May 16, 2013
@
12:00 PM
–
May 17, 2013
@
5:00 PM
The 10th Islamic Financial Services Board Summit 2013 was held in Sasana Kijang, Kuala Lumpur, Malaysia, hosted by Bank Negara Malaysia. The theme of the Summit
“The Future of the Islamic Financial Services Industry: Resilience, Stability and Inclusive Growth”, aimed to examine regulatory policies that underpin inclusive growth with stability. These include the potentially significant impact on the (IFSI) arising from further reforms at the global level by international intergovernmental organisations and international standard-setting bodies to promote global financial stability. As the global industry enters its next phase of growth in an increasingly challenging economic and financial environment, this necessitates the need to reflect on the lessons learnt, including from the global crisis, and to have in place a comprehensive regulatory framework to ensure a resilient and stable industry moving forward, in particular given the escalating cross-sectoral nature and interconnectedness of the industry.
18 chairmen and speakers who were Governors and deputy governors as well as senior financial sector supervisors and experts from international financial institutions participated as speakers. The Summit was attended by over 300 delegates from 35 countries comprising of senior officials from supervisory and regulatory bodies as well as representatives from international institutions, market players, accreditation, insurance and
Takāful, academia as well as other stakeholders of the Islamic financial services industry.
The Summit was preceded by 2-day pre-Summit events as follows:
14 May 2013
- IFSB Meet the Members Lunch & Release of the Islamic Financial Services Industry Stability Report 2013
- IFSB-IRTI Forum on Mid-term Review of the “Islamic Financial Services Industry Development: Ten Year Framework and Strategies”
15 May 2013
- Islamic Finance Development Showcase: The Role of Multilaterals in Developing the Industry by the Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC) & Istanbul Stock Exchange (ISE)
- Business Talk on Ethical Investing: Future Outlook and Opportunities – by the Malaysia International Islamic Financial Centre (MIFC)
- Knowledge Sharing Partner Session: Facets of Islamic Finance: Stability, Resilience and Financial Inclusion by International Centre for Education in Islamic Finance (INCEIF).
IFSB 10th Anniversary Dinner, 16 May 2013
In conjunction IFSB’s 10th Anniversary, an Anniversary Dinner was organised to commemorate the milestones and achievements of the IFSB over this decade, as well as to accord a tribute to the IFSB members and industry stakeholders for the support and cooperation to the organisation. In addition to the commemoration was to honour the Founding Members of the organisation in 2002.
Four (4) out of the total nine (9) Founding Members attending the Summit were:
- H.E. Dr. Zeti Akhtar Aziz, Governor, Bank Negara Malaysia
- H.E. Dr. Ahmad Mohamad Ali Al-Madani, President, Islamic Development Bank
- H.E. Dr. Ishrat Hussain, Former Governor, State Bank of Pakistan
- H.E. Dr. Sabir Hassan, Former Governor, Central Bank of Sudan
Event Snapshots
Programme – Event Session(s)
| Date |
Time |
Topics |
| Day 1
14/05/2013 |
PRE-SUMMIT EVENTS – DAY 1 |
| 12:00 – 14:00 |
IFSB – Meet the Members Lunch (Only for IFSB Members) 11:30 – 12:00 Registration 12:00 – 12:20 Welcoming Remarks 12:10 – 13:10 Interactive & Q&A Session 13:10 – 14:00 Lunch |
| 14:00 – 17:00 |
IFSB-IRTI Forum on Mid term Review of the “Islamic Financial Services Industry Development : Ten Year Framework and Strategies” |
| Day 2
15/05/2013 |
PRE-SUMMIT EVENTS – DAY 2 |
| 09:00 – 11:30 |
Country Showcase – 1 |
| 11:00 – 13:30 |
Business Talk by MIFC |
| 13:00 – 19:00 |
Summit Pre-Registration |
| 14:00 – 17:00 |
Knowledge Sharing Partner Session by INCEIF 14:00 – 14:30 Registration 14:30 – 14:40 Welcoming Remarks 14:40 – 15:40 Panel Discussion 15:40 – 16:30 Q&A Session |
| 20:00 – 22:00 |
Summit Welcome Reception (hosted by Bank Negara Malaysia) (for Summit Registered Participants Only) |
| Day 3
16/05/2013 |
10TH ISLAMIC FINANCIAL SERVICES BOARD SUMMIT – DAY 1 |
| 08:30 – 09:30 |
Registration |
| 09:30 – 10:30 |
Opening and Keynote Session |
| 10:30 – 11:00 |
Coffee Break & Networking |
| 11:00 – 12:30 |
Session 1 : Financial Regulatory Reforms: Global Overview This session aims to highlight the reform initiatives undertaken at international level to promote financial stability and their impact on the Islamic financial services industry (IFSI). In the context of the medium-term outlook for the global economy, the session will assess the implications of global regulatory reforms which will impact the capital buffers and liquidity positions of financial institutions. The implementation of Basel III requirements poses both challenges and opportunities for Islamic financial institutions, which will have to devote significant efforts and resources to meet the new international standards. |
| 12:30 – 14:00 |
Lunch |
| 14:00 – 15:30 |
Session 2 : Cross-sectoral Approach to the Regulation of Islamic Finance and Market Development: Lessons Learnt This session aims to identify measures to be undertaken in light of the interconnectedness of Islamic financial institution and market segments. The expansion of Takāful and capital market segments in Islamic finance underscores the cross-sectoral nature of the activities of institutions in the IFSI, and the common features of their banking, securities (fund management) and Takāful operations. This session will evaluate the state of progress in the corresponding development of the cross-sectoral regulatory and prudential framework. The work of various international standard-setters in the preparation of core principles for prudential regulation and supervision will be examined in the context of understanding the lessons that can be learnt from them. |
| 15:30 – 16:00 |
Coffee Break & Networking |
| 16:00 – 17:30 |
Session 3 : New Markets, New Frontiers – Prospects and Challenges This session aims to identify the progress of development in growth areas for Islamic finance, as well as the prospects and challenges. As Islamic finance expands into new markets and across new frontiers in Africa, Asia, and the Middle East the prospects for broadening and sustaining private sector financing whilst responding to the needs of a diverse range of customers and consumers is raising significant challenge, as well as opportunities. The challenges include, but are not limited to, legal, regulatory, tax and other impediments. Addressing these impediments are also a focus in Europe where the expansion of the industry in the United Kingdom and Luxembourg has been followed by detailed preparation of enabling pre-conditions in other countries including France, Ireland and Italy. |
| 20:00 – 22:00 |
IFSB 10th Anniversary Dinner |
| Day 4
17/05/2013 |
10TH ISLAMIC FINANCIAL SERVICES BOARD SUMMIT – DAY 2 |
| 09:00 – 10:30 |
Session 4 : Islamic Finance: Innovation and Inclusive Growth This session aims to enhance the industry’s understanding of appropriate innovation measures and policies for more inclusive growth by focusing on emerging issues. Islamic finance is increasingly being used to finance public physical and social infrastructure for long term growth in the Middle East and Asia. Can it also emerge as a powerful tool for broad-based inclusive growth and for the improvement of the conditions of the poor? Such growth can be achieved through innovations in financing instruments, asset creation and supporting financial infrastructure including the framework for prudential regulation and supervision. |
| 10:30 – 11:00 |
Coffee Break & Networking |
| 11:00 – 12:30 |
Session 5 : Panel Discussion on Lessons Drawn: Prospects for the Future This session intends to examine the prospects for Islamic finance in an age of rapid global economic change and regulatory reforms. |
| 12:30 – 14:00 |
Lunch |
Downloadable Document(s)
