Islamic Financial Services Board

11th IFSB-INCEIF Executive Forum: Creativity and Innovation in Islamic Financial Products - Standardisation and Competitiveness
2017-08-16 08:00 - 2017-08-17 17:00 UTC | Sasana Kijang, Bank Negara Malaysia, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
The 11th edition of the IFSB-INCEIF Executive Forum, themed Creativity and Innovation in Islamic financial products: Standardisation and Competitiveness, aims to push the current boundaries and explore the capabilities of the Islamic finance industry to innovate and develop an array of products to satisfy different customer demand segments. This Executive Forum also aims to delve into and draw upon the market player’s perspectives on product development and innovation in Islamic finance.
Innovation and creativity will be the buzz words of this Executive Forum. It aims to provide a platform for presenting diverse sets of product innovations, where participants are expected to enrich the discussions with suggestions for enhancements towards reaching greater heights for the industry. This Executive Forum will also highlight the challenges facing market players as well as banking supervisors in ensuring that robust Shari’ah governance structures are in place during product design and execution. It is expected that the participants, from among industry players and supervisors, will brainstorm and participate in in-depth discussions on a wide range of Islamic finance instruments. Among them equity/risk-sharing structures, consumer finance, structured trade finance and other instruments serving niche markets. These sessions will aim at illuminating issues related to promoting both standardisation with healthy competition in Islamic banking, Takaful, ICM while at the same time exploring the potential use of, and contribution to, Fintech and Financial inclusion, respectively.
Confirmed expert speakers in the Executive Forum include: Dr. Salman Syed Ali (IRTI-IDB Group), Professor Dr. Younes Soualhi (ISRA), Professor Dr. Syed Abdul Hamid Al-Junid (INCEIF), Owais Ansari (FWU Group, Germany), Wan Norhaziki Wan Abdul Halim (Asian Finance Bank), Roslan Abdul Razak (Perbadanan Waqf Nasional Berhad) and Assoc. Prof. Ahcene Lahsasna (Malaysian Financial Planning Council), Umar Munshi (Ethis Ventures), Abdul Rahman Mohd Yusoff (OCBC Al Amin), Hizamuddin Jamalluddin (Bank Islam Malaysia).
The Executive Forum is a paying event. Special rates are offered to all member of the IFSB.
Enjoy group discount of 10% when you register 3 or more participants from the same organisation. (Not applicable to subsidiaries and affiliated companies)
For further enquiries, please email to Mr. Ifran Tarmizi at ifran@ifsb.org .
Programme – Event Session(s)

Date
Time
Topics

Day 1
16/08/2017
08:30 – 09:30
Morning Coffee and Registration

09:30 – 09:45
Opening Address MR. ZAHID UR REHMAN KHOKHER, Acting Secretary General, IFSB

09:45 – 11:15
Session 1: Overview of Islamic Banking Products – Principles and Parameters Innovative structures and delivering impactful services Legal and taxation frameworks and products innovations in IFSI Product Innovations in the IFSI – Market-driven vs Regulators requirements SPEAKER: DR. SALMAN SYED ALI, Senior Research Economist, IRTI-IDB Group

11:15 – 11:45
Group Photo and Coffee Break

11:45 – 13:15
Session 2: Consumer Financing Products – Strategies for Innovation Consumer Needs: The starting point for Islamic finance products Marketing Islamic Products: Efficiency, Demand and Supply Transparency in innovation of Islamic finance products SPEAKER: TUAN HJ. ABDUL RAHMAN MOHD. YUSOFF, Head of Shariah, OCBC Al Amin Bank Berhad

13:15 – 14:30
Lunch

14:30 – 16:30
Session 3: Shari’ah Rules in Products Development: Branding , Ethics and Innovation Shari’ah Parameters in Designing New Products: An industry perspective Ijtihad in the development of Islamic finance products MODERATOR: MR. ROSLAN ABDUL RAZAK, Head of Project Development and Structuring, Perbadanan Waqf Nasional Berhad, Malaysia SPEAKERS: MR. WAN NORHAZIKI WAN ABDUL HALIM, Vice President and Head of Shariah, Asian Finance Bank, DR. YOUNES SOUALHI, Head of the Islamic Banking Unit, ISRA

16:30 – 17:00
Coffee Break

Day 2
17/08/2017
08:30 – 09:30
Morning Coffee

09:30 – 11:00
Session 4: Innovation in Takaful Avenue for the Industry’s Growth Strategies to expand the Takaful industry Increasing consumer satisfaction in Takaful products Takaful Operators: Achieving commercial targets and beyond SPEAKER: MR. OWAIS ANSARI, Member of the Board of FWU Group, Germany

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5: Fintech and Leveraging on the Industry’s Technological Advancements Fintech avenues in enhancing consumer satisfaction Innovation in financial services, the role of Islamic social finance Fintech for Financial inclusion in the Islamic financial services industry (IFSI) sphere SPEAKER: MR. MOHAMMAD RIDZUAN ABDUL AZIZ, Chief Executive Officer, Sedania As Salam Capital, Malaysia

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 6: Panel Discussion: Innovation in Finance Products: Towards Standardisation and Competitiveness Islamic finance products as tools for financial integration The uniqueness of equity finance and risk for Islamic financial institutions Islamic finance to support international trade MODERATOR: PROFESSOR DR. SYED ABDUL HAMID AL-JUNID, INCEIF PANELIST: MR. UMAR MUNSHI, Founder/ CEO, Ethis Ventures, Singapore PANELIST: ASSOC. PROF. AHCENE LAHSASNA, Vice President, Research and Publication, Malaysian Financial Planning Council PANELIST: MR HIZAMUDDIN JAMALLUDDIN, Group Chief Strategy Officer, Bank Islam Malaysia

16:00 – 16:30
Closing & Certificate Giving Ceremony MR. DZALIN AYUB, Acting President and Chief Executive Officer

16:30 – 17:00
Coffee Break

IFSB-FIS Workshop Series (Islamic Republic of Iran)
2017-08-07 09:00 - 2017-08-10 16:30 | Iran Banking Institute, Tehran, Tehran, Iran, Islamic Republic of
This 4-day Facilitating the Implementation of the IFSB Standards (FIS) Workshop is tailored for the Central Bank of the Islamic Republic of Iran and hosted by the Islamic Development Bank. It will discuss the following IFSB Standards:

IFSB-1 : Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering Islamic Financial Services (IIFS)
IFSB-3 : Guiding Principles on Corporate Governance for IIFS
IFSB-15 : Revised Capital Adequacy Standard for IIFS

Overall, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
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
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

Participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
07/08/2017
09:00 – 09:30
Registration

09:30 – 10:00
Welcoming Remarks and Group Photo

10:00 – 11:30
Session 1 – IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering Islamic Financial Services (IIFS) Understanding of Risks in IIFS General Requirements in Risk Management of IIFS Focus on Credit Risk

11:30 – 11:45
Coffee Break

11:45 – 13:00
Session 2 – IFSB-1: Guiding Principles of Risk Management for IIFS Focus on Equity Investment Risk Focus on Operational Risk Focus on Market Risk

13:00 – 14:30
Lunch and Prayer

14:30 – 16:30
Session 3 – IFSB-1: Guiding Principles of Risk Management for IIFS Focus on Liquidity Risk Focus on Rate of Return Risk Case Study

Day 2
08/08/2017
09:30 – 11:00
Session 4 – IFSB-3: Guiding Principles on Corporate Governance for IIFS Corporate Governance Issues Specific to IIFS General Governance Approach of IIFS Rights of Investment Account Holders (IAHs) Compliance with Sharī`ah Rules and Principles

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5 – IFSB-15: Revised Capital Adequacy Standard for IIFS Components of Capital Capital Conservation Buffer Countercyclical Buffer Domestic Systemically Important Banks

13:00 – 14:30
Lunch and Prayer

14:30 – 16:30
Session 6 – IFSB-15: Revised Capital Adequacy Standard for IIFS Credit Risk Weights for Various Counterparties Exposures in Investments Made under Profit-Sharing Modes Past Due Receivables & Other Assets Group Exercise

Day 3
09/08/2017
09:30 – 11:00
Session 7 – IFSB-15: Revised Capital Adequacy Standard for IIFS Credit Risk Mitigation Credit Risk Mitigation Techniques Commonly Used by IIFS Credit Risk Mitigation Approaches Recognition of Ratings by External Credit Assessment Institution

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8 – IFSB-15: Revised Capital Adequacy Standard for IIFS Understanding the Market Risk in Islamic Finance Policies and Procedures for Market risk Guidance on Valuation Practices Group Exercise

13:00 – 14:30
Lunch and Prayer

14:30 – 16:30
Session 9 – IFSB-15: Revised Capital Adequacy Standard for IIFS Overview of Operational Risk Understanding Operational Risk in Islamic Finance Measuring Operational Risks Group Exercise

Day 4
10/08/2017
09:30 – 11:00
Session 10 – IFSB-15: Revised Capital Adequacy Standard for IIFS Current Regulatory Environment of Real Estate Activities Risk Exposures in Real Estate Activities Supervision of Real Estate Activities Risk-Weighting of Real Estate Exposures

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 11 – IFSB-15: Revised Capital Adequacy Standard for IIFS Features of Sukūk and Securitisation in Sukūk Securitisation Process for Sukūk Role of IIFS in Sukūk Securitisation Credit Enhancement Mechanisms for Sukūk

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 12 – IFSB-15: Revised Capital Adequacy Standard for IIFS Regulatory Capital for Sukūk in IIFS Capital Requirements for Sukūk Retained Securitisation Exposure Case Study

16:00 – 16:30
Closing Remarks & Certificate Giving Ceremony

IFSB-FIS Workshop Series (Kyrgyz Republic)
2017-07-11 08:45 - 2017-07-13 19:00 | Educational Recreation Centre (Tolkun), Issyk-Kul,, Educational Recreation Centre (Tolkun), Issyk-Kul,, Bishkek, Kyrgyzstan
This 3-day Workshop is tailored for the National Bank of the Kyrgyz Republic and central (national) banks of the member-countries of the Eurasian Economic Community (EEC). It is supported by the Islamic Development Bank and will discuss the following IFSB Standards:

IFSB-10 : Guiding Principles on Sharī`ah Governance Systems for Institutions offering Islamic Financial Services (IIFS);
IFSB-15 : Revised Capital Adequacy Standard for IIFS; and
IFSB-16 : Revised Guidance on Key Elements In The Supervisory Review Process of IIFS

Overall, this Programme aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
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
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

Participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
11/07/2017
08:45 – 09:00
Registration

09:00 – 09:15
Opening Remarks by the NBKR and the IFSB Representatives, and Group Photo

09:15 – 10:45
Session 1 – Introduction to Islamic Finance Concept of Islamic Finance Contracts in Islamic Finance Structures of Islamic Banking Products Prudential Issues in IIFS

09:45 – 11:15
Coffee Break

11:15 – 13:00
Session 2 – IFSB-15: Revised Capital Adequacy Standard for IIFS Capital Adequacy Ratio Components of Capital Treatment of PSIA, PER and IRR Regulatory Adjustments and Deductions

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3 – IFSB-15: Revised Capital Adequacy Standard for IIFS Credit Risk Weights for Various Counterparties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Credit Risk Mitigation

16:00 – 16:15
Coffee Break

16:15 – 17:00
Questions and answers (Q&A)

Day 2
12/07/2017
09:00 – 11:00
Session 4 – IFSB-15: Revised Capital Adequacy Standard for IIFS Understanding the Market Risk in Islamic Finance Policies and Procedures for Market risk Guidance on Valuation Practices Group Exercise

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5 – IFSB-15: Revised Capital Adequacy Standard for IIFS Understanding the Operational Risk in Islamic Finance Measuring Operational Risks Sharīah Non-compliance Risk Group Exercise

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6 – IFSB-10: Guiding Principles on Sharīah Governance System for IIFS Structure and Scope of the Sharīah Governance System General Approach to the Sharīah Governance System Guiding Principles on the Sharīah Governance System Case Study

16:00 – 16:15
Coffee Break

16:15 – 17:00
Questions and answers (Q&A)

17:00 – 20:00
Cultural program (visit to the “Grigorevsky” gorge)

Day 3
13/07/2017
09:00 – 11:00
Session 7 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Supervisory Preconditions, Criteria and Approaches for Effective Supervision of IIFS Key Elements in the Supervisory Review Process of IIFS Regulatory Capital Requirements Treatment of Investment Account Holders (IAH) and Displaced Commercial Risk

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Internal Capital Adequacy Assessment Process Islamic Windows Operations Assessment of Additional Issues Supervisory Transparency and Accountability

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Corporate and Shari’ah Governance Transparency and Market Discipline Consolidated and Home-host Supervision Case Study

16:00 – 16:15
Coffee Break

16:15 – 17:00
Islamic Principles of Financing Experience of Development in the Kyrgyz Republic

17:00 – 18:00
Closing, Certificate and Souvenirs Giving Ceremony

18:00 – 19:00
Dinner

IFSB-DFSA Joint Seminar: Liquidity Generating Innovations in Islamic Finance: The Role of Sukuk and Securitisation to Support New Financial Regulations
2017-04-30 08:30 - 13:30 | Salon 8, The Ritz Carlton, Dubai International Financial Centre, DIFC, Off Sheik Zayed Road, Salon 8, The Ritz Carlton, Dubai International Financial Centre, DIFC, Off Sheik Zayed Road, Dubai, United Arab Emirates
The half-day Seminar is designed to encourage broad interaction among the delegates to explore Shariah-compliant Islamic capital market instruments, in particular Sukuk and Securitisation of Assets, to generate liquidity in the global Islamic financial services industry. At a time of implementation of tightened financial regulations, this Seminar seeks to raise awareness on the readiness of Islamic financial institutions to meet the new requirements, particularly on liquidity, while also highlighting opportunities available to various bodies (e.g. regulatory authorities, capital market players, legal firms) to support the industry’s liquidity management needs.

The opening remarks will be delivered by Mr. Ian Johnston, Chief Executive, Dubai Financial Services Authority and Mr. Zahid ur Rehman Khokher, Acting Secretary-General, IFSB

The confirmed panelists are:

Basheer Ahmad, Dubai Financial Services Authority, UAE
Ismail Dadabhoy, Islamic International Financial Market (IIFM), Bahrain
Dr. Mohamed Damak, S&P Global Ratings, UAE
Debashis Dey, White & Case LLP, UAE
Khalid Howladar, Acreditus, UAE
Moosa Tariq Khoory, Dubai islamic Bank, UAE
Gregory Man, Norton Rose Fulbright (Middle East) LLP, UAE
Prof. Volker Nienhaus, University of Bochum

Programme – Event Session(s)

Date
Time
Topics

Day 1
30/04/2017
08:30 – 09:30
Registration

09:30 – 09:45
Welcoming Remarks

09:45 – 10:50
Session 1: Panel Discussion: The Role of Shariah-Compliant Instruments in the Islamic Capital Market Liquidity risk management remains one of the most challenging issues within the IFSI as Shariah principles render most of the conventional capital and money market instruments and borrowing windows/facilities as not compliant. This is at a time when revised Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) liquidity requirements under both Basel III & IFSB GN-6 are gradually being put into effect. There is a significant lack of Shariah-compliant high-quality-liquid-assets (HQLA) that meet LCR requirements and, in the past, many Islamic banks are known to have relied primarily on cash and central bank placements as their main liquidity management tools. Shariah-compliant profit-generating tradable instruments are also widely in demand for liquidity management purposes by other Islamic financial institutions, for instance, in the Takaful and the Islamic asset management industries. Given this, how can existing instruments in the Islamic capital market support liquidity management in the IFSI? What are the issues involving the use of commodity murabaha for managing liquidity? Is there a need to develop new ICM instruments based on other commodities such as crude oil? What efforts can be made by various bodies (e.g. regulatory authorities, multilateral organisations, capital market players, exchanges/bourses) to support liquidity management in the IFSI? What are the opportunities available in the ICM to address this gap in the market?

10:50 – 11:10
Networking Break

11:10 – 12:15
Session 2: Panel Discussion: Securitisation of Islamic Assets Amid a period of liquidity pressures in key IFSI jurisdictions, influenced by prolonged low energy prices and fiscal tightening, an option for Islamic financial institutions with long-term non-tradable assets is to explore securitisation. The global financial crisis tarnished the image of securitisation, to some extent, but building on the lessons learned from the crisis, Shariah-compliant structures could enable Islamic banks to more easily meet revised capital and liquidity regulations. For instance, structures could enable an efficient offloading of non-tradable assets from their balance sheets to improve capital ratios; monetise previously illiquid assets to enhance liquidity; and facilitate raising of cheaper funding at an asset level as opposed to the bank level. The key challenge is in structuring an Islamic financial securitised instrument that meets Shariah requirements and avoids the problems that contributed towards the crisis.

12:30 – 13:30
Networking Lunch

IFSB-FIS Workshop Series (Zambia)
2017-04-18 09:00 - 2017-04-20 16:15 | InterContinental Lusaka, Haile Selassie Ave, Lusaka 10101, Lusaka, Zambia
This 3-day Workshop is tailored for the regulatory and supervisory authorities and the market players for the banking sector within Zambia. It will discuss the overview of Islamic finance and cover the following IFSB Standards:

IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS)
IFSB-3: Guiding Principles on Corporate Governance for IIFS
IFSB-10: Guiding Principles on Sharī`ah Governance Systems for IIFS
IFSB-16: Revised Guidance on Key Elements in the Supervisory Review Process of IIFS

Overall, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;

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

Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

This Workshop is hosted by Bank of Zambia and participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
18/04/2017
09:00 – 09:30
Registration

09:30 – 10:00
Opening Session and Group Photo

10:00 – 11:30
Session 1 – Introduction to the IFSB Introduction to Islamic Finance Concept of Islamic Finance Contracts in Islamic Finance Structures of Islamic Banking Products Prudential Issues in IIFS

11:30 – 11:45
Coffee Break

11:45 – 13:00
Session 2 – IFSB-1: Guiding Principles of Risk Management for Institutions offering Islamic Financial Services (IIFS) Understanding of Risks in IIFS Focus on Credit Risk Focus on Equity Investment Risk Focus on Operational Risk

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3 – IFSB-1: Guiding Principles of Risk Management for IIFS (Cont’d) Focus on Market Risk Focus on Liquidity Risk Focus on Rate of Return Risk Case Studies

16:00 – 16:15
Coffee Break

Day 2
19/04/2017
09:30 – 11:00
Session 4 – IFSB-3: Guiding Principles on Corporate Governance for IIFS Corporate Governance Issues Specific to IIFS General Governance Approach of IIFS Rights of Investment Account Holders (IAHs) Compliance with Sharī`ah Rules and Principles

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5 – IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS Structure of the Sharī`ah Governance System Scope of Sharī`ah Governance System General Approach to the Sharī`ah Governance System Guiding Principles on the Sharī`ah Governance System – Competence

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6 – IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS (Cont’d) Guiding Principles on the Sharī`ah Governance System – Independence Guiding Principles on the Sharī`ah Governance System – Confidentiality Guiding Principles on the Sharī`ah Governance System – Consistency Case Study

16:00 – 16:15
Coffee Break

Day 3
20/04/2017
09:30 – 11:00
Session 7 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Supervisory Preconditions, Criteria and Approaches for Effective Supervision of IIFS Key Elements in the Supervisory Review Process of IIFS Regulatory Capital Requirements Treatment of Investment Account Holders (IAH) and Displaced Commercial Risk

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS (Cont’d) Internal Capital Adequacy Assessment Process Islamic Windows Operations Assessment of Additional Issues Supervisory Transparency and Accountability

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS (Cont’d) Corporate and Shari’ah Governance Transparency and Market Discipline Consolidated and Home-host Supervision Case Study

16:00 – 16:15
Closing & Certificate Giving Ceremony

15th Islamic Financial Stability Forum :Global Regulatory Reforms: What More Needs to be Done and the Challenges for EMEs and Islamic Finance
2017-04-06 15:15 - 17:00 | Lanai Kijang, Kuala Lumpur, Malaysia
The IFSB organised its 15th Islamic Financial Stability Forum (15th IFSF) on 6 April 2017, in Kuala Lumpur, Malaysia.

The 15th IFSF was held in conjunction with the 30th Council Meeting of the IFSB, jointly organised by the Central Bank of the Islamic Republic of Iran and Bank Negara Malaysia.

Programme – Event Session(s)

Date
Time
Topics

Day 1
06/04/2017
15:15 – 15:40
Chairman’s Remarks H.E. Fazle Kabir, Deputy Chairman of the Council of the IFSB and Governor, Bangladesh Bank

15:40 – 16:00
Presentation on: Global Regulatory Reforms: What More Needs to be Done and the Challenges for EMEs and Islamic Finance Speaker: Mr. William Coen, Secretary-General, Basel Committee for Banking Supervision, Bank for International Settlements

16:00 – 16:30
Commentaries by Discussants Discussants: 1. H.E. Dr. Ahmed Abdulkarim Alkholifey, Governor, Saudi Arabian Monetary Authority 2. Professor Dr. Mohamed Azmi Omar, Director General, Islamic Research and Training Institute, Islamic Development Bank Group

16:30 – 16:45
Discussion and Q&A Session

16:45 – 17:00
Coffee and Networking Break

Seminar on Islamic Finance and Regulation
2017-04-04 08:30 - 2017-04-06 17:30 | Sasana Kijang, Bank Negara Malaysia, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
The IFSB Annual Meetings and Side Events 2017 is jointly hosted by the Central Bank of the Islamic Republic of Iran and Bank Negara Malaysia.

The 30th Meeting of the Council, 15th General Assembly of the IFSB, 15th 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: khairun.nissa@ifsb.org)

2) 15th Islamic Financial Stability Forum: Ms. Yazmin Aziz (email: yazmin@ifsb.org)

The following Side Events will also be held in conjuction with the IFSB Annual Meetings 2017.

1) Seminar on Islamic Finance and Global Regulation – Moving Targets and New Horizons: Mrs. Ida Shafinaz Ab. Malek (email: ida.shafinaz@ifsb.org)

2) 9th IFSB Public Lecture on Financial Policy and Stability: Mrs. Ida Shafinaz Ab. Malek (email: ida.shafinaz@ifsb.org)

3) Members and Industry Engagement Session: Mr. Ifran Tarmizi (email: ifran@ifsb.org)

Programme – Event Session(s)

Date
Time
Topics

Day 1
04/04/2017

IFSB SEMINAR ON ISLAMIC FINANCE AND GLOBAL REGULATION: MOVING TARGETS AND NEW HORIZONS (OPEN FOR PUBLIC)

08:30 – 09:30
Registration

09:30 – 09:45
Welcoming Remarks

09:45 – 10:00
Keynote Address

10:00 – 10:30
Coffee Break and Networking

10:30 – 11:45
Session 1: The Roll Out of Regulatory Reforms – Progress so Far and What is Left to Do?

The Session aims to discuss how regulatory and supervisory authorities (RSAs) have achieved implementation and compliance with key prudential regulatory standards. It will look at what have been the main challenges, including the capacity building dimension. What is still to be accomplished e.g. on macroprudential supervision, cross-sector and consolidated supervision, stress testing and dealing with systemically important banks?

11:45 – 13:00
Session 2: Developing Liquid Islamic Money Markets: Challenges in Harmonisation and Local and International Issuances

This session aims to discuss the current state of the sukuk market against the backdrop of the existing economic conditions and market dynamics. What more needs to be done to spur sukuk issuances for liquid and vibrant Islamic money markets? What are specific legal, regulatory and disclosure reforms needed to resolve the impediments? Do sukuk structures and absence of trading platforms pose major hindrances to develop an active secondary sukuk market?

13:00 – 14:00
Lunch and Prayers

14:00 – 15:15
Session 3: New Horizons – Wider Outreach for the IFSI and Structural Challenges

This session aims to discuss the potential for Islamic finance to become more active across the start-up/SME financing space. What are the associated challenges from the regulatory and risk perspectives, and how can Islamic finance better manage these challenges? Discussion will also consider the rise of FinTech (i.e. crowdfunding/digital currencies) and how far Islamic finance can benefit it from its growth.

15:15 – 15:45
Coffee Break and Networking

15:45 – 17:00
Session 4: What does a Future State Islamic Finance Industry Look Like?

The panel discussion will address the opportunities for Islamic finance going forward. Discussions will aim to examine whether the current state and shape of the industry are optimal given structural and regulatory challenges. The panel may look at where it sees the industry in the next 5 years; what does a future state Islamic financial services industry look like, and how do we get there? What are the pre-conditions in terms of capacity building and human resources?

Day 2
05/04/2017

9TH PUBLIC LECTURE ON FINANCIAL POLICY AND STABILITY
MEMBERS & INDUSTRY ENGAGEMENT SESSION
WELCOME DINNER

08:30 – 12:30
9th PUBLIC LECTURE ON FINANCIAL POLICY AND STABILITY

Open for Public

08:35 – 09:30
Registration

09:30 – 09:45
Opening Remarks

09:45 – 10:45
Lecture 1

Speaker: Mr. William Coen, Secretary-General, Basel Committee on Banking Supervision, Bank for International Settlements Topic: Global Adoption of the Basel Framework: Enhancing Financial Stability Across Countries

10:45 – 12:00
Lecture 2

Speaker: Dr. Mohd Daud Bakar, Founder and Group Chairman, Amanie Group Topic: Capital Raising for Sovereigns in an Era of Deficits: Realising Aspirations through Sukūk

12:00 – 12:30
Coffee Break and Networking

12:30 – 14:30
MEMBERS AND INDUSTRY ENGAGEMENT SESSION (Lunch)

Open to all IFSB Members and Financial Institutions

19:30 – 22:30
WELCOME DINNER hosted by Bank Negara Malaysia

Open to IFSB Council, Full, Associate and Observer members only

Day 3
06/04/2017

30TH MEETING OF THE IFSB COUNCIL
15TH GENERAL ASSEMBLY
15TH ISLAMIC FINANCIAL STABILITY FORUM

09:00 – 13:00
30th MEETING OF THE IFSB COUNCIL

IFSB Council and Full Members (and accompanying persons) only

13:00 – 14:05
15th GENERAL ASSEMBLY

IFSB Council, Full, Associate and Observer members (and accompanying persons) only

14:05 – 15:10
Lunch

IFSB Council, Full, Associate and Observer members (and accompanying persons) only

15:15 – 17:00
15th ISLAMIC FINANCIAL STABILITY FORUM

Theme: Global Regulatory Reforms: What More Needs to be Done and the Challenges for EMEs and Islamic Finance Open to IFSB Council, Full, Associate and Observer Members, and selected invitees

17:00 – 17:30
Coffee break

Conference on Soundness Indicators for Conventional and Islamic Finance
2017-03-01 08:30 - 2017-03-02 16:00 | St Regis Abu Dhabi Hotel, Corniche, Nation Towers - 1st St - Al Bateen, Abu Dhabi, United Arab Emirates
The AMF-IFSB-IMF organised a Conference on Soundness Indicators for Conventional and Islamic Finance on 1 – 2 March 2017 in Abu Dhabi, UAE.

The Conference aimed to serve as a platform to bring together mid-to-senior level officials from the central banks and other regulatory and supervisory authorities (RSAs) in member jurisdictions of the IMF, IFSB, and AMF to discuss how the existing indicators for both conventional and Islamic financial systems can support financial stability through macroprudential policies, and to garnered feedback from the authorities on their experiences and challenges in the compilation of these indicators.

The conference was also intended to broaden countries’ interest in compiling soundness indicators, encouraging non-reporting jurisdictions to participate and benefit from these projects.

Almost 60 delegates from among the supervisory authorities and international organisations, academic institutions as well as financial market players attended this conference.

Event Snapshots

Programme – Event Session(s)

Date
Time
Topics

Day 1
01/03/2017
08:30 – 09:00
Registration

09:00 – 09:40
Opening and Welcoming Remarks

09:40 – 09:50
Keynote Address

09:50 – 10:15
Coffee Break & Networking

10:15 – 11:30
Session 1: IMF’s Financial Soundness Indicators and Surveillance The session will focus on the IMF’s Financial Soundness Indicators (FSIs), the ongoing work on the development, compilation, and use of FSIs, including various analytical frameworks for macroprudential and other analysis using FSIs.

11:30 – 13:00
Session 2: Soundness Indicators for the Islamic Financial Services Industry The session will focus on statistical needs of the Islamic financial services industry (IFSI). Data limitations have been a significant issue for the IFSI, which has hindered the accurate surveillance and assessment of its growth and stability. The IFSB’s PSIFIs database project, which was developed in light of these needs, has achieved several key milestones, with further work planned ahead to build a comprehensive and consistent framework and infrastructure for Islamic Financial Statistics.

13:00 – 14:30
Lunch

14:30 – 16:00
Session 3: Interactive Session : Countries Experiences and Challenges in Compiling FSIs and PSIFIs The session will foster discussion and garner feedback from RSAs on their experiences, expectations as well as challenges in the compilation of quality and relevant data for soundness indicators. The session will address the following: What are the challenges in the compilation of FSIs and PSIFIs What are the areas where further progress is needed How does the Soundness Indicators contribute to surveillance and macro prudential and macroeconomic policy making

16:00 – 16:30
Networking and Side Meetings

Day 2
02/03/2017
09:00 – 10:15
Session 4: Use of FSIs and PSIFIs The session will look at how the impact of macro-economic shocks can be assessed by utilising the FSIs and PSIFIs, which are sectoral indicators of financial health, in macro stress testing frameworks of RSAs. Analytical work has focused on how aggregate stress testing can be used in combination with FSIs and PSIFIs – which are typically the outputs or intermediate inputs of stress tests – to enhance their usefulness.

10:15 – 10:45
Coffee Break & Networking

10:45 – 12:15
Session 5: Concentration and Distribution Measures The session will discuss the need for augmenting the FSIs and possibly PSIFIs with relevant concentration and distribution measures (CDMs) to capture tail risks, concentrations, variations in distributions, and the volatility of indicators over time that simple averages can miss. As a starting point, the IMF pilot project launched in July 2014 by the Statistics Department to test the CDMs will be presented.

12:15 – 13:45
Lunch

13:45 – 15:15
Session 6: Panel Discussion Global Soundness Indicators: Future Direction The panel discussion will focus on what is next on the agenda for global soundness indicators, including: Areas for further expansion of data coverage, particularly in terms of addressing priority areas and data gaps; Enhancing the current indicators and compilation methodologies, Future role of soundness indicators in surveillance, core principle assessment and stress testing; Areas for collaboration between multilateral organisations to improve the quality and consistency of financial statistics, including strategies to meet the capacity-building needs to strengthen the institutional and statistical capacity for better understanding, compilation and use of the indicators.

15:15 – 15:30
Closing Remarks

15:30 – 16:00
Networking and Side Meetings

IFSB-FIS Workshop Series (Morocco)
2017-02-28 08:30 - 2017-03-03 17:00 | Bank Al-Maghrib Training Center, Madinat Al Irfane, Rabat, Morocco, X4FG+F7X, Rabat, Morocco
This 4-day regional workshop is tailored for the regulatory and supervisory authorities and the market players within the banking sector. It will discuss on the following IFSB Standards:

IFSB-15: Revised Capital Adequacy Standard for Institutions Offering only Islamic Financial Services (IIFS)
IFSB-16: Revised Guidance on Key Elements in the Supervisory Review Process of IIFS
GN-6: Guidance Note on Quantitative Measure for Liquidity Risk Management in IIFS

Overall, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;

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

Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

This Workshop is hosted by Bank Al-Maghrib and supported by the Islamic Development Bank. Participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
28/02/2017
08:30 – 09:00
Registration

09:00 – 09:30
Opening Session by the IFSB, and Bank Al-Maghrib Representatives Group Photo

09:45 – 11:15
Session 1 – IFSB-15: Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services (IIFS) Components of Capital Capital Conservation Buffer Countercyclical Buffer Case Study on Components of Capital for IIFS

11:15 – 11:30
Coffee Break

11:30 – 13:00
Session 2 – IFSB-15: Revised Capital Adequacy Standard for IIFS (Cont’d) Leverage Ratio Domestic Systemically Important Banks Group Exercise on Leverage Ratio Case Study on Counter cyclical Buffer

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3 – IFSB-15: Revised Capital Adequacy Standard for IIFS (Cont’d) Credit Risk Weights for Various Counter parties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Past Due Receivables & Other Assets

16:00 – 16:30
Coffee Break

Day 2
01/03/2017
09:30 – 11:00
Session 4 -IFSB-15: Revised Capital Adequacy Standard for IIFS (Cont’d) Credit Risk Mitigation Credit Risk Mitigation Techniques Commonly Used by IIFS Credit Risk Mitigation Approaches Recognition of Ratings by External Credit Assessment Institution

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5 – IFSB-15: Revised Capital Adequacy Standard for IIFS (Cont’d) Understanding the Market Risk in Islamic Finance Policies and Procedures for Market risk Guidance on Valuation Practices Group Exercise

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6 – IFSB-15: Revised Capital Adequacy Standard for IIFS (Cont’d) Understanding the Operational Risk in Islamic Finance Measuring Operational Risks Sharī`ah Non-compliance Risk Group Exercise

16:00 – 16:30
Coffee Break

Day 3
02/03/2017
09:30 – 11:30
Session 7 – IFSB-15: Revised Capital Adequacy Standard for IIFS (Cont’d) Features of Sukūk and Securitisation Credit Enhancement for Sukūk Capital Requirements for Sukūk Case Studies

11:30 – 11:45
Coffee Break

11:45 – 13:15
Session 8 – GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management Application of the LCR in IIFS Definition and Categorisation of High Quality Liquid Assets (HQLA) Infrastructure Issues in the Availability of Sharī`ah-compliant HQLA Components of Total Net Cash Outflows

13:15 – 14:15
Lunch and Prayer

14:15 – 16:00
Session 9 – GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management (Cont’d) Formula for Calculating NSFR Available and Required Stable Funding Role of Supervisory Authorities Case Study

16:00 – 16:30
Coffee Break

Day 4
03/03/2017
09:00 – 10:30
Session 10 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Supervisory Preconditions, Criteria and Approaches for Effective Supervision of IIFS Key Elements in the Supervisory Review Process of IIFS Regulatory Capital Requirements Treatment of Investment Account Holders (IAH) and Displaced Commercial Risk

10:30 – 10:45
Coffee Break

10:45 – 11:00
Session 11 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS (Cont’d) Internal Capital Adequacy Assessment Process Islamic Windows Operations Assessment of Additional Issues Supervisory Transparency and Accountability

12:00 – 14:30
Lunch and Prayer

14:30 – 16:00
Session 12 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS (Cont’d) Governance and Risk Management Transparency and Market Discipline Consolidated and Home-host Supervision Case Study

16:00 – 16:30
Closing & Certificate Giving Ceremony

16:30 – 17:00
Coffee Break

14th Islamic Financial Stability Forum : Islamic Finance and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regulation
2016-12-14 14:30 - 17:00 | Alqahera Hall, Ground Floor, The Nile Ritz-Carlton, 1113 Nile Corniche, Ismailia, El Nil, Cairo, Egypt
The 14th Islamic Financial Stability Forum (14th IFSF) was held on 14 December 2016, in conjunction with the 29th Council Meeting of the IFSB, hosted by the Central Bank of Egypt.

The 14th IFSF discussed on issues in the implementation of AML/CFT regulations for Islamic financial services industry and identified opportunities and direction for future work in this important area.

For queries, please contact the IFSB Secretariat, Ms. Yazmin Aziz at yazmin@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
13/12/2016
14:30 – 14:40
Chairman’s Remarks H.E. Tarek Hassan Ali Amer, Governor, Central Bank of Egypt

14:40 – 15:40
Presentation on Islamic Finance and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regulation Speaker: Mr. Mohd Fuad Arshad, Deputy Director of Financial, Intelligence and Enforcement Department, Bank Negara Malaysia

15:40 – 16:00
Discussion and Q&A Session Discussants: 1. Mr. Nadim Kyriakos-Saad, Assistant General Counsel and Head of the Financial Integrity Group, Legal Department, International Monetary Fund 2. Mr. Prasanna Seshachellam, Chief Executive Officer, THEJAS Consulting LLC and Consultant to the IFSB

16:00 – 16:20
Coffee and Networking Break End of Forum

29th Meeting of the Council of the IFSB (For Full Members only) and 14th Islamic Financial Stability Forum (by invitation only)
2016-12-14 08:00 - 17:00 | Alqahera Hall, Ground Floor, The Nile Ritz-Carlton, 1113 Nile Corniche, Ismailia, El Nil, Cairo, Egypt
The 29th Meeting of the Council of the IFSB and 14th Islamic Financial Stability Forum are hosted by the Central Bank of Egypt.

These meetings are by invitation only. For more information on the meetings, please email the following Secretariat in- charge:

1) Council Meeting – Ms. Nur Khairun Nissa Md Zawawi, email : khairun.nissa@ifsb.org

2) Islamic Financial Stability Forum – Ms. Yazmin Aziz, email : yazmin@ifsb.org

Public Hearing of the IFSB Exposure Draft 19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products
2016-12-13 09:30 - 12:00 | Alqahera Hall, Ground Floor, The Nile Ritz-Carlton, 1113 Nile Corniche, Ismailia, El Nil, Cairo, Egypt
The IFSB will be organising a Public Hearing for the IFSB Exposure Draft 19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukūk and Islamic Collective Investment Schemes) on Tuesday, 13 December 2016 at The Nile Ritz Carlton, Cairo, Egypt

Programme – Event Session(s)

Date
Time
Topics

Day 1
13/12/2016
09:30 – 10:00
Registration and Welcome Coffee

10:00 – 10:10
Opening Remarks by Assistant Secretary – General of the IFSB

10:10 – 10:45
Presentation by the Project Manager

10:45 – 11:30
Questions and Answers

11:30 – 12:00
End of Public Hearing and Lunch

IFSB-FIS Workshop Series (Palestine)
2016-12-05 08:30 - 2016-12-08 16:00 | Grand Millennium Hotel, Amman, Jordan, Al Thaqafeh St, Amman, Jordan
This 4-day Workshop is tailored for the regulatory and supervisory authorities as well as the market players in the banking sector in Palestine, and will discuss on the following IFSB Standards:

IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering Islamic Financial Services (IIFS);
IFSB-2: Capital Adequacy Standard for IIFS;
GN-4: Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio (CAR) for IIFS; and
IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS

As a background, IFSB-1: Guiding Principles of Risk Management provides a set of guidelines of best practices for establishing and implementing effective risk management in IIFS. In particular, the Standard sets out 15 principles for managing the risks inherent in Sharī`ah-compliant financial businesses.
IFSB-2: Capital Adequacy Standard is the equivalent of Pillar 1 of Basel II for IIFS. It complements the Basel capital framework by raising the specificities of IIFS that include, inter-alia, the treatment of profit-sharing investment accounts (PSIA) and measuring the risk weights of Sharī`ah-compliant products. Moreover, the Standard proposes two methods for calculating the capital adequacy ratios, namely the Standard formula as well as the supervisory discretion formula.
GN-4: Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio for IIFS, for its part provides a methodology to estimate the value of alpha to be used in the supervisory discretion formula in calculating the CAR of IIFS; and to demonstrate how to measure the Displaced Commercial Risk (DCR).
In addition, IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process offers guidance on key elements in the supervisory review process for authorities supervising IIFS taking into consideration the specificities of the IIFS, the lessons learned from the crisis, while complementing the existing international standards on the supervisory review process, in particular those of the Basel Committee on Banking Supervision (BCBS).
Overall, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
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
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

This Workshop is hosted by the Palestine Monetary Authority and participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Ahmed Barakat at ahmed.barakat@ifsb.org.
Programme – Event Session(s)

Date
Time
Topics

Day 1
05/12/2016
08:30 – 09:00
Registration

09:00 – 10:00
Opening Session Welcome Speech by H.E Mr. Azzam Shawwa, Governor, PMA Speech by Dr. Nagwa Sheikh Eldin, Assistant Secretary-General, IFSB Speech by Dr. Iyad Jayousi, General Manager, PBI Souvenir Distribution and Group Photo

10:00 – 12:00
Session 1: IFSB-1: Guiding Principles of Risk Management for IIFS Understanding of Risks in IIFS Focus on Credit Risk Focus on Equity Investment Risk Focus on Operational Risk

12:00 – 13:00
Lunch and Prayer

13:00 – 14:30
Session 2: IFSB-1: Guiding Principles of Risk Management for IIFS Focus on Market Risk Focus on Liquidity Risk Focus on Rate of Return Risk Case Studies

14:30 – 14:45
Coffee Break

14:45 – 16:00
Session 3: IFSB-2: Capital Adequacy Standard for IIFS Need for Capital Regulation Pillar 1: Capital Adequacy Ratio (CAR): Understanding the Components of CAR CAR Formulas – Standard and Supervisory Discretion Treatment of PSIA – Supervisory Discretion Formula

Day 2
06/12/2016
09:00 – 11:00
Session 4: IFSB-2: Capital Adequacy Standard for IIFS Credit Risk Weights for Various Counterparties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Credit Risk Mitigation

11:00 – 12:00
Lunch and Prayer

12:00 – 13:30
Session 5: IFSB-2: Capital Adequacy Standard for IIFS Measurement of Capital Adequacy Requirements for Market Risk Measurement of Market Risk Market Risk Weight Conversion Factor Case Study

13:30 – 13:45
Coffee Break

13:45 – 15:30
Session 6: IFSB-2: Capital Adequacy Standard for IIFS Overview of Operational Risk Understanding Operational Risk in Islamic Finance Measuring Operational Risks Group Exercise

Day 3
07/12/2016
09:00 – 11:00
Session 7: GN-4: The Determination of Alpha in the Capital Adequacy Ratio for IIFS Background of the Guidance Note Understanding Management of Profit-Sharing Investment Account (PSIA) Understanding the Concept of Alpha and Displaced Commercial Risk (DCR) Measurement of Risk Sharing in PSIA

11:00 – 12:00
Lunch and Prayer

12:00 – 13:30
Session 8: GN-4: The Determination of Alpha in the Capital Adequacy Ratio for IIFS The Determination of Alpha and DCR Issues on Prudential Regulations and Requirements Role of Supervisory Authority in Determination of Alpha and DCR Case Study

13:30 – 13:45
Coffee Break

13:45 – 15:30
Session 9: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Necessary Preconditions for Effective Supervision Supervisory Approaches in the Supervision of IIFS Regulatory Capital Requirements Advanced Approaches and Supervisory Discretion

Day 4
08/12/2016
09:00 – 11:00
Session 10: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Internal Capital Adequacy Assessment Process (ICAAP) Corporate and Sharī’ah Governance Related Party Transactions Case Study

11:00 – 12:00
Lunch and Prayer

12:00 – 13:30
Session 11: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Transparency and Market Discipline Consolidated and Cross-sector Supervision Risk Concentrations in IIFS Case Study

13:30 – 13:45
Coffee Break

13:45 – 15:30
Session 12: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Islamic “Windows” Operations Liquidity Risk Management and Supervision Sound Stress Testing Practices Supervisory Transparency and Accountability

15:30 – 16:00
Closing & Certificate Giving Ceremony

Roundtable on Disclosure Requirements for Islamic Capital Market Products (Sukuk and Islamic Collective Investment Schemes)
2016-11-30 09:00 - 14:00 | Sasana Kijang, Bank Negara Malaysia, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
The IFSB will be organising a Roundtable on Disclosure Requirements for Islamic Capital Market Products on 30 November 2016 in Kuala Lumpur, Malaysia.

The Roundtable aims to discuss Exposure Draft 19 (ED-19) Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukūk and Islamic Collective Investment Schemes). ED-19 aims to provide guidance for regulatory and supervisory authorities (RSAs) on disclosure requirements for Islamic Capital Market (ICM) products, specifically for Sukūk and Islamic Collective Investment Schemes (ICIS). It identifies and sets forth a set of principles that are common to both Sukūk and ICIS, as well as principles that are specific to Sukūk and ICIS disclosures.

The Roundtable will provide a platform for discussion and feedback on the areas of concern, bringing expert opinions, complemented with discussant comments, culminating in an open discussion among ICM industry players, regulatory and supervisory authorities and industry experts in Islamic finance.

For participation enquiries, please contact the IFSB Secretariat; Ms. Yazmin Aziz at yazmin@ifsb.org.

Event Snapshots

The Roundtable on Disclosure Requirements for Islamic Capital Market Products was organised by the IFSB on 30 November 2016 in Kuala Lumpur, Malaysia.The half-day Roundtable was held to discuss Exposure Draft 19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukuk and Islamic Collective Investment Schemes). ED-19 was prepared with the objective of providing guidance for regulatory and supervisory authorities (RSAs) on disclosure requirements for Islamic Capital Market (ICM) products, specifically for Sukuk and Islamic Collective Investment Schemes (ICIS).

The following topics were discussed at the Roundtable:

Introduction & General Principles
Sukūk Disclosure
Islamic Collective Investment Schemes (ICIS) Disclosure

The Roundtable was chaired by Mr. Mohd Radzuan Ahmad Tajuddin, General Manager and Head of Islamic Capital Market & Market Development, Securities Commission Malaysia.

The Project Manager for ED-19, Mrs. Dian Dannira Skymmer, Member of the Secretariat of the IFSB presented the ED-19, and was followed by discussion and comments by invited speakers; Mr. Sarjito, Deputy Commissioner, Capital Market Supervision I, Financial Services Authority, Indonesia, Mr. Moneer Osman Ahmed Elbeely, Administrative Affairs Manager, Administration Department, Sudan Financial Services Company Mr. Wan Rizaidy Wan Saufi, Assistant General Manager, Shariah Audit, Hong Leong Islamic Bank, Malaysia and Mr. Madzlan Hussain, Partner and Head, Islamic Financial Services Practice, Zaid Ibrahim & Co. The IFSB Consultants; Mr. Peter Casey and Mr. Hooman Sabeti-Rahmati also participated in this Roundtable to share their thoughts on ED-19 and summarised the Roundtable discussion.

Almost 50 delegates from the RSAs, ICM industry players and academic institutions attended the Roundtable.

Programme – Event Session(s)

Date
Time
Topics

Day 1
30/11/2016
09:00 – 09:30
Registration

09:30 – 09:40
Opening Remarks

09:40 – 10:15
Presentation on ED-19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products Presentation by: Mrs. Dian Dannira Skymmar, Member of the Secretariat, Technical and Research

10:15 – 10:45
Session 1: Introduction & General Principles Introduction General Principles – Principle G.1: Clear and Accurate Information – Principle G.2: Sufficient Information – Principle G.3: Timely Information

10:45 – 11:30
Session 2: Sukūk Disclosure Application Principle S.1: General Disclosure Principles Applicable to Sukūk Principle S.2: Sharī`ah-related Disclosures for Sukūk Principle S.3: Structure-related Disclosures for Sukūk Principle S.4: Entities about which Disclosures should be made

11:30 – 12:00
Session 3: Islamic Collective Investment Schemes (ICIS) Disclosure Application Principle C.1: Sharī`ah-related Disclosures for ICIS Principle C.2: Operations-related Disclosures for ICIS Principle C.3: Specialist ICIS Disclosure

12:00 – 12:30
Open Discussion

12:30 – 12:50
Consultant’s Summary

12:50 – 14:00
Lunch End of Roundtable

IFSB-FIS Workshops on IFSB Standards for Regulatory and Supervisory Authorities for the Islamic Capital Market and Takaful Sectors
2016-11-29 09:00 - 2016-12-01 16:45 | Training Room 3.1 – 3.3, Sasana Kijang, Bank Negara Malaysia, Jalan Dato Onn, Kuala Lumpur, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
The two separate 3-day Workshops intend to be Train the Trainer Programme and are tailored for the Regulatory and Supervisory Authorities for the Islamic Capital Market and Takāful sectors.

The Workshop for Islamic Capital Market Sector will cover the following sessions and IFSB Standards:

Introduction to Islamic Capital Market
IFSB-6 : Governance for Islamic Collective Investment Schemes (ICIS)
IFSB-10 : Sharī`ah Governance Systems
IFSB-15 : Revised Capital Adequacy – Sukūk and Securitisation
Rountable on Disclosure Requirements for Islamic Capital Market Products (ED-19)

Meanwhile, the Workshop for Takāful Sector will cover the following sessions and IFSB Standards:

Introduction to Takāful, Models and Features
IFSB-8 : Guiding Principles on Governance for Takāful Undertakings
IFSB-11 : Standard on Solvency Requirements for Takāful Undertakings
IFSB-14 : Risk Management for Takāful Undertakings
IFSB-18 : Guiding Principles for Retakāful (Islamic Reinsurance)
Experience Sharing on Regulating Takāful & Retakāful Sector in Various Jurisdictions

Overall, these Workshops aim to:

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

Participation in these Workshops are by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

10th IFSB-INCEIF Executive Forum: Financial Inclusion and Islamic Finance - Aligning Objectives and Methodologies
2016-11-16 08:00 - 2016-11-17 17:00 | Training Room 3.1 & 3.2, Level 3, Sasana Kijang, Training Room 3.1 & 3.2, Level 3, Sasana Kijang, Kuala Lumpur, Malaysia
This is the 10th edition of the IFSB-INCEIF Executive Forum on Islamic Finance Series.
The IFSB-INCEIF Executive Forum aims to provide a platform for global leaders in Islamic finance to discuss selected emerging issues in the Islamic financial services industry. The Executive Forum places emphasis on issues related to supervision and prudential regulation, both at national and international levels, harnessing from the experiences of a distinguished pool of global experts, academicsand practitioners. More information on the theme and sessions will be uploaded in due course.
The theme of the 10th IFSB-INCEIF Executive Forum “Financial Inclusion and Islamic Finance: Aligning objectives and methodologies” aims to clarify and align the objectives and benefits of financial inclusion with that of Maqasid Al-Shariah and emphasise the importance of supervisory and regulatory initiatives in supporting the growth of financial inclusion.
Financial inclusion and shared prosperity have been recognised as key components of the global agenda contributing to stability. However, initiatives related to financial inclusion in the Islamic finance context have been somewhat subdued. At the same time, there are promising initiatives in Islamic microfinance, SMEs development and Microtakāful, all of which have significant potential to contribute to financial inclusion.
The Executive Forum will bring together the advocators of financial inclusion from among experienced practitioners, supervisors and thought leaders as well as Islamic finance industry players. Participants will be exposed to discussions on new methodologies and techniques in the field of financial inclusion, as well as the role of the Regulatory and Supervisory Authorities in ensuring market integrity, financial stability and consumer protection from the financial inclusion perspective. The Panel Session, a key feature of this Executive Forum, will discuss the key issues and challenges in penetrating unbanked Muslims populations, and the availability of infrastructures pivotal in financial inclusion development, as well as policy recommendations from supervisors and market practitioners from the banking, takāful and SME sectors.
The Executive Forum is a paying event. Special rates are offered to all member of the IFSB.
Enjoy group discount of 10% when you register 3 or more participants from the same organisation. (Not applicable to subsidiaries and affiliated companies)
For further enquiries, please email to Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org .

Programme – Event Session(s)

Date
Time
Topics

Day 1
16/11/2016
08:30 – 09:30
Morning Coffee and Registration

09:30 – 09:45
Welcoming Remarks

09:45 – 11:15
Session 1: Financial Inclusion: Aligning current models with differing realities Global Financial Inclusion: A key development agenda Sustainability is Key: The ‘must-have’ building blocks Financial Inclusion: Catalyst for or impediment to growth

11:15 – 11:45
Group Photo and Coffee Break

11:45 – 13:15
Session 2: Islamic Microfinance: Beyond the financial inclusion agenda Islamic Microfinance: Advancing financial inclusion and wealth creation Technology and Innovation: The game changer for microfinance and the financial inclusion agenda Development and Challenges in Islamic Microfinance

13:15 – 14:30
Lunch and Prayers

14:30 – 16:30
Session 3: Moderated Session: Financial Inclusion and Islamic Finance: Approaches and current practices Financial Inclusion and Islamic Finance Solutions: Impacts on the real economy Risk-Sharing Instruments: The solution for enhancing inclusion Islamic Finance and the Challenge of Incorporating More Inclusive Offerings

16:30 – 17:00
Coffee and Networking

Day 2
17/11/2016
08:30 – 09:30
Morning Coffee

09:30 – 11:00
Session 4: Consumer Protection: Financial inclusion and Shari’ah arrangements in protecting consumers Striking the Balance in Consumer Protection Developing Regulations with Robust Supervision Designing Effective Consumer Protection Infrastructure for Financial Inclusion

11:00 – 11:30
Coffee Break and Networking

11:30 – 13:00
Session 5: Strategic Priorities for Enhancing Financial Inclusion: Regulation, supervision, eco-system and innovation Challenges in Bringing Financial Inclusion as a National Strategic Agenda Supervision of Islamic Microfinance Strengthening the Overall Market through Infrastructure and Capability Building for Financial Inclusion

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 6: Panel Discussion on Facilitating the Growth of Islamic Microfinance, SMEs and Microtakāful Diversity in Islamic Microfinance Programmes and Models Are SMEs Responsive to Poverty Alleviation and Financial Inclusion initiatives Accelerating Development with Expanded Coverage through Microtakāful

16:00 – 16:30
Closing & Certificate Giving Ceremony

16:30 – 17:00
Coffee and Networking

Downloadable Document(s)

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1.)

Event Session(s) – PDF Format

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10th IFSB-INCEIF Executive Forum: Financial Inclusion and Islamic Finance – Aligning Objectives and Methodologies

10th IFSB-INCEIF Executive Forum: Financial Inclusion and Islamic Finance - Aligning Objectives and Methodologies
2016-11-11 08:00 - 17:00 | Training Room 3.1 and 3.2, Sasana Kijang, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
This is the 10th edition of the IFSB-INCEIF Executive Forum on Islamic Finance Series.
The IFSB-INCEIF Executive Forum aims to provide a platform for global leaders in Islamic finance to discuss selected emerging issues in the Islamic financial services industry. The Executive Forum places emphasis on issues related to supervision and prudential regulation, both at national and international levels, harnessing from the experiences of a distinguished pool of global experts, academicsand practitioners. More information on the theme and sessions will be uploaded in due course.
The theme of the 10th IFSB-INCEIF Executive Forum “Financial Inclusion and Islamic Finance: Aligning objectives and methodologies” aims to clarify and align the objectives and benefits of financial inclusion with that of Maqasid Al-Shariah and emphasise the importance of supervisory and regulatory initiatives in supporting the growth of financial inclusion.
Financial inclusion and shared prosperity have been recognised as key components of the global agenda contributing to stability. However, initiatives related to financial inclusion in the Islamic finance context have been somewhat subdued. At the same time, there are promising initiatives in Islamic microfinance, SMEs development and Microtakāful, all of which have significant potential to contribute to financial inclusion.
The Executive Forum will bring together the advocators of financial inclusion from among experienced practitioners, supervisors and thought leaders as well as Islamic finance industry players. Participants will be exposed to discussions on new methodologies and techniques in the field of financial inclusion, as well as the role of the Regulatory and Supervisory Authorities in ensuring market integrity, financial stability and consumer protection from the financial inclusion perspective. The Panel Session, a key feature of this Executive Forum, will discuss the key issues and challenges in penetrating unbanked Muslims populations, and the availability of infrastructures pivotal in financial inclusion development, as well as policy recommendations from supervisors and market practitioners from the banking, takāful and SME sectors.
The Executive Forum is a paying event. Special rates are offered to all member of the IFSB.
Enjoy group discount of 10% when you register 3 or more participants from the same organisation. (Not applicable to subsidiaries and affiliated companies)
For further enquiries, please email to Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org .
Programme – Event Session(s)

Date
Time
Topics

Day 1
16/11/2016
08:30 – 09:30
Morning Coffee and Registration

09:30 – 09:45
Welcoming Remarks

09:45 – 11:15
Session 1: Financial Inclusion: Aligning current models with differing realities Global Financial Inclusion: A key development agenda Sustainability is Key: The ‘must-have’ building blocks Financial Inclusion: Catalyst for or impediment to growth

11:15 – 11:45
Group Photo and Coffee Break

11:45 – 13:15
Session 2: Islamic Microfinance: Beyond the financial inclusion agenda Islamic Microfinance: Advancing financial inclusion and wealth creation Technology and Innovation: The game changer for microfinance and the financial inclusion agenda Development and Challenges in Islamic Microfinance

13:15 – 14:30
Lunch and Prayers

14:30 – 16:30
Session 3: Moderated Session: Financial Inclusion and Islamic Finance: Approaches and current practices Financial Inclusion and Islamic Finance Solutions: Impacts on the real economy Risk-Sharing Instruments: The solution for enhancing inclusion Islamic Finance and the Challenge of Incorporating More Inclusive Offerings

16:30 – 17:00
Coffee and Networking

Day 2
17/11/2016
08:30 – 09:30
Morning Coffee

09:30 – 11:00
Session 4: Consumer Protection: Financial inclusion and Shari’ah arrangements in protecting consumers Striking the Balance in Consumer Protection Developing Regulations with Robust Supervision Designing Effective Consumer Protection Infrastructure for Financial Inclusion

11:00 – 11:30
Coffee Break and Networking

11:30 – 13:00
Session 5: Strategic Priorities for Enhancing Financial Inclusion: Regulation, supervision, eco-system and innovation Challenges in Bringing Financial Inclusion as a National Strategic Agenda Supervision of Islamic Microfinance Strengthening the Overall Market through Infrastructure and Capability Building for Financial Inclusion

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 6: Panel Discussion on Facilitating the Growth of Islamic Microfinance, SMEs and Microtakāful Diversity in Islamic Microfinance Programmes and Models Are SMEs Responsive to Poverty Alleviation and Financial Inclusion initiatives Accelerating Development with Expanded Coverage through Microtakāful

16:00 – 16:30
Closing & Certificate Giving Ceremony

16:30 – 17:00
Coffee and Networking

IFSB-FIS Workshop on IFSB Standards for Regulatory and Supervisory Authorities for the Banking Sector
2016-10-24 09:00 - 2016-10-28 16:30 | Training Room 3.1 and 3.2, Sasana Kijang, Bank Negara Malaysia, Kuala Lumpur, Malaysia
This 5-day Workshop is tailored for the regulatory and supervisory authorities for the banking sector, thus intend to be a Train the Trainer Programme for the staff on the IFSB Standards. The main focus of the Workshop lies in incorporating the latest IFSB Standards issued by the IFSB after the world post-crisis in 2008 and Basel III issuance which are IFSB-15: Revised Capital Adequacy Standard for Institutions offering only Islamic Financial Services (IIFS), GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management and IFSB-17: Core Principles for Islamic Finance Regulation (Banking Segment). In addition, the workshop will also cover sessions for Exposure Draft (ED) of Technical Note-2 (TN-2) on Stress Testing for IIFS which follows on from, and complements, the earlier IFSB-13, Guiding Principles on Stress Testing for IIFS. The IFSB-13, which was issued in 2012 provides a comprehensive stress testing framework for both IIFS and supervisory authorities.
As a background, the main objective of IFSB-17 is to provide a set of Core Principles – along with associated assessment methodology – for the regulation and supervision of the Islamic financial services industry (IFSI), taking into consideration the specificities of the IIFS in the banking segment, the lessons learned from the financial crisis, and complementing the existing international standards, principally the Core Principles for Effective Banking Supervision issued by the Basel Committee on Banking Supervision.
IFSB-15: Revised Capital Adequacy Standard, for its part, includes implementation of an optimal capital adequacy framework to facilitate the effective coverage of risk exposures of the IIFS as well as the allocation of appropriate capital to cover these risks in a manner that is based predominantly on the Standardised Approach. This Standard also provides guidance on the features and criteria for high-quality regulatory capital components, including Additional Tier 1 and Tier 2, which comply with Sharī`ah rules and principles. Similarly, it includes new guidance on macroprudential tools, such as capital buffers and leverage ratios (especially for domestic systemically important banks) which shall support the supervisory authorities in achieving the goal of protecting the banking system and the real economy from system-wide shocks.
Moreover, GN-6: Quantitative Measures for Liquidity Risk Management Guidance Note complements the Standard IFSB-12: Guiding Principles on Liquidity Risk Management for IIFS, and supports the harmonised application of the international regulatory regime in the area of liquidity risk management. This is achieved by providing guidance on the application of global liquidity standards for the IIFS, especially the Liquidity Coverage ratio (LCR) and Net Stable Funding Ratio (NSFR) at the current stage, with suitable adjustments based on the specific operational characteristics. Moreover, it provides guidance to supervisory authorities on the application of the LCR and NSFR in their jurisdictions and on their role in assessing the discretionary items specified in this GN, including application of the alternative liquidity approaches (ALA).
TN-2: Technical Note on Stress Testing provides stress testing scenarios that address multiple types of risks and their interrelated effects on the overall financial position and performance of the portfolio, the institution itself or the overall financial system. It incorporates risk specificities of Sharī`ah-compliant contracts’ when conducting stress tests on an IIFS.
Overall, this Workshop intends to be a Train the Trainer programme for the staff of regulatory and supervisory authorities on the IFSB Standards, and aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
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
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

Participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.
Programme – Event Session(s)

Date
Time
Topics

Day 1
24/10/2016
09:00 – 09:30
Registration

09:30 – 09:45
Welcoming Address & Group Photo

09:45 – 11:15
Session 1: IFSB-17 – Core Principles for Islamic Finance Regulation (Banking Segment) Necessary Preconditions for Effective Supervision Assessment Methodology for CPIFR Responsibilities, Objectives and Powers Independence, Accountability, Resourcing and Legal Protection for Supervisors

11:15 – 11:30
Coffee Break

11:30 – 13:00
Session 2: IFSB-17 – Core Principles for Islamic Finance Regulation (Banking Segment) Cooperation and Collaboration Supervisory Approach, Techniques and Tools Treatment of Investment Account Holders (IAHs) Corporate and Sharī`ah Governance Framework

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3: IFSB-17 – Core Principles for Islamic Finance Regulation (Banking Segment) Risk Management Process Transactions with Related Parties Transparency and Market Discipline Case Study

16:00 – 16:30
Coffee Break

Day 2
25/10/2016
09:30 – 11:00
Session 4: IFSB-15: Revised Capital Adequacy Standard for IIFS Components of Capital Capital Conservation Buffer Countercyclical Buffer Domestic Systemically Important Banks

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5: IFSB-15: Revised Capital Adequacy Standard for IIFS Credit Risk Weights for Various Counterparties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Credit Risk Mitigation

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6: IFSB-15: Revised Capital Adequacy Standard for IIFS Understanding the Market Risk in Islamic Finance Policies and Procedures for Market risk Guidance on Valuation Practices Group Exercise

16:00 – 16:30
Coffee Break

Day 3
26/10/2016
09:30 – 11:00
Session 7: IFSB-15: Revised Capital Adequacy Standard for IIFS Overview of Operational Risk Understanding Operational Risk in Islamic Finance Measuring Operational Risks Group Exercise

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8: GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management Application of the LCR in IIFS Definition and Categorisation of High Quality Liquid Assets (HQLA) Operational Considerations for HQLA Infrastructure Issues in the Availability of Sharī`ah-compliant HQLA

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9: GN-6 – Guidance Note on Quantitative Measures for Liquidity Risk Management Components of Total Net Cash Outflows Formula for Calculating NSFR Available and Required Stable Funding Case Study

16:00 – 16:30
Coffee Break

Day 4
27/10/2016
09:30 – 11:00
Session 10: GN-6 – Guidance Note on Quantitative Measures for Liquidity Risk Management The Internal Liquidity Adequacy Assessment Processes & Supervisory Liquidity Review Process Principles for Applying Alternative Liquidity Approaches Disclosure Requirements for LCR and NSFR Case Study

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 11: TN-2 – Stress Testing for IIFS Basic Requirements for Conducting Stress Tests Solvency Stress Tests Stress Test Models Role of RSAs and Critical Considerations

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 12: TN-2 – Stress Testing for IIFS Liquidity Stress Tests Liquidity Stress Scenarios and Stress Test Models Review and Analysis of the Results Case Study

16:00 – 16:30
Coffee Break

Day 5
28/10/2016
09:30 – 10:30
Session 13: TN-2 – Stress Testing for IIFS Recent Developments in Stress Tests Integrated Liquidity and Solvency Tests Network Contagion and Second-round Effect Analysis Cross-border Macro Stress-testing

10:30 – 10:45
Coffee Break

10:45 – 12:00
Session 14: Experience Sharing on the IFSB Standards’ Implementation

12:00 – 12:15
Closing & Certificate Giving Ceremony

12:15 – 14:00
Lunch and Prayer

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

IFSB-FIS Workshop Series (Philippines)
2016-10-10 09:00 - 2016-10-12 17:00 | –, Bali, Indonesia
This 3-day Workshop is tailored for the Bangko Sentral ng Pilipinas, industry players and other key stakeholders of the Islamic finance sector in Philippines. It will discuss the overview of Islamic finance and cover the following IFSB Standards:

Introduction to Islamic Finance
IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS)
IFSB-10: Guiding Principles on Sharī`ah Governance Systems for IIFS
IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS

As a background, IFSB-1: Guiding Principles of Risk Management provides a set of guidelines of best practices for establishing and implementing effective risk management in IIFS. In particular, the Standard sets out 15 principles for managing the risks inherent in Sharī`ah-compliant financial businesses.

IFSB-10: Guiding Principles on Sharī`ah Governance Systems, for its part, 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.

In addition, IFSB-16: Revised Guidance on Key Elements in the Supervisory Review Process offers guidance on key elements in the supervisory review process for authorities supervising IIFS taking into consideration the specificities of the IIFS, while complementing the existing international standards on the supervisory review process, in particular those of the Basel Committee on Banking Supervision (BCBS).

Overall, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles of the IFSB, thereby facilitating the implementation of these standards in their respective jurisdictions;
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
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

This Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
10/10/2016
09:00 – 09:30
Registration

09:30 – 10:00
Welcoming Remarks and Group Photo

10:00 – 11:30
Session 1 – Introduction to the IFSB and Introduction to Islamic Finance Concept of Islamic Finance Contracts in Islamic Finance Structures of Islamic Banking Products Prudential Issues in IIFS

11:30 – 11:45
Coffee Break

11:45 – 13:00
Session 2 – IFSB-1: Guiding Principles of Risk Management for Institutions offering Islamic Financial Services (IIFS) Understanding of Risks in IIFS Focus on Credit Risk Focus on Equity Investment Risk Focus on Operational Risk

13:00 – 14:00
Lunch

14:00 – 15:30
Session 3 – IFSB-1: Guiding Principles of Risk Management for IIFS – Continued Focus on Market Risk Focus on Liquidity Risk Focus on Rate of Return Risk Case Study

15:30 – 15:45
Coffee Break

15:45 – 17:00
Session 4 – IFSB-16: Revised Guidance on Key Elements in the Supervisory Review Process Introduction to IFSB-16 Necessary Preconditions for Effective Supervision Additional Considerations in the Issuance of an IIFS License Supervisory Approaches in the Supervision of IIFS

Day 2
11/10/2016
09:30 – 11:00
Session 5 – IFSB-16: Revised Guidance on Key Elements in The Supervisory Review Process – Continued Components of Capital Capital Conservation Buffer and Countercyclical Buffer Regulatory Capital Requirements Guidance on the Slotting Method

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 6 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process – Continued Treatment of IAH and Displaced Commercial Risk Advanced Approaches and Supervisory Discretion Internal Capital Adequacy Assessment Process (ICAAP) Case Study

13:00 – 14:00
Lunch

14:00 – 15:30
Session 7 – IFSB-16: Revised Guidance on Key Elements in The Supervisory Review Process – Continued Corporate Governance Risk Management Processes Enterprise-wide Risk Management Framework Related Party Transactions

15:30 – 15:45
Coffee Break

15:45 – 17:00
Session 8 – IFSB-16: Revised Guidance on Key Elements in The Supervisory Review Process – Continued Features of Sukūk and Securitisation Regulatory Capital for Sukūk in IIFS Special Purpose Entities (SPEs) and Key Considerations in the Supervisory Review Process Case Study

Day 3
12/10/2016
09:30 – 11:00
Session 9 – IFSB-16: Revised Guidance on Key Elements in The Supervisory Review Process – Continued Consolidated and Home-host Supervision Islamic “Windows” Operations Liquidity Risk Management and Supervision Supervisory Transparency and Accountability

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 10 – IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS Objectives of IFSB-10 Structure of the Sharī`ah Governance System Scope of Sharī`ah Governance System

13:00 – 14:00
Lunch

14:00 – 15:00
Session 11 – IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS – Continued General Approach to the Sharī`ah Governance System Guiding Principles on the Sharī`ah Governance System – Competence Guiding Principles on the Sharī`ah Governance System – Independence

15:00 – 15:15
Coffee Break

15:15 – 16:30
Session 12 – IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS – Continued Guiding Principles on the Sharī`ah Governance System – Confidentiality Guiding Principles on the Sharī`ah Governance System – Consistency Case Study

16:30 – 17:00
Closing & Certificate Giving Ceremony

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

World Bank - IFSB High-Level Seminar on Sustainable Development Goals and the Role of Islamic Finance
2016-10-06 08:30 - 12:30 | The World Bank – C Building, 8th Floor, Room 150 1225 Connecticut Avenue NW, Washington, DC 20036, Washington D.C, United States
The World Bank (WB) and the Islamic Financial Services Board (IFSB) are jointly organising a High-Level Seminar on Sustainable Development Goals and the Role of Islamic Finance on 6 October 2016, during the INMF – WB Annual Meetings in Washington D.C., USA.

This seminar is designed to encourage broad interaction among the delegates to explore the prospective role of Islamic finance in supporting social and economic development globally with the hope of achieving the United Nation’s Sustainable Development Goals. To this end, the Seminar will offer perspectives of Islamic finance principles, and financing modalities, which directly relate to the potential role of this quickly expanding sector in addressing the global funding gap, both in the developed and developing world, whilst tapping into the ethical investor market. The Seminar also will discuss the potential for synergy in the roles of policy-makers, regulators and market players in helping to expand the role of Islamic finance in achieving socio-economic goals.

Participation in this High-Level Seminar is by Invitation Only. For enquiries, please contact the IFSB Secretariat; Ms. Yazmin Aziz at yazmin@ifsb.org.

Event Snapshots

The World Bank – IFSB High-Level Seminar was attended by more than 100 participants, including government officials, bankers, asset managers and academics from all over the world, which was held at the office of the World Bank Treasury on October 6. The Seminar was held in conjunction with the IMF/WB Annual Meetings in Washington D.C

The Seminar was highlighted by a Keynote Address by His Royal Highness Muhammadu Sanusi II, the Emir of Kano and former Governor of the Central Bank of Nigeria, followed by an extensive question and answer session, moderated by Dr. Michael J.T. McMillen, Adjunct Professor, University of Pennsylvania and Partner at Curtis, Mallet-Prevost, Colt & Mosle LLP, USA.

The Seminar has featured Dr. Walid Abdelwahab, Islamic Development Bank, Mr. Cyrus Ardalan, International Finance Facility for Immunization, Mr. Osman Celik, Undersecretariat of Treasury of Turkey, Mr. Mohd Izani Ghani, Khazanah Nasional Berhad, Malaysia and H.E. Dr. Muliaman Hadad, Financial Services Authority of Indonesia as panelists.

Ms. Arunma Oteh, the Vice President and Treasurer of the World Bank delivered the Opening Remarks, followed by a speech by Mr. Jaseem Ahmed, the Secretary-General of the IFSB. The Seminar ended by Closing Remarks by Ms. Gloria Grandolini, Senior Director of the World Bank’s Finance and Markets Global Practice Group.

Programme – Event Session(s)

Date
Time
Topics

Day 1
06/10/2016
WB-IFSB HIGH-LEVEL SEMINAR ON ISLAMIC FINANCE

THEME: SUSTAINABLE DEVELOPMENT GOALS AND THE ROLE OF ISLAMIC FINANCE

08:30 – 09:00
Registration

09:00 – 09:20
Welcoming Remarks Ms. Arunma Oteh, OON, Vice President and Treasurer, World Bank

09:20 – 09:50
Keynote Address H.R.H. Muhammadu Sanusi II, The Emir of Kano and Former Governor, Central Bank of Nigeria

09:50 – 10:10
Cofee Break

10:10 – 10:30
Introduction of Moderator & Panel Members Mr. Jaseem Ahmed, Secretary-General, Islamic Financial Services Board

10:30 – 12:10
Panel Discussion : “Realising Sustainable Economic and Social Objectives through Islamic Finance” Moderator: Dr. Michael J. T McMillen, Adjunct Professor, University of Pennsylvania and Partner at Curtis, Mallet-Prevost, Colt & Mosle LLP Panelists: H.E. Dr. Muliaman Darmansyah Hadad, Chairman of Board of Commissioners of the Financial Services Authority (OJK), Indonesia Mr. Osman Çelik, Head, Undersecretary of Turkish Treasury, The Republic of Turkey Mr. Cyrus Ardalan, Member of the Board, International Finance Facility for Immunisation, United Kingdom Mr. Mohd Izani Ghani, Executive Director, Finance and Chief Financial Officer, Khazanah Nasional Berhad, Malaysia In the backdrop of global macroeconomic challenges and financial pressures in major markets, the fast expanding global pool of Sharī`ah-compliant capital has become an attractive source for various sovereigns, government-related entities and corporates to tap into to meet their financing needs. Additionally, Islamic financing facilities have also begun to be innovatively used for funding various social projects including vaccination/immunisation programmes, student educational loans, financing green energy projects, improving quality of education in public schools, providing microfinance to low-income groups, etc. There is significant potential for Islamic finance to support social and economic developments globally with the hope of achieving the United Nation’s Sustainable Development Goals. This panel will seek to develop insights and proposals for both policy makers and the private sector from the perspective of utilising Islamic finance as an economically viable alternative funding source to attain global economic and social objectives. In particular, the panel will examine the potential for public-private synergies in the development of an Islamic finance legal and regulatory framework, and for a sound supportive institutional structure, as well as for knowledge sharing and capacity development goals. The panel will showcase real-life case studies on Islamic finance to provide practical examples on the above.

12:10 – 12:30
Closing Remarks Ms. Gloria Grandolini, Senior Director, Finance & Markets Global Practice Group, World Bank

12:30 – 12:30
End of Seminar

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

WB – IFSB High-Level Seminar on Islamic Finance

9th IFSB-INCEIF Executive Forum: Promoting Sound and Effective Shari'ah Governance Practices
2016-10-05 08:00 - 2016-10-06 17:00 | Training Room 3.1 & 3.2, Level 3, Sasana Kijang, Training Room 3.1 & 3.2, Level 3, Sasana Kijang, Kuala Lumpur, Malaysia
The IFSB-INCEIF Executive Forum aims to provide a platform for global leaders in Islamic finance to discuss selected emerging issues in the Islamic financial services industry. The Executive Forum places emphasis on issues related to supervision and prudential regulation, both at national and international levels, harnessing from the experiences of a distinguished pool of global experts, academics and practitioners. More information on the theme and sessions will be uploaded in due course.
This 9th edition of the IFSB-INCEIF Executive Forum addresses the governance perspectives of institutions offering Islamic financial services (IIFS). Without a shadow of doubt, Sharī’ah governance plays a major role in charting the strategic direction of institutions be it when opportunities are abound or in the current environment where caution seems to be the prevailing theme.
The theme of this Executive Forum, Promoting Sound and Effective Sharī’ah Governance Practices, aims to address this strategic imperative by bringing together experienced practitioners, banking supervisors, and thought leaders of the Islamic financial services industry to participate in active discussions knowledge-sharing sessions. Participants are expected to have in depth discussions on a wide array of issues related to Sharī’ah governance, the growing demands of stakeholders for robust governance framework after global financial crisis and how Sharī’ah governance can meet the expectations of various stakeholders.
The best global practices of corporate and Sharī’ah governance will be presented, with suggestions for incorporation within organisations. This Executive Forum will also spotlight banking supervisors in ensuring that robust governance structures are in place. The Executive Forum is expected to shed light on the efforts towards promoting and enhancing the current corporate and Sharī’ah governance practices, to support the growth of the Islamic financial services industry.
The Executive Forum is a paying event. Special rates are offered to all member of the IFSB.
Enjoy group discount of 10% when you register 3 or more participants from the same organisation. (Not applicable to subsidiaries and affiliated companies)
For further queries, please email Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
05/10/2016
08:30 – 09:30
Morning Coffee and Registration

09:30 – 09:45
Opening and Welcoming Address

09:45 – 11:15
Session 1: The Essence of Shari’ah Governance: Exceeding Stakeholders Expectations Key global developments in Shari’ah governance Rising to the challenges of Shari’ah governance Ensuring robust Shari’ah governance in Islamic financial institutions

11:15 – 11:45
Group Photo and Coffee Break

11:45 – 13:15
Session 2: Strategic Focus: Building optimal Shari’ah Governance Structures Top Management and the BOD: Optimal understanding and direction for Shari’ah Governance Shari’ah non-compliance risk: Holistic initiatives within Islamic financial institutions Shari’ah Auditing: A key Line of Defence in operationalising Shari’ah governance models

13:15 – 14:30
Lunch and Prayers

14:30 – 16:30
Session 3: Moderated Session: Aligning Objectives and Practices Towards Convergence: Corporate and Shari’ah Governance Shareholder vs. Stakeholder Protection: A strategic imperative Synchronising corporate and Shari’ah governance responsibilities Profiting from the integration of corporate and Shari’ah governance frameworks

16:30 – 17:00
Coffee break

Day 2
06/10/2016
08:30 – 09:30
Morning Coffee

09:30 – 11:00
Session 4: Managing Reputational Risk: Shari’ah governance and enhancing cross-border credibility Global practices and models of Shari’ah governance No One Size Fits All: Regulation vs. decentralisation Addressing the challenges in cross-border supervision

11:00 – 11:30
Coffee break

11:30 – 13:00
Session 5: Towards Greater Market Discipline: Shari’ah governance in enhancing disclosure for IIFS Preconditions for effective market discipline and improving disclosure for the IFSI Protecting the rights of PSIA and the role of the Shari’ah Board The supervisory challenges in promoting and enforcing market discipline and disclosure

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 6: Panel Discussion: Current practices in Shari’ah Governance: Lessons and take-away for enhancements Optimising the Shari’ah governance structure in Islamic banks Current practices in Shari’ah governance for the takāful industry Ensuring transparency and market discipline for Islamic capital markets

16:00 – 16:30
Closing & Certificate Giving Ceremony

16:30 – 17:00
Coffee break

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

9th IFSB-INCEIF Executive Forum: Promoting Sound and Effective Shari’ah Governance Practices

World Bank-IFSB-Turkish Treasury Conference on Takaful : Realising the Value Proposition of the Takaful Industry for a Stable and Inclusive Financial System
2016-05-30 08:00 - 2016-05-31 17:00 | Renaissance Istanbul Polat Bosphorus Hotel, Istanbul, Turkey
This Conference was jointly organised by the Islamic Financial Services Board (IFSB), the World Bank and Undersecretariat of Treasury of the Republic of Turkey and supported by the Insurance Association of Turkey and Participation Insurance Association of Turkey on 30 & 31 May 2016, in Istanbul, Turkey.

This Conference aimed to provide a platform for global practitioners and stakeholders in Takāful industry to discuss selected emerging issues. It covered issues such as the recent outlook of the Takāful industry and its potential in enhancing risk coverage of households and corporates, as a tool for financial inclusion, as well as its role in supporting the growth of Islamic finance industry globally.

The Conference included discussions on the developments made in the legal, regulatory, and supervisory framework for Takāful and Retakāful sectors, focusing on the pre-requisites and governance of these sectors at national and international levels.

18 chairpersons and discussants who were senior financial sector supervisors and experts from international financial institutions participated as speakers who panelled the following sessions:

Global Overview of the Takāful Sector: Trends and Policy Developments
Regulatory Developments and Implications for the Industry – Contrasting the Various Approaches to Regulating Takāful
The Role of Microtakāful in Financial Inclusion
Risk Management and Governance in Takāful
Challenges in Developing the Retakāful Sector
Panel Discussion – Taking Takāful to the Next Level

The Conference saw the attendance of nearly 100 participants from government, regulatory and supervisory bodies, legal sector and higher learning institutions.

The Papers of this Conference are planned to be published in a joint IFSB-WB publication.

Programme – Event Session(s)

Date
Time
Topics

Day 1
30/05/2016
08:30 – 09:00
Reception and Registration

09:00 – 09:30
Opening and Welcoming Remarks

09:30 – 10:00
Keynote Addresses

10:00 – 10:30
Coffee Break

10:30 – 11:45
Session 1: Global Overview of the Takāful Sector: Trends and Policy Developments This session provides participants with an overview of the Takāful industry, worldwide growth trends and policy developments in various regions. Participants will be able to have a view of how the industry has evolved since Takāful started in 1970s as well as the various challenges faced by the new and matured Takāful markets. Participants of the conference will also get insights into how the industry contributes to the stability of financial system through its risk sharing features.

11:45 – 13:00
Session 2: Regulatory Developments and Implications for the Industry – Contrasting the Various Approaches to Regulating Takāful This session aims to exemplify how the evolving regulatory requirements of the global standard setting institutions are impacting the regulation of the industry. The challenges faced by the regulators in harmonising the standards of the conventional insurance and Takāful sector shall be illustrated. The session will also illuminate on the industry players’ perspective on meeting the evolving regulatory landscape and implications for their operations.

13:00 – 14:00
Luncheon

14:00 – 15:15
Session 3: The Role of Microtakāful in Financial Inclusion This session aims to highlight how Microtakāful contribute the availability of risk coverage products to the wider sections of society. Initiatives of various countries and institutions will be shared with the participants to provide a reflection on how the excluded sections of society benefit from the Sharī`ah compliant and affordable insurance products and services.

15:15 – 15:45
Coffee Break

15:45 – 17:00
Session 4: Risk Management and Governance in Takāful This session aims to provide the various governance structures that have been proven to be effective for jurisdictions in managing the risks in Takāful operation. Key elements of risk management will be shared with the participants to provide an enhanced understanding of how Takāful Operators are able to better equip themselves in managing the diverse risks.

Day 2
31/05/2016
08:30 – 09:00
Morning Coffee

09:00 – 10:15
Session 5: Challenges in Developing the Retakāful Sector This session draws upon the issues and challenges faced by the Retakāful sector in meeting the demands from the Takāful industry. The (lack of) regulation of Retakāful activities has thus far created misinterpretation on various aspects of Retakāful operation. This calls for the need to have a standardised supervising method of Retakāful activities, in addition to garnering best practices by the industry players. Participants will be able to get a view of what the IFSB has recommended in its latest standard on Retakāful, IFSB-18: Guiding Principles of Retakāful (Islamic Reinsurance).

10:15 – 10:45
Coffee Break

10:45 – 12:00
Session 6: Panel Discussion – Taking Takāful to the Next Level This final session gathers experienced Takāful industry players, regulators, and thought leaders to deliberate on the way forward for the Takāful industry. They will share their thoughts on Takāful outlook, underlying opportunities, and how the industry should brace itself for the development in the next 20 years.

12:00 – 12:15
Closing Remarks

12:15 – 14:00
End of Conference / Luncheon

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

Brochure

3.)

Renaissance Istanbul Polat Bosphorus Hotel – Form

Seminar on Islamic Finance - The Real Economy and the Financial Sector
2016-05-23 02:00 - 2016-05-24 02:00 | Aula Magna, at Maria de Molina St. # 11: IE Business School, Madrid, Spain, Madrid, Spain
For queries, please contact Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org
Event Snapshots

The IFSB organised the Seminar on Islamic Finance which was supported by Banco De España in collaboration IE Business School. The Seminar themed The Real Economy and Financial Sector was held on 24 May 2016, in Madrid, Spain. The Seminar is part of the IFSB European Forum Series.
The Opening Remarks were delivered by H.E. Luis M. Linde, Governor, Banco De España, Mr. Jaseem Ahmed, Secretary-General, IFSB and Mr. Guillermo de la Dehesa Romero, Chairman, IE Business School.
The Seminar was designed to encourage broad interaction among the delegates to explore the potential re-alignment of economic policy frameworks in a manner that strengthens the linkages between the real economy and the financial sector as well as offering some perspectives of Islamic finance principles, and financing modalities, which directly relate to the real sector from both the viewpoints of risk and return. The sessions discussed the following issues:

Panel Discussion – Islamic Finance: Legal and Regulatory Considerations
Sukūk – A Growing Alternative Asset Class to Fund the Real Sector
Equity-based Financing and its Effects on Macroeconomic Resilience
Banking the Unbanked: Enhancing Financial Inclusion using Risk-Sharing Instruments

The Seminar was attended by over 80 delegates, with a line-up of 15 chairpersons and speakers from among regulators, academics and Islamic financial sector experts and practitioners from among the European as well as global financial community.
An Introductory Seminar on Islamic Finance was also held on 23 May 2016. This half-day event aimed to provide a better understanding, especially to the local delegates, on Islamic Finance. Over 60 delegates attended the Introductory Seminar.
Programme – Event Session(s)

Date
Time
Topics

Day 1
23/05/2016
SEMINAR ON ISLAMIC FINANCE: AN INTRODUCTION

14:00 – 15:00
Registration and Networking

15:00 – 15:10
Welcoming Remarks

15:10 – 16:10
Session 1 – Islamic Finance: Facts and Figures Over the last decade, Islamic finance has gained much acceptance in the global arena with estimates indicating the presence of more than 600 Islamic financial institutions operating across nearly 70 countries. The industry has approximately USD2 trillion worth of assets having expanded from offering basic banking services in the 1990s to become a holistic financial sector offering Sharī`ah-compliant capital markets, asset management as well as insurance products and services. The stakeholders of the industry include both Muslim majority and non-Muslim majority jurisdictions as well global multilateral development banks and international organisations. In Europe, Islamic financial transactions are actively undertaken in some countries including in the United Kingdom, Luxembourg and Germany. This session aims to: Highlight the growth and development of the global Islamic financial services industry (IFSI) across diverse regions globally. Detail out the progress made in each of IFSI’s three main segments – Islamic banking, Islamic capital markets and Takāful (Islamic insurance). Discuss the regulatory developments in Islamic finance, and the role and work of the IFSB. Discuss the initiatives and prospects for Islamic finance in Europe.

16:15 – 17:15
Session 2 – Challenges and Opportunities for the Implementation of Islamic Finance in Spain Islamic finance provides a new and alternative source of funds for families, companies and public institutions. Although this system has originated from the Middle East and Asia, it is gaining traction globally during times when many are deliberating viable alternatives to the traditional financial systems in the Western countries. In Spain, a particular segment that experiences difficulty in steady availability of credit is the Small and Medium Enterprises (SMEs). Islamic finance principles propose a risk-sharing and equity-based financing mechanism that potentially provides a more viable modality for financing entrepreneurs, SMEs, as well as corporations and the whole society in general. Nonetheless, there will be challenges in the implementation of Islamic finance in Spain. This session aims to: Explore the value proposition for Islamic finance as an alternative financing modality for Spanish businesses Explain key features and models of Islamic finance Discuss the opportunities for Islamic finance in Spain, and its implementation challenges

17:15 – 00:00
Coffee Break and Networking

Day 2
24/05/2016
SEMINAR ON ISLAMIC FINANCE: THE REAL ECONOMY AND FINANCIAL SECTOR

08:30 – 09:30
Registration

09:30 – 10:00
Welcoming Remarks

10:00 – 10:30
Coffee break

10:30 – 11:45
Session 1: Panel Discussion – Islamic Finance: Legal and Regulatory Considerations The rapid growth of Islamic finance in recent years has spurred increasing interest in the subject including in Europe. Estimates indicate the size of Islamic finance assets in Europe range between $60 billion and $70 billion as of end-2014. Almost 40 banking institutions have Islamic banking operations across the European continent, while in the Islamic capital market segment, a total of 294 Islamic funds were domiciled in Europe (as of Sept 2014). Similarly, Sukūk has been used as a fund-raising instrument across the United Kingdom, Luxembourg, Germany and France with the former two having floated debut sovereign Sukūk in 2014. Fundamental to sustaining the growth of Islamic finance growth in Europe is, among other factors, an enabling environment with an appropriate regulatory and supervisory framework, and supporting legal basis, that provides for a level playing field. The scope and implementation of the needed legal and regulatory reforms can differ across jurisdictions but contain certain core elements that can draw from international core principles and standards with a view towards strengthening real sector linkages.

11:45 – 13:00
Session 2: Sukūk – A Growing Alternative Asset Class to Fund the Real Sector In the backdrop of global macroeconomic challenges and financial pressures in major markets, the fast expanding global pool of Sharī`ah-compliant capital has become an attractive source over the years for various sovereigns, government-related entities and corporates to tap into in order to meet their financing needs. In particular, Sukūk instruments have gained widespread acceptance among stakeholders as economically viable tools to achieve funding diversification and offer tailored financing (especially for infrastructure investments). In the past five years, global Sukūk outstanding has been the fastest expanding asset class in the Islamic financial services industry, achieving a compounded annual growth rate of more than 19% (2009-2014). Nonetheless, several key imperatives remain in order to expand the role of Sukūk in funding the real sector. Among these are reforms to taxation and the development of the legal and regulatory framework that accommodates the specificities of Sukūk; strengthening the market infrastructure to support the intricacies of Sukūk structures; supporting liquid and active secondary markets (e.g. by a regular Sovereign/Central Bank Sukūk programmes of different maturities to establish a benchmark yield curve); and other necessary considerations such as dispute resolution frameworks and Sukūk insolvency regimes.

13:00 – 14:00
Lunch

14:00 – 15:15
Session 3: Equity-based Financing and its Effects on Macroeconomic Resilience A series of recent studies, including some published as working papers by the IMF, have suggested that all crises of the past have been, at their core, debt crises, regardless of whether they were labelled as ‘currency’ or ‘banking’ crises. As such, some experts argue that an economic model based on equity-based principles where the rate of return to finance is derived directly from the rate of return to the real sector, produces a stable equilibrium and avoids the mismatches of maturities and values between assets and liabilities. In an economy that where equity-based financing is endemic (e.g., mortgage finance, corporate finance, etc.), as prices fluctuate in the real sector so do the value of financial assets; hence, assets and liabilities of economic agents vary in the same direction. The importance of this framework can be considered in light of the global financial crisis and its relationship to housing finance and macroprudential risks and their management.

15:15 – 15:45
Coffee table

15:45 – 17:00
Session 4: Banking the Unbanked: Enhancing Financial Inclusion using Risk-Sharing Instruments Enhancing financial inclusion is a common objective for many governments, central banks and international organizations based on evidence from research that suggests that financial inclusion plays an important role in poverty reduction, reducing income disparities and increasing economic growth. However, the formal financial sector often fails to adequately meet the needs of the perceived riskier borrowers of a particular society given their inability to furnish collateral; this category includes microfinance for the lower-income households, financing for small and medium enterprises, and micro-insurance to others. As a solution, some experts suggest that the use of risk-sharing contracts provide a viable alternative to debt-based financing for meeting the funding needs of the financially excluded segments. Currently, such risk-sharing models are beginning to be implemented by the informal financial sector consisting of NGOs, private-equity and crowdfunding platforms, and so on. As the scope of such financial models expand, policymakers may consider formalizing the use of risk-sharing contracts as an alternative to debt-based financing to enhance financial inclusion. This would critically require strong regulatory support, for instance, in removing regulatory and tax impediments to risk-sharing contracts and strengthening the overall financial inclusion market infrastructure (e.g. crowdfunding platforms, accommodative regulatory guidelines, etc.)

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

Hotel Reservation Form

IFSB Regulator's Forum : Islamic Finance in 2016 and Beyond: Challenges, Opportunities and Evolving Regulatory Focus
2016-05-10 08:30 - 16:00 | Conference Hall 2, LG2, Sasana Kijang, Bank Negara Malaysia, kuala lumpur, Malaysia
The IFSB will be organising the IFSB Regulator’s Forum, on 10 May 2016, in conjunction with the Global Islamic Finance Forum (GIFF 5.0) on which will be held on 10 – 12 May 2016, in Kuala Lumpur, Malaysia.

With the theme “Islamic Finance in 2016 and Beyond: Challenges, Opportunities and Evolving Regulatory Focus“, the IFSB Regulator’s Forum is designed to encourage broad interaction among the delegates to explore the implications on the Islamic financial services industry (IFSI) from the evolving global regulatory reform agenda. In the light of the current global macroeconomic conditions, the Forum seeks to raise awareness on the emerging challenges in the resilience and stability of the IFSI while discussing the regulators’ role in mitigating such vulnerabilities.

The Forum welcomes participants from regulatory and supervisory authorities, international organisations, multilateral development banks, institutions offering Islamic financial services (IIFS), academics and any other interested parties.

For participation and queries, please register online or email Mr. Ahmed Barakat at ahmed.barakat@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
10/05/2016
08:30 – 09:30
Registration & Networking

09:30 – 09:50
Welcoming Remarks

09:50 – 10:00
Special Presentation

10:00 – 11:15
Session 1: Panel Discussion on the Outlook and Opportunities of the Islamic Financial Services Industry (IFSI) in 2016 and Beyond: Sustaining IFSI Growth and Resilience Amid Challenges This session aims to highlight: Emerging risks to the global economy and knock-on effects on Islamic finance Macroprudential framework and policy tools for the enhanced supervision of Islamic financial institutions. Appropriate stress testing frameworks for Islamic finance Emerging issues in Islamic finance regulation i.e. anti-money laundering (AML) and consumer protection

11:15 – 12:30
Session 2 : Global Regulatory Reforms: The Islamic Finance Response This session aims to highlight: The global surveillance framework and Islamic finance Enhanced liquidity and capital buffer requirements and implications for Islamic finance National regulators’ experiences in developing prudential frameworks for the Islamic financial services industy (IFSI) Market players’ response to the evolving regulatory reforms Progress on developing Sharī`ah-compliant financial safety-nets

12:30 – 14:00
Networking Lunch End of Forum

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

Public Hearing of the IFSB Exposure Draft: Technical Note on Stress Testing for Institutions Offering Islamic Financial Services (IIFS)
2016-04-25 09:00 - 11:15 | Training Room 2.3 & 2.4, Sasana Kijang , Bank Negara Malaysia, Kuala Lumpur, Malaysia., Luala Lumpur, Malaysia
In line with the IFSB due process for the development of Standards and Guiding Principles, a Public Hearing will be held for the IFSB Exposure Draft: Technical Note on Stress Testing for Institutions Offering Islamic Financial Services (IIFS)

For more information on the Public Hearing, please email to Ms. Nazarina Abdul Majid at nazarina@ifsb.org

Programme – Event Session(s)

Date
Time
Topics

Day 1
25/04/2016
IFSB EXPOSURE DRAFT:TECHNICAL NOTE ON STRESS TESTING FOR INSTITUTIONS OFFERING ISLAMIC FINANCIAL SERVICES (ED TN-2)

09:00 – 09:30
Registration

09:30 – 09:30
Opening Remarks by Assistant Secretary-General of the IFSB

09:35 – 10:30
Pesentation by the Project Manager

10:30 – 11:15
Questions and Answers

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

13th Islamic Financial Stability Forum : Consumer Protection in Islamic Finance
2016-04-12 03:00 - 17:00 | Cairo, Cairo, Egypt, Egypt
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

IFSB Annual Meetings 2016: 28th Meeting of the Council, 14th General Assembly of the Islamic Financial Services Board & Other Events (Seminar on Islamic Capital Market)
2016-04-10 08:30 - 2016-04-12 17:30 | Tutankhamun 1, JW Marriott Hotel, Cairo, Egypt, Cairo, Egypt
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: khairun.nissa@ifsb.org)

2) 13th Islamic Financial Stability Forum: Ms. Yazmin Aziz (email: yazmin@ifsb.org)

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: ida.shafinaz@ifsb.org)

2) 8th IFSB Public Lecture on Financial Policy and Stability: Mrs. Ida Shafinaz Ab. Malek (email: ida.shafinaz@ifsb.org)

3) Meet the Members and Industry Engagement Session: Mr. Ifran Tarmizi (email: ifran@ifsb.org)

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 are eligible as high-quality liquid assets for regulatory purposes related to capital-adequacy and liquidity management by Islamic banks. These Sukūk also provide a pricing benchmark for other potential Sukūk issuers (Corporates) in the country. Given the interrelated advantages for a regular state-sponsored Sukūk programme, it is important to understand the developmental aspects and financial infrastructure dimensions which are critical to support such initiatives by a jurisdiction. In this regard, lessons can be learned from the experience of countries that already have regular sovereign-linked Sukūk issuance programmes in place.

13:30 – 14:30
Lunch and Prayers

14:30 – 15:45
Session 3: Sukūk for Infrastructure Financing: Prospects and Case Studies The global decline in the supply of syndicated bank loans and project financing by the banking sector for the infrastructure projects in the post-crisis era, mostly due to deleveraging and additional capital requirements, has widened the infrastructure funding gap in the context of expanding socio-economic needs and goals. In such an environment, Sukūk, with its tangible asset base, and appeal to a wide set of investors, can be an attractive form of financing that complements traditional financing. Indeed, appropriately structured Sukūk, with its risk sharing characteristics, may help to address key impediments to financing of infrastructure in the form of construction risk and equity concentration risk. In this respect, Asia with its rapidly growing population, the MENA region with its drive for upgrading its infrastructure services and Africa as an untapped market with acute infrastructure investment needs are the principal regions in which the potential Sukūk market is expanding.

15:45 – 16:15
Coffee break

16:15 – 17:30
Session 4: Panel Discussion on Building Synergies for Sukūk Issuances The panel will address the challenge and opportunities for Islamic finance, and in particular for Sukuk, in an environment in which commodity prices have fallen, budgets are in need of alternative financing sources, and new regulatory requirements come into place for active and deep financial markets under Basel III. The panel will seek to develop insights and proposals for both policy makers and the private sector from the perspective of development of Sukūk markets, and meeting the increased demand for Sukūk issuances. In particular, the panel will examine the potential for public-private synergies in the development of a Sukūk-friendly legal and regulatory framework, and for a sound supportive institutional structure, as well as for knowledge sharing and capacity development goals.

Day 2
11/04/2016
8TH IFSB PUBLIC LECTURE ON FINANCIAL POLICY AND STABILITY (OPEN SESSION)

08:30 – 09:30
Registration

09:30 – 09:45
Opening Remarks

09:45 – 11:00
Lecture – Morality, Rationality and Financial Stability

11:00 – 11:30
Coffee Break and Networking

12:30 – 14:30
Meet the Members and Industry Engagement Session – Lunch (Open Session – Industry and Market Players)

20:00 – 22:00
Welcome Dinner (IFSB Members Organisation ONLY)

Day 3
12/04/2016
09:00 – 12:30
28th Meeting of the Council of the IFSB (Full and Council Members of the IFSB ONLY)

12:30 – 13:30
14th General Assembly (IFSB Members Organisation ONLY)

13:30 – 15:00
Lunch

15:00 – 16:30
13th Islamic Financial Stability Forum (For IFSB Council and Full members, Regulatory Authorities and International Organisations ONLY) Theme: Consumer Protection in Islamic Finance The 13th Islamic Financial Stability Forum will seek to examine and draw on experiences in developing consumer protection frameworks for Islamic Financial Services Industry and identifying opportunities and direction for future work in this critical areas. Speaker: Professor Dr. Volker Nienhaus, Consultant, Islamic Financial Services Board (IFSB)

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

Event Brochure

IFSB-FIS Workshop Series (Oman)
2016-03-28 08:00 - 2016-03-31 15:30 | Crowne Plaza Muscat, Oman, Muscat, Oman
This 4-day workshop is tailored for the regulatory and supervisory authorities and will cover the following IFSB Standards:

IFSB-15: Revised Capital Adequacy Standard for Institutions Offering only Islamic Financial Services (IIFS)
IFSB-16: Revised Guidance on Key Elements in the Supervisory Review Process of IIFS

Overall, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;

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

Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

This Workshop is hosted by Central Bank of Oman and participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
28/03/2016
08:00 – 08:30
Registration

08:30 – 09:00
Opening Remarks and Group Photo

09:00 – 10:30
Session 1: IFSB-15: Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services (IIFS) Components of Capital Capital Conservation Buffer Countercyclical Buffer Case Study on Components of Capital for IIFS

10:30 – 11:00
Coffee Break

11:00 – 12:30
Session 2: IFSB-15: Revised Capital Adequacy Standard for IIFS Leverage Ratio Domestic Systemically Important Banks Case Study on Leverage Ratio Case Study on Countercyclical Buffer

12:30 – 13:30
Lunch and Prayer

13:30 – 15:30
Session 3: IFSB-15: Revised Capital Adequacy Standard for IIFS Credit Risk Weights for Various Counterparties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Past Due Receivables & Other Assets

Day 2
29/03/2016
08:30 – 10:00
Session 4: IFSB-15: Revised Capital Adequacy Standard for IIFS Credit Risk Mitigation Credit Risk Mitigation Techniques Commonly Used by IIFS Credit Risk Mitigation Approaches Recognition of Ratings by External Credit Assessment Institution

10:00 – 10:30
Coffee Break

10:30 – 12:00
Session 5: IFSB-15: Revised Capital Adequacy Standard for IIFS Understanding the Market Risk in Islamic Finance Policies and Procedures for Market risk Guidance on Valuation Practices Group Exercise

12:00 – 13:00
Lunch and Prayer

13:00 – 15:00
Session 6: IFSB-15: Revised Capital Adequacy Standard for IIFS Overview of Operational Risk Understanding Operational Risk in Islamic Finance Measuring Operational Risks Group Exercise

Day 3
30/03/2016
08:30 – 10:00
Session 7: IFSB-15: Revised Capital Adequacy Standard for IIFS Features of Sukūk and Securitisation in Sukūk Securitisation Process for Sukūk Role of IIFS in Sukūk Securitisation Credit Enhancement Mechanisms for Sukūk

10:00 – 10:30
Coffee Break

10:30 – 12:00
Session 8: IFSB-15: Revised Capital Adequacy Standard for IIFS Regulatory Capital for Sukūk in IIFS Capital Requirements for Sukūk Retained Securitisation Exposure Case Study

12:00 – 13:00
Lunch and Prayer

13:00 – 15:00
Session 9: IFSB-15: Revised Capital Adequacy Standard for IIFS Current Regulatory Environment of Real Estate Activities Risk Exposures in Real Estate Activities Supervision of Real Estate Activities Risk-Weighting of Real Estate Exposures

Day 4
31/03/2016
08:30 – 10:00
Session 10: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Supervisory Preconditions, Criteria and Approaches for Effective Supervision of IIFS Key Elements in the Supervisory Review Process of IIFS Regulatory Capital Requirements Treatment of Investment Account Holders (IAH) and Displaced Commercial Risk

10:00 – 10:30
Coffee Break

10:30 – 12:00
Session 11: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Internal Capital Adequacy Assessment Process Islamic Windows Operations Assessment of Additional Issues Supervisory Transparency and Accountability

12:00 – 13:00
Lunch and Prayer

13:00 – 15:00
Session 12: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Corporate and Shariah Governance Transparency and Market Discipline Consolidated and Home-host Supervision Case Study

15:00 – 15:30
Closing & Certificate Giving Ceremony

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2nd IFSB Seminar On Legal Issues In Islamic Financial Services Industry
2016-03-14 09:00 - 2016-03-15 17:30 | The Landmark London Hotel, London, 222 Marylebone Rd, London NW1 6JQ, London, UK, United Kingdom
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

IFSB-FIS Workshop Series - Takaful (Nigeria)
2016-02-23 09:30 - 2016-02-25 16:30 | Chelsea Hotel, Mohammadu Buhari Way, Abuja, Nigeria, Abuja, Nigeria
This 3-day workshop is tailored for the Regulatory and Supervisory Authorities for the Takāful sector and will cover topics on introduction to Islamic finance and Takāful as well as the following IFSB Standards:

IFSB-8: Guiding Principles on Governance for Takāful Undertakings
IFSB-11: Standard on Solvency Requirements for Takāful Undertakings
IFSB-14: Standard on Risk Management for Takāful Undertakings

Overall, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
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
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

This Workshop is hosted by the National Insurance Commission (NAICOM) and participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
23/02/2016
09:30 – 09:30
Registration

09:30 – 09:45
Welcoming Remarks

09:45 – 11:00
Session 1: Introduction to Islamic Finance and Takāful (Islamic Insurance) Introduction to Takāful Takāful Models Issues Faced by Takāful Operators

11:00 – 11:30
Group Photo and Coffee Break

11:30 – 13:00
Session 2: IFSB-8: Guiding Principles on Governance for Takāful Undertakings Why Governance for Takāful Undertakings? Reinforcement of Relevant Good Governance Practices A Balanced Approach for Fair Treatment

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3: IFSB-8: Guiding Principles on Governance for Takāful Undertakings Governance Structure for Participants Procedures for Proper Disclosure Case Studies

16:00 – 16:30
Coffee Break

Day 2
24/02/2016
09:00 – 09:30
Registration

09:30 – 11:00
Session 4: IFSB-11: Standard on Solvency Requirements for Takāful Undertakings Specificities of Solvency Requirements for Takāful Total Balance Sheet Approach Adequate Solvency Resources

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5: IFSB-11: Standard on Solvency Requirements for Takāful Undertakings Establish Solvency Control Levels Quality / Suitability of Solvency Resources Comprehensive Risk Management Framework

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6: IFSB-11: Standard on Solvency Requirements for Takāful Undertakings Supervisory Review of Risk Management Framework Public Disclosure of Solvency Information Case Studies

16:00 – 16:30
Coffee Break

Day 3
25/02/2016
09:00 – 09:30
Registration

09:30 – 11:00
Session 7: IFSB-14: Guiding Principle on Risk Management for Takāful Undertakings Specificities of Takāful Undertakings Relevant to Risk Management Ownership of Risk Fund Significant Risks of Particular Relevance to Takāful

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8: IFSB-14: Guiding Principle on Risk Management for Takāful Undertakings Significant Risks of Particular Relevance to Takāful (Cont’d) Enterprise Risk Management Risk Governance Framework

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9: IFSB-14: Guiding Principle on Risk Management for Takāful Undertakings Key elements in the supervisory review process of risk management for Takāful undertakings Systemic Risk Considerations Case Study

16:00 – 16:15
Closing & Certificate Giving Ceremony

16:15 – 16:45
Coffee Break

Downloadable Document(s)

1.)

Event Session(s) – PDF Format
