Manama: The World Islamic Banking Conference (WIBC) 2015, hosted by Bahrain next month, will gather seasoned economists, asset managers and investment bankers providing a holistic view of asset allocation opportunities for next year, the organiser of the event has said.
A statement from ME Global Advisors, the organiser of the event, said some of the topical areas that the 22nd edition of the WIBC will cover include the impact of US monetary policy on foreign exchange exposure, whether Europe’s stagnation will drag down North Africa and what China’s disappointing growth numbers mean for the Middle East North Africa Southeast Asia (MENASEA) economies.
Specifically, the global economic growth (or lack thereof), the ongoing oil crisis and monetary policy changes of the US Federal Reserve and European Central Bank – all are absolutely key to assessing the asset allocation outlook for Islamic finance, the statement added.
Last year, the global economy grew at a disappointing 2.6 per cent and although it is forecast to see 3.1pc and 3.3pc growth rates this year and the next, it is no wonder the discourse has shifted around a “new mediocre” era of global economic growth as commodity-dependent emerging markets adjust to the new realities of lower prices.
At the same time, governments in the Organisation of Islamic Countries (OIC) region are faced with the challenge of maintaining increases in public finance – particularly for infrastructure investment – with the need for long-term fiscal sustainability.
Interest rates policy from Europe and the US will have a strong influence on financial stability in the MENASEA region by impacting the flows of capital towards these markets, and its effects have already been felt in countries like Malaysia.
Joining the debate at WIBC this year, Al Ramz Capital vice-president and head of research and advisory Talal Touqan emphasised the importance of keeping in mind secular trends affecting business more broadly.
“New technologies are speeding up business cycles as well as transforming investment styles into a global context.
“Larger economic channels, plus much higher worldwide correlations, dictate a better understanding of how global factors boil down to regional drivers,” he added.
According to ME Global, the sheer strength of the asset allocation outlook series at WIBC lies in the fact that the event has secured speakers who collectively provide a “glocal” perspective – deep local expertise and robust understanding of the global political economy – from across various jurisdictions.
One of the jurisdictions that WIBC will shed light on is Turkey, which will be represented by Central Bank of Turkey, Turkiye Finans and RHEA Asset Management.
RHEA Asset Management founding partner and chairman Onur Takmak, who will participate in the asset allocation outlook series at WIBC, said Islamic banking is anticipated to command 20pc of Turkey’s banking by 2023.
Turkey joins more than 60 jurisdictions to be presented at WIBC 2015 including Kazakhstan, Indonesia, Sudan, Canada, the UAE, Bahrain, the US, Nigeria, Australia, Saudi Arabia and Kuwait.
The asset allocation outlook series at WIBC will be held on December 3 and include pioneers from distinguished organisations such as Citi, EFG Hermes Holdings, Magni Global Asset Management, Lazard Gulf, Emirates NBD, RHEA Asset Management, Quantum Investment Bank and London Central Portfolio.
WIBC will be held from December 1 to 3 at the Gulf Hotel.
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