Islamic banking, the largest vertical under the Islamic finance industry, contributes to 71%, or US$ 1.72 trillion, of the industry’s assets. Global Islamic finance industry grew year-on-year by of 11% to US$ 2.4 trillion in assets in 2017 or by CAGR growth of 6% from 2012. While digitalization has transpired as a major progression across different sectors of the Islamic finance industry, similar to it rattling the global financial system, the potential for the industry to grow projects to US$ 3.8 trillion in assets by 2023 is tremendous.
The World Islamic Banking Conference (WIBC) has been contributing to the development and expansion of scope of the Islamic finance industry for over the past 25 years. Now in its 26th year, WIBC will address the growth of global Islamic finance industry through strong investments in the Halal Sectors, Infrastructure, and support from Sukuk market, especially by virtue of technological modes in all products and services. This year’s agenda provides key insights into what it takes to unlock the full potential of Islamic Finance through Regulatory Reforms, Standardization, unlocking new avenues of growth & enhancing security transactions by adopting FinTech and finally, benefitting regulatory and Shari’ah compliance from RegTech industry.
The 26th Annual World Islamic Banking Conference (WIBC 2019) will also focus on progressive developments for the Islamic Economy, which is on the rise with estimated spend by the 1.8 billion Muslim population reaching US$ 2.1 Trillion across food, beverage, fashion, media, recreation and travel, in 2017. Forecasts estimate the spending to reach US$ 3 Trillion by 2023. Islamic Economy is at par with latest developments in technology and investments. Citing the advancements, artificial intelligence (AI), internet of things (IOT), virtual reality (VR) and cryptocurrencies are attracting more investments. WIBC 2019, the largest gathering of Islamic banking & finance professionals globally, is strategically positioned to deliver a comprehensive view of the Islamic Economy, its future potential to facilitate investments and boost industry growth. Islamic economy companies play an important role in addressing Muslim consumer needs and play a critical role in driving economic growth and activity. With 1,300+ senior level executives from 50+ countries, which include international Islamic financial institutions, ministers, policy makers, political leaders, senior government officials, ethical finance leaders, banking & financial tech sector innovators, senior economists, export finance/export promotion houses and FinTech providers, WIBC 2019 remains a compelling forum with exceptional content, master-class sessions, panel discussions, thought-leadership and interviews. Further, through its extensive networking opportunities, the three-day summit promises to be the most innovative and the forward-thinking Islamic finance and banking event in the world.