In its 3rd Extraordinary Technical Committee Meeting held on 9 September 2021, the Technical Committee of the Islamic Financial Services Board (IFSB) has approved the issuance of the of the following Exposure Draft (ED) : Core Principles for Islamic Finance Regulation (Financial Market Infrastructure) - ED-26 The Public Consultation will be for a period of 45 days, starting from 10 September 2021 until 25 October 2021.   In conjunction to the above, the IFSB will be organising a Webinar for the Public Hearing on the ED-26 on 15 October 2021 at 4.00 PM (GMT +8.00, Malaysia time). Therefore, the IFSB would like to invite all members, stakeholders and interested parties to attend the above programme.   Kindly register in advance for this webinar: https://zoom.us/webinar/register/WN_4XUyFdM6RsqgkP4xT9pNgw     An email confirmation containing about joining the webinar will be sent after registration. We look forward to receiving your registration for Public Hearing session as well as feedback on ED-26.   Event Snapshots:  

Target Audience: IFSB members and non-members (RSA, market players, scholars and academics) Learning Objectives: The progress of digital transformation has accelerated in the midst of pandemic due to rising digitalization trend. Some central banks have conducted assessments and exercises on pros and cons of digital transformation in the regulators policies and initiatives particularly to maintain the financial system stability, economic transaction and increase the policy impacts to the real sectors including the Islamic finance. The focuses are mainly on: (i) can the central bank digital transformation perform a better economic policy transformation mechanism in the digital era? (ii) how can the economic policies (fiscal, monetary, finance, etc) be relied on and applied in the digital era? (iii) how is the financial stability framework and mechanism be maintained by adopting the central bank digital transformation? (iv) how is Sharia view and thought on some digital initiatives applied by the regulators? (v) and other central bank strategic policies and digital transformation issues can also be deliberated and shared in the event. Programme Outcome: The conference intends to elaborate and possibly gains consensus among policy makers, experts and sharia scholars on the issues and ideas of the digital transformation in the policy, market practices and Sharia initiative. Representatives from the central banks, international standard setting bodies, industry players and sharia scholars among resource persons in the event. The expected outcomes of the event are: (a) comprehensive understanding and thought on digital transformation from regulatory perspectives (central bank, financial regulators) mainly its financial and economic impacts, policy responses and financial (b) discussions from the market and industry players on some applications of digital transformation in financial transactions (crypto asset trading, bitcoin, etc) (c) knowing the Sharia views and thoughts on digital initiatives in the payment system, financial market transactions, banking system, etc mainly with the issues of Riba, gharar and maysir (speculation) in the digital transaction. Programme Approach: Following are the overall programme approaches: Explanation and elaboration of the issue, policy, market experiences and Sharia thoughts from the speakers (policy makers, market players and sharia scholars). Interactive discussion, debate, pros and cons opinions on the topic among speakers and limited (by invitation) audience. Conclusions or pre-requisite consensus on the issues being discussed. Suggestions on policy responses or market responses on the issues. Event Snapshots:   Programme - Event Session(s): Day 1 00/00/0000 00:00 - 00:00 13:00 - 13:30 Registration and Opening by Master of Ceremony 13:30 - 14:00 Opening Remarks and Keynote Address Opening Remarks       : Dr. Bello Danbatta, Secretary-General, IFSB Keynote Speech          : Dr. Wimboh Santoso, Chairman, Otoritas Jasa Keuangan (OJK) 14:00 - 15:00 Session 1: Central Bank Digital Transformation: Policy Responses and Financial System Stability Central bank views, assessments and thought on central bank digital transformation particularly in relation to financial system stability, economic transaction and impacts on the real sectors Policy responses on central bank digital transformation: policy transformation, financial market and payment system policies. Central bank strategic policies in shaping financial industry and payment system in the digital era. Possible adoption with adjustments and modification with respect to the jurisdiction’s economic condition and policy measures. 15:00 - 16:00 Session 2: Financial Market and Industry Views, Assessments, and Shari’ah Thoughts on Digital Transformation in the Islamic Business and Economic Transactions Financial market dan banking responses on the current cases of the digital transactions such as digital payment, digital financial market transactions, digital financing, etc. Possible impacts of digital transformation in the Islamic economic and financial transactions: contract, trading, investor and customer protection, risk assessment, etc. Changing in the financial market and banking treatments and rules on digital transaction in the digital era. 16:00 - 16:15 Q & A Session

The 15th IFSB Summit aims to bring together financial industry leaders, experts, policymakers and other stakeholders to share knowledge, experience and expertise under the theme of “Islamic Finance and Digital Transformation: Balancing Innovation and Resilience”. The Summit will provide a forum to discuss policy priorities and strategies to foster renewed growth momentum in the Islamic financial services industry (IFSI), focusing particularly on digital transformation of Islamic financial services.  The Summit will provide an opportunity to share ideas and deepen the understanding of emerging developments and advances in financial technology and digital finance across the various sectors of the IFSI, the different regulatory approaches and practices that have been applied by jurisdictions and their effectiveness, as well as the challenges and trade-offs, and the policy actions that are needed going forward to further promote innovation whilst ensuring resilience and financial stability. The sessions will also include discussions that renew the focus on harnessing the inherent values and principles of Islamic finance to provide value-based solutions to strengthen the link between innovation in Islamic finance and the real economy, while also supporting long term sustainable development and ESG objectives. Further, it will look at potential strategies to facilitate use of digital finance and financial technologies by Islamic financial institutions to target underserved populations and SMEs to foster more inclusive growth of Islamic finance. It will also provide opportunities to discuss relevant issues around structural changes in the Islamic finance industry as a result of technological developments, including management of cyber risk, issues around crypto-assets and the effective use of regulatory and supervisory technology. Across the various sessions during the two-day Summit, industry leaders will be able to discuss the most prominent and current issues in the industry and identify the key policy objectives going forward for standard setters as well as for national authorities. ENQUIRIES If you have any inquiries regarding registration or participation in the 15th IFSB Summit, please direct your queries to: Registration Sponsorship & Press Mr. Iswaran A/L Shamugam Tel.: +603 9195 1426 or +603 9195 1400 [email protected]. Noor Azmah Mohd Yusoff Tel: +603-9195 1434 [email protected] Ms. Natejah Ahmad Tel.: +603 9195 1426 or +603 9195 1400 [email protected]. Rosmawatie Abdul Halim Tel: +603-9195 1425 [email protected] TRAVELLING REQUIREMENTS Participants that physically attending the event shall make their own arrangement. However, should you require a letter from the IFSB to facilitate your visa application, please contact the IFSB Secretariat. Please see below travelling requirements requested by health authorities in Saudi Arabia with regard to Covid-19 precautions: Summit participants must obtain and show a proof of vaccination (vaccine certificates for COVID 19) with one of the flowing vaccines: 2 doses of Pfizer BioNTech 2 doses of Oxford AstraZeneca 2 doses of Moderna 1 dose of Johnson&Johnson’s Janssen Vaccine certificates are required to be certified by official health authorities from the country that provided the vaccination. The second dose of a two-dose vaccine or the first dose of a single dose vaccine should be taken at least (14) days before arrival to the Kingdom of Saudi Arabia. Summit participants must carry their vaccine certificates at all times during their stay in the kingdom (Or prove of health status through applications and accredited programs in the kingdom) Summit participants must provide a negative result of (PCR) test certificate not exceeding (72) hours before departure to the Kingdom of Saudi Arabia. Summit participants must provide a negative result of (PCR) test certificate not exceeding (72) hours before departure to the Kingdom of Saudi Arabia. For more information, please visit https://wwwnc.cdc.gov/travel/notices/covid-4/coronavirus-saudi-arabia Entry Status to KSA #    Country                           Status 1.      Egypt                            Banned 2.      Lebanon                      Banned 3.      Indonesia                    Banned 4.      Turkey                          Banned 5.      Pakistan                      Banned 6.      Japan                          Quarantine required 7.      Switzerland                Quarantine required 8.      UK                                Quarantine required 9.      USA                              Quarantine required 10.    Germany                     Quarantine required 11.     All remaining countries    No entry restrictions Before coming to Saudi Arabia, participants from allowed countries should not pass by the below countries for the 14 days before entering KSA: 1.      Ireland 2.      Germany 3.      Indonesia 4.      Italy 5.      Pakistan 6.      Brazil 7.      Portugal 8.      UK 9.      USA 10.     Turkey 11.     Sweden 12.     Switzerland 13.     France 14.     Lebanon 15.     Egypt 16.     India 17.     Japan ACCOMMODATION INFORMATION  Participants that physically attending the event shall make their own arrangement for accomodation. However, the Secretariat has secured preferential rates are the following hotels. You are required to make your reservations directly with the hotel. The reservation forms are available for download. https://www.ritzcarlton.com/en/hotels/saudi-arabia/jeddah   ABOUT THE IFSB The Islamic Financial Services Board (IFSB) is an international standard-setting ‎organisation that promotes and enhances the soundness and stability of the Islamic ‎financial services industry by issuing global prudential standards and guiding principles ‎for the industry, broadly defined to include banking, capital markets and insurance ‎sectors.‎ As at June 2021, the 187 members of the IFSB comprise 81 regulatory and supervisory authorities, 10 international inter-governmental organisations, and 96 market players (financial institutions, professional firms, industry associations and stock exchanges) operating in 57 jurisdictions. Towards this end, the IFSB works closely with relevant international, regional and ‎national organisations, research/educational institutions and market players. For more information about the IFSB, please visit www.ifsb.org Latest IFSB Press Releases List of IFSB Members List of IFSB Publications List of IFSB upcoming events ABOUT CENTRAL BANK OF SAUDI ARABIA Saudi Central Bank, the central bank of the Kingdom of Saudi Arabia, was established in 1372H  (1952).  It has been entrusted with performing many functions pursuant to several laws and regulations. The most important functions are the following: To deal with the banking affairs of the Government; Minting and printing the national currency (the Saudi Riyal), strengthening the Saudi currency and stabilizing its external and internal value, in addition to strengthening the currency’s cover; Managing the Kingdom’s foreign exchange reserves; Managing the monetary policy for maintaining the stability of prices and exchange rate; Promoting the growth of the financial system and ensuring its soundness; Supervising