If one thing has been confirmed by the financial crisis, it is that Islamic banking provides a more viable alternative to conventional banking and is less cycle-prone.

The spread - and subsequent, often surprising success - of Islamic finance into western markets demonstrates that it now being treated seriously by regulators and finance ministries. There are now more than 300 international financial institutions offering Sharia-compliant products across the world, with more than US$500 billion worth of assets under management.

The World Islamic Retail Banking conference comes at a time for the industry when it is needed most. This Conference will help seize this perfect opportunity and will enable practitioners to discuss solutions for the obstacles that come in its way. The collapse of leading Wall Street institutions, notably Lehman Brothers, and the subsequent global financial crisis and economic recession, are encouraging economists world-wide to consider alternative financial solutions. Attention has been focused on Islamic banking and finance as an alternative model.