Singapore: The first annual World Islamic Banking Conference: Asia (WIBC Asia) opens in Singapore Monday amid a slew of opportunities for Islamic finance in Asian markets, Singaporean officials said.

The two-day meeting is being held this year as the global economic recovery takes shape following the international financial crisis, the officials added.

Hosted by the Monetary Authority of Singapore, WIBC Asia is expected to attract more than 300 industry leaders looking to capitalise on new growth opportunities for Islamic finance in Asian markets.

"[The] Monetary Auth-ority of Singapore (MAS) believes that Islamic fin-ance will be its central focus on supporting real economic activity in trade [and] investments and [the] growth of productive capacity will remain especially relevant," officials at MAS said.

Lim Hng Kiang, Singapore's Minister of Trade and Industry and deputy chairman of the MAS, will deliver the opening speech.

Sultan Bin Nasser Al Suwaidi, governor of the UAE Central Bank, Rasheed Al Maraj, governor of the Bahraini Central Bank, are expected to speak at the plenary session, which will focus on the next phase of growth for Islamic banking and finance.

Speaking at the 16th WIBC in Bahrain last Dec-ember, Heng Swee Keat, governor of the Monetary Authority of Singapore Heng, said he was pleased that the WIBC Asia was coming to Singapore.

"Islamic finance will provide an increasingly important bridge in the growing connectivity between the Middle East and Asia," he said.

"Singapore is pleased to help catalyse deeper relations between these two high-growth regions. [The] WIBC Asia will provide a unique platform for the industry to share experiences from established centres of Islamic finance."

While Singapore seeks to bring about greater awareness within its financial and business community of the growing opportunities and potential of Islamic finance, it also hopes the conference will shed more light on available opportunities for Islamic finance.

Asset backing

One of the strengths of the Islamic banking system is its feature of asset backing, experts said.

Though the Islamic banking system is also being considered safer than conventional banking systems, it has come under scrutiny during the financial crisis.

Still, several centres for Islamic banking are emerging in South-east Asia. Malaysia still is the main centre for that type of banking. Interest in Islamic finance has been growing over the past two years.

Participants at the conference will also look at developments in key markets, among which are China, Japan, Malaysia and Turkey.