GIFF2018: Propelling Islamic finance to the next level

Institution : Bank Negara Malaysia - BNM, Association of Islamic Banking Institutions Malaysia - AIBIM
25 September, 2018      278

 

 

Kuala Lumpur (25th September 2018): The Global Islamic Finance Forum 2018 (GIFF2018) will be held from 3rd to 4th October in Kuala Lumpur, bringing together Islamic finance leaders, policy decision makers and world renown sustainability experts across the globe to discuss latest developments, challenges and prospects of sustainable banking in the global Islamic finance industry.

With the theme, 'Beyond Profit', GIFF2018 aims to deepen the conversations and discussions on embedding sustainable policies in Islamic banking and finance. In Malaysia, the Islamic banking space has progressed beyond providing Shariah-compliant products and services towards a more holistic value proposition through the adoption of value-based intermediation (VBI), introduced by Bank Negara Malaysia (BNM) in 2017.

The principles of VBI are key to strengthen the roles of Islamic Banking Institutions and position Islamic finance as a prominent and leading agent of change by incorporating holistic business practices and offerings into the financial system to ensure a positive and sustainable impact on the economy, community and environment.

Dato' Adissadikin Ali, President of the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) and Chief Executive Officer of RHB Islamic Bank said, “The Islamic finance industry will reach a global asset volume of no less than $3.8tn by 2022, up from $2.2tn at the end of 2016, according to the ICD Thomson Reuters Islamic Finance Development Indicator (IFDI) 5th edition released in 2017.

"While the report is upbeat about the recovery in performance in all Islamic finance sectors as oil prices pick up, the report is clear that, "The Islamic finance industry is climbing to new heights on the back of strong global demand for sustainable and socially responsible investments."

"By introducing VBI, BNM extends its leadership in Islamic finance as VBI aims to position Islamic finance as a prominent and leading agent of change".

"The growth of Islamic finance in Malaysia has been a remarkable success story, with this sector having transformed from a niche product proposition to full-fledged Islamic banks within a few short decades.

"The market share of Islamic banking assets in Malaysia leapt to a high of 28% in 2016 from 7.1% in 2010 but this has since plateaued, signalling the need to explore opportunities to boost growth and reinvent its strategies to enhance our market share,” said Rafe Haneef, GIFF2018 Organising Chairman and CEO of Group Islamic Banking, CIMB Group.

GIFF's theme this year, 'Beyond Profit', underscores the importance of incorporating VBI principles into Islamic finance. This presents a unique opportunity to start embracing VBI principles, as well as to craft a fresh narrative on how Islamic products and services can offer value while also ensuring a positive impact on societies and the environment.

Governor of Bank Negara Malaysia, Datuk Nor Shamsiah Mohd Yunus will deliver the keynote address at GIFF2018.

Notable speakers include Dr Adnan Chilwan, Group Chief Executive Officer, Dubai Islamic Bank; Dr. Sheikh Nizam Yaquby, Member ISRA Council of Scholars; Chris Skinner, CEO, The Finanser Ltd; Omar Selim, Chief Executive Officer, Arabesque Asset Management Ltd; Dr Ioannis Ioannou, Associate Professor of Strategy and Entrepreneurship, London Business School; Dr Ashraf Iqbal, Board Member of HSBC Amanah; Professor Dato’ Dr Azmi Omar, President & CEO, INCEIF; Dr Simon Lord, Chief Sustainability Officer, Sime Darby Group; and Ryan Giannetta, Senior Facilitator, Disney Institute.

Various Islamic finance events will also be taking place in Kuala Lumpur during the week of GIFF. These include the 13th International Shariah Scholars Forum (ISSF2018), and the CIBAFI-World Bank Conference on Corporate Governance.

In addition, the Islamic Banking & Finance Institution Malaysia (IBFIM) will be holding its inaugural Future Talent Forum. With the theme of "Reskilling for the Future Economy", the forum will serve as a platform to discuss the required skills and strategies to tackle the disruptions in a digital economy.

To register for GIFF2018, please visit https://www.giff2018.com.

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About AIBIM

The Association of Islamic Banking and Financial Instititions Malaysia (AIBIM) was established in 1996 as the Association of Interest Free Banking Institutions Malaysia. Currently, AIBIM has 26 member banks. The organisation promotes sound Islamic banking system and practice in Malaysia; represents interest of members locally and abroad; provides advice and assistance to members partinent in the development on Islamic banking and finance at local, regional and global level; coordinates human capital development initiatives, and promotes public awareness.

Media enquiries, please contact:

Tan Wai Fong (Ms)
Media Officer
Email: [email protected]
Tel: +6017 3000 032


Original Source: https://www.giff2018.com/press_releases


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