Business & Money | Monday 5 September, 2016 11:50 am |

The 23rd World Islamic Banking Conference will welcome a delegation from the Central Bank of Russia, headed by Mr. Alexander P. Torshin, State Secretary – Deputy Governor - who will present a keynote speech at the event. The conference will take place in strategic partnership with the Central Bank of Bahrain on the 5, 6, and 7 of December 2016 at the Gulf Hotel, Manama, Bahrain.

Economic stabilization has been a top priority for Russian leaders, given the uncertainties in the global economy and volatility in oil markets. Diversifying the economy and finding other sources of investment can help bolster the economic foundation of the country which has made Russia seek out opportunities in unexplored new markets, including the Islamic finance industry. With US $2 Trillion in global assets, Islamic finance is currently one of the fastest growing industries and is expected to reach $3 trillion by 2018.  Russia is already setting up to move towards a path of greater participation in Islamic finance and the broader Islamic economy to recoup its current economic conditions. 

Being the latest entrant into this booming sector, Russia will use Islamic finance to further its efforts to envision a new way of financing for its banks and develop its economy by welcoming international investors from emerging markets. In order to attract new financial markets to the country, Russia has been collaborating with banks in the emerging markets to develop new initiatives that will contribute to the development of the country’s economy. This can be seen in the recent development of signed agreements between Vnesheconombank, Sberbank and Tatfondbank with the Islamic Development Bank (IDB) to support the country’s Islamic finance initiatives. As a result, Russia's first financial institution established upon Islamic banking principles commenced its operations in March 2016 in Kazan.

WIBC being the longest-running platform for the Global Islamic finance and banking industry, has come a long way in bridging the gap between the emerging markets and developed markets, in providing opportunities for entities seeking other sources of financing. With the delegation from the Russian sector, WIBC will provide a gateway for industry players to engage in discussions with world leaders from the Islamic finance industry to thereby envision a new future for financing in Central Asia.

The conveners of WIBC, Middle East Global Advisors (MEGA) have partnered with a powerful lineup of premier organizations. They include Kuwait Finance House (KFH), GFH Financial Group, Khaleeji Commercial Bank, Bahrain Islamic Bank (BisB), Al Salam Bank Bahrain, Boubyan Bank, Bank of Khatoum International (BOKi), Thomson Reuters, Ithmaar Bank, Grant Thornton, Path Solutions, Luxembourg for Finance, Natixis, Eiger Trading Advisors Ltd, SAB IT, ELIAN, AAFAQ Center for Research in Islamic Economy, DDCAP Group, Fitch Ratings, Bank AlKhair and many more.

WIBC 2016 is a three-day gathering of the financial industry’s leaders, taking place on the 5th, 6th and 7th of December at the Gulf Hotel in Manama, Kingdom of Bahrain. For more information, visit www.wibc2016.com.