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: 

Online IFSB Executive Programme Managing Digital Transformation Risks for Islamic Finance Institutions (IFIs) The Covid-19 pandemic has given a very important lessons to global financial services industry unexceptionally which the Islamic finance industry shall face post the pandemic. One of them is the necessity of accelerated digital business transformation which includes amongst others, changes in the business model, operations, technical mechanism, supervision and monitoring into the digital ones including larger and comprehensive risk assessment and mitigation. Physical business interactions, dealing, negotiation, financial transactions and execution may not be feasible nowadays and are changed into digital and virtual Islamic financial transactions. Currently, Islamic finance players have started to transform their products and services into digital ones for examples, e-deposit, e-sukuk, insurTech, e-payment, etc offered and operated via new business and digital based systems in the integrated financial market. Even, Islamic finance is now giving the greater attention on Islamic social finance, funds, products and instruments including the Environmental, Social and Governance (ESG). Sukuk awqf, digital zakah and awqf payment and distribution mechanisms are amongst the recent innovations in Islamic finance most of which IFSB Standards had provided clear guidance for both regulators and market players.  To enhance participants understanding of operational risks and regulatory concerns associated with accelerated digital transformation for the Islamic banking, Islamic capital market and takaful institutions. To elevate key skills and competencies of participants on regulation, supervision and monitoring including comprehensive risk assessment and mitigation of digital transformation associated risks for IFIs. To equip participants with understanding and acceleration of Islamic social finance including new and innovative instruments, mechanism and programs. Interactive online discussion, providing direct engagement with subject matter experts and sharing of country and organisational experiences as well as using IFSB standards and technical notes as reference.   Event Snapshots:

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