Awareness Programme

  Programme - Event Session(s) Date Time Topics Day 1 08/12/2021 16:00 - 16:30 Registration 16:30 - 16:45 Opening Remarks Dr. Bello Lawal Danbatta, Secretary-General, IFSB 16:45 - 17:00 Welcoming Remarks H.E. Khaled Mohamed Balama, Governor, CBUAE 17:00 - 17:10 Special Address  H.E. Abdul Aziz Al Ghurair, Chairman, UBF 17:10 - 17:45 Public Lecture 1: Islamic Finance and Sustainability: Synergies, Strategies and Risks As the global economy gradually moves towards adopting a more sustainable development model, the Islamic finance industry has tremendous opportunities to meet the expanding needs in this segment. The principles of Islamic finance naturally form substantial synergies with the global sustainability agenda. While there have been several national-led as well as market-driven initiatives for issuance of sustainable Islamic financial products, a more substantial and wider transformation towards sustainable Islamic finance and related innovation requires collective action by policy-makers and regulators, market players and international bodies to ensure alignment and effectiveness of policies and strategies. Further growth in the supply of sustainable Islamic finance products also requires addressing some of the current gaps including information gaps to ensure the alignment of incentives, results measurement and effective risk management. The session aims to discuss the potential strategies and opportunities to harness the synergies between Islamic finance and sustainable development and important policy considerations. 17:45 - 18:15 Break 18:15 - 18:25 Keynote H.E. Dr. Reza Baqir, Governor, SBP 18:25 - 19:00 Public Lecture 2: Cybersecurity in the Era of Digitalisation: Regulatory Perspective Digitalisation of financial services has emerged as a powerful disruptor that is rapidly reshaping the real economy and the financial sector on a global scale. While digitalisation of Islamic finance also has the potential to deliver environmental outcomes and support a transformation in financing for sustainable development, the impact of digital finance will depend on policy and regulatory measures that, among other things, minimise any potential negative and unintended consequences such as cyber security risks. Hence, cyber security threats have captured prominent regulatory attention, especially financial stability implications and increased systemic risks due to financial interlinkages. While cyber risk is not unique to Islamic finance, it is an equally significant concern that presents new regulatory and supervisory challenges. The session aims to discuss critical considerations and gaps from a regulatory perspective, to improve cybersecurity as more Islamic financial institutions embrace digitalisation of their products and services. 19:00 - 21:00 Dinner

In its 55th Technical Committee Meeting held on 28 October 2021, the Technical Committee of the Islamic Financial Services Board (IFSB) has approved the issuance of the of the following Exposure Draft (ED) :   Technical Note on Recovery and Resolution for Institutions Offering Islamic Financial Services (IIFS)   The Public Consultation will be for a period of 45 days, starting from 15 November 2021 until 29 December 2021.   In conjunction to the above, the IFSB will be organising a Webinar for the Public Hearing on the TN-4 on 14 December 2021 at 2.30 PM (GMT +8.00, Malaysia time). Therefore, the IFSB would like to invite all members, stakeholders and interested parties to attend the above programme.   Kindly register in advance for this webinar: https://zoom.us/webinar/register/WN_zTBfdtU_RpaKxW0NV3qKgA   An email confirmation containing about joining the webinar will be sent after registration.   Ms. Fadhila Izzati Mokhtar ([email protected]) is the person in charge of the Public Hearing and she would be pleased to respond to any enquiries relating to the Webinar.   We look forward to receiving your registration for Public Hearing session as well as feedback on TN-4

Title: Demystifying Crypto Currencies & Blockchain from a Shariah Perspective Date: Tuesday, 14th of December, 2021 Time: 11.00a.m. – 1.00p.m. (GMT +3)   Type: International Executive Webinar   Duration: 2 hours   Programme Overview: The interest towards crypto-currencies and the technology that enables it, blockchain, is continuously increasing. There have been many discourses that have discussed the feasibility and nature of cryptocurrencies and its enabler technology. The outcome has been either to support it due to its many features that are unique compared to traditional fiat money, or to go against it, as it still contains elements that are heavily unregulated and may lead to a multitude of issues in terms of loss, involvement of illegal activities, and high volatility. This webinar seeks to thoroughly explain and deliberate the cryptocurrency specifically and blockchain in general from the angle of Shari’ah and how it is affecting the Islamic finance industry. As a result of the ever-growing interest on this topic, regulators are also expected to have certain measures in place as a much-needed response. Programme Approach: The programme will rely on Interactive online discussions through the provision of direct engagement with the subject matter experts and sharing of country and organisational experiences. The subject experts will first present their specific areas of discourse and this will then be followed by a Q and A session involving the moderator and audience. Agenda: Bahrain Time Session 11.00a.m. – 11.10a.m. Moderator Opening Mr. Mujtaba Khalid (Head of Center for Islamic Finance – BIBF)   11.10a.m. – 11.20a.m. Opening remarks Dr. Bello Lawal Danbatta (Secretary-General – IFSB)   11.20a.m. – 12.20p.m. Main Discussion Examining cryptocurrency and blockchain from a Shariah perspective Subject Matter Expert 1: Dr. Ahmad Asad, Principal Lecturer, BIBF Subject Matter Expert 2: Dr. Shaban Burwari, Shariah Advisor, IFSB 12.20p.m. – 1.00p.m. Question & Answer session led by moderator  

In its IFSB 4th Extraordinary Technical Committee Meeting held on 22 November 2021, the Technical Committee of the Islamic Financial Services Board (IFSB) has approved the issuance of the of the following Exposure Draft (ED) : · Revised Standard on Solvency Requirements for Takaful / Retakaful Undertakings The Public Consultation period will be from 20 December 2021 until 10 February 2022. In conjunction to the above, the IFSB will be organising a Webinar for the Public Hearing on the ED-28 on 3 February 2022 at 3.30 PM (GMT +8.00, Malaysia time). Therefore, the IFSB would like to invite all members, stakeholders and interested parties to attend the above programme. Kindly register in advance for this webinar: https://zoom.us/webinar/register/WN_1v1BxVF2QT6AvJVvte_Ttg An email confirmation containing about joining the webinar will be sent after registration. Ms. Fadhila Izzati Mokhtar ([email protected]) is the person in charge of the Public Hearing and she would be pleased to respond to any enquiries relating to the Webinar. We look forward to receiving your registration for Public Hearing session as well as feedback on ED-28.

Theme: Integrating Islamic Finance into Sustainable Finance: The Role of Regulators and Market Players (Islamic Capital Market Sector) Transitioning to sustainable finance and economies including mitigating climate change are amongst major issues that are currently at the forefront of the global consciousness. In recent years, there has been an increase in the efforts to promote more sustainable finance development, both within the public and the private sectors, including through Islamic finance sectors. Islamic finance should have strategic roles and contributions to take part in managing the impact of climate change and environmental, governance or social risks. Accordingly, Islamic finance activities designed to be, or labelled as, sustainable have increased particularly the ICM sector in recent years. Some jurisdictions are taking policy or regulatory steps to enhance the role of the Islamic financial system in the transition towards sustainable finance development. There has also been increasing recognition of climate-related risks as a source of financial risk that can affect not only specific firms or sectors but more broadly the stability of the financial system. This has increased the focus by prudential regulators on these issues within their mandate of ensuring the resiliency of the financial system to material risks.   This executive program intends to discuss and elaborate the roles of regulators and market players in supporting sustainable finance particularly through the Islamic capital market (i.e. Islamic green sukuk and social sukuk).

In its IFSB 56th Technical Committee Meeting held on 24 March 2022, the Technical Committee of the Islamic Financial Services Board has approved the issuance of the following Exposure Drafts (ED) for public consultation; Guidance Note-8 on Deepening the Islamic Capital Markets (ED-GN-8)   The Public Consultation period will be from 25 March 2022 until 26 May 2022 In conjunction to the above, the IFSB will be organising a Webinar for the Public Hearing on the ED-GN-8 on Thursday, 21 April 2022 at 3.30 PM (GMT +8.00, Malaysia time). Therefore, the IFSB would like to invite all members, stakeholders and interested parties to attend the above programme.   Kindly register in advance for this webinar: https://zoom.us/webinar/register/WN_bvHjbNObTNmxM6EjOCz3RQ An email confirmation containing about joining the webinar will be sent after registration.   Ms. Fadhila Izzati Mokhtar ([email protected]) is the person in charge of the Public Hearing and she would be pleased to respond to any enquiries relating to the Webinar.   We look forward to receiving your registration for Public Hearing session as well as feedback on ED-GN-8.   Event Snapshots

In its IFSB 56th Technical Committee Meeting held on 24 March 2022, the Technical Committee of the Islamic Financial Services Board has approved the issuance of the following Exposure Drafts (ED) for public consultation; Core Principles for Islamic Finance Regulation - (ED-27)   The Public Consultation period will be from 25 March 2022 until 23 June 2022 In conjunction to the above, the IFSB will be organising a Webinar for the Public Hearing on the ED-27 on Monday, 25 April 2022 at 3.30 PM (GMT +8.00, Malaysia time). Therefore, the IFSB would like to invite all members, stakeholders and interested parties to attend the above programme.   Kindly register in advance for this webinar: https://zoom.us/webinar/register/WN_x89h6buGQW-zbZZ9qJyX4g An email confirmation containing about joining the webinar will be sent after registration.   Ms. Fadhila Izzati Mokhtar ([email protected]) is the person in charge of the Public Hearing and she would be pleased to respond to any enquiries relating to the Webinar.   We look forward to receiving your registration for Public Hearing session as well as feedback on ED-27.   Event Snapshots

The Roundtable is organised by the IFSB to discuss the Exposure Draft of Guidance Note-8 on Deepening the Islamic Capital Markets, in line with the IFSB due process for the development of Standards and Guidance/Technical Notes. The ED GN-8 seeks to promote financial stability through deep and liquid Islamic financial systems with diverse instruments that will help enhance countries’ resilience to shocks, and in turn, also support the resilience of other parts of the Islamic financial services industry by providing a wider range of investments with better price discovery. The Roundtable aims to invite selected experts to discuss the some of the issues highlighted in ED GN-8 with a view to soliciting constructive and practical feedback, particularly on specific issues facing the development of the Islamic capital market and practices that have been successful in particular jurisdictions as well as how technology might help in addressing these issues.   Programme - Event Session(s) Date Time Topics Day 1 26/04/2022 15:00 - 15:10 Opening Remarks 15:10 - 15:25 Overview of ED GN-8 by the Project Manager 15:25 - 16:10 Panel 1: Reducing the Barriers to Primary Issuances 16:10 - 16:55 Panel 2: Increasing Secondary Market Liquidity 16:55 - 17:00 Break 17:00 - 17:55 Panel 3: Sustainability-related Issues in the ICM 17:45 - 18:30 Panel 4: Developing the Islamic Funds Industry   Downloadable Document(s) Event Session(s) - PDF Format