Workshop

E-FIS-WORKSHOP Topic: Financial inclusion and Islamic finances from IFSB’s Technical note perspective – TN-3. Date : 21.04.2020 Time : 4:30 – 5:30 pm (Malaysia Time) Duration : 1 hour Audience : IFSB members only Capacity : Limited Participants Registration The first e-workshop to be held by IFSB in 2020 will be on 21 of April (Tuesday). This e-workshop will cover a cross-sector topic on financial inclusion and Islamic finance from IFSB’s Technical note perspective – TN-3. TN-3 was developed to provide guidance on good practices in regulating the financial sector to enhance financial inclusion through Islamic finance, while also considering proportionality in balancing the benefits of regulation and supervision against the risks and costs. TN-3 underscores the importance of financial inclusion, due to its intricate connection with economic growth, shared prosperity and poverty reduction, while furthering an understanding of how financial inclusion policies and regulatory initiatives can support Islamic microfinance/ savings/ investment activities.

Date : 18 June 2020 (Thursday) Time : 4:30 – 5:30 pm (MYT) Sector : Islamic banking Topics : Corporate Governance for Institutions offering only Islamic Financial Services (IIFS) (IFSB-3) Despite a very rapid development of Islamic finance worldwide, it should not be forgotten that in many countries Islamic financial services industry is still in its infancy. To be able to successfully meet all challenges that Islamic finance services industry faces, it needs to have comprehensive regulation and supervision, risk management and corporate governance frameworks. With this e-workshop session, IFSB Secretariat would like to address one of the most crucial aspects of IIFS – a Corporate Governance. Our facilitator will indroduce you to guiding principles of prudential requirement in the area of Corporate Governance. IFSB’s Guiding Principles are designed to facilitate IIFS in identifying areas where appropriate governance structures and processes are required, and to recommend best practices in addressing these issues. During the session, you will get understanding on issues of Corporate Governance specific to IIFS, the Geveranl Governance Approach from IFSB-3 standards perspective and how IIFS shall acknowledge rights of Investment Account Holders. The session will also clarify how compliance with Shariah rules and principles is an itegral part of Corporate Governance for IIFS. **REGISTRATION IS OPEN TO MEMBERS ONLY** 

Date : 16 July 2020 (Thursday) Time : 4:30 – 5:30 pm (MYT) Sector : Islamic Capital Market Topics : Sukuk: Disclosures and Shariah Compliance Requirements (IFSB-19) Overview Sukuk is one of the fastest growing segment of Islamic Capital Market (ICM) and attracts global investors due to its unique structure and features. With this e-workshop session, IFSB Secretariat would like to bring an understanding on Sukuk as an ICM instrument and its Shariah related requirements, as well as highlight the importance of adequate information which enables investors to make informed decisions, especially in Shariah-related areas. Moreover, facilitator at this session will provide core principles of Sukuk disclosures as a basis of sound regulation in order to develop ICM at greater levels of integrity and transparency. **REGISTRATION IS OPEN TO MEMBERS ONLY**

Date : 13 August 2020 (Thursday) Time : 4:30 – 5:30 PM (MYT) Sector : Islamic Capital Market Topics : Islamic Collective Investment Schemes (ICIS): Disclosures and Shariah Compliance Requirements (IFSB-19) Background about ICIS Shariah Complient Requirements ICIS Disclosures Overview Islamic mutual funds, Islamic investment funds, Islamic real estate investment trusts – these are all (depending on jurisdiction) types of Shariah compliant collective investment schemes or Islamic Collective Investment Schemes (ICIS). ICIS can play an important role, channelling resources to the securities markets and offering Shariah-sensitive investors a means to achieve diversified exposure to Shariah compliant investment opportunities. This e-workshop session brings information on what makes ICIS disclosure on Shariah governance and compliance sufficient to allow a Shariah-sensitive investors to make an informed investment decision. Within this e-workshop facilitator will focus on background information on ICIS, Shariah-related and Operations-related disclosures and other general principles. ***REGISTRATION OPEN TO MEMBERS ONLY***

Date : 13 August 2020 (Thursday) Time : 4:30 – 5:30 PM (MYT) Sector : Islamic Capital Market Topics : Islamic Collective Investment Schemes (ICIS): Disclosures and Shariah Compliance Requirements (IFSB-19)   Background about ICIS Shariah Complient Requirements ICIS Disclosures   Overview Islamic mutual funds, Islamic investment funds, Islamic real estate investment trusts – these are all (depending on jurisdiction) types of Shariah compliant collective investment schemes or Islamic Collective Investment Schemes (ICIS). ICIS can play an important role, channelling resources to the securities markets and offering Shariah-sensitive investors a means to achieve diversified exposure to Shariah compliant investment opportunities. This e-workshop session brings information on what makes ICIS disclosure on Shariah governance and compliance sufficient to allow a Shariah-sensitive investors to make an informed investment decision. Within this e-workshop facilitator will focus on background information on ICIS, Shariah-related and Operations-related disclosures and other general principles.   ***REGISTRATION OPEN TO MEMBERS ONLY***

Date : 15 October 2020 (Thursday) Time : 4:30 – 5:30 pm (MYT) Sector : Takaful Topics : IFSB-8: Guiding Principles on Governance for Takaful Undertakings Overview Takaful as an Islamic counterpart of conventional insurance and important segment of the Islamic financial services industry experiences undergoing rapid development on a global scale. Would it be correct for Takaful companies to apply existing internationally recognised frameworks, codes or standards on corporate governance issued for conventional insurance? If so, how specificities of Islamic insurance supposed to be addressed? To answer these questions, IFSB invites you to attend e-Workshop on Guiding Principles on Governance for Takaful Undertakings. Session will clarify the need for a governance in Islamic insurance, will bring you an understanding on whether mentioned conventional frameworks and standards can be adapted and reinforced. Apart from that session’s facilitator will reveal procedures for a proper Takaful disclosure, so that Takaful Undertakings can stand on a level playing field with their conventional counterparts.   ***REGISTRATION IS OPEN FOR MEMBERS ONLY***   Event Snapshots

Date: 9 November 2020 (Monday) Time: 4:30 – 6:30 pm (MYT) Sector: Islamic banking Topic: Regulatory Capital for Islamic Banks Overview In this e-workshop session, the IFSB will be discussing banks regulatory capital, by addressing the specificities of Islamic banking operations and business activities. Regulatory capital requirements were introduced as a prudential measure with the aim of ensuring that risk exposures of a financial institution are adequately supported by high-quality capital that absorbs losses on a going concern basis. This ensures that financial institutions meet their obligations on an ongoing basis as they fall due, while also maintaining the confidence of customers, depositors, creditors and other stakeholders in their dealings with the institution and thereby promoting the resilience and stability of financial systems around the world. Subsequent enhancements to regulatory capital requirements also sought to further protect depositors and other creditors in a gone concern situation by providing an additional cushion of loss-absorbing capital. The basic regulatory capital requirement ensures that financial institutions maintain a minimum capital adequacy ratio at all times. The CAR is a measurement of a financial institution’s available regulatory capital expressed as a percentage of its total risk-weighted assets. We will be taking the participants, in more the details and in a simplified manner, the tiers and components of regulatory capital for Islamic banks, essential eligibility criteria for inclusion in the regulatory capital as well as the necessary regulatory adjustment to the capital that will make its quantification more conservative so that the capital is available at all times to absorb losses.     ***REGISTRATION IS OPEN FOR MEMBERS ONLY***   Event Snapshots

Date : 28 October 2020 (Wednesday) Time : 4:30 – 5:30 pm (MYT) Sector : Takaful Topics : IFSB-14: Standard on Risk Management for Takaful Undertakings Overview IFSB published a few standards dedicated to Islamic insurance industry as an effort to guide the industry towards a stable and sound financial environment. This IFSB-14 Standard is intended to establish minimum standards in the area of risk management, for the direction and guidance of Takaful Operators as well as insurance/Takaful supervisors. This session will discuss how management of risks inherent in the Takaful Undertakings should be implemented in order to bring the Takaful industry to the desired level of effective supervision and regulation, at par with the conventional insurance industry, which always subject to the requirements of Shariah principles. The central focus of this discussion will be given to the specific characteristics of a Takaful Undertakings (TU). Facilitator will help you to understand the fundamental difference of TU from conventional insurers in terms of ownership of the insurance risk, as well as enterprise risk management framework.   ***REGISTRATION IS OPEN TO MEMBERS ONLY***   Event Snapshots  

Date : 15 February 2021 (Monday) Time : 4:30 – 6:30 pm (MYT) Sector : Islamic banking Topic : IFSB-17: Core Principles for Islamic Finance Regulation (CPIFR Related to Prudential Regulations and Requirements for IIFS)   Overview The main objective of the Core Principles for Islamic Finance Regulations – CPIFR is to provide a foundation for regulatory and supervisory authorities to regulate Islamic financial services industry with consideration the specificities of the IIFS in the banking segment and the lessons learned from the financial crisis, and complementing the existing international standards, principally the BCBS’s Core Principles for Effective Banking Supervision (Basel Core Principles, or BCPs). In this online FIS Workshop IFSB will address three CPIFR, covering Transactions with related parties, Treatment of Investment account holders (IAHs) and Islamic windows operations. FIS Workshop facilitator will discuss how core principles requirements help to prevent abuses arising in transactions with related parties and to take measures on the risk of conflict of interest. During the session participants will get understanding on regulatory treatment, governance and disclosures, capital adequacy and associated risk-absorbency features related to IAH’s. Moreover Islamic windows operations, their permitted forms, supervisory review process will be also covered. The facilitator will also share with some Case studies and open floor to Q&A to bring more interactivity to the session.   ***REGISTRATION IS OPEN FOR MEMBERS ONLY***

Date : 18 February 2021 (Thursday) Time : 4:30 – 6:30 pm (MYT) Sector : Islamic banking Topic : IFSB-16: Supervisory Review Process (Governance and Risk Management) Overview A core element of any supervisory review process is to assess financial institutions’ governance decision structures and processes. At the same time supervisory review process must not only ensure that financial institution have adequate capital to support all their business risks, but also stimulate them to develop and use better risk management and techniques within their risk management processes. When it comes to the institutions offering Islamic financial services there should be additional requirements in order to address elements that are specific to Islamic finance, including risk characteristics and issues relating to Shariah compliance. Within this session IFSB will address relevant corporate governance issues as well as supervisory implications related to the Shariah governance. Since the risk culture in IIFS is a very complex topic, facilitator will also cover principles of risk management in IIFS and various categories of risk that IIFS face in their operations. We believe this FIS workshop will be particularly beneficial due to case studies that will be discussed with the participants.   ***REGISTRATION IS OPEN FOR MEMBERS ONLY***

Date : 25 February 2021 (Thursday) Time : 4:30 – 6:30 pm (MYT) Sector : Islamic banking Topic : IFSB-3: Corporate Governance for IIFS   Overview Despite a very rapid development of Islamic finance worldwide, it should not be forgotten that in many countries Islamic financial services industry is still in its infancy. To be able to successfully meet all challenges that Islamic finance services industry faces, it needs to have comprehensive regulation and supervision, risk management and corporate governance frameworks. With this e-workshop session, IFSB Secretariat would like to address one of the most crucial aspects of IIFS – a Corporate Governance. Our facilitator will introduce you to guiding principles of prudential requirement in the area of Corporate Governance. IFSB’s Guiding Principles are designed to facilitate IIFS in identifying areas where appropriate governance structures and processes are required, and to recommend best practices in addressing these issues. During the session you will get understanding on issues of Corporate Governance specific to IIFS, the General Governance Approach from IFSB-3 standards perspective and how IIFS shall acknowledge rights of Investment Account Holders. The session will also clarify how compliance with Shariah rules and principles and Transparency of financial reporting are integral part of Corporate Governance for IIFS.   ***REGISTRATION IS OPEN FOR MEMBERS ONLY***

Date: Thursday, 18 March 2021 Time: 4:30 – 6:30 (MYT) Sector: Islamic Capital Market Topic: IFSB-19: Guiding Principles on Disclosure Requirements for ICM Products (Sukuk and ICIS) Overview Sukuk is one of the fastest growing segment of Islamic capital market (ICM) and attracts global investors due to its unique structure and features. With this e-workshop session, IFSB Secretariat would like to bring an understanding on sukuk as an ICM instrument and its Shariah related requirements, as well as highlight the importance of adequate information which enables investors to make informed decisions, especially in Shariah-related areas. Moreover, facilitator at this session will provide core principles of sukuk disclosures as a basis of sound regulation in order to develop ICM at greater levels of integrity and transparency.   ***REGISTRATION IS OPEN FOR MEMBERS ONLY***