The COVID-19 pandemic has been an unprecedented and major disruptive event for the global economy. The measures taken to contain the pandemic has triggered a major global downturn, but the full impact and scale of risks facing the financial system remain uncertain as the situation evolves. Along with the rest of the financial system, Institutions offering Islamic Financial Services (IIFS) are likely to face both immediate and future challenges. It raises number of pertinent questions for regulators supervising IIFS and for IIFS themselves regarding whether there are any Islamic finance specificities that create specific implications, risks or challenges which require a different regulatory or supervisory approach from that of conventional financial institutions. Additionally, while governments, central banks, regulators, and international organisations have moved rapidly to address the immediate effects of COVID-19, questions remain on how policy should continue to evolve to preserve financial stability and address the potential medium and longer term effects of COVID-19 on the financial system, and what these might be for the IIFS. 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. • To discuss the impact of COVID-19 on the global financial system and global economy and its implications for the overall risk environment of IIFS • To discuss the implications of COVID-19 for IIFS and identify specific risk factors that might arise in relation to specificities of IIFS • To discuss the areas where regulatory responses may be needed to address the impact of COVID-19 to ensure the resilience and stability of IIFS and the various approaches that are being taken by different regulators The details of the Executive Programe are as follow: Date: 7 July 2020 Time: 14:30 - 17:50 (Malaysia time) Venue: via web conference/webinar *****This Executive Programme is free for all categories of IFSB members. For Non-Members a participation fee of USD100 will be applicable*****   For registration and enquiries, please email Mrs. Ida Shafinaz Ab. Malek at [email protected]

IFSB REGULATORY AND SUPERVISORY AUTHORITIES FORUM ON COVID-19 28 July 2020 TITLE : COVID-19 AND THE ISLAMIC FINANCIAL SERVICES INDUSTRY: POLICY IMPLICATIONS AND REGULATORY CHALLENGES Type : Online Forum Target Audience : Member Regulatory and Supervisory Authorities (RSAs) of the IFSB Duration : 15:00 - 17:30 (MYT) Program Overview : The outbreak of Covid-19 and the ensuing geographical lockdowns and movement restrictions in several jurisdictions have led governments and regulatory and supervisory authorities (RSAs) to introduce measures, conventional and non-conventional, to alleviate the resulting financial and economic impact on consumers as well as financial institutions. Policy responses targeted to the financial sector varied with the type of stress, structure of the financial system and resilience of its significant players. The IFSB, through this forum and as the global prudential standard-setter for Islamic finance, aims to provide a platform for IFSB RSA members to explore and discuss the effectiveness of various policy interventions introduced to counter the (Islamic) financial-sector implications of COVID-19. The forum also aims to facilitate sharing of policy implementation experiences across jurisdictions, discuss their potential long-term impact on financial markets and institutions offering Islamic financial services (IIFS) and identify areas that may require further concern and coordination by the IFSB. The IFSB Secretariat aims to utilise the outcomes of the forum in: providing guidance to the global Islamic financial services industry through public statements, ensuring ongoing standards address identified challenges and potential consequences of policy responses; and setting the IFSB’s 2021 standard development and research agenda. Objectives : The forum aims to: Explore the effectiveness, implementation and challenges of international prudential and other financial policy measures (both conventional and Islamic) in response to COVID-19. Deliberate on the potential medium-term and long-term consequences for IIFS, financial markets and consumers. Identify any Islamic finance specific-issues that have emerged or are likely to emerge in the future due to the direct impact of the pandemic or as a consequence of policy actions taken to mitigate the impact of the crisis. Share of policy implementation experiences across jurisdictions and identify policy areas that require further coordination and provision of guidance for the global Islamic financial services industry with regard to the impact of the pandemic Identify potential areas for future IFSB standards and research Programme Approach : The IFSB Secretary-General to chair the forum and direct the flow of discussion Presentation/thoughts/issues from lead discussants representing Islamic banking, Islamic capital markets and Takaful, followed with presentations or discussions by experts representing RSAs and Rating Agencies. Programme Outcomes : Results of the assessment of ongoing international policies and actions (both Islamic and conventional) in responding to the economic impacts of the pandemic. Coordinated polices and guidance for the global Islamic financial services industry Potential IFSB standards and research papers Participation : Member RSAs of the IFSB and Rating Agencies  

IFSB REGULATORY AND SUPERVISORY AUTHORITIES FORUM ON COVID-19 28 July 2020 TITLE : COVID-19 AND THE ISLAMIC FINANCIAL SERVICES INDUSTRY: POLICY IMPLICATIONS AND REGULATORY CHALLENGES Type : Online Forum Target Audience : Member Regulatory and Supervisory Authorities (RSAs) of the IFSB Duration : 15:00 - 17:30 (MYT) Program Overview : The outbreak of Covid-19 and the ensuing geographical lockdowns and movement restrictions in several jurisdictions have led governments and regulatory and supervisory authorities (RSAs) to introduce measures, conventional and non-conventional, to alleviate the resulting financial and economic impact on consumers as well as financial institutions. Policy responses targeted to the financial sector varied with the type of stress, structure of the financial system and resilience of its significant players. The IFSB, through this forum and as the global prudential standard-setter for Islamic finance, aims to provide a platform for IFSB RSA members to explore and discuss the effectiveness of various policy interventions introduced to counter the (Islamic) financial-sector implications of COVID-19. The forum also aims to facilitate sharing of policy implementation experiences across jurisdictions, discuss their potential long-term impact on financial markets and institutions offering Islamic financial services (IIFS) and identify areas that may require further concern and coordination by the IFSB. The IFSB Secretariat aims to utilise the outcomes of the forum in: providing guidance to the global Islamic financial services industry through public statements, ensuring ongoing standards address identified challenges and potential consequences of policy responses; and setting the IFSB’s 2021 standard development and research agenda. Objectives : The forum aims to: Explore the effectiveness, implementation and challenges of international prudential and other financial policy measures (both conventional and Islamic) in response to COVID-19. Deliberate on the potential medium-term and long-term consequences for IIFS, financial markets and consumers. Identify any Islamic finance specific-issues that have emerged or are likely to emerge in the future due to the direct impact of the pandemic or as a consequence of policy actions taken to mitigate the impact of the crisis. Share of policy implementation experiences across jurisdictions and identify policy areas that require further coordination and provision of guidance for the global Islamic financial services industry with regard to the impact of the pandemic Identify potential areas for future IFSB standards and research Programme Approach : The IFSB Secretary-General to chair the forum and direct the flow of discussion Presentation/thoughts/issues from lead discussants representing Islamic banking, Islamic capital markets and Takaful, followed with presentations or discussions by experts representing RSAs and Rating Agencies. Programme Outcomes : Results of the assessment of ongoing international policies and actions (both Islamic and conventional) in responding to the economic impacts of the pandemic. Coordinated polices and guidance for the global Islamic financial services industry Potential IFSB standards and research papers Participation : Member RSAs of the IFSB and Rating Agencies   Event Snapshots   Programme - Event Session(s) Date Time Topics Day 1 28/07/2020 15:00 - 15:15 Opening Remarks 15:15 - 15:30 Overview of the Impact of Covid-19 on the Global Economy, Islamic Banking and Sukuk 15:30 - 15:45 The Impact of Covid-19 on Insurance and Takaful Sectors 15:45 - 17:15 Discussion: Covid-19 and the Islamic Financial Services Industry- Policy Implications and Regulatory Challenges   Downloadable Document(s) Event Session(s) - PDF Format Brochure