The annual World Islamic Banking Conference (WIBC), which over the last 19 years has established its pre-eminent position as the world’s largest and most significant annual gathering of global Islamic finance industry leaders, is set to be held from the 9th to the 11th of December 2012 in the Kingdom of Bahrain with the official support of the Central Bank of Bahrain.
“The last several years have seen the international dimension of Islamic finance gaining tremendous significance as the industry continues to demonstrate its competitiveness and build scale in an increasingly globalised playing field. The Islamic banking sector is undoubtedly well placed to play a vital role in facilitating cross-border financial flows particularly between the emerging economies which, in turn, stands to further increase the international participation in Islamic financial markets. As Islamic finance continues to become an increasingly important component of the global financial system, it is also essential that the industry adapts to the new dynamics of global finance in order to achieve sustainable growth,” David McLean, Chief Executive of the World Islamic Banking Conference said.
“Held under the theme ‘Islamic Finance: Adapting to the New Dynamics of Global Finance’, WIBC 2012 will be a key enabling platform for industry players to innovate the next generation of Islamic finance solutions that will meet the increasingly complex needs of corporate borrowers, consumers, issuers and investors; and create the conditions that will build a more globally harmonised footprint for their institution – that, if achieved, will propel the Islamic finance industry to the next level of success.”
The three day event will commence on the 9th of December 2012 with a series of pragmatically focused pre-conference summits led by experienced and respected international industry standard-setting bodies and experts.
The main WIBC 2012 conference, which begins on the 10th of December 2012, will be inaugurated by H.E. Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain.
The inaugural address will be immediately followed by a special opening keynote address by Khaled Mohammed Al-Aboodi, Chief Executive Officer and General Manager of the Islamic Corporation for the Development of the Private Sector, the private sector arm of the Islamic Development Bank Group (IDB), Saudi Arabia. The session, focusing on capacity building to support the international development of Islamic finance, will discuss key initiatives that will enhance the supervisory architecture facilitating harmonization, cross-border linkages and the international development of Islamic finance – and, crucially, its benefits to the real economy in key markets.
WIBC 2012 will also feature a special guest address by Jaloul Ayed, Former Minister of Finance of The Republic of Tunisia, who will discuss the potential for Islamic finance in Maghreb countries as exciting new opportunities emerge in a transformational landscape.
A key highlight of WIBC 2012 will be the exclusive Industry Leaders’ Power Debate led by internationally respected CEOs and decision-makers from the key players in the industry. Led by Andrew Barstow, Partner, MENA Financial Services, Ernst and Young, this dynamic session will analyse the new growth strategies for Islamic finance and will address the challenges of driving operational transformation to achieve sustainable profitable growth in the Islamic banking and finance industry. The Power Debate featuring Adnan Ahmed Yousif, Board Member and President and Chief Executive of Al Baraka Banking Group; Toby O’Connor, Chief Executive Officer of the Islamic Bank of Asia; Badlisyah Abdul Ghani, Executive Director/Chief Executive Officer of CIMB Islamic Bank Berhad; Suliman Azzabin, Chief Executive Officer of Al Rajhi Bank; Salah Jaidah, Chairman – Islamic Finance of Deutsche Bank AG; and Asad Aziz Ahmed, Managing Director of Gulf African Bank, will also analyse the critical success factors that will propel the Islamic finance industry to its next level of growth.
The eagerly anticipated World Islamic Banking Competitiveness Report, developed in collaboration with Ernst & Young, will also be launched on-site at the 19th Annual World Islamic Banking Conference in an exclusive session on the 10th of December 2012. The 2012/13 Report which is now in its 9th annual edition, will examine Islamic banks’ efforts to penetrate the mainstream retail customers. The groundbreaking report will also explore the road map being adopted by Islamic banks to make a transition to a double-compliant model, i.e., excellence in banking operations topped up by exceptional Shari’ah proposition.
‘The World Comes to WIBC Initiative’ has also been further expanded this year and will feature official delegations representing exciting jurisdictions for Islamic finance including Bahrain, Qatar, Luxembourg, the United States, the United Kingdom, Bermuda and Mauritius. As a part of the World Comes to WIBC Initiative, WIBC 2012 will also feature an exclusive US Country Interface which will be inaugurated by H.E. Thomas Krajeski, United States Ambassador to Bahrain and Houda Nonoo, Bahrain Ambassador to the United States; and the UK Country Interface which will be inaugurated by HMA Iain Lindsay OBE, British Ambassador to Bahrain. David C. Chavern, Executive Vice President and Chief Operating Officer of the US Chamber of Commerce will also be delivering a keynote speech at WIBC 2012.
The 19th Annual World Islamic Banking Conference is set to convene more than 1200 industry leaders representing over 50 countries in the Kingdom of Bahrain from the 9th to the 11th of December 2012.
“Due to its substantial growth and reliability, Islamic finance has now become a global phenomenon with a number of non-Muslim countries also showing keen interest in this dynamic industry. While the conventional banking and finance industry recuperates from the effects of the global financial crisis, there is now an excellent opportunity for Islamic finance to prove its competitiveness and enhance its profile in the global financial landscape. This calls for a stronger industry architecture that would allow for the most efficient functioning of the industry not only within national economies but also across borders. The World Islamic Banking Conference (WIBC) with its very high-profile international participation, sets the perfect stage for such discussions. We are delighted to be supporting this unique global gathering,” Mohamed Jamil Berro, Group Chief Executive Officer of Al Hilal Bank, said.
Alba honours long serving employees
Aluminium Bahrain (Alba) provided a tangible demonstration of its gratitude to its employees with a ceremony held at the Alba Club to honour employees who have served Alba for 10 and 30 years.
Alba’s Chief Executive Tim Murray presented the long service employees with gifts and certificates to appreciate their years of service to the company.
Also present at the event was the Chief Support Function Officer, Basem Al Sharqi, Acting Chief Finance and Supply Officer, Ali Al Baqali and the Chairman of the Alba Labour Union, Ali Bin Ali as well as managers of different departments and members of the Alba Labour Union.
“Workers are the life force of any organisation since it is through their efforts that corporate goals can be accomplished. We are proud of our colleagues who have served Alba for 10 and 30 years, and for their role in making Alba such a successful company. The Alba Labour Union remains committed to always support employees in addressing their concerns and in helping those to enjoy a highly productive and satisfying work environment,” Chairman of the Alba Labour Union said.
“Alba is widely considered to be an employer of choice because of the opportunities for jobs and skills training, professional growth and industry best incentives. We ensure – as best as we can – to provide all support to stimulate their appetite for career success and in achieving their potential. I’d like to congratulate these employees whose accomplishment remains the clearest possible evidence of Alba’s success in employee welfare, empowerment and involvement,” Chief Support Function Officer, Basem Al Sharqi said.
“For the past forty years, Alba has been recognised as a flagship company for Bahrain’s thriving non-oil sector, and much of this success can be contributed solely to the tireless efforts of our employees. It is through their hard work and loyalty that Alba has been able to write its success story, namely, emerging as the world’s fourth largest single site aluminium smelter and on the national level, to be the catalyst for Bahrain’s aluminium sector’s spectacular growth that has made aluminium the second major export after oil,” Chief Executive Officer, Tim Murray said.
“Alba has also been successful in its Bahrainisation drive, and about 87 per cent of its 3,000 strong workforce comprises Bahraini nationals.”
ABG net income up 10% in 9-months to $183m
The Bahrain based leading Islamic banking group, Al Baraka Banking Group (ABG), reported a net income of $183 million in the first nine months of 2012, an increase of 10% compared with the nine months of 2011.
Group’s total operating income reached $ 643 million in the first nine months of 2012, an increase of 20% over the same period in 2011. After deducting all operating expenses, net operating income amounted to $311 million in first nine months of 2012, which represents a significant increase of 23% compared to the net operating income during the same period of 2011. The net income amounted to $183 in first nine months of 2012 compared to $166 million in first nine months of 2011, which reflects an increase of 10%. The net income attributable to equity holders of the parent amounted to $107 million, an increase of 10% compared to the same period last year. This increase was achieved despite the significant increases in the operating expenses of the Group by 17% on account of further expansion in the branch network, and enhancements in IT infrastructure and human resources.
The total assets of the Group amounted to $18.4 billion as at the end of September 2012, an increase of 7% over the comparative figure as at the end of 2011. Financing and investments amounted to $13.4 billion as at the end of September 2012, representing an important increase of 13% compared to the end of December 2011 as a result of expansion in businesses. Customer deposit and other accounts and equity of investment account-holders have also witnessed a good increase of 7% from $14.7 billion at the end of December 2011 to $15.7 billion at the end of September 2012, which indicates continued customer confidence and loyalty to the Group. Total equity at the end of September 2012 amounted to $1.9 billion, growing by 7% compared to the end of December 2011.
As for the results of the third quarter of 2012 compared to third quarter of 2011, the financial statement showed that the net income of the Group amounted to $63 million, compared to $56 million for the same period of last year, an increase of 12%. Total operating income increased to $231 million in the third quarter of 2012, a significant increase of 27% compared to the same period of last year. Net operating income increased to $118 million, representing a significant jump of 45% compared to the same period of 2011. The net income attributable to equity holders of the parent for the third quarter of 2012 amounted to $36 million, which represents an increase of 10% compared to the same period of 2011.
“We are very proud to see continuing growth in the revenue and business of Al Baraka Banking Group and further elevation in its regional and global standing with the near end of 2012, which is considered a difficult year by all standards given the continuation of negative economic and financial conditions and extremely complicated Arab political developments,” Sheikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group, said.
“We consider the outstanding results achieved in first nine months of 2012 as an embodiment of the success of the business model that we followed since the founding of the Group, a model that reflects the true values of Islamic banking and far- sighted business strategies, supported by outstanding management expertise capable of creatively translating these values and strategies to facts on the ground. For all these strength factors, we are optimistic about the continuation of the excellent performance of the Group in future,” the Chairman added.
“The Group financial results achieved in the nine months of 2012 confirm that despite the repercussion of the global crisis and successive political and social developments witnessed by some of the countries where the Group operate, the activities of the Group and its subsidiary units continued their steady growth. This reflects the success of the business strategies implemented by the Group and its units that are based on their strong capital, human and technical resources, highly professional standards of performance, wide network of branches, and their firmly established presence in the markets; these business strategies that we at the Board of Directors of the Group have put in place,” Abdulla Ammar Al Saudi, Deputy Chairman of ABG, said.
“The excellent results that we achieved during the first nine months of 2012 highlight once more our determination to continue to invest our substantial financial resources and expertise and the wide geographic network of the subsidiary units of the Group in maximizing the returns to our shareholders and the investors in the Group by implementing business strategies based on improving the quality of our products and services, offering more innovative products, expanding the branch network of the Group subsidiary units, strengthening the relationship with our partners, investors and customers and entering new markets, as well as modernizing and developing the human, operational, regulatory and technical infrastructures and enhancing governance and risk management practices at the Group and subsidiary banking units levels,” Adnan Ahmed Yousif, Member of the Board of Directors and President and Chief Executive of ABG, said.
“The subsidiary units of the Group in Turkey, Egypt, Jordan and South Africa continued their expansion by opening new branches in the first nine months of the year and this has direct positive impact on growing their deposit base and financing portfolios. Total branches of our units in 13 countries increased from 399 branches as at the end of December 2011 to 417 branches. We expect that total branches of the Group’s units will exceed 500 branches during the coming three years”.
“In accordance with our new strategy, we have many plans and initiatives that we intend to implement during 2012. These will include launching new innovative products and services in the markets, improving the internal operation environment technically and humanly, enhancing the unified culture related to the new entity of the Group, strengthening the inter-business relations among our units as well as enhancing the standing of ABG in the international markets. All of these plans will be implemented, God willing, successfully considering that we are the only Islamic banking group that has such diversity of geographical presence and excellent knowledge of the markets,” he said.