7th World Islamic Retail Banking Conference to explore new ways to create smarter banking

This conference will be highlighting on innovative and digital trends that make smarter banking operations, thus providing avenues to dwell deeper into current issues and trends affecting the global Islamic retail banking industry.

Islamic banking is now a widely used term and has emerged as one of the most important trends in the financial world. Demand for financial products and services that follow the shariah or Islamic law had always been there, but with the growth of opportunities, Islamic banking is now one of the fastest growing sectors in the global financial services industry.

Driven by strong demand from both the individual and corporate sectors, Islamic banking assets with commercial banks globally are now close to US$1.7 trillion with an annual growth of 17.6 per cent over the last four years comprising 38 million customers globally with Islamic banks. In addition, the number of institutions offering Islamic financial services is multiplying. Islamic banking is projected to grow to US$296.29 billion by 2019.

Within the scope of Islamic banking, retail banking offers the maximum growth potential, as it provides a wide spread of banking service to customers facilitating their all banking requirement. Islamic retail banking is at the front line of the sector’s growth and acts as the pivotal point for development in changing the future of banking operations as a whole. 

As banking trends are continually changing, with innovative techniques for customer engagement, technical advancements in banking operations,  product structure, service channels and more. Islamic retail banking sector also has to be updated with the trending customer demands.

Understanding the differentiated need of customer line and product diversification, implementation of the same with effective Shariah compliance and still be profitable with shrinking revenues and stronger regulation, is a challenge which is faced by this sector.

The World Islamic Retail Banking Conference (WIRBC) has a significant role in raising issues related to Islamic retail banking sector. The summit is committed to address the trends and market insights, in-depth dialogues from global and local practitioners and phenomenal networking opportunities with key policy makers, Islamic scholars, global Islamic retail bankers and business decision makers.

With a history of 6 successful editions,7th World Islamic Retail Banking Conference, will revolve around the  theme -  “Creating Smarter Banking”; brainstorming, exploring and analyzing all aspects of innovative,technically advanced and competitive retail banking strategies to provide customers smart Islamic banking experience.