Richard Melson

November 2005

WIBC Update

www.megaevents.net/wibc

FOR IMMEDIATE RELEASE

Middle East Global Advisors (MEGA)

November 20, 2005

Takaful Summit, Islamic Ratings Seminar and

WIBC McKinsey Competitiveness Report Briefing to be held

A Takaful Summit and an Islamic Ratings Seminar are being held at pre-conference briefings on December 10 for the 12th World Islamic Banking Conference (WIBC). Concurrent to the Takaful Summit an executive briefing on the 2005 World Islamic Banking Conference McKinsey Competitiveness report is also being held. The conference takes place from December 10-12 in the Kingdom of Bahrain.

The Takaful Summit will be inaugurated by Anwar Khalifa Al-Sadah, Executive Director - Financial Institutions Supervision, Bahrain Monetary Agency and brings together a panel of industry experts, regulators and scholars to debate the key issues and opportunities facing the Takaful market. The summit will also discuss new business models, Shari’ah perspectives, regulatory insights, and market developments.

"Our continuous support of this prestigious world class event, being WIBC Gold Sponsors for two years, is primed to highlight the importance of providing a conclusive forum for industry leaders and those interested in the success of Islamic financial planning," said Sameer Al Wazzan, General Manager, Solidarity – General Takaful.

"The goal is to convene and discuss the future of an ever expanding Takaful system, and to help enforce the need for leading Islamic financial planning institutions to co-ordinate their efforts to further advance this rapidly growing sector.

"Our drive for the 2005 ‘Solidarity - Takaful Workshop’ is to asses the appropriate Takaful model in today’s business by building a solid ground from different perspectives, which will be the start of designing a universal model with benefits to shareholders and policyholders and will be approved by Shari’ah scholars and regulators," added Al Wazzan.

Khaled Al Aboodi, Chairman, Islamic International Rating Agency (IIRA) will open the Islamic Ratings Seminar that will cover presentations by eminent persons from the ratings background who will discuss Sovereign Ratings, Shari’ah Ratings, Takaful Ratings and Credit Ratings of Islamic financial institutions.

IIRA commented: "The papers will highlight the important aspects of the methodologies and also the benefits of rating for the development of the Islamic financial market. The forum will provide an opportunity for better understanding of rating as a tool for bringing about greater transparency in the market."

The Competitiveness Report Executive Briefing will discuss the Findings of this Report, a major annual industry research & analysis project conducted by McKinsey & Company in association with WIBC 2005. Nasr-Eddine Benaissa, Partner, McKinsey & Company, will inaugurate this briefing.

The Competitiveness Report, supported by Bahrain Financial Harbour, and which will be made available to all delegates, is themed "Tracking an Industry in Transition" and has been made even more valuable this year by adding important new features, such as the perspectives of CEOs of the leading financial institutions on industry trends and customer service in Islamic banks.

The WIBC 2005 has recorded the largest number of Strategic Partners, Sponsors & Exhibitors to date highlighting its status as the most important global gathering on the industry for more than a decade.

These leading players include: Bahrain Monetary Agency, Islamic Development Bank, McKinsey & Company, Noriba Bank, Kuwait Finance House (Bahrain), National Commercial Bank, Bahrain Financial Harbour, Samba Financial Group, Unicorn Investment Bank, Gulf Finance House, Al Rajhi Banking & Investment Corporation, Ernst & Young, Solidarity, Shamil Bank, CIMB Islamic (Malaysia), Calyon Corporate & Investment Bank, Gulf Investment Bank, Norton Rose, Al Baraka Group, Al Amin Bank, Al Baraka Islamic Bank, Goldman Sachs, Maybank, Bahrain Islamic Bank, IIRA, Microlink, Path Solutions, Khaleej Finance & Investment, International Turnkey Systems, OHAD Trusts Corporate & Financial services, Temenos, 01 Systems, Bloomberg, Financial Times, Banker Middle East, CNBC Arabiya and Zawya.

More information on WIBC is available on www.megaevents.net/wibc.

-ENDS-

Issued on behalf of Middle East Global Advisors (MEGA)

by Hill & Knowlton.

For more information, please contact Jamil Alsharif on:

Tel: +973 17533532 Fax: +973 17533370

or e-mail: jsharif@hillandknowlton.com.bh

WIBC 2005 Press Release

Attachment:

Pre-conferenceDay-(E)-20-11-05.doc (0.42 MB)

Pre-conferenceDay-(A)-20-11-05.doc (0.43 MB)

Neena nina@hillandknowlton.com.bh

Sunday, November 20, 2005