Events for February 19, 2014

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Group 1146

IFSB-FIS Workshop Series (Sudan): IFSB-7, IFSB-15, GN-3, GN-4

- Bali

This Workshop is hosted by the Central Bank of Sudan (CBoS). This Workshop will cover the following IFSB Standards and Guiding Principles: IFSB-7: Capital Adequacy Requirements for Sukuk, Securitisations and Real Estate Investments IFSB-15: Revised Capital Adequacy Standard for Institutions offering Islamic Financial Services (other than Takaful Institutions and Islamic Collective Investment Schemes) GN-3: Guidance Note on the Practice of Smoothing the Profits Payout to Investment Account Holders GN-4: Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio Participation in the Workshop is by INVITATION only. For more information on these Workshops, please email to Mrs. Ida Shafinaz Ab. Malek at [email protected]. Programme - Event Session(s) Date Time Topics Day 1 18/02/2014 DAY 1: 18 FEBRUARY, TUESDAY 09:00 - 09:30 Registration 09:30 - 09:45 Opening Session Opening Speech by the IFSB Welcoming Speech by the CBoS 09:45 - 11:15 Guidance Note on the Practice of Smoothing the Profit Payout to Investment Account Holders (GN-3) Features of Various of Smoothing Techniques Identified Industry Practices Issues Related to Smoothing Practices 11:15 - 11:30 Coffee Break 11:30 - 13:00 Prudential Issues for Sukuk Instruments (IFSB-7) Sukuk Structures Collateral Security Structures Risks in Securitisation Structures Operational Requirements Pertaining to Sukuk and Securitisations 13:00 - 14:00 Lunch and Prayers 14:00 - 16:00 Prudential Issues for Sukuk Instruments (IFSB-7) Cont'd Credit Risk Mitigation for Securitisation Exposures Credit Enhancement for Shariah Compliant Securitisation Case Studies 16:00 - 16:30 Coffee Break End of Day 1 Day 2 19/02/2014 DAY 2: 19 FEBRUARY, WEDNESDAY 09:30 - 11:00 Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio (GN-4) Background of the Guidance Note Understanding Management of Profit-Sharing Investment Account (PSIA) Understanding the Concept of Alpha and DCR 11:00 - 11:30 Coffee Break 11:30 - 13:00 Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio (GN-4) Measurement of Risk Sharing in PSIA The Determination of Alpha and Displaced Commercial Risk (DCR) Role of Supervisory Authority in Determination of Alpha and DCR 13:00 - 14:00 Lunch and Prayers 14:00 - 16:00 Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio (GN-4) An Algebraic Approach for Measuring DCR and Alpha Case Studies 16:00 - 16:30 Coffee Break End of Day 2 Day 3 20/02/2014 DAY 3: 20 FEBRUARY, THURSDAY 09:30 - 11:00 Introduction to Regulatory Capital (IFSB-15) Component of Capital Regulatory Adjustments and Deductions Time Frame for Adoption of the New Capital Requirements 11:00 - 11:30 Coffee Break 11:30 - 13:00 Special Session on Recent Developments in Capital Adequacy Framework (IFSB & Basel) 13:00 - 14:00 Lunch and Prayers End of Workshop Downloadable Document(s) 1.) Event Session(s) - PDF Format

Group 1146

6th Seminar on the Regulation of Takaful

Lebdah Hall B, Corinthia Hotel Khartoum

The 6th Seminar on the Regulation of Takaful, hosted by the Insurance Supervisory Authority of Sudan, was held on 19 February 2014 in Khartoum. The Seminar is part of the IFSB Seminar on Takaful series. The Seminar aimed to deepen understanding on pertinent issues relating to the regulation of Takaful, taking into consideration on the changing dynamics of the industry. Mr. Jaseem Ahmed, Secretary General of the IFSB and Mr. Nasr Eldeen Mohammad Omar, Chairman of Board of Directors, Insurance Supervisory Authority delivered the opening and welcoming speech respectively. 12 chairpersons and speakers who were senior financial sector supervisors, market players, and experts from international financial institutions were invited to discuss the following issues at the Seminar. The topics that were discussed in the Seminar were as follows: - Global Takaful Industry’s Development: Growth and Challenges - Solvency’s Quantitative Guide: Will a standardised approach ensure a stable and safe environment for the industry, or should the industry be given the flexibility to diversify its solvency requirements? - Retakaful Industry: Legal and Regulatory Developments and Ongoing Challenges -The Way Forward for Emerging Markets in establishing an effective regulatory framework, the right mix of product offerings whilst ascertaining the compliance to Shariah principles The Seminar saw the attendance of 64 participants from government, regulatory and supervisory bodies and industry players. Event Snapshots Programme - Event Session(s) Date Time Topics Day 1 19/02/2014 6TH SEMINAR ON REGULATION OF TAKAFUL - CURRENT REGULATORY ISSUES FACING THE ISLAMIC FINANCIAL INDUSTRY 09:00 - 09:30 Registration 09:30 - 10:00 Opening and Keynote Session 10:00 - 11:15 Session 1: Global Takaful Industry's Development: Growth and Challenges Industry Updates: Achievements and challenges facing the industry in past years Restructuring Exercise: A prediction of growth or contraction of the industry Rising Regulatory challenges due to complexity of cross border transactions 11:15 - 11:45 Networking Session and Coffee Break 11:45 - 13:00 Solvency’s Quantitative Guide: Will a standardized approach ensure a stable and safe environment for the industry, or should the industry be given the flexibility to diversify its solvency requirements? Reality check: Implementation of IFSB-11 and Solvency II IAIS’ capital resources guidance and direction of the future Capital resources of the existing Takaful Operators (TOs) Adoption of quantitative guide by existing TOs 13:00 - 14:30 Lunch and Prayers 14:30 - 15:45 Retakaful Industry: Legal and Regulatory Developments and Ongoing Challenges Legal and regulatory challenges facing the Retakaful business Product structures and models for Retakaful: Moving toward convergence? Shariah governance of Retakaful Operators Dealing with limitations in the investment activities for Retakaful Operators Areas of improvement for Retakaful services 15:45 - 16:00 Networking Session and Coffee Break 16:00 - 17:15 Panel Discussion: The Way Forward for Emerging Markets in establishing an effective regulatory framework, the right mix of product offerings whilst ascertaining the compliance to Shariah principles The development of regulatory framework for emerging markets The expansion of micro-takaful initiatives to ensure financial inclusion The direction of the emerging market: Maintaining the existing Takaful models or venturing into new models Downloadable Document(s) 1.) Event Session(s) - PDF Format