Maximising Islamic Finance for Financial Inclusion It is estimated that about 1.7 billion people, accounting for one-third of the world's adult population, have no access to formal financial services and most of them live in developing countries. According to Findex, 72% of Organization of Islamic Cooperation (OIC) countries' population is unbanked, which is considerably higher than the global average. Considering that financial inclusion is necessary to rebuild economies after COVID-19, it is crucial that there is greater access and liquidity support to financial services. Although the industry has experienced substantial growth over the past two decades, there is a new potential to substantially expand access to Islamic financial services through the use of innovative, FinTech-based solutions and even including the Islamic social finance. Against this background, the session of the Sustainable and Inclusive Finance Forum will explore the use of Islamic finance schemes, instruments and regulations to support financial inclusion, thereby contributing to the fight against poverty and fostering shared prosperity including the impacts of Covid-19 to the less developed economies. It will explore policy, regulatory and institutional elements required for the sustainable use of Islamic finance to expand access to financial services. The Webinar will be delivered in collaboration with the World Bank. Click here to register.   Event Snapshots   Programme - Event Session(s) Date Time Topics Day 1 07/10/2020 09:00 - 09:25 Opening Remarks 09:25 - 09:35 Keynote Address and Launching of the World Bank Reports on Islamic Finance: Islamic Finance and Financial Inclusion in Malaysia 09:35 - 11:00 Leveraging Islamic Fintech to Improve Financial Inclusion Islamic finance: A catalyst for Financial Inclusion Maximising Islamic Fintech for Financial Inclusion The Role of Regulators in Strengthening Financial Inclusion 11:25 - 11:30 Q&A Session   Downloadable Document(s) Event Session(s) - PDF Format

The COVID-19 crisis has resulted in an extraordinary supply and demand shock to the global economy with far reaching consequences, including implications for the financial markets and insurance sectors. The uncertainties resulting from COVID-19 are also likely to remain for the foreseeable future. The initial impact of the COVID-19 outbreak on the capital markets was acute. It resulted in sharp price adjustments across both the fixed-income and equity markets, capital outflows and a liquidity crunch across global financial markets. As the pandemic continues to evolve, it also presents both immediate and future challenges for the rest of the financial system, including takaful and retakaful institutions, among others. While the policy responses to address the immediate effects of COVID-19 on the financial system has been swift, further assessment is needed on how policies should continue to evolve to preserve financial stability and address the potential medium- and longer-term effects of COVID-19, and in particular, whether there are any Islamic finance specific risks, challenges or opportunities for players in the Islamic capital markets and the takaful sector. This executive programme aims to try and answer some of these crucial questions and to encourage discussion, debate and sharing of country challenges, experiences and policy approaches, focusing particularly on the Islamic capital market and takaful sectors. The objectives of this programme are: to discuss the impact of COVID-19 on the Islamic capital markets and its implications for the stability and resilience of the financial system to discuss the implications of COVID-19 for takaful institutions and identify specific risk factors that might arise in relation to specificities of Islamic finance to discuss the areas where regulatory responses may be needed to address the impact of COVID-19 to ensure the resilience and stability of takaful institutions and Islamic capital markets.   *****This Executive Programme is free for all categories of IFSB members. For Non-Members a participation fee of USD100 will be applicable*****   Event Snapshots   Programme - Event Session(s) Date Time Topics Day 1 20/10/2020 14:30 - 14:40 Opening Remarks 14:40 - 16:05 Session 1: Implications of COVID-19 on Islamic Capital Markets What has been the global impact of COVID-19 on Islamic capital markets? How might it affect sovereign and corporate sukuk issuances? What are the implications for stability and resilience of Islamic capital markets? What are the implications for liquidity management for the Shar??ah-compliant asset management industry? What has been the impact of volatility in equity markets for Shar??ah screening, particularly on financial screening ratios? What are the various policy actions and regulatory measures that have been taken by regulators to mitigate the impact of COVID-19 on Islamic capital market stability and to protect investors? 16:05 - 17:30 Session 2: Covid-19 and Impact on Takaful and Retakaful Institutions What has been the implications of COVID-19 on the performance of takaful and retakaful Institutions? What are the operational, market and credit risk exposures for takaful and retakaful Institutions due to COVID-19? What are the appropriate risk management measures for takaful and retakaful Institutions in responding to COVID-19 implications? What are the regulatory treatments that have been undertaken by regulatory and supervisory authorities to ensure takafulsector stability in the short-term? What are potential vulnerabilities that might arise in the medium or long-term for takaful and retakaful institutions as a result of COVID-19 and how might regulatory policies address these?   Downloadable Document(s) Event Session(s) - PDF Format

The COVID-19-induced global recession has been an unprecedented and unique crisis for the financial system, as a completely exogenous crisis originating from outside of the financial system. The unique crisis also presented the need for unique policy responses which makes it pertinent to examine how the financial system has responded during the crisis to manage it, and how it might move forward after the crisis to ensure economic and financial system recovery, stability, resilience and growth. It is also imperative to look at the gaps in the current regulatory system that become apparent during the crisis and which requires attention by standard-setters and regulators going forward. To identify the common gaps and shortcomings of the financial regulatory frameworks and approaches in preventing the financial industry from a crisis To discuss and elaborate policy measures and actions that need to be taken by regulators in order to maintain the financial system stability and create resilience of the financial industry during a crisis. To understand steps to be taken in sustaining both financial institutions and the economic development of the country post-crisis   Event Snapshots   Programme - Event Session(s) Date Time Topics Day 1 22/10/2020 14:30 - 14:40 Opening Remarks 14:40 - 15:25 Measures to Create Resilience for the Islamic Finance Industry During and Post-Crisis: Regulator’s PerspectivesAt the end of the session, participants will be able to identify best practices and steps that need to be taken in enhancing regulatory frameworksfor crisis management in protecting the financial industry amid crisis. What enhancements in the regulatory frameworks may be considered for financial regulation to effectively address crises? Are the current regulatory regimes for crisis management adequately equipped to handle severe stress scenarios and non-economic sources of crisis? How adaptable is the regulatory framework to new or unique crises? Are there appropriate coordination and integrative mechanisms among regulators for crisis management? 15:25 - 15:30 Break 15:30 - 16:15 Session 2: Regulators’ Responses to CrisisAt the end of the session, the participants would be able to understand what policy measures and actions need to be taken by regulators in order to ensure economic and financial system stability and create resilience of the financial industry during a crisis. What are the regulatory policy measures and programs/actions adopted by the regulatory authorities to address Covid-19 impacts on the Islamic financial  sector? How have regulators dealt with crisis preparedness to ensure the safety-net of Islamic financial institutions? What are the priorities for regulatory authorities in managing the soundness of Islamic financial institutions during the crisis? Are there material differences between the Islamic banking sector and its conventional counterparts in dealing with and recovering from the crisis? 16:15 - 16:20 Break 16:20 - 17:05 Session 3: Sustainability of Financial Institutions Post Crisis At the end of the session, the participants would be able to understand steps to be taken in sustaining both financial institutions and the economic development of the country post crisis. What are the strategies for ensuring continued sustainability of Islamic financial institutions post crisis? What is the way forward for Islamic financial institutions post crisis in the midst of Banking 4.0? What are the required actions for Islamic financial institutions to channel back their liquidity to the real sector as part of the economic recovery measures of the country? What are the roles of Islamic social finance to sustain economic recovery in line with the Sustainable Development Goals (SDGs)?   Downloadable Document(s) Event Session(s) - PDF Format

The COVID-19 pandemic and the measures taken to prevent its spread have had an increasingly significant impact on the global economy and the global financial markets. As part of policy responses to the pandemic, regulators have cut interest rates significantly that have created further incentives for investors to search for higher yield, leading to stretched valuations in some asset markets. Although accommodative conditions have helped contain near-term downside risks to the global growth, they have also fuelled a further build-up of financial vulnerabilities. Many IFSB and IIFM members have had to take a range of extraordinary regulatory and supervisory measures to alleviate the impact of COVID-19 on financial stability in their jurisdictions and preserve the orderly functioning of financial markets. Capital market development becomes important in preserving the financial markets with the robust governance. In line with that development, Islamic Capital Market (ICM) space is also considered by the regulators in the Islamic finance jurisdictions to function orderly in the financial market. Besides, ICM is ensured to function as a good intermediary for the real sector development that can help to fuel the economic growth. Against that backdrop, due to the pandemic, the rapid technological development in ICM space is taking place to develop a more inclusive, innovative and efficient capital market. Some government authorities have streamlined the ICM in their national agenda to deepen the Islamic financial market through innovative ICM product development by embracing technology particularly fintech throughdigitalization. Additionally, while governments, central banks, regulators, and international organizations have moved rapidly to address the immediate effects of COVID-19, questions remain on how policies on ICM governance and digitalisation should continue to evolve to preserve well-functioned financial market. Hence, this high level international seminar will be a timely platform for the stakeholders to discuss productively on how to address ICM development appropriately due to COVID-19 pandemic event and also rapid technological development. For registration, please click here.   Event Snapshots   Programme - Event Session(s) Date Time Topics Day 1 30/10/2020 14:30 - 15:00 Opening Remarks 15:00 - 15:30 Keynote Address 15:30 - 17:00 Session 1 – Panel Discussion: ICM Advancement as a Catalyst for Islamic Financial Market and Real Sector Development to increase the roles of ICM in the midst of pandemic Key highlights of the global macroeconomic environments and Islamic financial market current conditions as the ecosystem for ICM. Exploring the new benchmark rate for pricing the Islamic securities. Unlocking opportunities for ICM to advance with innovative products and regulations that supports Islamic financial market and real sector development with a robust governance. 17:15 - 18:30 Session 2 – Digitalisation of ICM and Market Code of Conducts Current state of the art technology of the ICM. The importance of embracing digitalization to spur the growth of ICM. Smart contract in advancing the Islamic capital market development.    Downloadable Document(s) Event Session(s) - PDF Format