IFSB-FIS Workshop Series (Islamic Capital Market Sector)

About the Workshop This 3-day Workshop is tailored for the regulatory and supervisory authorities for the Islamic Capital Market sector on the following IFSB Standards:

•	Introduction to Islamic Capital Market
•	IFSB-6	:	Guiding Principles on Governance for Islamic Collective Investment Schemes (ICIS)
•	IFSB-10	:	Guiding Principles on Sharī`ah Governance Systems for IIFS
•	IFSB-19	:	Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukūk and Islamic Collective Investment Schemes)
•	IFSB-21	:	Core Principles for Islamic Finance Regulation (ICM Segment)

As an overview, for the first session, the Workshop will provide insights on the fundamentals of Islamic Capital Market, the background and development of Islamic equity market and Islamic hedging products. Besides, the participants will also be exposed to various aspects related to Sukūk and securitisation as well as Islamic Collective Investment Schemes (ICIS) in the remaining sessions. IFSB Guiding Principles on Governance for Islamic collective investment schemes (ICIS) (IFSB-6) reinforces the international best practices on supervising Collective Investment Schemes market while addressing the specificities of ICIS with respect to general governance; transparency and disclosure issues; compliance with Sharī`ah rules and principles as well as examination of additional protection required by the ICIS investors. IFSB-10: Guiding Principles on Sharī`ah Governance Systems includes the components of a sound Sharī`ah governance system especially with regards to the competence, independence, confidentiality and consistency of the Sharī`ah boards. IFSB-19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products sets out general principles on disclosure requirements for ICM products, specifically for ṣukūk and ICIS. The standard provides guidance to Regulatory and Supervisory Authorities (RSAs) to assess the adequacy of the disclosure frameworks.  IFSB-21: on Core Principles for Islamic Finance Regulation (ICM Segment). The Standard provides a set of core principles for the regulation and supervision of the ICM, taking into consideration the specificities of Islamic finance. It envisages that these core principles will be used by jurisdictions as a benchmark for assessing the quality of their regulatory and supervisory systems, and for identifying future work to achieve a baseline level of sound regulations and practices for ICM products and services. Overall, this Workshop aims to:

1. Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
2. Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
3. Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

 

Day 1 29/10/2019	09:00 – 09:30	Registration
	09:30 – 09:45	Opening & Welcoming Address Group Photo
	09:45 – 11:15	Session 1: Introduction to Islamic Capital Market Islamic Capital Market Development – Issues and Challenges Sukuk Structures Islamic Hedging Products
	11:15 – 11:30	Coffee Break
	11:30 – 13:00	Session 2: IFSB-6 – Governance for Islamic Collective Investment Schemes (ICIS) Islamic Collective Investment Scheme Overview Motivating Factors for the Governance of ICIS Guiding Principles on Governance for ICIS
	13:00 – 14:00	Lunch and Prayer
	14:00 – 16:00	Session 3: IFSB-6 – Governance for ICIS – Cont’d Compliance with Sharī`ah Rules and Principles Additional Protection for ICIS Investors Case Study
	16:00 – 16:15	Coffee Break
Day 2 30/10/2019	09:30 – 11:00	Session 4: IFSB-19 – Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukūk and ICIS) Common General Principles General Disclosure Principles Applicable to Sukūk Sharīʻah and Structure-related Disclosures for Sukūk
	11:00 – 11:30	Lunch and Prayer
	11:30 – 13:00	Session 5: IFSB-19 – Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukūk and ICIS) – Cont’d Sharīʻah and Operations-related Disclosures for ICIS Specialist ICIS Disclosure Case Study
	13:00 – 14:00	Coffee Break
	14:00 – 16:00	Session 6: IFSB-10 – Guiding Principles on Sharī`ah Governance System for IIFS Structure of the Sharī`ah Governance System Scope of Sharī`ah Governance System Disclosure of Compliance with IFSB-10 General Approach to the Sharīʻah Governance System
Day 3 31/10/2019	09:30 – 11:00	Session 7: IFSB-10 – Guiding Principles on Sharī`ah Governance System for IIFS (Cont’d) Guiding Principles on the Sharī`ah Governance System – Competence and Independence Guiding Principles on the Sharī`ah Governance System – Confidentiality Guiding Principles on the Sharī`ah Governance System – Consistency Case Study
	11:00 – 11:30	Coffee Break
	11:30 – 13:00	Session 8: IFSB-21 – Core Principles for Islamic Finance Regulation (ICM Segment) Objectives of Islamic Capital Markets Regulation Principles Relating to the Regulator Principle Relating to Sharīʻah Governance Principles Relating to Enforcement
	13:00 – 14:00	Lunch and Prayer
	14:00 – 16:00	Session 9: IFSB-21 – Core Principles for Islamic Finance Regulation (ICM Segment) (Cont’d) Principles Relating to Issuers Principles related to Islamic Collective Investment Schemes Principles related to Market Intermediaries Principles relating to Secondary Markets and Other Markets
	16:00 – 16:15	Closing & Certificate Giving Ceremony
	16:15 – 16:45	Coffee Break