Awareness Programme

The recent Global Financial Crisis (GFC) stresses the importance of liquidity management in international financial markets during both stress and normal conditions. A robust and stable liquidity management framework would be one of the key dynamics in shaping the future growth of the Islamic finance industry, especially on how such framework addresses the current outstanding issues related to liquidity management, at both the practical and regulatory levels. The IFSB-INCEIF Executive Forum, in its 7th edition, addresses this important issue with the theme “Building Momentum for Islamic Liquidity Management”. The Executive Forum aims to provide new insights on the interactions between internal liquidity and external funds (e.g. profit-sharing investment accounts, Sukūk, etc.) as well as show how these interactions affect both the way an IIFS contemplates its financial decisions, and how regulators formulate appropriate liquidity risk management policies. This Executive Forum aims to bring together global leaders from among the market players, regulators as well as the academic domain to discuss a wide spectrum of liquidity management issues. The speakers will provide their expertise — through panel sessions, discussion groups, and practical case studies — on the ongoing opportunities and challenges in the existing infrastructure for managing liquidity risks in Islamic finance. The Executive Forum will also include deliberations on the new developments in the regulatory landscape, with a special focus on the emerging liquidity risk management requirements, such as the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR), in addition to how these requirements can encompass Islamic finance specificities. Furthermore, the participants will also be exposed to the liquidity risk management infrastructure in Islamic finance, especially to Sharī`ah-complaint High Quality Liquid Assets (HQLA), Sharī`ah-compliant Deposit Insurance and Lender of Last Resort (LOLR). A key feature of the Executive Forum is a Panel Discussion where participants have the opportunity to share information and experiences from both supervisors and market players on the challenges and strategies for developing an effective Islamic liquidity management framework. For more information on the Executive Forum, please email Mr. Hamizi Hamzah at [email protected] Programme - Event Session(s) Date Time Topics Day 1 03/06/2015 08:30 - 09:30 Morning Coffee and Registration 09:30 - 09:45 Opening and Welcoming Remarks 09:45 - 11:00 Session 1: The Role of an International Liquidity Architecture in a Global Financial Crisis The Importance of Managing Liquidity in a Global Financial Crisis Causes of Liquidity Stress During a Global Financial Crisis Opportunities and Challenges in the Existing Liquidity Risk Management Framework 11:00 - 11:30 Group Photo and Coffee Break 11:30 - 13:00 Session 2: Liquidity Risk Management Infrastructure: The Regulators Role Regulatory Responsibilities in Developing An Appropriate Liquidity Risk Framework Regulatory Roles in Providing Liquidity During Market Stress Contingency Planning and the Development of Liquidity Infrastructure 13:00 - 14:00 Lunch and Prayer 14:00 - 15:30 Session 3: Global Liquidity Risk Management Requirements: Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) and their Compatibility with Institutions offerings Islamic Financial Services (IIFS) Recent Global Regulatory Developments in Liquidity Risk Management Incorporating Global Standards into National Regulations Assessing the Capacity of IIFS to Adapt New Liquidity Risk Management Requirements 15:30 - 16:00 Coffee Break 16:00 - 17:30 Session 4: Ensuring a Robust Liquidity Management Framework: Key Issues Sharī`ah-complaint High Quality Liquid Assets (HQLA) and Secondary Market Facilities Sharī`ah-compliant Safety Nets Sharī`ah-compliant Lender of Last Resort (SLOLR) Day 2 04/06/2015 08:30 - 09:30 Morning Coffee 09:30 - 11:00 Session 5: Resilience of the Current Liquidity Management Instruments in the IFSI Commodity Murābahah Transaction (CMT): Practical and Sharī`ah issues Short-term Liquidity Sukūk: Theoretical Aspects and Practical Concerns Islamic Inter-Bank Money Market: Identifying Current Issues and Future Challenges 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 6: Liquidity Risk Management Mechanisms: Monitoring, Supervising and Stress Testing Macro Stress Tests: Macro Prudential Toolkit Current Practices and Emerging Trends in Liquidity Risk Supervision Bottom-up Liquidity Stress Tests and Weaknesses in Wholesale Funding among IIFS 13:00 - 14:00 Lunch and Prayer 14:00 - 16:00 Session 7: Panel Discussion on Developing a Global Islamic Liquidity Management Framework: A Practical Approach The Case of IILM: Sukūk Structure and Issuance, and Challenges Ahead Practical Issues: Sharī`ah-complaint HQLA, treatment of PSIA and Sharī`ah-compliant repo mechanisms Monitoring Tools and Challenges for Efficient Cross-border Liquidity Risk Management 16:00 - 16:30 Closing & Certificate Giving Ceremony 16:30 - 17:00 Coffee Break Downloadable Document(s) 1.) Event Session(s) - PDF Format 2.) Brochure - 7th IFSB-INCEIF Executive Forum 3.) Hilton Kuala Lumpur - Rates 4.) Hotel Majestic Kuala Lumpur - Rates and Reservation Form 5.) JW Marriott Kuala Lumpur - Rates and Reservation Form

The recent decade has witnessed the accelerated development of the Islamic capital market industry, particularly of the global Sukūk market which is providing a unique platform for fostering greater international economic and financial linkages. The 2nd edition IFSB-BIBF Islamic Finance Executive Programme with the theme “Towards a Vibrant Islamic Capital Market: Opportunities and Challenges” will focus on key areas that are expected to be catalysts in driving the Islamic capital market into the next phase of growth and development from the perspectives of the market practitioners, regulators and academia. This Islamic Finance Executive Programme aims to promote an informed analysis and understanding of Islamic capital markets through discussions of topical and contemporary issues as well as of prospects and challenges relating to Islamic capital market products and services. The sessions will include analysis and deliberations on current trends and developments of Islamic capital markets as well as a focus on key innovations in Sukūk structures such as perpetual Sukūk, and prospects for cross-border Sukūk. Participants will be exposed to issues related to the development of new markets, Islamic Collective Investment Schemes (ICIS), Sharī`ah-compliant hedging, as well as the role of the regulatory and supervisory authorities in ensuring market integrity, transparency and protection of investors. To date, the following speakers are confirmed to speak at the Islamic Finance Executive Programme: Mr. Farid Abderrezak, Vice President Structurer, BNP Paribas, Bahrain Mr. Hani Almandeel, Director, Marketing & Business Development, Bahrain Bourse Mr. Ijlal A. Alvi, CEO, International Islamic Financial Market, Bahrain Mr. Andri Aidham Badri, Partner, Kadir Andri & Partners, Malaysia Dr. Mohammed Burhan Arbouna, Executive Vice President, Head of Shari`ah Compliance, Al Salam Bank, Bahrain Mr. Bernard Barbour, Head of Legal, Compliance & Sharia'a Affairs, QInvest, Qatar Mr. Lilian Le Falher, Executive Manager, Treasury, FI's & Capital Markets, KFH Bahrain Mr. Badlisyah Abdul Ghani, President, Chartered Institute of Islamic Finance Professional (CIIF), Former CEO, CIMB Islamic, Malaysia Mr. Hani Redha, Former Head of the Centre for Islamic Finance, BIBF, Bahrain For more information on this Islamic Finance Executive Programme, please email Mr. Hamizi Hamzah at [email protected] Programme - Event Session(s) Date Time Topics Day 1 05/10/2015 08:30 - 09:30 Welcome Coffee and Registration 09:30 - 09:45 Welcoming Remarks 09:45 - 11:00 Session 1: Development of the Islamic Capital Market (ICM): Progress and Trends Overview of the Current Trends in the ICM Enhancing the Development of the ICM Infrastructure Recognising the Potential of the ICM 11:00 - 11:30 Group Photo and Coffee Break 11:30 - 13:00 Session 2: Innovative Sukūk Structures: A New Path for the Growth of ICM Perpetual Sukūk: A Modern Initiative for Equity-based Capital Prospects for Cross-border Sukūk Sukūk Advancements Proposed in the IFSB-15 13:00 - 14:00 Lunch and Prayers 14:00 - 15:30 Session 3: Sharī`ah-compliant Hedging Instruments: Addressing the Market Risk Management Needs of the Industry Hedging as a Risk Management Technique in the Islamic Financial Services Industry Sharī`ah -compliant Hedging Strategies and Tools Regulatory Views on Sharī`ah -compliant Hedging 15:30 - 16:00 Coffee Break 16:00 - 17:30 Session 4: Islamic Real Estate Investment Trusts (I-REITs): An Emerging Asset Class for Wealth Management Analysing the Performance of I-REITs : Lessons learnt Examining the Outlook for I-REITs in Key Regions The Need for an Adequate Regulatory Framework for I-REITs Day 2 06/10/2015 08:30 - 09:30 Welcome Coffee and Registration 09:30 - 11:00 Session 5: Islamic Collective Investment Schemes (ICIS): Promoting Strong Foundations Opportunities in ICIS: New Markets and Forecasts Current Challenges in the Development of ICIS Strengthening the Regulatory Framework for ICIS 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 6: The Role of Human Capital Development in ICM Evolution 13:00 - 14:00 Lunch and Prayers 14:00 - 16:00 Session 7: Panel Discussion on Building a Vibrant Islamic Capital Market: Key Issues and Challenges Examining the Resilience of the Current ICM Infrastructures Enhancing the Current Legal Framework for the ICM Strengthening the Sharī`ah Framework of ICM 16:00 - 16:15 Closing & Certificate Giving Ceremony 16:15 - 16:45 Coffee Break Downloadable Document(s) 1.) Event Session(s) - PDF Format 2.) Brochure - 2nd IFSB-BIBF Islamic Finance Executive Programme 3.) Registration Form

The Shariah Roundtable is jointly organised by the IFSB and International Shariah Research Academy for Islamic Finance (ISRA). The theme will be Financial Safety Nets: Striking a Balance between Shariah Requirements and the Soundness of the Islamic Financial System. The Roundtable will be held in Arabic languange with simultaneous translation. The Roundtable is by INVITATION only. For queries, please contact the IFSB Secretariat, Mrs. Ida Shafinaz Ab. Malek at [email protected] Event Snapshots The IFSB and International Sharī`ah Research Academy for Islamic Finance (ISRA) jointly organised the IFSB-ISRA Sharī`ah Roundtable on 5 November 2015 in Kuala Lumpur, Malaysia. Themed “Financial Safety Nets: Striking a Balance between Sharī`ah Requirements and the Soundness of the Islamic Financial System”, the Roundtable aimed to provide an avenue for intellectual discourse between the Sharī`ah scholars and other stakeholders of the industry on devising solutions for various components of financial safety net that are both practical and Sharī`ah-compliant. The Roundtable began with opening speeches by Mr. Jaseem Ahmed, Secretary-General, IFSB and Prof. Dr. Mohamad Akram Laldin, Executive Director, ISRA, followed by a presentation on An Overview of the IFSB by Dr. Sherif Ayoub, Assistant Secretary-General, IFSB. To set the tone for the Roundtable discussions, the IFSB presented two working papers on, i) Strengthening the Financial Safety Net: The Role of Sharī`ah-compliant Lender-of Last-Resort (SLOLR) Facilities as an Emergency Financing Mechanism and ii) Strengthening the Financial Safety Net: The Role and Mechanisms of Sharī`ah-compliant Deposit Insurance Schemes which corresponded to the two topics discussed. The presentations were delivered by Mr. Jamshaid Anwar Chattha, Chief Financial Analyst, Central Bank of Kuwait and Mr. Syed Faiq Najeeb, Member of the Secretariat, IFSB, respectively. The Roundtable saw participations from Sharī`ah scholars as session chairs and speakers as well as participants. Among the Sharī`ah scholars who participated in the Roundtable were Sheikh Dr. Ali Muhyi Aldin Ali Al Quradaghi, Sheikh Prof. Dr. Mohamed Ali Elgari, Sheikh Dr. Nizam Yaquby and Sheikh Dr. Oni Sahrani. Eleven chairpersons, speakers and discussants from among senior financial sector supervisors and Sharī`ah scholars discussed the following issues at the Roundtable:- Lender of Last Resort Facilities – Structuring Sharī`ah-Compliant Instruments and Mechanisms Sharī`ah-compliant Structures for a Deposit Insurance Scheme Over 90 delegates among the IFSB member and non-member organisations – representatives from regulatory bodies, market players, international agencies as well as academia and students attended the Roundtable. The papers presented at the Roundtable and ensuing discussions are planned to be published in a joint IFSB-ISRA publication in 2016. Programme - Event Session(s) Date Time Topics Day 1 05/11/2015 08:00 - 09:00 Registration 09:00 - 09:15 Opening Addresses 09:15 - 09:30 Overview of the IFSB 09:30 - 09:45 Presentation on Strengthening the Financial Safety Net: The Role of Shari`ah-compliant Lender-of Last-Resort (SLOLR) Facilities as an Emergency Financing Mechanism 09:45 - 12:40 Session 1 - Lender of Last Resort Facilities - Structuring Sharī`ah-Compliant Instruments and Mechanisms This session will discuss the Sharī`ah-compliant instruments and mechanisms of the lender of last resort facilities that can allow the supervisory authorities to provide liquidity support to institutions offering Islamic financial services (IIFS) in normal and stressed times. The Session will also review the current Sharī`ah-compliant lender of last resort instruments that are being implemented in various jurisdictions, and discuss alternative mechanisms that can be introduced to increase the options available to the IIFS. 12:40 - 14:00 Lunch and Prayers 14:00 - 14:15 Presentation on Strengthening the Financial Safety Net: The Role and Mechanisms of Shari'ah-Compliant Deposit Insurance Schemes (SCDIS) 14:15 - 16:40 Session 2 - Sharī`ah-Compliant Structures for a Deposit Insurance Scheme This session will examine the concept of deposit insurance and its relevance to the objective of protecting the fund providers of IIFS. The speakers will investigate the current and potential structures for devising a Sharī`ah-compliant deposit insurance scheme and relevant issues from legal and Sharī`ah perspectives. 16:40 - 17:00 Coffee break 17:00 - 17:30 Chairmen's Summary Downloadable Document(s) 1.) Event Session(s) - PDF Format 2.) IFSB-ISRA Shariah Roundtable

This Seminar on Islamic Finance is coorganised by the IFSB and the International Monetary Fund (IMF). Participation in this Seminar is by Invitation only. For queries, please contact the IFSB Secretariat: Ms Yazmin Aziz at [email protected].

In line with the IFSB due process for the development of Standards and Guiding Principles, a Public Hearing will be held for the Exposure Draft 18 – Guiding Principles for Retakaful (Islamic Reinsurance). For more information on the Public Hearing, please email to Ms. Nazarina Abdul Majid at [email protected] Programme - Event Session(s) Date Time Topics Day 1 30/11/2015 09:00 - 09:30 Registration 09:30 - 09:35 Opening Remarks by Assistant Secretary - General of the IFSB 09:35 - 10:25 Presentation by the Project Manager 10:25 - 11:00 Questions and Answers Downloadable Document(s) 1.) Event Session(s) - PDF Format

The IFSB organised its 12th Islamic Financial Stability Forum (12th IFSF) on 8 December 2015, in Jeddah, Saudi Arabia. The 12th IFSF was held in conjunction with the 27th Council Meeting of the IFSB, hosted by the Islamic Development Bank. Programme - Event Session(s) Date Time Topics Day 1 08/12/2015 14:30 - 14:40 Chairman’s Remarks H.E. Agus D.W. Martowardojo, Governor, Bank Indonesia 14:40 - 15:40 Presentation on Promoting Consistency in the Implementation of Prudential Standards Speaker: Mr. Marc Farag, Member of Basel Committee on Banking Supervision Secretariat (MPhil), Basel Committee on Banking Supervision Discussants: 1. Mr. Mohd Zabidi Md Nor, Director of Prudential Policy Department, Bank Negara Malaysia 2. Mr. Suliman Aljabrin, Banking Supervisor, Saudi Arabian Monetary Agency 15:40 - 16:00 Discussion and Q&A Session 16:00 - 16:30 Coffee and Networking Break End of Forum Downloadable Document(s) 1.) Event Session(s) - PDF Format

The Roundtable Discussion : IFSB Exposure Draft on Guiding Principles for Retakāful (Islamic Reinsurance) was held on 10 January 2016, in Manama, Bahrain, which was hosted by the Central Bank of Bahrain. The IFSB has issued an Exposure Draft, ED-18: Guiding Principles for Retakāful (Islamic Reinsurance) on 5 November 2015 for public consultation, aimed to provide the regulatory and supervisory authorities (RSAs) and market players of the Takāful industry guidance relating to Retakāful. ED-18 identifies and sets forth a set of basic principles and best practices pertaining to Retakāful activities of both Takāful and Retakāful Operators (TOs and RTOs). This Roundtable aimed to invite greater engagement and garner feedback and comments from key industry stakeholders on the Exposure Draft prior to its final submission to the IFSB Council. The Roundtable also saw active involvement from the key industry stakeholders, acted as chairperson and speakers for the Roundtable as well as 28 registered participants from among the IFSB member and non-member organisations. Programme - Event Session(s) Date Time Topics Day 1 10/01/2016 IFSB MEET THE MEMBERS AND INDUSTRY ENGAGEMENT SESSION (VENUE: AMBASSADOR ROOM (MEZZANINE FLOOR) ROUNDTABLE DISCUSSION : IFSB EXPOSURE DRAFT ON GUIDING PRINCIPLES FOR RETAKāFUL (ISLAMIC REINSURANCE) VENUE : AL RIFAA BALLROOM (GROUND FLOOR) 08:30 - 09:00 Registration 09:00 - 10:10 IFSB MEET THE MEMBERS AND INDUSTRY ENGAGEMENT SESSION 10:10 - 10:30 Coffee Break & Networking Session 10:30 - 15:30 ROUNDTABLE DISCUSSION : IFSB EXPOSURE DRAFT ON GUIDING PRINCIPLES FOR RETAKĀFUL (ISLAMIC REINSURANCE) 10:30 - 10:45 Opening Remarks 10:45 - 11:10 Presentation on the Exposure Draft of the Guiding Principles for Retakāful 11:10 - 11:30 Session 1: Understanding Retakāful and Its Underlying Contracts (Introduction to Retakāful, the Concept and the Principal Structures) Introduction to Retakāful, the Concept and the Principal Structures 11:30 - 11:50 Session 1: Understanding Retakāful and Its Underlying Contracts (Retakāful Core Principles, Categorisation, and Special Issues) Retakāful Core Principles, Categorisation, and Special Issues 11:50 - 11:30 Session 1: Understanding Retakāful and Its Underlying Contracts Open Discussion 12:30 - 13:30 Lunch & Prayers 13:30 - 13:50 Session 2: The Guiding Principles for Retakāful (Principle I: Governance of Retakāful Undertakings & Principle II: Compliance with Sharī`ah Principles) Principle I: Governance of Retakāful Undertakings Principle II: Compliance with Sharī`ah Principles 13:50 - 14:10 Session 2: The Guiding Principles for Retakāful (Principle III: Prudential Framework, Principle IV: Transparency and Disclosure & Principle V: Supervisory Principle III: Prudential Framework Principle IV: Transparency and Disclosure Principle V: Supervisory 14:10 - 14:50 Session 2: The Guiding Principles for Retakāful Open Discussion 14:50 - 15:00 Chairman's Summary 15:00 - 15:30 Coffee Break End of Roundtable Discussion Downloadable Document(s) 1.) Event Session(s) - PDF Format

The IFSB Industry Engagement Session is an initiative by the Secretariat to provide an interactive platform for communication between the key players of the Islamic financial services industry (IFSI), from among the IFSB member and non-member organisations, and the IFSB Secretariat. For any queries, please contact Mr. Ifran Tarmizi at [email protected] Programme - Event Session(s) Date Time Topics Day 1 28/01/2016 09:00 - 09:50 Networking Coffee 10:00 - 10:10 Opening Remarks 10:10 - 10:30 Global Outlook of Islamic Finance: Stabilty, Resilience and The Role of The IFSB 10:30 - 10:50 Stakeholders Engagement in Supporting The Islamic Financial Services Industry's Sound Development 10:50 - 11:30 Interactive Session 11:30 - 12:30 Lunch Downloadable Document(s) 1.) Event Session(s) - PDF Format

Theme: Towards an Effective Legal Framework for Islamic Finance: Asset Securitisation and Insolvency The 2nd Seminar on Legal Issues in the Islamic Financial Services Industry will focus on two subjects of immediate relevance, sukuk and insolvency. Experts in Shari`ah, law and industry will give presentation on these subjects as they grow increasingly important for the future of Islamic finance in general and the treasuries of Islamic financial institutions in particular. Programme - Event Session(s) Date Time Topics Day 1 14/03/2006 09:00 - 09:45 Opening and Keynote 09:45 - 10:45 Session 1: A General Survey of Legal Issues in Islamic Finance The scope of Islamic banking laws The relationship of legal infrastructure to product development and risk management Islamic banks in takaful and capital markets Preconditions for effective bank supervision Sukuk structures and the capital markets Islamic bank insolvency and default The objectives of the conference The conduct of the conference 11:00 - 12:00 Session 2: Case Study 1: Sovereign and Inter-Governmental Organizations Sukuk Securitization Structure: Shari’ah Issues Legal Structure Market Acceptance Outcome 12:00 - 13:30 Session 3: Case Study 2: Sovereign and Inter-Governmental Organizations Sukuk – Analysis Syndication and Funding Credit Enhancement Rating Risk Secondary Market Potential Shari’ah-related Considerations Jurisdiction-related Considerations 15:00 - 16:00 Session 4: Case Study 1: Corporate Sukuk Securitization Structure: Shari’ah Issues Legal Structure Market Acceptance Outcome 16:15 - 17:30 Session 5: Case Study 2: Corporate Sukuk – Analysis Syndication and Funding Credit Enhancement Rating Risk Secondary Market Potential Shari’ah-related Considerations Jurisdiction-related Considerations Day 2 15/03/2006 09:00 - 10:20 Session 6: The Future for Sukuk Expanding Enabling Legislation Dealing with Restrictions on Foreign Ownership Expanding Enabling Infrastucture: Trusts and SPVs Cross Border Issues Islamic Money Market Instruments and Liquidity Management Risk Management and Monetary Policy Product Innovation Ratings and Shari`ah Risk 10:45 - 12:00 Session 7: Insolvency in Islamic Financial Institutions: A Survey of Relevant Legislation GCC Islamic banks Eastern Islamic banks Western Islamic banks The concepts of iflas and hajr al-madin and their consequences Responsibilities of IFIs to investment account holders and equity owners Responsibilities of IFIs to debtors 14:30 - 16:00 Closing Session: Panel Discussion on Preconditions for Effective Supervision and Stability Key Conclusions of the Conference Components of an Effective Legal Framework for Islamic Finance Supervision, Risk Management, and International Standards Downloadable Document(s) 1.) Event Session(s) - PDF Format

The IFSB Annual Meetings 2016 is hosted by the Central Bank of Egypt. The 28th Meeting of the Council, 14th General Assembly of the IFSB, 13th Islamic Financial Stability Forum and Welcome Dinner is by invitation only. For more information on the meetings and dinner, please email the following Secretariat in charge: 1) Council Meeting, General Assembly and Welcome Dinner: Ms. Nur Khairun Nissa Md Zawawi (email: [email protected]) 2) 13th Islamic Financial Stability Forum: Ms. Yazmin Aziz (email: [email protected]) The following Side Events will also be held in conjuction with the IFSB Annual Meetings 2016. 1) IFSB Seminar on Islamic Capital Markets: Mrs. Ida Shafinaz Ab. Malek (email: [email protected]) 2) 8th IFSB Public Lecture on Financial Policy and Stability: Mrs. Ida Shafinaz Ab. Malek (email: [email protected]) 3) Meet the Members and Industry Engagement Session: Mr. Ifran Tarmizi (email: [email protected]) Event Snapshots The IFSB organised four Side Events in conjunction with the IFSB Annual Meetings 2016 on 10 – 12 April 2016 in Cairo, Egypt, hosted by Central Bank of Egypt. The first event was a Seminar on Islamic Capital Market, held on 10 April 2016. Themed “Supporting Development through Sukūk: Prospects and Initiatives”, the Seminar aimed to provide an interactive environment enabling speakers and participants to explore the prospective role of Sukūk in social and economic development through the aforementioned roles. The Seminar offered perspectives of Sukūk that revolved around the key challenges. Mr. Gamal Negm, Deputy Governor, Central Bank of Egypt and Mr. Jaseem Ahmed, Secretary General of the IFSB delivered the opening and welcoming speeches respectively. The keynote address was delivered by H.E. Sherif S. Samy, Chairman of the Egyptian Financial Supervisory Authority. Fourteen chairpersons and speakers from among regulators and market players sector discussed the following issues at the Seminar:- Development of the Sukūk Sector: Legal and Regulatory Considerations Panel Discussion – Sukūk for Budgetary and Financial Sector Support: Structures and Country Examples Sukūk for Infrastructure Financing: Prospects and Case Studies Panel Discussion on Building Synergies for Sukūk Issuances Over 100 delegates from 16 jurisdictions among the IFSB member and non-member organisations – representatives from market players, regulatory bodies, international agencies as well as academia and other interested parties from the public attended this Seminar. On 11 April 2016, the IFSB organised its 8th Public Lecture on Financial Policy and Stability. The Lecture, delivered by Dr. Sami Al Suwailem, Head, Financial Product Development Center, Islamic Development Bank carried the theme, Morality, Rationality and Financial Stability. Mr. Jaseem Ahmed and Mr. Tarek Fayed, Sub Governor, Central Bank of Egypt delivered the opening and welcoming speeches. The Lecture saw the attendance of 100 participants from among the IFSB members, regulatory and supervisory bodies, as well as the government, private, legal and educational sectors in Egypt. The Public Lecture was followed by a Members and Industry Engagement Session which aimed to provide a platform for the IFSB members and greater financial community an insight and update into the work of the IFSB, its relevance to the development of the global industry, and the role the stakeholders (members and non-members) can play in this development. The session was attended by 50 participants consisting of the IFSB members and the Egyptian local financial community, where Mr. Tarek Fayed delivered the Opening Remarks. The Opening Remarks was followed by a presentation titled, Global Outlook of Islamic Finance, by Mr. Jaseem Ahmed, Mr. Zahid Ur Rehman Khokher, Assistant Secretary-General of the IFSB also delivered a presentation titled, Stakeholders Engagement in Supporting the Sound Development of Islamic Financial Services Industry. The 13th Islamic Financial Stability Forum was held on 12 April 2016, after the IFSB Council and General Assembly meetings. The topic of this year’s IFSF was Consumer Protection in Islamic Finance. Professor Volker Nienhaus, Former President, University of Marburg, Germany, and IFSB Consultant was the speaker of the 13th IFSF and presented the topic, Consumer Protection in Islamic Finance. His presentation, which is based on an IFSB Working Paper series, Financial Consumer Protection in Islamic Finance stated that most of the issues in consumer protection covers both conventional and Islamic segments of the financial system. The discussants were Ms. Nariman Abdulla Kamber Al Awadhi, Chief Manager, Consumer Protection Unit, Central Bank of the United Arab Emirates and Mr. Khairul Nizam, Chief Operating Officer, Finance Accreditation Agency, Malaysia. Programme - Event Session(s) Date Time Topics Day 1 10/04/2016 SEMINAR ON ISLAMIC CAPITAL MARKET (OPEN SESSION) 08:30 - 09:30 Registration 09:30 - 10:30 Welcoming Remarks and Keynote 10:30 - 11:00 Coffee break 11:00 - 12:15 Session 1: Development of the Sukūk Sector: Legal and Regulatory Considerations As one of the fastest growing segments of the Islamic financial services industry, the Sukūk market poses important legal and regulatory challenges. One of the most important legal issues of the Sukūk market is the different legal treatments for asset-based and asset-backed Sukūk structures and their effects on risks, particularly legal risk, that are endogenous to a particular Sukūk issuance. Furthermore, in view of the potential multi-national investor base and the global appeal of these instruments, the standardisation of the structures and processes along with the legal and tax treatment in different jurisdictions, the set-up of effective mechanisms for dispute resolution, and enforceability of the Sukūk contracts are also important issues that feature as determinants of the attractiveness of the instrument and jurisdiction. Apart from the legal issues, the provision of a sound regulatory and supervisory regime is critical in order to ensure that the Sukūk instruments comply with key consumer protection aspects as well as operate in an environment that limits the exposure to system-wide risks. 12:15 - 13:30 Session 2: Sukūk for Budgetary and Financial Sector Support: Structures and Country Examples Since the GFC, the share of Sukūk issued by sovereigns, quasi-sovereigns (Ministries/Central Banks, etc.) and government-related entities (GREs) has risen noticeably from 2009 onwards, accounting for more than two-thirds of issuances in the primary market. These funds have been raised to support a variety of state budgetary needs including to fund development expenditures, as well as to support a smooth functioning of the country's Islamic financial system. Moreover, a steady supply of Sovereign/GRE Sukūk has had the complementary advantage of providing much-needed Sharī`ah-compliant investment avenues to various Takāful and Islamic fund management institutions. Furthermore, sovereign or quasi-sovereign Sukūk

Programme - Event Session(s) Date Time Topics Day 1 12/04/2016 15:00 - 15:10 Chairman’s Remarks H.E. Tarek Hassan Ali Amer, Governor, The Central Bank of Egypt 15:10 - 16:10 Presentation on Consumer Protection in Islamic Finance Speaker: Professor Dr. Volker Nienhaus, Former President of the University of Marburg, Germany, and Consultant to the Islamic Financial Services Board Discussant: Ms. Nariman Abdulla Kamber Al Awadhi, Chief Manager, Consumer Protection Division, Banking Supervision Department, Central Bank of the United Arab Emirates Mr. Khairul Nizam, Chief Operating Officer, Finance Accreditation Agency, Malaysia 16:10 - 16:30 Discussion and Q&A Session 16:30 - 17:00 Coffee and Networking Break End of Forum Downloadable Document(s) 1.) Event Session(s) - PDF Format