in both Asia and Middle East to discuss opportunities for the revival of the ‘Silk Route’ and facilitate greater cross border economic and financial flows that are Sharia’h compliant between these two high growth regions and we are delighted to be a part of this unique gathering”

Silk route gets its name from the lucrative Chinese silk trade, a major reason for the connection of trade routes into an extensive transcontinental network.

WIBC Asia 2013 will see the large scale participation of global industry leaders and the formal addition of the pre-conference briefing to WIBC Asia 2013 on the 3rd of June presented by the International Islamic Financial Market (IIFM). IIFM CEO, Mr.Ijlal Alvi, along with the key members of the IIFM board shall provide the framework and strategy for the development of Islamic finance, the briefing will also boost the growth of the industry internationally by enabling product and documentation standardization across jurisdictions.