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

The 2nd IFSB innovation forum sets the stage to enable the most creative minds in the Islamic financial services industry to showcase their pre-developed or conceptualised products, instruments, services, mobile applications, digital platforms and other offerings which exhibit an element of innovation and forward-looking creativity to deal with and respond to the new global reality, particularly focusing on digital and business transformation and other innovative initiatives that will improve the resilience of the Islamic finance industry and accelerate its growth during the post-COVID-19 recovery. This Forum, which is conducted as a regular biennial series, is an effort by the IFSB to bring together the Islamic finance stakeholders to focus on the promotion and development of innovative Islamic finance solutions, vital to create the competitive edge needed to sustain the Islamic financial services industry going forward. This is in-line with the IFSB's Articles of Agreement 4(d) which puts one of the objective of the IFSB as '"to enhance and coordinate initiatives to develop instruments and procedures for efficient operations and risk management". The Forum targets regulators, policy makers, Islamic financial institutions, start-ups and FinTechs, academic and research institutions, financial services providers, legal practitioners, Sharīʿah advisors and other interested stakeholders to enable an enriched discussion on enhancing the culture of innovative thinking and development in the Islamic financial services industry. The audience will be able to interact with the presenters showcasing their innovative solutions and also discuss strategies for the widespread adoption and implementation of such solutions in different jurisdictional settings for the greater benefit of the industry. The 2nd Innovation Forum will feature invited organisations to showcase their products.The presentations and product showcasing will be followed by expert discussions by selected regulators and academics on how these innovative solutions can improve efficiency and risk management in the Islamic financial services industry. This Forum is open for All. For registration and enquiries, please email Ms. Noor Azmah Mohd Yusof at [email protected] Event Snapshots Programme - Event Session(s) Date Time Topics Day 1 30/11/2020 15:30 - 15:45 Opening Remarks 15:45 - 18:30 Digital Transformation of Islamic Finance and other Innovative Solutions for Post-Covid-19 Recovery   Downloadable Documents Event Session(s) - PDF Format

Event Snapshots