Islamic banking growth strategy to be reviewed

Gulf Daily News: Bahrain-based Tharawat Investment House yesterday announced its sponsorship of the 15th World Islamic Banking Conference (WIBC) due to be held at the Gulf Conference and Exhibition Centre from November 24.

The theme of the conference this year is 'Creating a new generation of Islamic financial solutions: product innovation standards.'

The gathering is held to develop a new growth strategy for Islamic banks and financial institutions that enjoy tremendous growth at the global level.

"Tharawat being the latest Islamic investment house to be set up in Bahrain is proud to be a co-sponsor of the WIBC which is a prestigious Islamic banking event in Bahrain and the Middle East. It has become one of the key sources of information related to keeping abreast of developments in Islamic banking," chief executive officer Arif Mohammed Al Alawi, who announced his participation in the conference as co-sponsor of the event, said.

"This conference, which attracts more than 1,000 Islamic bankers and leaders, is held against the bleakest and grave situation in our modern history. In spite of the grave scene witnessed by conventional Islamic banks because of the US credit crunch, I feel that this situation will not continue for long," he said.

"Perhaps it is a golden opportunity for Islamic banks to market and promote the principles of Islamic banking and to clarify the reasons for prohibiting usury."

Tharawat has an authorised capital of $100 million and a paid-up capital of $33.25m. Tharawat holds a category 1 Islamic investment firm licence and operates under the supervision of the Central Bank of Bahrain (CBB).

This conference, which will attract the participation of numerous bankers and business figures from more than 40 countries, enjoys the support of the CBB and Bahrain's Economic Development Board.

This year, the Conference will witness several new value-added activities that will make it different from other events as part of this series of conferences. These include the release of the special edition of the Competitiveness Report published by McKenzie Foundation in participation with the WIBC.