Islamic Banking Comes to Asia....

This is not good news...

THE first Asian chapter of the World Islamic Banking Conference (WIBC) kicks off in Singapore on Monday with the aim of pinpointing where the fast-growing sector is heading in Asia and the Middle East.

The two-day event, hosted with the support of the Monetary Authority of Singapore (MAS), features policy makers and industry leaders taking part in high-level discussions and debates.

There will also be discussions on Islamic funds and investments opportunities, the outlook for the industry in specific markets, including Singapore, business drivers for Islamic finance and areas of research in the sector.

Singapore's Minister for Trade and Industry and deputy chairman of MAS, Mr Lim Hng Kiang will deliver the inaugural address at the conference's opening. The governor of the Central Bank of Bahrain, Mr Rasheed M. Al Maraj, and the governor of the Central Bank of the UAE, Mr Sultan Bin Nasser Al Suwaidi, will lead the first keynote session.

In addition to regulators from the Gulf Cooperation Council, speakers also include market practitioners and academics involved in Islamic finance. Over 350 industry players representing more than 170 Islamic finance institutions are expected to at the event, which is being organised by Dubai-based business information services firm, Middle East Global Advisors (MEGA).

Key findings from this year's edition of an Ernst & Young report on Islamic funds and investments will also be presented. An exhibition on Islamic financial services is being held concurrently with the conference, which is taking place at the Raffles City Convention Centre. The event ends on Tuesday.