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Seminar on the Prospects and Challenges in the Development of Islamic Finance for Bangladesh

Dilkusha Room, First Floor, Hotel Purbani International Ltd., 1 Dilkusha Rd., Dhaka 1000, Bangladesh Dhaka, Bangladesh

The Seminar on the Prospects and Challenges in the Development of Islamic Finance for Bangladesh was held on 23 - 24 September 2013 in Dhaka, Bangladesh, hosted by Bangladesh Bank. This Seminar is part of the IFSB Seminar on Islamic Finance series which are held in jurisdictions wishing to explore the possibilities, opportunities and challenges of Islamic finance. This Seminar aimed to create greater awareness on the specificities of the Islamic financial services industry, and discuss the issues in developing Islamic finance in Bangladesh as well as examining the regulatory and other pre-conditions needed to sustain an orderly development of Islamic finance, while seeking to identify the benefits Islamic finance can bring to Bangladesh. The proceedings of this Seminar will be published as an IFSB publication. 20 chairpersons and speakers who were senior financial sector supervisors, market players, Takāful,and experts from international financial institutions participated and discussed the following issues at the Seminar:- - Global Overview, Issues, Challenges and Opportunities - Islamic Capital Markets and Liquidity Management : Facilitating Local and Cross-Border Sharī`ah- Compliant Financing and Investment - Legal, Regulatory and Enabling Framework - Financial Inclusion through Islamic Finance - The Way Forward for the Development of Islamic Finance for Bangladesh Approximately 100 participants from government, regulatory and supervisory bodies and industry players as well as academicians attended the Seminar. Event Snapshots Programme - Event Session(s) Date Time Topics Day 1 23/09/2013 08:45 - 09:30 Registration 09:30 - 10:30 Opening and Keynote Address 10:30 - 11:00 Coffee Break 11:00 - 12:30 Session 1: Global Overview, Issues, Challenges and Opportunities This session highlights the progress and growth of the Islamic financial services industry at the global and regional level. Though most visible in parts of Asia and the Middle East, the rapid expansion of Islamic finance is a significant phenomenon in Africa, Europe and other parts of the world. This session highlights the cross border and cross-sectoral performance of the industry, while outlining the challenges and opportunities of its growth in Bangladesh. 12:30 - 14:00 Lunch 14:00 - 15:30 Session 2: Islamic Capital Markets and Liquidity Management : Facilitating Local and Cross-Border Sharī`ah-Compliant Financing and Investment This session covers recent trends and developments in various types of Islamic capital market products such as Sukūk, Sharī`ah compliant equities, fund and asset management etc. Speakers will share how Sukūk can provide an alternative financing source for both public and corporate sectors. Case studies will be presented on national experiences in developing Sukūk issuance programmes. This session will also illuminate how Bangladesh can benefit from Sharī`ah-compliant instruments and investment flows within the region. In addition, this session discusses the liquidity management challenges faced by the Islamic financial services industry due to unavailability or inadequate Sharī`ah-compliant instruments and enabling building blocks. 15:30 - 16:00 Coffee Break 16:00 - 17:30 Session 3: Legal, Regulatory and Enabling Framework The session focuses on the legal and regulatory issues and challenges in establishing a vibrant and resilient Islamic financial services industry. It includes, among others, infrastructure components of financial services industry such as enabling legal framework and Sharī`ah compliant mechanisms for providing lender of last resort and deposit insurance facilities. The session also aims to cover other elements such as macroprudential surveillance, disclosure regime and insolvency regimes etc. Day 2 24/09/2013 09:30 - 11:00 Session 4: Financial Inclusion through Islamic Finance The session provides an overview of the different types of policies and interventions that collectively help shape a more inclusive financial sector. In this context, it aims to provide the perspective in which Islamic finance can help to achieve the objective of an inclusive growth and development in various countries. The speakers will highlight how the coordination between various stakeholders and innovations in Sharī`ah compliant products can increase the access to financing for individuals as well as micro-enterprises and SMEs. 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 5: Panel Discussion on the Way Forward for the Development of Islamic Finance for Bangladesh The session identifies the current challenges and opportunities presented by Islamic finance for Bangladesh from various viewpoints, including public and private sectors. It will include discussions on a possible roadmap and the way forward for Bangladesh Islamic financial services industry that can support the objectives of a sustained growth and development in the country. 13:00 - 13:30 Concluding Remarks 13:30 - 14:30 Lunch Downloadable Document(s) 1.) Event Session(s) - PDF Format 2.) List of Confirmed Chairpersons and Speakers 3.) Pan Pacific Sonargaon Dhaka - Hotel Reservation Form 4.) Radisson Blu Water Garden Hotel Dhaka - Hotel Reservation Form

IFSB FIS-Workshop Series

Dilkusha Room, First Floor, Hotel Purbani International Ltd., 1 Dilkusha Rd., Dhaka 1000, Bangladesh Dhaka, Bangladesh

The Workshops are hosted by Bangladesh Bank Participation is BY INVITATION only. For more information on the Workshops, please email Mrs. Azizakhon Yarlaeva at [email protected] Programme - Event Session(s) Date Time Topics Day 1 25/09/2013 DAY ONE 09:00 - 09:30 Registration 09:30 - 09:50 Opening Remarks by the IFSB and Bangladesh Bank 09:50 - 11:15 Session 1: Overview of the IFSB Guiding Principle on Risk Management for the IIFS Islamic Finance: Concept and Contracts and Risks Implication for IIFS Overview of Prudential Issues in IIFS IFSB key Risk Categories Guiding Principles on Liquidity Risk Management for IIFS Funding and Market Liquidity Risk Necessary Conditions for an Effective Liquidity Risk Management in IFSI Governance Structure: Role of the Board of Directors and Senior Management 11:15 - 11:30 Coffee Break 11:30 - 13:00 Session 2: Guiding Principles on Liquidity Risk Management for IIFS Identification of Liquidity Risk Interactions of Liquidity Risk and Implications of Islamic Financing Contracts Measurement of Liquidity Risk Diversification of the Funding Base Consolidated Management of Liquidity Risk 13:00 - 14:00 Lunch and Prayers 14:00 - 15:30 Session 3: Guiding Principles on Liquidity Risk Management for IIFS Maintaining High-Quality Liquidity Buffer Preparing a Contingency Funding Plan Managing Sharī`ah-Compliant Collateral Collaboration between IIFS Meeting Payment and Settlement System Obligations Foreign Exchange Liquidity Risk Reporting and Disclosure of Liquidity Risk 15:30 - 15:45 Coffee Break 15:45 - 16:30 Session 4: Guiding Principles Liquidity Risk Management for Supervisory Authorities Responsibility for Supervision of Liquidity Risk & Need for Supervisory Regulations Supervisors’ Role as Provider of Liquidity Support Supervision of Liquidity Risk at Consolidated Level Home-Host and Cross-Sector Supervision of Liquidity Risk Supervisors’ Role in Contingency Planning & Development of Infrastructure Case Study / Group Discussion Day 2 26/09/2013 DAY TWO 09:30 - 11:15 Session 5: Understanding Stress Testing for Financial Institutions Stress testing as a Risk Management Tool Stress Testing and Global Financial Crisis International Guidance on Stress Testing and Gap Analysis IFSB Comprehensive Stress Testing Framework for IIFS Governance Aspects of the Stress Testing Framework Identification of Risk Factors and Coverage of Scenarios 11:15 - 11:30 Coffee Break 11:30 - 13:00 Session 6: Guiding Principles on Stress Testing for IIFS (Cont’d) Specific Elements of IIFS in Stress Testing Stress Testing Methodologies Frequency of Stress Testing Outputs of Stress Testing and Remedial Actions Disclosure of the Stress Testing Programme Case Study on Liquidity Risk Stress Testing Group Exercise 13:00 - 14:00 Lunch and Prayers 14:00 - 15:00 Session 7: Stress Testing Solvency Simulation Exercises: How to Conduct Micro Level (or IIFS level) Stress Testing Capital Requirements Stress Testing Credit risk and Market Risk Related Stress Testing Sharī`ah Non- Compliance Stress Testing 15:00 - 15:15 Coffee Break 15:15 - 16:30 Session 8: Guiding Principles on Stress Testing for Supervisory Authorities Regular and Comprehensive Assessments of IIFS’ Stress Testing Supervisory Evaluation of an IIFS’s Stress Testing Methodology Designing and Implementing System-Wide Stress Tests and Frequencies Corrective Actions & Regular Supervisory Dialogue with IIFS and the Industry Cross-border Issues and Home-Host Coordination Stress Testing Reporting Disclosures and Format Downloadable Document(s) 1.) Event Session(s) - PDF Format

IFSB FIS-Workshop Series and Supervisors Forum

Crowne Plaza Hotel Muscat Muscat, Oman

To enhance the awareness of the IFSB Standards, since 2007 the IFSB organises a series of initiatives called Facilitating Implementation of the IFSB Standards (FIS) Workshops. These IFSB-FIS Workshops are designed specifically for the Banking sector and attended by 49 participants from 7 countries. Participants ranged from regulatory and supervisory authorities, to market players. The Workshops have successfully covered the following topics: IFSB-1: Guiding Principles of Risk Management IFSB-3: Corporate Governance IFSB-10:Sharî’ah Governance System Subsequent to these Workshops, the IFSB organised a Supervisors Forum, specifically for supervisors to discuss the IFSB Standard on Supervisory Review Process (IFSB-5) as well as share experiences on its implementation. The Workshops and Forum addressed practical issues that participants are likely to encounter in implementing the IFSB Standards and Guiding Principles, these Workshops were hosted by the Central Bank of Oman REGISTRATION IS CLOSED FOR THIS EVENT Event Snapshots Programme - Event Session(s) Date Time Topics Day 1 30/09/2013 FIS WORKSHOPS - DAY 1 09:00 - 09:30 Registration 09:30 - 10:00 Opening Session: Opening Remarks by the IFSB and the Central Bank of Oman 10:00 - 10:15 Coffee Break 10:15 - 11:15 Introduction to Islamic Finance Concept and Contracts in Islamic Finance Specificities of Islamic Finance Introduction to Islamic Banking Operations Products of Islamic Banking 11:15 - 11:30 Coffee Break 11:30 - 13:00 Guiding Principles of Risk Management for IIFS IFSB-1 – Focus on Market Risk IFSB-1 – Focus on Liquidity Risk IFSB-1 – Focus on Rate of Return Risk Case Studies and Group Discussions 13:00 - 14:00 Lunch & Prayers 14:00 - 16:00 IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS) Credit Risk & Supervisory Perspective Equity Investment Risk & Supervisory Perspective Operational Risk & Supervisory Perspective Market Risk & Supervisory Perspective Liquidity Risk & Supervisory Perspective Rate of Return Risk & Supervisory Perspective 16:00 - 16:15 Coffee Break Day 2 01/10/2013 FIS WORKSHOPS - DAY 2 09:30 - 11:15 Case Studies and Experience Sharing Case Studies on Risk Management Sharing Experiences on Risk Management Practices in the IFSB Member Countries 11:15 - 11:30 Coffee Break 11:30 - 13:00 Services (Excluding Islamic Insurance (Takaful) Institutions and Islamic Mutual Funds Overview of IFSB-3 Guiding Principle on Corporate Governance An Overview of IFSB-3: Guiding Principles on Corporate Governance for Institutions Offering Only Islamic Financial Scope of the IFSB-3 Approach of the IFSB-3 Recommended Best Practices on Corporate Governance for the IIFS General Governance Approach of IIFS 13:00 - 14:00 Lunch and Prayers 14:00 - 16:00 Recommended Best Practices on Corporate Governance for the IIFS (Cont’d). Rights of Investment Account Holders (IAH) Compliance with Shari’ah Rules and Principles Transparency and Financial Reporting in Respect of IAH Case Studies and Group Discussion 16:00 - 16:15 Coffee Break Day 3 02/10/2013 FIS WORKSHOPS - DAY 3 09:30 - 11:15 An Overview of IFSB-10: Guiding Principles on Shari’ah Governance Systems for Institutions Offering Islamic Financial Services Overview of Shari’ah Governance Systems General Approach to Shari’ah Governance Systems 11:15 - 11:30 Coffee Break 11:30 - 13:00 Recommendations of IFSB-10: Criteria for Sound Shari’ah Governance Systems Case Studies and Group Discussion 13:00 - 13:30 Closing ceremony 13:30 - 14:40 Lunch and Prayers Day 4 03/10/2013 SUPERVISORS FORUM 08:00 - 08:30 Registration 08:30 - 08:45 Opening Session: Opening Remarks by the IFSB 08:45 - 10:15 Overview of the IFSB Standard on Supervisory Review Process Infrastructure for Effective Supervision Regulatory Capital Requirements Treatment of IAH Capital adequacy, Risk Management and Corporate Governance 10:15 - 10:30 Coffee Break 10:30 - 12:00 Related Party Transactions Transparency and Market Discipline Consolidated and Home-host Supervision Window Operations Supervisory Issues in Real Estate Investments Supervisory Issues in Islamic Windows 12:00 - 12:30 Coffee Break & Prayers 13:15 - 14:15 Experience sharing session Experience sharing by the IFSB members Case study Downloadable Document(s) 1.) Event Session(s) - PDF Format

IFSB-ADB Conference on Islamic Finance for Asia: Development, Prospects and Inclusive Growth & Roundtable Session for Regulators

Asian Development Bank (ADB) Headquarters manila, Philippines

The Conference aimed to create greater awareness on the potentials and opportunities brought about by Islamic finance to the region, and explore the challenges issues related to its further development and progress. The Conference examined the experiences of selected Asian countries, with focus on the regulatory requirements and other pre-conditions needed to establish and sustain the orderly development of Islamic finance, while seeking to identify the benefits Islamic finance can bring to the respective countries. The sessions and discussions also drawn upon the perspectives of (a) market opportunities and challenges, (b) global and national regulatory requirements, and (c) facilitation of cross-border investment flows. The Conference also aimed to create greater opportunities for interaction and cooperation among the members of the IFSB and the ADB. The proceedings of this Conference will be published as an IFSB publication. 23 chairpersons and speakers who were senior financial sector supervisors, market playersand experts from international financial institutions participated and discussed the following issues at the Conference:-     Islamic Finance for Asia: Innovation, Inclusion and Growth Islamic Finance: Stability, Resilience and Regulatory Issues Islamic Banking: Financial Inclusion as a Core Concept Islamic Capital Market: The Role of Sukûk for Development Implementation of the IFSB Standards The Way Forward: A Roadmap for Asia Approximately 126 participants from government, regulatory and supervisory bodies and industry players attended the Conference. Event Snapshots Programme - Event Session(s) Date Time Topics Day 1 04/11/2013 DAY 1 - CONFERENCE ON ISLAMIC FINANCE FOR ASIA: DEVELOPMENT, PROSPECTS AND INCLUSIVE GROWTH 08:45 - 09:30 Registration 09:30 - 09:50 Opening and Welcoming Addresses 09:50 - 10:10 Keynote Address 10:10 - 10:30 Coffee Break 10:30 - 11:15 Session 1: Islamic Finance for Asia: Innovation, Inclusion and Growth This session seeks to establish the value proposition of Islamic finance in the region, especially as a tool for financial inclusion and an alternative financing source for both public and corporate sectors, in particular in infrastructure development. The session also touches on key factors supporting growth of the IFSI in the region, its strengths, as well as challenges and opportunities for the industry. 11:15 - 11:30 Questions and Answers 11:30 - 12:15 Session 2: Islamic Finance: Stability, Resilience and Regulatory Issues An Islamic finance continues to become increasingly internationalised, this necessitates the need to have in place a comprehensive regulatory, supervisory and surveillance framework to ensure the stability and resiliency of the industry. This session looks at the regulatory issues and challenges, in particular in light of the global regulatory reforms undertaken following the global financial crisis. 12:15 - 12:30 Questions and Answers 12:30 - 14:00 Lunch 14:00 - 15:00 Session 3: Islamic Banking: Financial Inclusion as a Core Concept This session discusses the role of Islamic banking in encouraging financial inclusion. It also analyses the development and progress of the Islamic banking sector in selected countries in terms of product innovations, infrastructure and institutional development, regulatory advancement, as well as government initiatives to develop the industry. The session also explores opportunities and challenges faced by the sector. Case studies will be presented on national experiences in developing the Islamic banking sector from the perspective of financial inclusion, infrastructure, regulatory and Sharī`ah frameworks. 15:00 - 15:30 Questions and Answers 15:30 - 15:45 Coffee Break 15:45 - 16:45 Session 4: Islamic Capital Market: The Role of Sukūk for Development This session discusses the development and progress of the Islamic capital market in selected countries in terms of infrastructure and institutions, regulatory advancement, as well as government initiatives. The session also explores opportunities, challenges and issues faced by the industry. Case studies will be presented on national experience in developing the Islamic capital market from the perspective of benefits, policy and legal frameworks, as well as the roles of supporting agencies such as rating agencies. 16:45 - 17:15 Questions and Answers Day 2 05/11/2013 DAY 2 CONFERENCE ON ISLAMIC FINANCE FOR ASIA: DEVELOPMENT, PROSPECTS AND INCLUSIVE GROWTH (HALF DAY - AM) ROUNDTABLE FOR REGULATORS (HALF DAY - PM) 09:30 - 10:30 Session 5: Implementation of IFSB Standards This session will provide an overview of the IFSB's Prudential Standards and their importance to a sound and stable Islamic financial system. Case studies from central banks and the private sector on experiences in implemented the IFSB Prudential Standards will be discussed and analysed. ADB's partnership with the IFSB in developing and implementing these standards will also be discussed. 10:30 - 11:00 Questions and Answers 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 6: Panel Discussion on The Way Forward - A Roadmap for Asia In this panel discussion, the panelists aim to identify the opportunities, key success factors, as well as challenges for Islamic finance in the Asian countries to venture beyond the region, specifically to the Middle East, North Africa and Europe. This session will conclude with an Islamic finance roadmap for Asia. 13:00 - 14:00 Lunch 14:10 - 15:00 ROUNDTABLE SESSION 1: Legal and Regulatory Issues for Islamic Finance Post-crisis Current framework for Islamic finance in Legal and Regulatory perspective How to meet the needs of rapidly growing IFSI in regulatory basis Impacts of global financial crisis on IFSI Protection mechanisms for IFSI in order not to experience such crisis 15:00 - 15:50 ROUNDTABLE SESSION 2: Taking the Initiative for Islamic Finance: Role of the Governments and Private Sector Importance of Government's role in progress of Islamic finance Private sector oriented growth in Islamic Finance Pros and Cons for Government dominated and private sector dominated Islamic financial sector 15:50 - 16:00 ROUNDTABLE: Closing Remarks Downloadable Document(s) 1.) Event Session(s) - PDF Format 2.) Discovery Suites - Hotel Reservation Form 3.) Oakwood Premier - Hotel Reservation Form 4.) Registration Form

IFSB – INCEIF Executive Forum: Building a Competitive and Resilient Islamic Insurance (Takaful) Industry

Sasana Kijang, Bank Negara Malaysia 2, Jalan Dato Onn, Kuala Lumpur, Malaysia

This third edition of the Executive Forum series intends to provide comprehensive deliberation and exchange of views between and among practitioners, regulators, and academics on the existing strategies and approaches in building a competitive and resilient Islamic Insurance (Takaful) industry. Among confirmed speakers who will facilitate the Executive Forum are: Ahmad Hammami Muhyidin, Director Islamic Financial Services – Takaful, Ernst & Young Anita Menon, Chief Risk Office,  Prudential BSN Takaful Berhad, Malaysia Delil Khairat, Head of Underwriting at ACR Retakaful, Malaysia Ezamshah Ismail, Takaful and Wealth Planning Department, INCEIF, Malaysia Prof. Dato’ Dr. Kamaruddin Sharif, Head of Takaful and Wealth Planning Department, INCEIF, Malaysia Lotfi S. Zairi, Acting Director, Risk Management Department, Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), IDB Group, Saudi Arabia Wan Saifulrizal Wan Ismail, Associate Director, Tower Watson Assoc. Prof. Dr. Younes Soualhi, Chairman of the Shariah Board of Munich Re Takaful, Malaysia For more information on the Workshops, please email Mrs. Azizakhon Yarlaeva at [email protected]   Programme - Event Session(s) Date Time Topics Day 1 13/11/2013 08:30 - 09:30 Morning Coffee and Registration 09:30 - 09:45 Opening and Welcoming Remarks 09:45 - 11:00 Insights to Effective Strategic Management to Face Business Challenges in Takāful Industry Synthesizing organisational plans and objectives into a coherent vision Shifting paradigm of Takāful Operator’s management in facing rapidly changing marketplace Building leadership within management team: Challenges to build and maintain organisational momentum Building the future of the Takāful industry: Fostering cooperation and organisational linkages amongst all the stakeholders 11:00 - 11:30 Coffee Break 11:30 - 13:00 Going Beyond Sharī`ah Compliance: A holistic approach to Designing New Takāful Model and Product Development The Sharī`ah and the “Maqasid Al Sharī`ah” as paradigms in shaping Islamic financial services industry Constructive reaction to the debate on “convergence’’ or “divergence” between Islamic and conventional finance The evolution of Takāful model: the rationale and actual impact on Takāful performance Developing new Takāful model and challenges in product innovation and transformation 13:00 - 14:00 Lunch and Prayers 14:00 - 15:30 Emerging Issues in Corporate and Sharī`ah Governance of Takāful Operators Underlying corporate governance issues in Takāful: Identifying principal-agent issues in current Takāful practices Sharī`ah Requirements on segregation of funds and fiduciary duties: implication to market practices Necessary requirements in implementing Sharī`ah Governance mechanism in Takāful operators Formulating strategic action to minimise Sharī`ah non-compliance risks in Takāful operators 15:30 - 16:00 Coffee Break 16:00 - 17:30 Overcoming Underwriting and Pricing issues in Takāful Industry Incorporating specificities of Islamic finance in underwriting process in Takāful operation Gap-analysis in assessing pricing and underwriting risks Issues and challenges in developing assumptions to mitigate underwriting risks Linking underwriting risk with strategic planning Day 2 14/11/2013 08:30 - 09:30 Morning Coffee 09:30 - 11:00 Enterprise- Risk Management Framework for Takāful Operators Pre-requisite for effective risks management in Takāful business Developing Enterprise Risk Management framework for Takāful Operator Linking Takāful Operational Framework (TOR) with Enterprise Risk Management Effectiveness Board of Directors and Senior Management in managing risks in Takāful business 11:00 - 11:30 Coffee Break 11:30 - 13:00 Managing Takāful Distribution and Marketing Enhancing distribution and marketing through enhanced Takāful product offerings Developing an effective mixture of delivery channel for Takāful products Strengthening ethical standards in distribution initiatives for Takāful products Issues and challenges in increasing Takāful penetration rate through the utilization of high-technology 13:10 - 14:00 Lunch and Prayers 14:00 - 15:30 Solvency Requirements for Takāful Operators & Quantitative Solvency Requirements Solvency requirements and its implications of Takāful Operators Analysis on International solvency requirements for Takāful Operators Issues and challenges in the application of Solvency and Quantitative Solvency Requirements by Takāful Operators Revolving issues in solvency requirements: the way forward 15:30 - 16:00 Coffee Break 16:00 - 17:30 Issues, Challenges and Opportunities for Re-Takāful Changing landscape of global financial architecture and impact on Takāful and Re-Takāful business Emerging challenges in Re-Takāful business Building synergies between Re-Takāful and Takāful Prudential issues in Re-Takāful: A supervisory perspectives   Downloadable Document(s) Event Session(s) - PDF Format Brochure

IFSB-FIS Workshops for Regulatory and Supervisory Authorities for the Banking Sector

Sasana Kijang kuala lumpur, Malaysia

Participation is BY INVITATION only. For more information on the Workshops, please email Mrs. Azizakhon Yarlaeva at [email protected] Programme - Event Session(s) Date Time Topics Day 1 25/11/2013 DAY 1 09:00 - 09:30 Registration 09:30 - 09:50 Opening Session: Opening Remarks by the IFSB 09:50 - 11:10 Islamic Finance: Concept and Contracts and Risks Implication for IIFS Overview of Prudential Issues in IIFS 11:10 - 11:30 Coffee Break 11:30 - 13:00 IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS) Credit Risk & Supervisory Perspective Equity Investment Risk & Supervisory Perspective Operational Risk & Supervisory Perspective Market Risk & Supervisory Perspective Liquidity Risk & Supervisory Perspective Rate of Return Risk & Supervisory Perspective 13:00 - 14:00 Lunch & Prayers 14:00 - 16:00 Case Studies and Experience Sharing Case Studies on Risk Management 16:00 - 16:30 Coffee Break Day 2 26/11/2013 DAY 2 09:30 - 11:30 Public Hearing of the Exposure Draft – 16: Revised Guidance on Key Elements in the Supervisory Review Process of Institutions Offering Islamic Financial Services (IIFS) 11:30 - 12:00 Coffee Break 12:00 - 13:00 Challenges in Liquidity Risk Management from Global Perspective and Implications for IIFS Significance of Liquidity Risk Management for Financial Institutions in Post-crisis World 13:00 - 14:00 Lunch & Prayers 14:00 - 16:00 Challenges in Liquidity Risk Management from Global Perspective and Implications for IIFS (Cont.) The Regulatory Response to Global Financial Crisis – Initiatives of Global Standard Setters and Supervisory Authorities Challenges in Liquidity Risk Managements by IIFS Experience sharing by Central Bank of Sudan on Liquidity Risk Management Supervision 16:00 - 16:30 Coffee Break Day 3 27/11/2013 DAY 3 09:30 - 11:00 Guiding Principles on Liquidity Risk Management of IIFS Funding and Market Liquidity Risk Necessary Conditions for an Effective Liquidity Risk Management in IFSI Governance Structure: Role of the Board of Directors and Senior Management Identification of Liquidity Risk Interactions of Liquidity Risk and Implications of Islamic Financing Contracts Case Study – 1: Liquidity Risk and Financial Distress in an IIFS 11:00 - 11:30 Coffee Break 11:30 - 13:00 Guiding Principles Liquidity Risk Management for Supervisory Authorities Responsibility for Supervision of Liquidity Risk & Need for Supervisory Regulations Supervisors’ Role as Provider of Liquidity Support Supervision of Liquidity Risk at Consolidated Level Case Study – 2: Supervisory arrangements for Shari’ah compliant Lender of Last Resort and other Liquidity Support to IIFS Experience sharing by Bank Negara Malaysia on Liquidity Risk Management Supervision 13:00 - 14:00 Lunch & Prayers 14:00 - 16:00 Understanding Stress Testing for Financial Institutions Stress Testing as a Risk Management Tool Stress Testing and Global Financial Crisis International Guidance on Stress Testing and Gap Analysis Necessary Conditions For An Effective Stress Testing Regime IFSB Comprehensive Stress Testing Framework for IIFS 16:00 - 16:30 Coffee Break Day 4 28/11/2013 DAY 4 09:30 - 00:00 Guiding Principles on Stress Testing for IIFS Governance Aspects of the Stress Testing Framework Identification of Risk Factors and Coverage of Scenarios Specific Elements of IIFS in Stress Testing Stress Testing Methodologies FSAP and Stress Testing 11:00 - 11:30 Coffee Break 11:30 - 13:00 Simulations and exercises on: How to Conduct “Micro level (or IIFS level) Stress Testing” Factors and Scenarios to Consider for Micro Stress Testing How to Conduct “Macro-level (or system-wide) Supervisory Stress Testing Factors and Scenarios to Consider for Macro-level Stress Testing 13:00 - 14:00 Lunch & Prayers 14:00 - 16:00 Exercises/Case Studies on Stress Testing for Selected IIFS Different IIFS’ Portfolios Related Stress Testing Capital Requirements Stress Testing Credit Risk Related Stress Testing Liquidity (i.e. funding and/or market liquidity) Risk Related Stress Testing Shari’ah Non-compliance Stress Testing under Operational Risk Profitability Related Stress Testing 16:00 - 16:30 Coffee Break Day 5 29/11/2013 DAY 5 09:30 - 12:00 Guiding Principles on Stress Testing for Supervisory Authorities Regular and Comprehensive Assessments of IIFS’ Stress Testing Supervisory Evaluation of an IIFS’s Stress Testing Methodology Designing and Implementing System-Wide Stress Tests and Frequencies Corrective Actions & Regular Supervisory Dialogue with IIFS and the Industry Cross-border Issues and Home-Host Coordination Stress Testing Reporting Disclosures and Format 12:00 - 12:30 Closing Ceremony 12:30 - 13:30 Lunch & Jumma Prayers Downloadable Document(s) 1.) Event Session(s) - PDF Format

The IFSB Public Hearing on ED16: Revised Guidance on Key Elements in the Supervisory Review Process of IIFS

Sasana Kijang kuala lumpur, Malaysia

In line with the IFSB due process for the development of Standards and Guiding Principles, a Public Hearing will be held for  Exposure Draft 16: Revised Guidance on Key Elements in the Supervisory Review Process of Institutions Offering Islamic Financial Services (Excluding Islamic Insurance (Takāful) institutions and Islamic Collective Investment Schemes). For more information on the Public Hearing, please email to Ms. Nur Khairun Nissa at [email protected]. Programme - Event Session(s) Date Time Topics Day 1 26/11/2013 09:00 - 09:30 Registration 09:30 - 11:00 Presentation on Exposure Draft – 16: Revised Guidance on Key Elements in the Supervisory Review Process of Institutions Offering Islamic Financial Services (IIFS) 11:00 - 11:30 Question and Answer 11:30 - 12:00 Coffee Break

The IFSB Public Hearing on ED16: Revised Guidance on Key Elements in the Supervisory Review Process of IIFS

The Ritz-Carlton Sharq Village & Spa Doha, Qatar Doha, Qatar

In line with the IFSB due process for the development of Standards and Guiding Principles, a Public Hearing will be held for  Exposure Draft 16: Revised Guidance on Key Elements in the Supervisory Review Process of Institutions Offering Islamic Financial Services (Excluding Islamic Insurance (Takāful) institutions and Islamic Collective Investment Schemes). For more information on the Public Hearing, please email to Ms. Nur Khairun Nissa at [email protected]. Programme - Event Session(s) Date Time Topics Day 1 09/12/2013 09:00 - 09:30 Registration 09:30 - 11:00 Presentation on Exposure Draft – 16: Revised Guidance on Key Elements in the Supervisory Review Process of Institutions Offering Islamic Financial Services (IIFS) 11:00 - 11:30 Question and Answer 11:30 - 12:00 Coffee Break Downloadable Document(s) 1.) Event Session(s) - PDF Format

8th Islamic Financial Stability Forum : Financial Reforms in Response to the Global Financial Crisis: Lessons from the Basel-Process for the Islamic Financial Services Industry

- Bali, Indonesia

The IFSB organised its 8th Islamic Financial Stability Forum (8th IFSF) on 10 December 2013, in Qatar. The 8th IFSF was held in conjunction with the 23rd Council Meeting of the IFSB, hosted by Qatar Central Bank. Programme - Event Session(s) Date Time Topics Day 1 10/12/2013 17:00 - 17:10 Chairman’s Remarks H.E. Sheikh Abdulla Bin Saoud Al-Thani, Governor, Qatar Central Bank 17:10 - 18:10 Progress of Financial Reforms Post Crisis Performance of the financial services industry post crisis Financial regulatory and supervisory reform: Development, implementation and progress to date Strengthening the stability and resilience of the financial services industry moving forward: Strategies and challenges in implementation Speaker: Karl F. Cordewener, Deputy Secretary-General, Basel Committee for Banking Supervision, Bank for International Settlements Discussants: 1. Dr. Mulya E. Siregar, Assistant Governor, Bank Indonesia 2. Professor Simon Archer, Visiting Professor ICMA Centre, Henley Business School, University of Reading, UK 18:10 - 18:30 Coffee and Networking Break End of Forum Downloadable Document(s) 1.) Event Session(s) - PDF Format

IFSB – FIS Workshop Series (Nigeria): IFSB-8, IFSB-12, IFSB-13, IFSB-14

- Bali, Indonesia

This Workshop is hosted by the Central Bank of Nigeria (CBN). These Workshops will cover the following IFSB Standards and Guiding Principles: IFSB-8: Guiding Principles on Governance for Takâful (Islamic Insurance) Undertakings IFSB-12: Guiding Principles on Liquidity Risk Management for Institutions offering Islamic Financial Services IFSB-13: Guiding Principles on Stress Testing for Institutions offering Islamic Financial Services IFSB-14: Guiding Principle on Risk Management for Takāful (Islamic Insurance) Udertakings Participation in these Workshops are by INVITATION only. For more information on these Workshops, please email to Ms. Yazmin Aziz at [email protected]. Programme - Event Session(s) Date Time Topics Day 1 13/01/2014 IFSB - FIS WORKSHOPS - DAY 1 09:00 - 09:30 Registration 09:30 - 09:50 Opening Session 09:50 - 11:30 Session 1: Islamic Finance: Concept and Contracts in Islamic Finance Specificities of Islamic Finance 11:30 - 11:45 Coffee Break 11:45 - 13:00 Session 2 : Fundamentals of Islamic Banking Islamic Banking Operations and Products 13:00 - 14:00 Lunch & Prayer 14:00 - 16:00 Session 3: Takāful Principles Takāful Models Prudential Issues in Takāful 16:00 - 16:30 Coffee Break End of Workshop - Day 1 Day 2 14/01/2014 IFSB- FIS WORKSHOPS - DAY 2 09:30 - 11:30 Session 1: IFSB-14: Standard On Risk Management for Takāful (Islamic Insurance) Undertakings Specificities of Takāful (Islamic Insurance) Undertakings Relevant to Risk Management Significant Risks of Particular Relevance to Takāful 11:30 - 12:00 Coffee Break 12:00 - 13:00 Session 2: IFSB-14: Guiding Principle on Risk Management for Takāful (Islamic Insurance) Udertakings Enterprise Risk Management Key elements in the supervisory review process of risk management for Takāful undertakings Systemic risk considerations in Takāful 13:00 - 14:00 Lunch & Prayer 14:00 - 16:00 Session 3: IFSB-8: Guiding Principles on Governance for Takâful (Islamic Insurance) Undertakings Reinforcement of Relevant Good Governance Practices Independence and Integrity of Governance Organs Appropriate Code of Ethics and Conduct Protection of Rights and Interests of Takāful Participants Appropriate Disclosures to Material and Relevant Information 16:00 - 16:30 Coffee Break End of Workshop - Day 2 Day 3 15/01/2014 IFSB - FIS WORKSHOPS - DAY 3 09:30 - 11:00 Session 1: Challenges in Liquidity Risk Management from Global Perspective and Implications for IIFS Significance of Liquidity Risk Management for Financial Institutions in Post-crisis World The Regulatory Response to Global Financial Crisis – Initiatives of Global Standard Setters and Supervisory Authorities Challenges in Liquidity Risk Managements by IIFS 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 2: IFSB-12: Guiding Principles on Liquidity Risk Management for Institutions offering Islamic Financial Services Funding and Market Liquidity Risk Necessary Conditions for an Effective Liquidity Risk Management in IFSI Governance Structure: Role of the Board of Directors and Senior Management Identification of Liquidity Risk Interactions of Liquidity Risk and Implications of Islamic Financing Contracts Case Study – 1: Liquidity Risk and Financial Distress in an IIFS 13:00 - 14:00 Lunch & Prayer 14:00 - 16:00 Session 3: IFSB-12: Guiding Principles on Liquidity Risk Management for Institutions offering Islamic Financial Services Responsibility for Supervision of Liquidity Risk & Need for Supervisory Regulations Supervisors’ Role as Provider of Liquidity Support Supervision of Liquidity Risk at Consolidated Level Case Study – 2: Supervisory arrangements for Shari’ah compliant Lender of Last Resort and other Liquidity Support to IIFS 16:00 - 16:30 Coffee Break End of Workshop - Day 3 Day 4 16/01/2014 IFSB - FIS WORKSHOPS - DAY 4 09:30 - 11:00 Session 1: Understanding Stress Testing for Financial Institutions Stress Testing as a Risk Management Tool Stress Testing and Global Financial Crisis International Guidance on Stress Testing and Gap Analysis Necessary Conditions For An Effective Stress Testing Regime IFSB Comprehensive Stress Testing Framework for IIFS 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 2: IFSB-13: Guiding Principles on Stress Testing for Institutions offering Islamic Financial Services Governance Aspects of the Stress Testing Framework Identification of Risk Factors and Coverage of Scenarios Specific Elements of IIFS in Stress Testing Stress Testing Methodologies FSAP and Stress Testing 13:00 - 14:00 Lunch & Prayer 14:00 - 16:00 Session 3: Simulations and Exercises How to Conduct “Micro level (or IIFS level) Stress Testing” Factors and Scenarios to Consider for Micro Stress Testing 16:00 - 16:30 Coffee Break End of Workshop - Day 4 Day 5 17/01/2014 IFSB - FIS WORKSHOPS - DAY 5 09:30 - 12:00 Session 1: IFSB-13: Guiding Principles on Stress Testing for Institutions offering Islamic Financial Services Regular and Comprehensive Assessments of IIFS’ Stress Testing Supervisory Evaluation of an IIFS’s Stress Testing Methodology Designing and Implementing System-Wide Stress Tests and Frequencies Corrective Actions & Regular Supervisory Dialogue with IIFS and the Industry Cross-border Issues and Home-Host Coordination Stress Testing Reporting Disclosures and Format 12:00 - 12:30 Closing Session 12:30 - 13:30 Lunch & Jumaah Prayer End of Workshop - Day 5 Downloadable Document(s) 1.) Event Session(s) - PDF Format

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

- Bali, Indonesia

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

Meet the Members Session

Central Bank of Sudan Khartoum, Sudan

Event Snapshots Programme - Event Session(s) Date Time Topics Day 1 18/02/2014 12:00 - 12:10 Registration and Arrival of Guests 12:10 - 12:20 Welcoming Remarks 12:20 - 13:10 Interactive Session Presentation on IFSB Standard Implementation Survey and FIS Initiatives in Views of the Strategic Performance Plan 13:10 - 14:00 Lunch Downloadable Document(s) 1.) Event Session(s) - PDF Format

Level 5, Sasana Kijang, Bank Negara Malaysia, 2, Jalan Dato’ Onn, 50480 Kuala Lumpur, Malaysia.

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Level 5, Sasana Kijang, Bank Negara Malaysia, 2, Jalan Dato’ Onn, 50480 Kuala Lumpur, Malaysia.

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