With assets estimated at about $950 billion in 2009 and more than 200 institutions around the world, Islamic banks and financial institutions are becoming an emerging force in the banking industry in many countries. Nonetheless, the industry is still in a transitional phase and needs to move into a new development phase to be able to play a larger role in funding growth and economic development around the region and in other Islamic countries.

However, the issue of Islamic banks’ contribution to the sustainable economic development is not the only issue that has been recurring in the debate. Other issues such as legal consistency, innovation, accounting standards and adequate regulatory framework highlight the transitional nature of the industry and the need for candid debate about its prospects and constraints.

As a contribution to this essential debate, Al-Iktissad Wal-Aamal Group and the Central Bank of Lebanon plan to organize Beirut Islamic Financial Institutions Forum on 4-5 November 2010 at the Phoenicia Intercontinental Hotel in Beirut. The conference is supported by the Islamic Development Bank (IDB), the Accounting and Auditing Organization for Islamic Institutions (AAOIFI).

The Beirut Islamic Financial Institutions Forum will bring together more than 500 high level participants including governors of central banks, other industry regulators, Islamic and commercial banking leaders, fund managers, Sharia and legal experts, and consultants from more than 20 countries.

The Beirut Islamic Financial Institutions Forum 2010 will focus on the following topics:

• Islamic banking from the regulators perspective
• Islamic banking from a macro-economic and social perspective
• The challenge of unifying and harmonizing Islamic legislations
• Potential conflicts of law and Sharia
• CEO insights
• The challenge of compliance to Islamic and international accounting standards
• The challenge of innovation