Islamic Financial Services Board

2nd Working Group Meeting on Revised Solvency Requirements for Takaful Undertakings
2020-12-03 | Online
The 2nd Working Group Meeting on Revised Solvency Requirements for Takaful Undertakings is scheduled to be held as follow :

Date
3 December 2020

Time
2.30 PM (GMT +8.00, KL time)

Venue
Web-conference / webinar

Participation in the meeting is by INVITATION only. For more information, please email to fadhila@ifsb.org.

Event Snapshots

37th Islamic Financial Services Board (IFSB) Council Meeting
2020-12-10 | Online
The 37th Islamic Financial Services Board (IFSB) Council Meeting is scheduled to be held via online on Thursday, 10 December 2020.

This meeting is a closed session and participation is by invitation ONLY.

If you have any enquiries regarding the meeting, please contact Ms. Nissa at khairun.nissa@ifsb.org and Mrs. Ida Shafinaz at ida.shafinaz@ifsb.org. More information will be posted on this page in the weeks ahead.

Please stay safe and well during this challenging time.

Event Snapshots

Roundtable on Takaful
2020-12-14 | Online
Event Snapshots

21st Islamic Financial Stability Forum - The Implications of COVID-19 on the Stability of Islamic Financial Services Industry
2020-12-16 | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
The IFSF provides opportunity to renowned IFSI leaders, decision markers and regulators to offer diverse perspectives as well as exchange ideas with industry stakeholders across different segments of the IFSI on related regulatory and policy initiatives and issues. This 21st IFSF involves a session of panel discussion that focuses on the COVID-19 related issues and their implication for the stability and resilience of the IFSI. Further, it also attempts to have forward looking policy to prevent the potential and unprecedented crisis and industry responses facing the current and future crisis.

The COVID-19 pandemic no doubt exerts significant pressures on both the regulatory and supervisory authorities (RSAs) as well as supervised firms including the institutions offering Islamic financial services (IIFS). This is especially in terms of coping with the dynamics of the consequences of the pandemic depending on its effects and duration, as well as adapting supervisory approaches and working practice respectively toward the apparent, anticipated, and obscure risks that may result due to contraction in the real economy to which the IFSI is highly exposed.

In addition, it is likely that the need to urgently address the matters arising from the outbreak of COVID-19 may have subsumed attention to other wider issues relating to how the IFSI complements the achievement of the sustainable development goals including the social development. These developments will obviously put both the stability and resilience of the IFSI to test in the later part of 2020 and perhaps beyond. The specific issues relating to these broad concerns are amongst the focus of the panel discussion session of this 21st IFSF besides the prospect of Islamic finance taken into account the lesson learnt from the pandemic.

Event Snapshots

Programme – Event Session(s)

Date
Time
Topics

Day 1
16/12/2020
14:30 – 14:40
Opening Remarks

14:40 – 16:00
Panel Discussion on Assessing the effectiveness of regulatory and supervisory response to maintain financial stability upon the impact of COVID-19 and way ahead

In many jurisdictions, recommendations have been offered on the use of regulatory buffers, the need to preserve compliance with international standards, and promote international and inter-organisational coordination. A few have also looked at these issues with focus on the specificities of Islamic financial services such as balance sheet components, relatively smaller size of the IFSI in many jurisdictions, and the state of the economy of countries where Islamic finance is practiced.

While the effect of the first wave of the pandemic is starting to manifest, especially as various fiscal, monetary and other stimulus introduced by the various governments are being relaxed, the impact of the second wave of COVID-19 is also likely to take effect in the coming months. Not only might there be a significant increase in credit risk due to financing delinquencies, market liquidity might also be strained, and asset markets might be disrupted. Moreover, the indispensability of digitalising financial services due to social distancing as a new normal to flatten the curve of the pandemic also presents technology-related risks that might result from staff remote access to financial network as well as outsourcing of cloud services for instance to third-parties.

Also, the abruptness and pervasiveness of the COVID-19 pandemic and the responses it elicited might also have impacted on the requisite attention needed on other wider issues including for instance, climate change and financial inclusion which are also considered important to the IFSI. While these challenges affect the entire financial system in a jurisdiction, their implications for the IFSI might also present peculiar effects given the specificities of Islamic finance.

Discussion Points:

What is the effect of the prudential regulatory and supervisory policy response to COVID-19to maintain financial stability of IFSI in general?
Are various stimulus packages introduced stimulating new spending and preventing job losses quickly enough as desired especially to the households and SMEs to which the Islamic banks are highly exposed?
Are there any unexpected prudential consequences peculiar to the specificities of the IFSI that have emerged from the crisis and what are their implications?
How can the Islamic banks deal with regulatory capital treatment of ECLs given that IFRS-9 did not specify such treatment for profit and loss sharing contract, for instance?
What are the peculiar impediments and risks to the digital transformation of the IFSI as necessitated by COVID-19? Are there legacy infrastructure, human capital or capital budgeting constraints, for instance?
How effective is the coordination and communication among various regulators and supervisors of Islamic finance segments in response to COVID-19?
What factors should the regulatory and supervisory authorities consider to be of utmost importance, as countries where Islamic finance is practiced gradually ease the lockdown?
What are the forward looking policy to be pursued taken into account the lesson learnt from pandemic?
To what extent has the focus on the effect of the pandemic subsumed attention on other wider issues and initiatives that are pertinent to Islamic finance such as financial inclusion, climate change, etc?

·

16:00 – 16:15
Q&A Session

32nd Arabic Editing Committee Meeting
2021-02-02 14:00 - 18:00 (Asia/Kuala_Lumpur) | Online
The 32nd Arabic Editing Committee Meeting is scheduled to be held as follows:

Date
2 – 4 February and 6 – 10 February 2021

Time
2:00 pm – 6:00 pm (Malaysia time)

Venue
Online

Participation in the meeting is by INVITATION only. For more information please email to: khairun.nissa@ifsb.org

IFSB-FIS E-Workshop Series - IFSB-17: Core Principles for Islamic Finance Regulations (CPIFR Related to Prudential Regulations and Requirements for IIFS)
2021-02-15 16:30 - 18:30 UTC | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
Date : 15 February 2021 (Monday)
Time : 4:30 – 6:30 pm (MYT)
Sector : Islamic banking
Topic : IFSB-17: Core Principles for Islamic Finance Regulation (CPIFR Related to Prudential Regulations and Requirements for IIFS)

Overview

The main objective of the Core Principles for Islamic Finance Regulations – CPIFR is to provide a foundation for regulatory and supervisory authorities to regulate Islamic financial services industry with consideration the specificities of the IIFS in the banking segment and the lessons learned from the financial crisis, and complementing the existing international standards, principally the BCBS’s Core Principles for Effective Banking Supervision (Basel Core Principles, or BCPs).

In this online FIS Workshop IFSB will address three CPIFR, covering Transactions with related parties, Treatment of Investment account holders (IAHs) and Islamic windows operations.

FIS Workshop facilitator will discuss how core principles requirements help to prevent abuses arising in transactions with related parties and to take measures on the risk of conflict of interest. During the session participants will get understanding on regulatory treatment, governance and disclosures, capital adequacy and associated risk-absorbency features related to IAH’s. Moreover Islamic windows operations, their permitted forms, supervisory review process will be also covered.

The facilitator will also share with some Case studies and open floor to Q&A to bring more interactivity to the session.

***REGISTRATION IS OPEN FOR MEMBERS ONLY***

IFSB-FIS E-Workshop Series - IFSB-16: Supervisory Review Process (Governance and Risk Management)
2021-02-18 16:30 - 18:30 UTC | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
Date : 18 February 2021 (Thursday)
Time : 4:30 – 6:30 pm (MYT)
Sector : Islamic banking
Topic : IFSB-16: Supervisory Review Process (Governance and Risk Management)

Overview

A core element of any supervisory review process is to assess financial institutions’ governance decision structures and processes. At the same time supervisory review process must not only ensure that financial institution have adequate capital to support all their business risks, but also stimulate them to develop and use better risk management and techniques within their risk management processes.

When it comes to the institutions offering Islamic financial services there should be additional requirements in order to address elements that are specific to Islamic finance, including risk characteristics and issues relating to Shariah compliance.

Within this session IFSB will address relevant corporate governance issues as well as supervisory implications related to the Shariah governance. Since the risk culture in IIFS is a very complex topic, facilitator will also cover principles of risk management in IIFS and various categories of risk that IIFS face in their operations.

We believe this FIS workshop will be particularly beneficial due to case studies that will be discussed with the participants.

***REGISTRATION IS OPEN FOR MEMBERS ONLY***

IFSB-FIS E-Workshop Series - IFSB-3: Corporate Governance for IIFS
2021-02-25 16:30 - 18:30 UTC | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
Date : 25 February 2021 (Thursday)
Time : 4:30 – 6:30 pm (MYT)
Sector : Islamic banking
Topic : IFSB-3: Corporate Governance for IIFS

Overview

Despite a very rapid development of Islamic finance worldwide, it should not be forgotten that in many countries Islamic financial services industry is still in its infancy. To be able to successfully meet all challenges that Islamic finance services industry faces, it needs to have comprehensive regulation and supervision, risk management and corporate governance frameworks.

With this e-workshop session, IFSB Secretariat would like to address one of the most crucial aspects of IIFS – a Corporate Governance.

Our facilitator will introduce you to guiding principles of prudential requirement in the area of Corporate Governance. IFSB’s Guiding Principles are designed to facilitate IIFS in identifying areas where appropriate governance structures and processes are required, and to recommend best practices in addressing these issues.

During the session you will get understanding on issues of Corporate Governance specific to IIFS, the General Governance Approach from IFSB-3 standards perspective and how IIFS shall acknowledge rights of Investment Account Holders.

The session will also clarify how compliance with Shariah rules and principles and Transparency of financial reporting are integral part of Corporate Governance for IIFS.

***REGISTRATION IS OPEN FOR MEMBERS ONLY***

6th Meeting of the Technical Note on Recovery and Resolution Plan for Institutions offering Islamic Financial Services (IIFS)
2021-03-10 | Online
The 6th Meeting of the Technical Note on Recovery and Resolution Plan for Institutions offering Islamic Financial Services (IIFS) is scheduled to be held as follow :

Date
10 March 2021

Time
4.00 PM (Malaysia time)

Venue
via web conference / webinar

Participation in the meeting is by INVITATION only. For more information, please email to : fadhila@ifsb.org

Event Snapshots

3rd Working Group Meeting on Revised Solvency Requirements for Takaful/Retakaful Undertakings
2021-03-17 | Online
The 3rd Working Group Meeting on Revised Solvency Requirements for Takaful/Retakaful Undertakings is scheduled to be held as follow :

Date
17 March 2021

Time
2.30 PM (GMT +8.00, KL time)

Venue
Web-conference / webinar

Participation in the meeting is by INVITATION only. For more information, please email to fadhila@ifsb.org.

Event Snapshots

IFSB-FIS E-Workshop Series - IFSB-19: Guiding Principles on Disclosure Requirements for ICM Products (Sukuk and ICIS)
2021-03-18 16:30 - 18:30 UTC | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
Date: Thursday, 18 March 2021
Time: 4:30 – 6:30 (MYT)
Sector: Islamic Capital Market
Topic: IFSB-19: Guiding Principles on Disclosure Requirements for ICM Products (Sukuk and ICIS)

Overview

Sukuk is one of the fastest growing segment of Islamic capital market (ICM) and attracts global investors due to its unique structure and features.

With this e-workshop session, IFSB Secretariat would like to bring an understanding on sukuk as an ICM instrument and its Shariah related requirements, as well as highlight the importance of adequate information which enables investors to make informed decisions, especially in Shariah-related areas.

Moreover, facilitator at this session will provide core principles of sukuk disclosures as a basis of sound regulation in order to develop ICM at greater levels of integrity and transparency.

***REGISTRATION IS OPEN FOR MEMBERS ONLY***

5th Joint Working Group Meeting on the Revised Shariah Governance Framework Standard
2021-03-31 | Online
The 5th Joint Working Group Meeting on Revised Shari’ah Governance Framework Standard is scheduled to be held as follow :

Date
31 March 2021 (Wednesday)

Time
3.30 PM (GMT +8.00, KL time)

Venue
Online (web conference)

Participation in the meeting is by INVITATION only. For more information please email to: fadhila@ifsb.org

Event Snapshots

53rd Meeting of the Technical Committee of the IFSB (Online)
2021-04-07 15:30 - 20:00 (Asia/Kuala_Lumpur) | Online
The 53rd Meeting of the Technical Committee of the IFSB is scheduled to be held online as follows:

Date
7 April 2021, Wednesday

Time
15:30 – 20:00 (Kuala Lumpur Time, GMT +8)

Participation in the meeting is by INVITATION only. For more information please email to: khairun.nissa@ifsb.org

Event Snapshots

15th Meeting of the Task Force on Prudential and Structural Islamic Financial Indicators - PSIFIs (Online)
2021-04-12 14:30 - 18:00 (Asia/Kuala_Lumpur) | Online
The 15th Meeting of the Task Force on Prudential and Structural Islamic Financial Indicators (PSIFIs) is scheduled to be held via online as follows:

Date
12 April 2021 (Monday)

Time
2:30 pm – 6:00 pm (GMT +8.00, Kuala Lumpur Time)

Participation in the meeting is by INVITATION only. The meeting link will be provided to Task Force members via email. For more information, please email to khairun.nissa@ifsb.org

2nd Task Force Meeting of Technical Note on Shariah-compliant Liquidity Management Tools
2021-04-22 | Online
The 2nd Task Force Meeting of Technical Note on Shariah-compliant Liquidity Management Tools is scheduled to be held as follow :

Date
22 April 2021

Time
3.00 PM (GMT +8.00, KL time)

Venue
Web-conference / webinar

Participation in the meeting is by INVITATION only. For more information, please email to fadhila@ifsb.org.

Event Snapshots

5th Meeting of the Executive Committee of the IFSB (Online)
2021-04-26 15:00 - 18:30 (Asia/Kuala_Lumpur) | Online
The 5th Meeting of the Executive Committee of the IFSB is scheduled to be held online as follows:

Date
26 April 2021, Monday

Time
15:00 – 18:30 (Kuala Lumpur Time, GMT +8)

Participation in the meeting is by invitation only. For more information please email to: khairun.nissa@ifsb.org

12th IFSB Public Lecture on Financial Policy and Stability
2021-05-25 09:30 - 23:45 UTC | Virtual
Programme – Event Session(s)

Date
Time
Topics

Day 1
25/05/2021
09:30 – 09:45
Welcoming and Opening Remarks
Dr. Bello Lawal Danbatta, Secretary-General, IFSB

09:45 – 10:30
Public Lecture 1: Current and Post-Pandemic Financial System Stability Challenges: The Way Ahead
Speaker: Dr. Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department – International Monetary Fund

The COVID-19 pandemic has resulted in economic and financial downturns and market turmoil affecting almost every country around the globe in 2020. To alleviate economic pressures, governments adopted various economic and financial policy measures such as tax relief, postponing loan/financing interest/profit payments, special liquidity to labour-intensive sectors (SMEs, etc) and easing macroprudential and microprudential indicators to maintain financial system stability. The effects of the pandemic seem to continue into 2021, as some countries struggle while others show slight indications of economic recovery. Overall, the majority of countries are continuing their efforts to stimulate the economy and contain the pandemic, through the rollout of vaccination programmes, strict health protocols and increasing health facilities. Fortunately, financial system stability as shown by the improved financial market activities, banking and nonbank performance and investors’ investment activities indicates positive recovery. Amongst the lessons learnt from the pandemic are integrated and coordinated economic and financial policies among authorities; digital transformation and financial technology; more social, health and welfare-oriented economic and financial activities. Banks and financial systems as a whole are witnessing transformation to become more agile and adaptive towards sustainable practices. Some issues to be stressed and elaborated on are:

(1) How much has the pandemic transformed the current economic and financial system?
(2) How to maintain economic and financial system stability and what policies are more likely to remain in the post-pandemic era and beyond?
(3) What are shifting paradigms occurred or need to occur to maintain economic and financial stability?
(4) What will be the roles of authorities in post-pandemic era and beyond?

10:30 – 11:00
Break

11:00 – 11:45
Public Lecture 2: Islamic Financial System Stability: Post Pandemic Impacts and Way Ahead

Speakers:
Dr. Zamir Iqbal, Vice President, Finance, Islamic Development Bank
Professor Dr. Asad Zaman, Director General International, Institute of Islamic Economics. International Islamic University Islamabad

Economic and financial pressures and instability resulting from the pandemic have transformed economic and financial transactions. Electronic contracts and financial agreements, electronic transactions (e-banking, e-sukuk, e-money, etc), financial technology (less physical interactions) and digital currencies have seen wider use in the business and financial markets.

Due to massive development of start-up companies, various social media and digital-based transactions have created new ways of collecting, investing and managing both commercial and social funds. Securities crowdfunding, e-payment of zakah, waqf, including their distribution via virtual platforms, may lead to potential Sharīʻah risks. These phenomena vividly impact the global Islamic financial system stability and can lead to the transformation of Islamic finance system to face post pandemic challenges and be more agile, adaptive and innovative.

Lately, Islamic finance industry (banks, capital market, takaful) has changed its business model as well as technological adoption in which there are techno-based Islamic finance applications, more social responsive Islamic finance transactions and including eco-friendly Islamic investment applied during and possibly post pandemic condition.

Some areas to be discussed:
(1) How is the global Islamic financial (IF) system stability during and post pandemic? Is the policy flexibility in the pandemic caused the resilience of IF or
(2) What are exit policies currently applied in most of jurisdictions to sustain the IF stability?
(3) What are lessons learnt from the pandemic to be responded and incorporated in the current IF practices?
(4) What kinds of transformation required by IF to cope with the future economic and finance challenges?

11:45 – 11:45
End of the Public Lecture

IFSB Virtual Annual Meetings 2021: 38th Council Meeting and 19th General Assembly
2021-06-09 | Online
The Secretariat is pleased to announce that the IFSB Annual Meetings 2021: 38th Council Meeting and 19th General Assembly will be held in a virtual format on Wednesday, 9 June 2021. The meetings will be chaired by H.E. Abdulhamid Saeed, Governor of the Central Bank of the United Arab Emirates and Chairman of the IFSB for 2021.

Participation is by invitation only. For participation enquiries and registration for the 38th Meeting of the Council and 19th General Assembly, please email to Ms. Nissa at khairun.nissa@ifsb.org

The IFSB and the Central Bank of the United Arab Emirates look forward to the participation of the IFSB members in the virtual meetings.
Event Snapshots

IFSB-FIS E-Workshop Series - IFSB-22: Disclosures to Promote Transparency and Market Discipline
2021-06-10 16:30 - 18:30 UTC | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
All IFSB Members

Date: Thursday, 10 June 2021
Time: 4:30 – 6:30 Kuala Lumpur Time
Sector: Islamic Banking
Topics: IFSB-22: Disclosures to Promote Transparency and Market Discipline

Market discipline has long been recognised as a key objective of financial sector regulation by the international standard-setting bodies and regulatory and supervisory authorities (RSAs). The provision of meaningful information about key risk metrics to market participants is a fundamental tenet of a sound banking system. It reduces information asymmetry and helps promote comparability of banks’ risk profiles and product offerings within and across jurisdictions.

IFSB-22 – Revised Standard on Disclosures to Promote Transparency and Market Discipline for IIFS, for its part, considers disclosure-aspects relevant to consumer protection and sets key principles and practices to be followed by IIFS in the banking sector in making disclosures, with a view to achieving transparency and promoting market discipline in regard to these institutions.

With this e-workshop session, your IFSB facilitator will provide understanding on financial and risk disclosures, including information related to the treatment of investment accounts and Islamic windows. The session will also give clarity on Shariah governance and general governance disclosures.

***REGISTRATION IS OPEN FOR MEMBERS ONLY***

IFSB-12: Liquidity Risk Management (Guiding Principles for IIFS)
2021-06-23 16:30 - 18:00 UTC | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
All IFSB Members
Date: Wednesday, 23 June 2021
Time: 4:30 – 6:30 Kuala Lumpur Time
Sector: Islamic Banking
Topics: IFSB-12: Liquidity Risk Management (Guiding Principles for IIFS)
Effective liquidity risk management is crucial for any financial institutions. Different types of external events, financial upheavals and market developments have increased the complexity of liquidity risk management process and its requirements. It has become even more challenging for Institutions offering Islamic Financial Services (IIFS).
IFSB-22 Guiding Principles on Liquidity Risk Management for IIFS standard sets out principles for the robust management of liquidity risk by IIFS, including its vigorous supervision and monitoring by the supervisory authorities. Besides providing guidance on prudential aspects related to liquidity risk management in IIFS, this document outlines necessary elements of effective liquidity risk management in the Islamic financial services industry.
Within this session your facilitator will cover the main steps of the liquidity risk management process taking into consideration the specificities of the IIFS, as well as liquidity risk’s interactions and implications of Islamic financing contracts. The role of Board of Directors and Senior Management will also be addressed in establishing responsibilities for liquidity risk management oversight and executing the liquidity risk management strategy.
The presentation will be followed by the Case study and Q&A session.
***REGISTRATION IS OPEN FOR MEMBERS ONLY***

Joint IFSB-SEC Nigeria Seminar on Islamic Capital Market
2021-06-24 16:30 - 22:00 UTC | Online
COVID 19: INVESTOR PROTECTION AND TRANSPARENCY IN ISLAMIC CAPITAL MARKET
The pandemic has unexceptionally affected all economic and financial sectors globally, including the Islamic financial services sector. Given the ongoing uncertainty created by the pandemic and the potential risks it poses for economic growth and financial stability, protecting investors against possible market failures, as well as enhancing transparency and information available to investors are essential in regaining investor trust and confidence in the Islamic capital markets, which is in turn, crucial to prevent any deterioration of market conditions.
Many market failures directly impact investors, including asymmetry of information, agency problems or detrimental conflicts of interest. They may affect the functioning of the market and contribute to the perception that capital markets are an unsafe environment. Thus, it is imperative for policy makers and regulators to address these issues through regulatory intervention, in order to rebuild investor confidence during volatile market conditions and to effectively address possible market failures that could impact the level of protection of investors. Better protected investors are also likely to make more informed investment decisions and be less prone to react irrationally to market events or follow “herd behavior” which are disruptive for financial markets and the economy as a whole. Thus, transparency and investor protection can be seen as factors that ultimately contribute to the stability of financial markets.
The seminar therefore aims to increase awareness of the importance of investor protection and transparency in fostering investor confidence and ultimately the sustainability and stability of the Islamic capital markets and to provide a platform to discuss critical policy issues arising in the context of the current global financial environment.
Objectives
The seminars’ main objectives are to:

Address Islamic finance-specific issues in relation to investor protection.
Discuss best practices for investor protection in the ICM and the elements of a robust investor protection framework.
Highlight best practices and guidelines on disclosure requirements for ICM products, specifically for ṣukūk and Islamic collective investment schemes (ICIS).
Identify issues arising from the current global environment, and share policy actions taken by various regulators and policy makers to address emerging challenges and issues.

Programme Outcome
At the end of the seminar, participants will have a comprehensive understanding on investor protection and disclosure requirements to strengthen investor confidence and improve financial market performance. The seminar will be structured around guidance from IFSB standards, as well as experiences from the industry. Participants will be able to takeaway insights on the various policy approaches and best practices in different jurisdictions to address new and emerging issues related to investor protection and transparency in light of the new global realities.
Programme Approach

Interactive discussions on a wide array of issues on investor protection and transparency in the ICM
Discussion on the best market practices and regulatory challenges

Event Snapshots

Programme – Event Session(s)

Date
Time
Topics

Day 1
24/06/2021
16:30 – 16:45
Welcoming Remarks (IFSB)
Dr. Bello Lawal Danbatta, Secretary-General, Islamic Financial Services Board

16:45 – 17:00
Opening Remarks (SEC Nigeria)
Mr. Lamido Yugaga, Director General, SEC Nigeria

17:00 – 17:45
Session 1: Overview of the Islamic Capital Markets in Nigeria

Development and growth of the Islamic capital markets in Nigeria
Islamic finance development, products and issuances in Nigeria
Regulatory developments and challenges
COVID-19 and impact on the market

Presenter: Mr. Abdulkadir Abbas, Head of Department – Securities and Investment Services, SEC Nigeria

17:45 – 17:50
Short Break

17:50 – 18:30
Session 2: Strengthening Investor Protection in the Islamic Capital Markets

Overview of regulatory issues and the key principles of investor protection;
Overview of the global Islamic capital markets and trends
The role of product governance, conduct of business requirements (including client assets, best execution, and conflicts of interest etc.), and good practices in relation to investor redress and investor education, and;
Emerging investor protection issues in the Islamic capital markets in the context of the current global environment

Presenter: Ms. Aminath Amany Ahmed, Member of the Secretariat, Islamic Financial Services Board

18:30 – 19:30
Afternoon Break

19:30 – 20:15
Session 3: Enhancing Transparency in the Islamic Capital Market (Sukuk)

Principles of transparency and disclosure for Sukuk and regulatory best practices
Overview of key regulatory considerations and specificities of Sukuk
Role of transparency and disclosure in protecting Sukuk investors
Addressing emerging issues and challenges for Sukuk through better informed investors

Presenter: Peter Casey, Consultant, Islamic Financial Services Board

20:15 – 20:20
Short Break

20:20 – 21:05
Session 4: Enhancing Transparency in the Islamic Capital Market (ICIS)

Overview of key regulatory considerations and specificities of ICIS
Principles of transparency and disclosure for ICIS and regulatory best practices
Role of transparency and disclosure in protecting ICIS investors
Addressing emerging issues and challenges for ICIS through better informed investors

Presenter: Peter Casey, Consultant, Islamic Financial Services Board

21:05 – 21:15
Short Break

21:15 – 22:00
Session 5: Panel: Safeguarding investors in a challenging global environment

Implications of the COVID-19 pandemic for the Islamic capital markets
Policy actions taken by regulators to mitigate the impact of the pandemic
Key investor protection issues arising from the unprecedented economic and financial market conditions and addressing these issues;
Promoting investors’ confidence in an uncertain environment through greater market transparency, assessment and information.
Q&A on specific considerations and policy issues unique to the Islamic capital market and the way forward.

Panelists:
Peter Casey, IFSB Consultant (Lead Panelist)
Mr. Abdulkadir Abbas, Head of Department – Securities and Investment Services, SEC Nigeria
Mrs. Hajara Adeola, Managing Director, Lotus Capital Limited
Mr. Hichem Bouqniss, Execuitve Director, International Islamic Liquidity Management Corporation

Joint IFSB-CMA Kenya Seminar on Islamic Capital Market
2021-06-30 13:30 - 18:00 UTC
COVID 19: INVESTOR PROTECTION AND TRANSPARENCY IN ISLAMIC CAPITAL MARKET

The pandemic has unexceptionally affected all economic and financial sectors globally, including the Islamic financial services sector. Given the ongoing uncertainty created by the pandemic and the potential risks it poses for economic growth and financial stability, protecting investors against possible market failures, as well as enhancing transparency and information available to investors are essential in regaining investor trust and confidence in the Islamic capital markets, which is in turn, crucial to prevent any deterioration of market conditions.

Many market failures directly impact investors, including asymmetry of information, agency problems or detrimental conflicts of interest. They may affect the functioning of the market and contribute to the perception that capital markets are an unsafe environment. Thus, it is imperative for policy makers and regulators to address these issues through regulatory intervention, in order to rebuild investor confidence during volatile market conditions and to effectively address possible market failures that could impact the level of protection of investors. Better protected investors are also likely to make more informed investment decisions and be less prone to react irrationally to market events or follow “herd behavior” which are disruptive for financial markets and the economy as a whole. Thus, transparency and investor protection can be seen as factors that ultimately contribute to the stability of financial markets.

The seminar therefore aims to increase awareness of the importance of investor protection and transparency in fostering investor confidence and ultimately the sustainability and stability of the Islamic capital markets and to provide a platform to discuss critical policy issues arising in the context of the current global financial environment.

Objectives

The seminars’ main objectives are to:

Address Islamic finance-specific issues in relation to investor protection.
Discuss best practices for investor protection in the ICM and the elements of a robust investor protection framework.
Highlight best practices and guidelines on disclosure requirements for ICM products, specifically for ṣukūk and Islamic collective investment schemes (ICIS).
Identify issues arising from the current global environment, and share policy actions taken by various regulators and policy makers to address emerging challenges and issues.

Programme Outcome

At the end of the seminar, participants will have a comprehensive understanding on investor protection and disclosure requirements to strengthen investor confidence and improve financial market performance. The seminar will be structured around guidance from IFSB standards, as well as experiences from the industry. Participants will be able to takeaway insights on the various policy approaches and best practices in different jurisdictions to address new and emerging issues related to investor protection and transparency in light of the new global realities.

Programme Approach

Interactive discussions on a wide array of issues on investor protection and transparency in the ICM
Discussion on the best market practices and regulatory challenges

Programme – Event Session(s)

Date
Time
Topics

Day 1
30/06/2021
13:30 – 13:45
Welcoming Remarks (IFSB)
Dr. Bello Lawal Danbatta, Secretary-General, Islamic Financial Services Board

13:45 – 14:00
Opening Remarks (CMA Kenya)
Mr. Wycliffe Shamiah, Chief Executive Officer, Capital Market Authority

14:00 – 15:00
Session 1: Introduction to the Islamic Capital Markets

Development and growth of the Islamic capital markets in Nigeria
Islamic finance development, products and issuances in Nigeria
Regulatory developments and challenges
COVID-19 and impact on the market

Presenter: Mr. Saad Rahman, Deputy Chief Executive Officer, Salaam Investment Bank Kenya (SIBK)

15:00 – 15:15
Short Break

15:15 – 16:15
Session 2: Strengthening Investor Protection in the Islamic Capital Markets

Overview of the global Islamic capital markets and trends
Overview of regulatory issues and the key principles of investor protection;
The role of product governance, conduct of business requirements (including client assets, best execution, and conflicts of interest etc.), and good practices in relation to investor redress and investor education, and;
Emerging investor protection issues in the Islamic capital markets in the context of the current global environment

Presenter: Ms. Aminath Amany Ahmed, Member of the Secretariat, Islamic Financial Services Board

16:15 – 16:30
Short Break

16:30 – 17:00
Session 3: Enhancing Transparency in the Islamic Capital Market (Sukuk)

Overview of key regulatory considerations and specificities of Sukuk
Principles of transparency and disclosure for Sukuk and regulatory best practices
Role of transparency and disclosure in protecting Sukuk investors
Addressing emerging issues and challenges for Sukuk through better informed investors

Presenter: Peter Casey, Consultant, Islamic Financial Services Board

17:00 – 17:15
Short Break

17:15 – 18:00
Session 4: Panel: Safeguarding investors in a challenging global environment

Implications of the COVID-19 pandemic for the Islamic capital markets
Policy actions taken by regulators to mitigate the impact of the pandemic
Key investor protection issues arising from the unprecedented economic and financial market conditions and addressing these issues;
Promoting investors’ confidence in an uncertain environment through greater market transparency, assessment and information.
Q&A on specific considerations and policy issues unique to the Islamic capital market and the way forward.

Panelists:
Peter Casey, IFSB Consultant (Lead Panelist)
Mr. Luke Ombara, Policy and Market Development, CMA Kenya
Mr. Saad Rahman, Deputy Chief Executive Officer, Salaam Investment Bank Kenya (SIBK)

Joint IFSB-AIFC Seminar on Islamic Capital Market
2021-07-01 | Online
Programme Overview
The pandemic has unexceptionally affected all economic and financial sectors globally, including the Islamic financial services sector. Given the ongoing uncertainty created by the pandemic and the potential risks it poses for economic growth and financial stability, protecting investors against possible market failures, as well as enhancing transparency and information available to investors are essential in regaining investor trust and confidence in the Islamic capital markets, which is in turn, crucial to prevent any deterioration of market conditions.
Many market failures directly impact investors, including asymmetry of information, agency problems or detrimental conflicts of interest. They may affect the functioning of the market and contribute to the perception that capital markets are an unsafe environment. Thus, it is imperative for policy makers and regulators to address these issues through regulatory intervention, in order to rebuild investor confidence during volatile market conditions and to effectively address possible market failures that could impact the level of protection of investors. Better protected investors are also likely to make more informed investment decisions and be less prone to react irrationally to market events or follow “herd behavior” which are disruptive for financial markets and the economy as a whole. Thus, transparency and investor protection can be seen as factors that ultimately contribute to the stability of financial markets.
The seminars’ main objectives are to:

Address Islamic finance-specific issues in relation to investor protection.
Discuss best practices for investor protection in the ICM and the elements of a robust investor protection framework.
Highlight best practices and guidelines on disclosure requirements for ICM products, specifically for ṣukūk and Islamic collective investment schemes (ICIS).
Identify issues arising from the current global environment, and share policy actions taken by various regulators and policy makers to address emerging challenges and issues.The seminar therefore aims to increase awareness of the importance of investor protection and transparency in fostering investor confidence and ultimately the sustainability and stability of the Islamic capital markets and to provide a platform to discuss critical policy issues arising in the context of the current global financial environment

Programme Outcome
At the end of the seminar, participants will have a comprehensive understanding on investor protection and disclosure requirements to strengthen investor confidence and improve financial market performance. The seminar will be structured around guidance from IFSB standards, as well as experiences from the industry. Participants will be able to takeaway insights on the various policy approaches and best practices in different jurisdictions to address new and emerging issues related to investor protection and transparency in light of the new global realities.
Programme Approach

Interactive discussions on a wide array of issues on investor protection and transparency in the ICM.
Discussion on the best market practices and regulatory challenges.

Programme – Event Session(s)

Date
Time
Topics

Day 1
01/07/2021
12:00 – 12:50

Session 1: Strengthening Investor Protection in the Islamic Capital Markets

Overview of the global Islamic capital markets and trends
Overview of regulatory issues and the key principles of investor protection;
The role of product governance, conduct of business requirements (including client assets, best execution, and conflicts of interest etc.), and good practices in relation to investor redress and investor education, and;
Emerging investor protection issues in the Islamic capital markets in the context of the current global environment

Presenter: Aminath Amany Ahmed, Member of the Secretariat, Islamic Financial Services Board (IFSB)

13:00 – 13:50

Session 2: Enhancing Transparency in the Sukuk Market

Overview of key regulatory considerations and specificities of Sukuk
Principles of transparency and disclosure for Sukuk practices
Role of transparency and disclosure in protecting Sukuk
Addressing emerging issues and challenges for Sukuk through better informed investors

Presenter: Peter Casey, IFSB Consultant

14:00 – 14:50

Session 3: Enhancing Transparency in the Islamic Capital Market (ICIS)

Overview of key regulatory considerations and specificities of ICIS
Principles of transparency and disclosure for ICIS and regulatory best practices
Role of transparency and disclosure in protecting ICIS investors
Addressing emerging issues and challenges for ICIS through better informed investors

Presenter: Peter Casey, IFSB Consultant

15:00 – 15:50

Q&A – Safeguarding investors in a challenging global environment

Implications of the COVID-19 pandemic for the Islamic capital markets
Policy actions taken by regulators to mitigate the impact of the pandemic
Key investor protection issues arising from the unprecedented economic and financial market conditions and addressing these issues;
Promoting investors’ confidence in an uncertain environment through greater market transparency, assessment and information.
Q&A on specific considerations and policy issues unique to the Islamic capital market and the way forward.

Panelists:

Dr. Rifki Ismal, Assistant Secretary-General of the IFSB
Peter Casey, IFSB Consultant
Mr. Noraizat Shik Ahmad, General Manager, ICM Product Development, Securities Commission Malaysia
Mr. Akber Khan Senior Director, Asset Management Group, Al Rayan Investment

4th Working Group Meeting on Revised Solvency Requirements for Takaful/Retakaful Undertakings
2021-07-13 | Online
The 4th Working Group Meeting on Revised Solvency Requirements for Takaful/Retakaful Undertakings is scheduled to be held as follow :

Date
13 July 2021

Time
2.30 PM (GMT +8.00, KL time)

Venue
Web-conference / webinar

Participation in the meeting is by INVITATION only. For more information, please email to fadhila@ifsb.org.

Event Snapshots

GN-7: Guidance Note on Shari’ah-compliant Lender-Of-Last-Resort (SLOLR Facilities)
2021-07-15 16:30 - 18:30 UTC | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
ALL IFSB MEMBERS
Date: Thursday, 15 July 2021
Time: 4:30 – 6:30 (Kuala Lumpur Time)
Sector: Islamic banking
Topics: GN-7: Guidance Note on Shari’ah-compliant Lender-Of-Last-Resort (SLOLR Facilities)

Liquidity availability and smooth functioning of the payments system are considered as core objectives of any regulatory and supervisory authority for the banking sector. The global financial and economic crisis underscored the importance of well-designed financial safety nets, particularly crisis prevention strategies, as part of a comprehensive regulatory and supervisory framework to ensure the soundness and stability of the financial system. Lender-of-last-resort (LOLR) facilities represent one of the specific instruments and preventive strategies available to central banks, to allow liquidity to be extended to one or more temporarily “illiquid but solvent” financial institutions, at their discretion and in exceptional circumstances.

However, conventional LOLR facilities normally depend on interest-bearing loans or instruments, and therefore cannot appropriately be extended to institutions offering Islamic financial services. IFSB’s Guidance note GN-7 considers how Shari`ah-compliant lender-of-last-resort (SLOLR) mechanisms might be conceived and used.

Within this online FIS workshop, IFSB Secretariat would like to discuss concept of the SLOLR mechanism and focus on Shari’ah-compliant contracts used to support SLOLR, as well as on required disclosures by central banks.

***REGISTRATION OPEN TO MEMBERS ONLY***

Islamic Collective Investment Schemes (ICIS): Disclosures and Shari’ah Compliance Requirements (IFSB-19)
2021-07-26 16:30 - 18:30 UTC | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
All IFSB Members
Date: Monday, 26 July 2021

Time: 4:30 – 6:30 (Kuala Lumpur Time)

Sector: Islamic Capital Markets

Topics: Islamic Collective Investment Schemes (ICIS): Disclosures and Shari’ah Compliance Requirements (IFSB-19)

Islamic mutual funds, Islamic investment funds, Islamic real estate investment trusts – these are all (depending on jurisdiction) types of Shari’ah-compliant collective investment schemes or Islamic Collective Investment Schemes (ICIS). ICIS can play an important role, channelling resources to the securities markets and offering Shari’ah-sensitive investors a means to achieve diversified exposure to Shari’ah-compliant investment opportunities.

This online FIS workshop session brings information on what makes ICIS disclosure on Shari’ah governance and compliance sufficient to allow Shari’ah-sensitive investors to make an informed investment decision.

Within this workshop facilitator will focus on background information on ICIS, Shari’ah and Operations-related disclosures and other general principles.

***REGISTRATION OPEN TO MEMBERS ONLY***

54th Meeting of the Technical Committee of the IFSB (Online)
2021-07-29 | Online
The 54th Meeting of the Technical Committee of the IFSB is scheduled to be held online as follows:

Date
Thursday, 29 July 2021

Time
15:30 – 19:05 (Kuala Lumpur Time, GMT +8)

Participation in the meeting is by invitation only. For more information please email to: khairun.nissa@ifsb.org

Joint IFSB-CMA Saudi Arabia Seminar On Islamic Capital Market
2021-08-03 | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
Type: Seminar

Target Audience: Senior Management from Regulatory and Supervisory Authorities and Market Players

Duration: 4 hours

Program Overview:

The pandemic has unexceptionally affected all economic and financial sectors globally, including the Islamic financial services sector. Given the ongoing uncertainty created by the pandemic and the potential risks it poses for economic growth and financial stability, protecting investors against possible market failures, as well as enhancing transparency and information available to investors are essential in regaining investor trust and confidence in the Islamic capital markets, which is in turn, crucial to prevent any deterioration of market conditions.

Many market failures directly impact investors, including asymmetry of information, agency problems or detrimental conflicts of interest. They may affect the functioning of the market and contribute to the perception that capital markets are an unsafe environment. Thus, it is imperative for policy makers and regulators to address these issues through regulatory intervention, in order to rebuild investor confidence during volatile market conditions and to effectively address possible market failures that could impact the level of protection of investors. Better protected investors are also likely to make more informed investment decisions and be less prone to react irrationally to market events or follow “herd behavior” which are disruptive for financial markets and the economy as a whole. Thus, transparency and investor protection can be seen as factors that ultimately contribute to the stability of financial markets.

The seminar therefore aims to increase awareness of the importance of investor protection and transparency in fostering investor confidence and ultimately the sustainability and stability of the Islamic capital markets and to provide a platform to discuss critical policy issues arising in the context of the current global financial environment.

Objectives

The seminars’ main objectives are to:

Address Islamic finance-specific issues in relation to investor protection.
Discuss best practices for investor protection in the ICM and the elements of a robust investor protection framework.
Highlight best practices and guidelines on disclosure requirements for ICM products, specifically for ṣukūk and Islamic collective investment schemes (ICIS).
Identify issues arising from the current global environment, and share policy actions taken by various regulators and policy makers to address emerging challenges and issues.

Programme Outcome

At the end of the seminar, participants will have a comprehensive understanding on investor protection and disclosure requirements to strengthen investor confidence and improve financial market performance. The seminar will be structured around guidance from IFSB standards, as well as experiences from the industry. Participants will be able to takeaway insights on the various policy approaches and best practices in different jurisdictions to address new and emerging issues related to investor protection and transparency in light of the new global realities.

Programme Approach

Discussion on the best market practices and regulatory challenges
Interactive discussions on a wide array of issues on investor protection and transparency in the ICM

Event Snapshots:

2nd IFSB CEO’s FORUM & Launch of the Islamic Financial Services Industry Stability Report 2021
2021-08-18 | Online
COVID-19 has shifted the dynamics in the global Islamic financial services industry (IFSI). The necessary public health measures have created the need for businesses to change their course of action and overall outlook for the future. Beyond the immediate economic implications, COVID-19 is creating new opportunities by forcing the IFSI to adapt to rapidly evolving market conditions and speeding up the pace of emerging trends in socially responsible investing, sustainability, and digitalization to mitigate the impact of the outbreak.

The Covid-19 outbreak has led to growth in the IFSI in some areas by accelerating trends such as socially responsible investing and a stronger focus on social sustainability. The impact of Covid-19 presented a window of opportunity for the Islamic capital market sector, particularly regarding the issuance of sovereign sukuk as a part of the government’s strategy to diversify its funding for financing fiscal deficit and to meet the fiscal requirements for combating Covid-19.

In the business sectors, some IFSI have started to convert their ongoing business models into a more digital and virtual based businesses. Digital payment, monitoring, recording, reporting and even the Islamic financial institution and instrument themselves have become fully digital (virtual) which are now commonly called as digital banking, e-Sukuk, etc. in line with the issue of digital currency.

Objectives:

To discuss the recovery initiatives within the Global Islamic Financial Services Industry
To discuss the limitation for IFSI and identify specific risk factors that might arise in relation to specificities of Islamic Finance
To provide a better understanding on the challenges faced by the industry, particularly related to Cybersecurity Risk due to accelerated digitalisation and liquidity risk management.

Register Now

Event Snapshots:

5th Working Group Meeting on Revised Solvency Requirements for Takaful/Retakaful Undertakings
2021-08-23 | Online
The 5th Working Group Meeting on Revised Solvency Requirements for Takaful/Retakaful Undertakings is scheduled to be held as follow :

Date
23 August 2021

Time
2.30 PM (GMT +8.00, KL time)

Venue
Web-conference / webinar

Participation in the meeting is by INVITATION only. For more information, please email to fadhila@ifsb.org.

Event Snapshots
