8th World Islamic Retail Banking Conference opens its doors

The 8th annual edition of World Islamic Retail Banking Conference (WIRBC) kicked off today at The Dusit Thani Hotel in Dubai with the participation of over 200 delegates attending to hear what more than 40 experts in the field have to say about consumer behavior, innovations and strategies in the global Islamic banking landscape and branch development in the digital era. This gathering will bring together Global Islamic retail bankers, regulators, Shariah scholars and banking technology experts from the leading Regional and International Islamic Retail Banks to tackle the latest innovations and best offerings in financial services technology and to discuss the most sensitive issues surrounding the Islamic Retail Banking sector in the Middle East and beyond.

Running alongside the conference is a dedicated exhibition showcasing unique solutions and services customised only for the banking industry, thus enabling the attendees to directly interact and explore opportunities and solutions for Islamic retail banking operations. The Sponsors on-board for the event included Jordan Islamic Bank, Bank of Khartoum, Infosys, Loxon Solutions, MIT Global and IE Business School and Online Business Technologies; representing the best of what the industry has to offer.

This year’s conference will feature top industry minds and guru speakers coming together to engage in in-depth dialogues, discuss market trends and deliberate over the future of Islamic Retail Banking. The event will also offer unparalleled networking opportunities in the industry with solution providers, Islamic scholars and key Banking decision makers from Regional and International Banks such as Dubai Islamic Bank, Mashreq Al Islami, Ajman Bank, Abu Dhabi Islamic Bank, Jordan Islamic Bank, National Bank of Oman, Standard Chartered Bank, Bank of Khartoum, Bakhtar Bank from Afghanistan and many more.

A special feature of the event called the “Guru Retail Banking Panel” focused on consumer behaviour and how to achieve higher cross selling and upselling with emphasis on installing analytical CRM and achieving a 360 degree view for customers. This interactive panel was joined by Muhammed Nassir Salim, EVP and Head of Retail Operations at Abu Dhabi Islamic Bank, Bilal Fiaz, Head of Retail Banking & Branches at Sohar Islamic Bank, Hisham Hammoud, Executive Vice President and Chief Business Officer at Ajman Bank, Dr. Muhammad Imran, Head of Muzn Islamic Banking at National Bank of Oman; Mudit Saxena, Head of Islamic Retail Banking at Commercial Bank of Dubai and Ashraf Esmael, Chief Development Officer at GroFin.

Hisham Hammoud, Executive Vice President, Chief Business Officer at Ajman Bank, said: “Larger financial institutions are already closing some branches as foot traffic decreases. They have started developing branches of the future, which will be very different than what we experience today. These branches will be multi-channel and multi-device environments with digital signage and recognition techniques across all customer interfaces. You can video conference with a teller or use a cash dispensing machine to get different denominations of bills after ID verification. It likely will be some time before these take over the traditional branch, but that’s the direction where banking is going”.

From his side, Bilal Fiaz, Head of Retail Banking & Branches at Sohar Islamic Bank, said: “Retail banking industry is evolving with rapid pace and consumers nowadays have more choices than ever before. It is imperative for Islamic institutions to align their strategy & develop strong Customer Value Proposition. The high impact opportunities can be achieved by digitalization, superior BIU tools, reduce TAT & increase customer wallet share”.

Another power packed session for the day was the CEO Roundtable which gathers 6 global CEOs to discuss opportunities and challenges around Redefining the Islamic Retail Banking Business Model. This panel was joined by Dr. Yahia Abdul-Rahman, Chairman and CEO at the LARIBA System - LARIBA Bank of Whittier, Musa Shihadeh, CEO & General Manager at Jordan Islamic Bank, Irfan Siddiqui, President & CEO at Meezan Bank Ltd, Muhammed Ikram Thowfeek, CEO at QAF Investments and Ziad Al Refai, Board Member and CEO at Ethmar for Islamic Finance.

Musa Shihadeh, CEO & General Manager of Jordan Islamic Bank, said: “The Bank’s efficient participation in this conference as a gold sponsor is an assertion of its interest to be a part of the conferences and forums which contribute to the development and support of Islamic banking business. This conference is considered one of the most prominent worldwide meetings which bring together experts in the Islamic banking industry and give them the opportunity to shed the light on recent developments, to discuss the innovative strategies of Islamic retail banking and find out outcomes that serve Islamic banking and enhance its role in economic and social development; placing the experience of our bank in Jordan as a model to benefit from”.

The first day ended with Islamic Retail Banking Awards 2016, organised by Cambridge IF Analytica. The awards aim to celebrate the achievements and recognise the contribution of individuals and institutions in the Islamic retail banking and finance industry. Tomorrow, will witness relevant case-studies, intriguing panel discussions such as the Annual Open Fatwa Session, GURU IT Panel, Power Alliance Roundtable on Fintech scope for future of Islamic Banking, Smart Panel Exchange, Workshop on Islamic Retail Banking Product Development and Operational Excellence and much more.

The 8th World Islamic Retail Banking Conference is organized by Fleming. Jordan Islamic bank is the Gold Sponsor of the event. Bank of Khartoum, has joined as a Silver sponsor. Infosys Finacle is the knowledge partner, Loxon as an Associate Partner, MIT Global as the Professional Excellence Partner, and IE Business School and Online Business Technologies as Networking Partners. The event is also supported by International Compliance Association (ICA), Bahrain Association of Banks, Institute of Islamic Banking and Insurance and Chartered Institute of Management Accountants (CIMA).