The Central Bank of Kuwait (CBK) and the Islamic Financial Services Board (IFSB) have announced holding a global conference on Islamic finance on May 2 in Kuwait.
The conference, follows the earlier 'Islamic Finance: Meeting Global Aspirations' conference, which was co-organized by CBK and the International Monetary Fund (IMF) in November 2015.
This year’s conference will shed light on the importance of Islamic finance to sustainable and inclusive growth.
It will focus on Islamic finance "major appeal" as a tool for "inclusiveness" and its role in the broader national economic agenda, said a CBK statement.
The event is expected to attract leading financial experts, senior banking officials, decision-makers; such as ministers, central bank governors, heads of supervisory bodies and international credit rating agencies as well as global rating agency and audit body representatives.
Islamic financial institutions and elite of CEOs from the public and private sectors, academics and scholars are expected to attend the conference, which will be among the most important in the Islamic financial industry.
In this context, Mohammad al-Hashel, IFSB chairman and CBK governor, said that the event will be held "at the right time for the development of the global Islamic finance industry.”
"We feel that Islamic finance offers a universal value proposition, which can drive sustainable, inclusive growth and shared prosperity for all," Hashel added.
"The topics that will be discussed at the conference will lead to viable recommendations that, if adopted collectively, can lead to further development in the Islamic financial industry globally."
Kuwait was first introduced to Islamic finance four decades ago, said Al-Hashel. It aims to encourage other nations to take up this financial practice.
"Today, we aim by this conference to complement those endeavors and to foster the Islamic finance industry, which still requires further development, to parallel with the advanced traditional banking industry," he concluded.
Attendees will include representatives of young, emerging and advanced Islamic financial markets, noted IFSB Chief Bello Lawal Danbatta.
These markets will offer their own viewpoints on the topic alongside global regulatory bodies and development banks.
