Senior representatives from major Islamic banks including HSBC Amanah, Standard Chartered Saadiq, Meezan Bank Ltd, Dubai Islamic Bank, CIMB Group, Al Hilal Bank, Noor Islamic Bank, Bank Nizwa, Mashreq Al Islami, University Bank, Bahrain Islamic Bank BSC, Bank Dhofar, RAKBANK, Sharjah Islamic Bank and Bank Alkhair have joined an increasingly powerful speaker platform at the 4th Annual World Islamic Retail Banking Conference to facilitate rapid growth and continuous improvement in Islamic Retail Banking.
“The Islamic banking remains one of the fastest growing sectors in the Middle East and has outperformed their conventional peers in most markets and this robust growth is expected to continue for the foreseeable future. Islamic finance through its equity-based nature has a lot to offer for the stability of the markets and the economies of the world. However, despite a sustained annual growth it should be acknowledged that the industry still remains a relatively niche area and has to break into the mainstream. Therefore, it is important that the industry continues to move forward and innovate in order to continue to achieve growth: development of the Sharia framework, the diversification of products, and how best to manage financial assets are just some potential areas for improvement.” sated Mr. Mohammad J. A. Zaqout, EVP – Personal Banking Gropu at Al Hilal Bank.
Main topics of the conference will focus on the future of Islamic windows in conventional banks, lack of visible product differentiation in Islamic Retail Banking and the failure of Islamic Investment Funds to capture retail customers.
Featured panel discussion led by Harun Kapetanovic, Economic Advisor at Dubai Department of Economic Development and Prasanna Seshachellam, Director and Supervision at Dubai Financial Services Authority is designed to help understand the impact on retail banking industry due to regulatory changes. Participants on this discussion will be updated on the regulatory changes and how they may impact lending and borrowing in the UAE. On top of that, Harun Kapetanovic and Prasanna Seshachellam will explain the effects on the service quality and profitability of banks; mostly on how the new regulation will adversely impact the income streams.