Bahrain Islamic finance capital

MANAMA: Bahrain has clearly established itself as the capital of Islamic finance industry, according to the organiser of the Fourth World Islamic Funds and Capital Markets Conference.

In spite of running his organisation out of Dubai, Middle East Global Advisers' managing director David McLean heads straight for Bahrain when organising Islamic finance events.

"The Islamic funds market is clearly still a small niche market but this year's conference and exhibition has not only been the biggest ever but is the biggest event for Islamic funds anywhere in the world," he said as the curtain fell on the event yesterday.

"And you could only attract the numbers and the geographic diversity of people to an event like this in Bahrain."

He said that his company was now looking forward to its major annual event, the World Islamic Banking Conference (WIBC), which celebrates its 25th anniversary in Bahrain in November.

"We already have more than 1,000 delegates and 70 exhibitors signed up for this year's event and all places, for what is the biggest event of its kind, are likely to be sold out by the end of next month," he said.

"It is likely to be the biggest ever and is a truly global event across the Islamic finance industry attracting delegates from a far afield as the major pavilion from the UK to new interest from places like South Africa."

Indeed, the event has been so successful in Bahrain that a one-day European version of WIBC is being held in London on July 8 which has already attracted interest from the UK, Germany, France and from large financial institutions in Switzerland.

"The importance of Bahrain in developing the Islamic finance industry is shown by the fact that Islamic institutions elsewhere, including the UK, now look to the Central Bank of Bahrain for guidance on a regulatory framework for their own Islamic financial institutions," he said.

Mr McLean is now involved in organising an annual conference on Islamic mortgages and has been talking to leading players in the industry as well as government departments about addressing issues like meeting housing needs, real estate development and property investment.

When asked about the venue for this latest Islamic finance event, "Bahrain of course," said Mr McLean before he headed for the airport to return to his office in Dubai.