At the 17th Annual World Islamic Banking Conference (WIBC 2010), Richard Thomas, CEO, Gatehouse Bank (Gatehouse) plc, a wholesale Sharia-compliant investment bank based in the city of London, and a subsidiary of the Securities House Kuwait, commented on the important issue that the Islamic banking and finance industry is facing today – a critical need for dynamism in business strategies to suit changing economic conditions.
"Everyone knows that the times have changed and we need to adapt accordingly," said Richard Thomas. "Business strategies need to be optimized to suit the changing conditions. Given that economic growth will be tiered worldwide, confidence in the financial services sector will need to be restored by a new found dynamism. And leading the charge are forward-thinking financial institutions that recognize change as a fundamental part of their own strategy. By balancing out new product strategies in response to shifting market dynamics, both in growth and at times of volatility, these institutions are positioning themselves for sustainable business expansion and prosperity on a long term basis."
Contributing to the common theme, 'Building a new growth paradigm - Islamic banking and the new global financial landscape', Richard talked about growth in the post- global financial crisis and shed light on how Islamic finance has stepped up to the plate and adapted to challenging times.
This is the third consecutive year Gatehouse has featured at the annually held World Islamic Banking conference in Bahrain, with Richard Thomas, CEO participating in sessions discussing issues impacting the global Islamic finance industry.
"Our clients are usually looking for more product development and sophisticated product offerings. By reinvigorated business lines that cater to the lack of supply, with specialist expertise to match, the bank has provided added value to its clients. The bank is strengthening its business, in addition to Real Estate success, in Structured Trade Finance and Asset Finance and are now securing new business activity in the corporate and institutional space," added Richard.
Richard Thomas is a veteran of the Islamic Finance industry, carrying over 30 years of experience. From his position as CEO at UK based Gatehouse Bank, Richard continues to galvanise the efforts of his team by looking after segments both in domestic markets as well internationally, in GCC to Malaysia.
Speaking at WIBC 2010, a three day event which ends on the 24th of November and is convened under the patronage of HRH Prince Khalifa Bin Salman Al Khalifa, the Prime Minister of the Kingdom of Bahrain and held under the support of the Central Bank of Bahrain.