London forum to probe Islamic banking issues

Gulf Daily News: Global Banking Corporation (GBCORP) will offer insight into the current financial crisis and the way forward for Islamic banking.

Through a strategic partnership at the GCC-Euro Expo on Wednesday and Thursday in London, GBCORP is taking the lead in bringing into focus issues related to the current economic crisis.

The discussion will also focus on the challenges faced by the Islamic banking and finance industry, the positive and diverse aspects of Sharia compliance and the way forward in the face of the global financial crisis.

The expo is a premier event facilitating trade and investment opportunities between the GCC countries and Europe.

The event is sponsored by the Bahrain Economic Development Board.

Highlighting GBCORP's partnership of the event as a platinum sponsor, chief executive Mark Hanson said that this event is happening at a time when the world economy is in grave crisis and we are staring in the face of a global recession.

"These are indeed very challenging times and like the old saying - 'When the going gets tough, the tough get going' - the challenge now is to look deep into the heart of the crisis and find ways and means of addressing the issues and also look at the opportunities that such challenges throw up.

"The tremors of the financial crisis in the US have also had an impact on the GCC in terms of reduced oil prices, financial liquidity and the drop in share values of companies listed on the GCC stock markets.

"These effects are manageable when compared to the retrenchment and recession experienced elsewhere in the world and when seen in the context of the fundamental strength of the GCC economies.

"Surplus revenues generated over the past few years through robust oil prices and investment income generated so far this year and last have produced massive current account surpluses and these are still available to fund major state infrastructure projects," he said.

Mr Hanson will also be leading the panel discussion on banking and Islamic finance.

The forum will seek to address key issues related to the current crisis and how Islamic banking is suddenly the centre of attraction of the global banking community in terms of the opportunities it offers as a true complement to conventional banking system.

The expo is expected to build firm investment bridges between the GCC regions and Europe and also provide great business opportunities for the resilient long-term investor.

The economic development of the GCC region and the advantages it carries for European enterprises will be showcased by way of an exhibition and seminar programmes.

The seminars and panel discussions are expected to be attended by a number of highly placed government officials, key figures from the investment banking, regulatory and trading arena from across the GCC and Europe as well as industry specialists from Europe and across the GCC region.