World Bank-IFSB-Turkish Treasury Conference on Takaful : Realising the Value Proposition of the Takaful Industry for a Stable and Inclusive Financial System
2016-05-30 08:00 - 2016-05-31 17:00 UTC | Renaissance Istanbul Polat Bosphorus Hotel, Istanbul, Turkey
This Conference was jointly organised by the Islamic Financial Services Board (IFSB), the World Bank and Undersecretariat of Treasury of the Republic of Turkey and supported by the Insurance Association of Turkey and Participation Insurance Association of Turkey on 30 & 31 May 2016, in Istanbul, Turkey.

This Conference aimed to provide a platform for global practitioners and stakeholders in Takāful industry to discuss selected emerging issues. It covered issues such as the recent outlook of the Takāful industry and its potential in enhancing risk coverage of households and corporates, as a tool for financial inclusion, as well as its role in supporting the growth of Islamic finance industry globally.

The Conference included discussions on the developments made in the legal, regulatory, and supervisory framework for Takāful and Retakāful sectors, focusing on the pre-requisites and governance of these sectors at national and international levels.

18 chairpersons and discussants who were senior financial sector supervisors and experts from international financial institutions participated as speakers who panelled the following sessions:

Global Overview of the Takāful Sector: Trends and Policy Developments
Regulatory Developments and Implications for the Industry – Contrasting the Various Approaches to Regulating Takāful
The Role of Microtakāful in Financial Inclusion
Risk Management and Governance in Takāful
Challenges in Developing the Retakāful Sector
Panel Discussion – Taking Takāful to the Next Level

The Conference saw the attendance of nearly 100 participants from government, regulatory and supervisory bodies, legal sector and higher learning institutions.

The Papers of this Conference are planned to be published in a joint IFSB-WB publication.

Programme – Event Session(s)

Date
Time
Topics

Day 1
30/05/2016
08:30 – 09:00
Reception and Registration

09:00 – 09:30
Opening and Welcoming Remarks

09:30 – 10:00
Keynote Addresses

10:00 – 10:30
Coffee Break

10:30 – 11:45
Session 1: Global Overview of the Takāful Sector: Trends and Policy Developments This session provides participants with an overview of the Takāful industry, worldwide growth trends and policy developments in various regions. Participants will be able to have a view of how the industry has evolved since Takāful started in 1970s as well as the various challenges faced by the new and matured Takāful markets. Participants of the conference will also get insights into how the industry contributes to the stability of financial system through its risk sharing features.

11:45 – 13:00
Session 2: Regulatory Developments and Implications for the Industry – Contrasting the Various Approaches to Regulating Takāful This session aims to exemplify how the evolving regulatory requirements of the global standard setting institutions are impacting the regulation of the industry. The challenges faced by the regulators in harmonising the standards of the conventional insurance and Takāful sector shall be illustrated. The session will also illuminate on the industry players’ perspective on meeting the evolving regulatory landscape and implications for their operations.

13:00 – 14:00
Luncheon

14:00 – 15:15
Session 3: The Role of Microtakāful in Financial Inclusion This session aims to highlight how Microtakāful contribute the availability of risk coverage products to the wider sections of society. Initiatives of various countries and institutions will be shared with the participants to provide a reflection on how the excluded sections of society benefit from the Sharī`ah compliant and affordable insurance products and services.

15:15 – 15:45
Coffee Break

15:45 – 17:00
Session 4: Risk Management and Governance in Takāful This session aims to provide the various governance structures that have been proven to be effective for jurisdictions in managing the risks in Takāful operation. Key elements of risk management will be shared with the participants to provide an enhanced understanding of how Takāful Operators are able to better equip themselves in managing the diverse risks.

Day 2
31/05/2016
08:30 – 09:00
Morning Coffee

09:00 – 10:15
Session 5: Challenges in Developing the Retakāful Sector This session draws upon the issues and challenges faced by the Retakāful sector in meeting the demands from the Takāful industry. The (lack of) regulation of Retakāful activities has thus far created misinterpretation on various aspects of Retakāful operation. This calls for the need to have a standardised supervising method of Retakāful activities, in addition to garnering best practices by the industry players. Participants will be able to get a view of what the IFSB has recommended in its latest standard on Retakāful, IFSB-18: Guiding Principles of Retakāful (Islamic Reinsurance).

10:15 – 10:45
Coffee Break

10:45 – 12:00
Session 6: Panel Discussion – Taking Takāful to the Next Level This final session gathers experienced Takāful industry players, regulators, and thought leaders to deliberate on the way forward for the Takāful industry. They will share their thoughts on Takāful outlook, underlying opportunities, and how the industry should brace itself for the development in the next 20 years.

12:00 – 12:15
Closing Remarks

12:15 – 14:00
End of Conference / Luncheon

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

Brochure

3.)

Renaissance Istanbul Polat Bosphorus Hotel – Form

9th IFSB-INCEIF Executive Forum: Promoting Sound and Effective Shari'ah Governance Practices
2016-10-05 08:00 - 2016-10-06 17:00 | Training Room 3.1 & 3.2, Level 3, Sasana Kijang, Training Room 3.1 & 3.2, Level 3, Sasana Kijang, Kuala Lumpur, Malaysia
The IFSB-INCEIF Executive Forum aims to provide a platform for global leaders in Islamic finance to discuss selected emerging issues in the Islamic financial services industry. The Executive Forum places emphasis on issues related to supervision and prudential regulation, both at national and international levels, harnessing from the experiences of a distinguished pool of global experts, academics and practitioners. More information on the theme and sessions will be uploaded in due course.
This 9th edition of the IFSB-INCEIF Executive Forum addresses the governance perspectives of institutions offering Islamic financial services (IIFS). Without a shadow of doubt, Sharī’ah governance plays a major role in charting the strategic direction of institutions be it when opportunities are abound or in the current environment where caution seems to be the prevailing theme.
The theme of this Executive Forum, Promoting Sound and Effective Sharī’ah Governance Practices, aims to address this strategic imperative by bringing together experienced practitioners, banking supervisors, and thought leaders of the Islamic financial services industry to participate in active discussions knowledge-sharing sessions. Participants are expected to have in depth discussions on a wide array of issues related to Sharī’ah governance, the growing demands of stakeholders for robust governance framework after global financial crisis and how Sharī’ah governance can meet the expectations of various stakeholders.
The best global practices of corporate and Sharī’ah governance will be presented, with suggestions for incorporation within organisations. This Executive Forum will also spotlight banking supervisors in ensuring that robust governance structures are in place. The Executive Forum is expected to shed light on the efforts towards promoting and enhancing the current corporate and Sharī’ah governance practices, to support the growth of the Islamic financial services industry.
The Executive Forum is a paying event. Special rates are offered to all member of the IFSB.
Enjoy group discount of 10% when you register 3 or more participants from the same organisation. (Not applicable to subsidiaries and affiliated companies)
For further queries, please email Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
05/10/2016
08:30 – 09:30
Morning Coffee and Registration

09:30 – 09:45
Opening and Welcoming Address

09:45 – 11:15
Session 1: The Essence of Shari’ah Governance: Exceeding Stakeholders Expectations Key global developments in Shari’ah governance Rising to the challenges of Shari’ah governance Ensuring robust Shari’ah governance in Islamic financial institutions

11:15 – 11:45
Group Photo and Coffee Break

11:45 – 13:15
Session 2: Strategic Focus: Building optimal Shari’ah Governance Structures Top Management and the BOD: Optimal understanding and direction for Shari’ah Governance Shari’ah non-compliance risk: Holistic initiatives within Islamic financial institutions Shari’ah Auditing: A key Line of Defence in operationalising Shari’ah governance models

13:15 – 14:30
Lunch and Prayers

14:30 – 16:30
Session 3: Moderated Session: Aligning Objectives and Practices Towards Convergence: Corporate and Shari’ah Governance Shareholder vs. Stakeholder Protection: A strategic imperative Synchronising corporate and Shari’ah governance responsibilities Profiting from the integration of corporate and Shari’ah governance frameworks

16:30 – 17:00
Coffee break

Day 2
06/10/2016
08:30 – 09:30
Morning Coffee

09:30 – 11:00
Session 4: Managing Reputational Risk: Shari’ah governance and enhancing cross-border credibility Global practices and models of Shari’ah governance No One Size Fits All: Regulation vs. decentralisation Addressing the challenges in cross-border supervision

11:00 – 11:30
Coffee break

11:30 – 13:00
Session 5: Towards Greater Market Discipline: Shari’ah governance in enhancing disclosure for IIFS Preconditions for effective market discipline and improving disclosure for the IFSI Protecting the rights of PSIA and the role of the Shari’ah Board The supervisory challenges in promoting and enforcing market discipline and disclosure

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 6: Panel Discussion: Current practices in Shari’ah Governance: Lessons and take-away for enhancements Optimising the Shari’ah governance structure in Islamic banks Current practices in Shari’ah governance for the takāful industry Ensuring transparency and market discipline for Islamic capital markets

16:00 – 16:30
Closing & Certificate Giving Ceremony

16:30 – 17:00
Coffee break

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

9th IFSB-INCEIF Executive Forum: Promoting Sound and Effective Shari’ah Governance Practices

World Bank - IFSB High-Level Seminar on Sustainable Development Goals and the Role of Islamic Finance
2016-10-06 08:30 - 12:30 | The World Bank – C Building, 8th Floor, Room 150 1225 Connecticut Avenue NW, Washington, DC 20036, Washington D.C, United States
The World Bank (WB) and the Islamic Financial Services Board (IFSB) are jointly organising a High-Level Seminar on Sustainable Development Goals and the Role of Islamic Finance on 6 October 2016, during the INMF – WB Annual Meetings in Washington D.C., USA.

This seminar is designed to encourage broad interaction among the delegates to explore the prospective role of Islamic finance in supporting social and economic development globally with the hope of achieving the United Nation’s Sustainable Development Goals. To this end, the Seminar will offer perspectives of Islamic finance principles, and financing modalities, which directly relate to the potential role of this quickly expanding sector in addressing the global funding gap, both in the developed and developing world, whilst tapping into the ethical investor market. The Seminar also will discuss the potential for synergy in the roles of policy-makers, regulators and market players in helping to expand the role of Islamic finance in achieving socio-economic goals.

Participation in this High-Level Seminar is by Invitation Only. For enquiries, please contact the IFSB Secretariat; Ms. Yazmin Aziz at yazmin@ifsb.org.

Event Snapshots

The World Bank – IFSB High-Level Seminar was attended by more than 100 participants, including government officials, bankers, asset managers and academics from all over the world, which was held at the office of the World Bank Treasury on October 6. The Seminar was held in conjunction with the IMF/WB Annual Meetings in Washington D.C

The Seminar was highlighted by a Keynote Address by His Royal Highness Muhammadu Sanusi II, the Emir of Kano and former Governor of the Central Bank of Nigeria, followed by an extensive question and answer session, moderated by Dr. Michael J.T. McMillen, Adjunct Professor, University of Pennsylvania and Partner at Curtis, Mallet-Prevost, Colt & Mosle LLP, USA.

The Seminar has featured Dr. Walid Abdelwahab, Islamic Development Bank, Mr. Cyrus Ardalan, International Finance Facility for Immunization, Mr. Osman Celik, Undersecretariat of Treasury of Turkey, Mr. Mohd Izani Ghani, Khazanah Nasional Berhad, Malaysia and H.E. Dr. Muliaman Hadad, Financial Services Authority of Indonesia as panelists.

Ms. Arunma Oteh, the Vice President and Treasurer of the World Bank delivered the Opening Remarks, followed by a speech by Mr. Jaseem Ahmed, the Secretary-General of the IFSB. The Seminar ended by Closing Remarks by Ms. Gloria Grandolini, Senior Director of the World Bank’s Finance and Markets Global Practice Group.

Programme – Event Session(s)

Date
Time
Topics

Day 1
06/10/2016
WB-IFSB HIGH-LEVEL SEMINAR ON ISLAMIC FINANCE

THEME: SUSTAINABLE DEVELOPMENT GOALS AND THE ROLE OF ISLAMIC FINANCE

08:30 – 09:00
Registration

09:00 – 09:20
Welcoming Remarks Ms. Arunma Oteh, OON, Vice President and Treasurer, World Bank

09:20 – 09:50
Keynote Address H.R.H. Muhammadu Sanusi II, The Emir of Kano and Former Governor, Central Bank of Nigeria

09:50 – 10:10
Cofee Break

10:10 – 10:30
Introduction of Moderator & Panel Members Mr. Jaseem Ahmed, Secretary-General, Islamic Financial Services Board

10:30 – 12:10
Panel Discussion : “Realising Sustainable Economic and Social Objectives through Islamic Finance” Moderator: Dr. Michael J. T McMillen, Adjunct Professor, University of Pennsylvania and Partner at Curtis, Mallet-Prevost, Colt & Mosle LLP Panelists: H.E. Dr. Muliaman Darmansyah Hadad, Chairman of Board of Commissioners of the Financial Services Authority (OJK), Indonesia Mr. Osman Çelik, Head, Undersecretary of Turkish Treasury, The Republic of Turkey Mr. Cyrus Ardalan, Member of the Board, International Finance Facility for Immunisation, United Kingdom Mr. Mohd Izani Ghani, Executive Director, Finance and Chief Financial Officer, Khazanah Nasional Berhad, Malaysia In the backdrop of global macroeconomic challenges and financial pressures in major markets, the fast expanding global pool of Sharī`ah-compliant capital has become an attractive source for various sovereigns, government-related entities and corporates to tap into to meet their financing needs. Additionally, Islamic financing facilities have also begun to be innovatively used for funding various social projects including vaccination/immunisation programmes, student educational loans, financing green energy projects, improving quality of education in public schools, providing microfinance to low-income groups, etc. There is significant potential for Islamic finance to support social and economic developments globally with the hope of achieving the United Nation’s Sustainable Development Goals. This panel will seek to develop insights and proposals for both policy makers and the private sector from the perspective of utilising Islamic finance as an economically viable alternative funding source to attain global economic and social objectives. In particular, the panel will examine the potential for public-private synergies in the development of an Islamic finance legal and regulatory framework, and for a sound supportive institutional structure, as well as for knowledge sharing and capacity development goals. The panel will showcase real-life case studies on Islamic finance to provide practical examples on the above.

12:10 – 12:30
Closing Remarks Ms. Gloria Grandolini, Senior Director, Finance & Markets Global Practice Group, World Bank

12:30 – 12:30
End of Seminar

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

WB – IFSB High-Level Seminar on Islamic Finance

IFSB-FIS Workshop Series (Philippines)
2016-10-10 09:00 - 2016-10-12 17:00 | –, Bali, Indonesia
This 3-day Workshop is tailored for the Bangko Sentral ng Pilipinas, industry players and other key stakeholders of the Islamic finance sector in Philippines. It will discuss the overview of Islamic finance and cover the following IFSB Standards:

Introduction to Islamic Finance
IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS)
IFSB-10: Guiding Principles on Sharī`ah Governance Systems for IIFS
IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS

As a background, IFSB-1: Guiding Principles of Risk Management provides a set of guidelines of best practices for establishing and implementing effective risk management in IIFS. In particular, the Standard sets out 15 principles for managing the risks inherent in Sharī`ah-compliant financial businesses.

IFSB-10: Guiding Principles on Sharī`ah Governance Systems, for its part, includes the components of a sound Sharī`ah governance system especially with regards to the competence, independence, confidentiality and consistency of the Sharī`ah boards.

In addition, IFSB-16: Revised Guidance on Key Elements in the Supervisory Review Process offers guidance on key elements in the supervisory review process for authorities supervising IIFS taking into consideration the specificities of the IIFS, while complementing the existing international standards on the supervisory review process, in particular those of the Basel Committee on Banking Supervision (BCBS).

Overall, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles of the IFSB, thereby facilitating the implementation of these standards in their respective jurisdictions;
Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

This Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
10/10/2016
09:00 – 09:30
Registration

09:30 – 10:00
Welcoming Remarks and Group Photo

10:00 – 11:30
Session 1 – Introduction to the IFSB and Introduction to Islamic Finance Concept of Islamic Finance Contracts in Islamic Finance Structures of Islamic Banking Products Prudential Issues in IIFS

11:30 – 11:45
Coffee Break

11:45 – 13:00
Session 2 – IFSB-1: Guiding Principles of Risk Management for Institutions offering Islamic Financial Services (IIFS) Understanding of Risks in IIFS Focus on Credit Risk Focus on Equity Investment Risk Focus on Operational Risk

13:00 – 14:00
Lunch

14:00 – 15:30
Session 3 – IFSB-1: Guiding Principles of Risk Management for IIFS – Continued Focus on Market Risk Focus on Liquidity Risk Focus on Rate of Return Risk Case Study

15:30 – 15:45
Coffee Break

15:45 – 17:00
Session 4 – IFSB-16: Revised Guidance on Key Elements in the Supervisory Review Process Introduction to IFSB-16 Necessary Preconditions for Effective Supervision Additional Considerations in the Issuance of an IIFS License Supervisory Approaches in the Supervision of IIFS

Day 2
11/10/2016
09:30 – 11:00
Session 5 – IFSB-16: Revised Guidance on Key Elements in The Supervisory Review Process – Continued Components of Capital Capital Conservation Buffer and Countercyclical Buffer Regulatory Capital Requirements Guidance on the Slotting Method

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 6 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process – Continued Treatment of IAH and Displaced Commercial Risk Advanced Approaches and Supervisory Discretion Internal Capital Adequacy Assessment Process (ICAAP) Case Study

13:00 – 14:00
Lunch

14:00 – 15:30
Session 7 – IFSB-16: Revised Guidance on Key Elements in The Supervisory Review Process – Continued Corporate Governance Risk Management Processes Enterprise-wide Risk Management Framework Related Party Transactions

15:30 – 15:45
Coffee Break

15:45 – 17:00
Session 8 – IFSB-16: Revised Guidance on Key Elements in The Supervisory Review Process – Continued Features of Sukūk and Securitisation Regulatory Capital for Sukūk in IIFS Special Purpose Entities (SPEs) and Key Considerations in the Supervisory Review Process Case Study

Day 3
12/10/2016
09:30 – 11:00
Session 9 – IFSB-16: Revised Guidance on Key Elements in The Supervisory Review Process – Continued Consolidated and Home-host Supervision Islamic “Windows” Operations Liquidity Risk Management and Supervision Supervisory Transparency and Accountability

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 10 – IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS Objectives of IFSB-10 Structure of the Sharī`ah Governance System Scope of Sharī`ah Governance System

13:00 – 14:00
Lunch

14:00 – 15:00
Session 11 – IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS – Continued General Approach to the Sharī`ah Governance System Guiding Principles on the Sharī`ah Governance System – Competence Guiding Principles on the Sharī`ah Governance System – Independence

15:00 – 15:15
Coffee Break

15:15 – 16:30
Session 12 – IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS – Continued Guiding Principles on the Sharī`ah Governance System – Confidentiality Guiding Principles on the Sharī`ah Governance System – Consistency Case Study

16:30 – 17:00
Closing & Certificate Giving Ceremony

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

IFSB-FIS Workshop on IFSB Standards for Regulatory and Supervisory Authorities for the Banking Sector
2016-10-24 09:00 - 2016-10-28 16:30 | Training Room 3.1 and 3.2, Sasana Kijang, Bank Negara Malaysia, Kuala Lumpur, Malaysia
This 5-day Workshop is tailored for the regulatory and supervisory authorities for the banking sector, thus intend to be a Train the Trainer Programme for the staff on the IFSB Standards. The main focus of the Workshop lies in incorporating the latest IFSB Standards issued by the IFSB after the world post-crisis in 2008 and Basel III issuance which are IFSB-15: Revised Capital Adequacy Standard for Institutions offering only Islamic Financial Services (IIFS), GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management and IFSB-17: Core Principles for Islamic Finance Regulation (Banking Segment). In addition, the workshop will also cover sessions for Exposure Draft (ED) of Technical Note-2 (TN-2) on Stress Testing for IIFS which follows on from, and complements, the earlier IFSB-13, Guiding Principles on Stress Testing for IIFS. The IFSB-13, which was issued in 2012 provides a comprehensive stress testing framework for both IIFS and supervisory authorities.
As a background, the main objective of IFSB-17 is to provide a set of Core Principles – along with associated assessment methodology – for the regulation and supervision of the Islamic financial services industry (IFSI), taking into consideration the specificities of the IIFS in the banking segment, the lessons learned from the financial crisis, and complementing the existing international standards, principally the Core Principles for Effective Banking Supervision issued by the Basel Committee on Banking Supervision.
IFSB-15: Revised Capital Adequacy Standard, for its part, includes implementation of an optimal capital adequacy framework to facilitate the effective coverage of risk exposures of the IIFS as well as the allocation of appropriate capital to cover these risks in a manner that is based predominantly on the Standardised Approach. This Standard also provides guidance on the features and criteria for high-quality regulatory capital components, including Additional Tier 1 and Tier 2, which comply with Sharī`ah rules and principles. Similarly, it includes new guidance on macroprudential tools, such as capital buffers and leverage ratios (especially for domestic systemically important banks) which shall support the supervisory authorities in achieving the goal of protecting the banking system and the real economy from system-wide shocks.
Moreover, GN-6: Quantitative Measures for Liquidity Risk Management Guidance Note complements the Standard IFSB-12: Guiding Principles on Liquidity Risk Management for IIFS, and supports the harmonised application of the international regulatory regime in the area of liquidity risk management. This is achieved by providing guidance on the application of global liquidity standards for the IIFS, especially the Liquidity Coverage ratio (LCR) and Net Stable Funding Ratio (NSFR) at the current stage, with suitable adjustments based on the specific operational characteristics. Moreover, it provides guidance to supervisory authorities on the application of the LCR and NSFR in their jurisdictions and on their role in assessing the discretionary items specified in this GN, including application of the alternative liquidity approaches (ALA).
TN-2: Technical Note on Stress Testing provides stress testing scenarios that address multiple types of risks and their interrelated effects on the overall financial position and performance of the portfolio, the institution itself or the overall financial system. It incorporates risk specificities of Sharī`ah-compliant contracts’ when conducting stress tests on an IIFS.
Overall, this Workshop intends to be a Train the Trainer programme for the staff of regulatory and supervisory authorities on the IFSB Standards, and aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

Participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.
Programme – Event Session(s)

Date
Time
Topics

Day 1
24/10/2016
09:00 – 09:30
Registration

09:30 – 09:45
Welcoming Address & Group Photo

09:45 – 11:15
Session 1: IFSB-17 – Core Principles for Islamic Finance Regulation (Banking Segment) Necessary Preconditions for Effective Supervision Assessment Methodology for CPIFR Responsibilities, Objectives and Powers Independence, Accountability, Resourcing and Legal Protection for Supervisors

11:15 – 11:30
Coffee Break

11:30 – 13:00
Session 2: IFSB-17 – Core Principles for Islamic Finance Regulation (Banking Segment) Cooperation and Collaboration Supervisory Approach, Techniques and Tools Treatment of Investment Account Holders (IAHs) Corporate and Sharī`ah Governance Framework

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3: IFSB-17 – Core Principles for Islamic Finance Regulation (Banking Segment) Risk Management Process Transactions with Related Parties Transparency and Market Discipline Case Study

16:00 – 16:30
Coffee Break

Day 2
25/10/2016
09:30 – 11:00
Session 4: IFSB-15: Revised Capital Adequacy Standard for IIFS Components of Capital Capital Conservation Buffer Countercyclical Buffer Domestic Systemically Important Banks

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5: IFSB-15: Revised Capital Adequacy Standard for IIFS Credit Risk Weights for Various Counterparties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Credit Risk Mitigation

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6: IFSB-15: Revised Capital Adequacy Standard for IIFS Understanding the Market Risk in Islamic Finance Policies and Procedures for Market risk Guidance on Valuation Practices Group Exercise

16:00 – 16:30
Coffee Break

Day 3
26/10/2016
09:30 – 11:00
Session 7: IFSB-15: Revised Capital Adequacy Standard for IIFS Overview of Operational Risk Understanding Operational Risk in Islamic Finance Measuring Operational Risks Group Exercise

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8: GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management Application of the LCR in IIFS Definition and Categorisation of High Quality Liquid Assets (HQLA) Operational Considerations for HQLA Infrastructure Issues in the Availability of Sharī`ah-compliant HQLA

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9: GN-6 – Guidance Note on Quantitative Measures for Liquidity Risk Management Components of Total Net Cash Outflows Formula for Calculating NSFR Available and Required Stable Funding Case Study

16:00 – 16:30
Coffee Break

Day 4
27/10/2016
09:30 – 11:00
Session 10: GN-6 – Guidance Note on Quantitative Measures for Liquidity Risk Management The Internal Liquidity Adequacy Assessment Processes & Supervisory Liquidity Review Process Principles for Applying Alternative Liquidity Approaches Disclosure Requirements for LCR and NSFR Case Study

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 11: TN-2 – Stress Testing for IIFS Basic Requirements for Conducting Stress Tests Solvency Stress Tests Stress Test Models Role of RSAs and Critical Considerations

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 12: TN-2 – Stress Testing for IIFS Liquidity Stress Tests Liquidity Stress Scenarios and Stress Test Models Review and Analysis of the Results Case Study

16:00 – 16:30
Coffee Break

Day 5
28/10/2016
09:30 – 10:30
Session 13: TN-2 – Stress Testing for IIFS Recent Developments in Stress Tests Integrated Liquidity and Solvency Tests Network Contagion and Second-round Effect Analysis Cross-border Macro Stress-testing

10:30 – 10:45
Coffee Break

10:45 – 12:00
Session 14: Experience Sharing on the IFSB Standards’ Implementation

12:00 – 12:15
Closing & Certificate Giving Ceremony

12:15 – 14:00
Lunch and Prayer

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

10th IFSB-INCEIF Executive Forum: Financial Inclusion and Islamic Finance - Aligning Objectives and Methodologies
2016-11-11 08:00 - 17:00 | Training Room 3.1 and 3.2, Sasana Kijang, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
This is the 10th edition of the IFSB-INCEIF Executive Forum on Islamic Finance Series.
The IFSB-INCEIF Executive Forum aims to provide a platform for global leaders in Islamic finance to discuss selected emerging issues in the Islamic financial services industry. The Executive Forum places emphasis on issues related to supervision and prudential regulation, both at national and international levels, harnessing from the experiences of a distinguished pool of global experts, academicsand practitioners. More information on the theme and sessions will be uploaded in due course.
The theme of the 10th IFSB-INCEIF Executive Forum “Financial Inclusion and Islamic Finance: Aligning objectives and methodologies” aims to clarify and align the objectives and benefits of financial inclusion with that of Maqasid Al-Shariah and emphasise the importance of supervisory and regulatory initiatives in supporting the growth of financial inclusion.
Financial inclusion and shared prosperity have been recognised as key components of the global agenda contributing to stability. However, initiatives related to financial inclusion in the Islamic finance context have been somewhat subdued. At the same time, there are promising initiatives in Islamic microfinance, SMEs development and Microtakāful, all of which have significant potential to contribute to financial inclusion.
The Executive Forum will bring together the advocators of financial inclusion from among experienced practitioners, supervisors and thought leaders as well as Islamic finance industry players. Participants will be exposed to discussions on new methodologies and techniques in the field of financial inclusion, as well as the role of the Regulatory and Supervisory Authorities in ensuring market integrity, financial stability and consumer protection from the financial inclusion perspective. The Panel Session, a key feature of this Executive Forum, will discuss the key issues and challenges in penetrating unbanked Muslims populations, and the availability of infrastructures pivotal in financial inclusion development, as well as policy recommendations from supervisors and market practitioners from the banking, takāful and SME sectors.
The Executive Forum is a paying event. Special rates are offered to all member of the IFSB.
Enjoy group discount of 10% when you register 3 or more participants from the same organisation. (Not applicable to subsidiaries and affiliated companies)
For further enquiries, please email to Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org .
Programme – Event Session(s)

Date
Time
Topics

Day 1
16/11/2016
08:30 – 09:30
Morning Coffee and Registration

09:30 – 09:45
Welcoming Remarks

09:45 – 11:15
Session 1: Financial Inclusion: Aligning current models with differing realities Global Financial Inclusion: A key development agenda Sustainability is Key: The ‘must-have’ building blocks Financial Inclusion: Catalyst for or impediment to growth

11:15 – 11:45
Group Photo and Coffee Break

11:45 – 13:15
Session 2: Islamic Microfinance: Beyond the financial inclusion agenda Islamic Microfinance: Advancing financial inclusion and wealth creation Technology and Innovation: The game changer for microfinance and the financial inclusion agenda Development and Challenges in Islamic Microfinance

13:15 – 14:30
Lunch and Prayers

14:30 – 16:30
Session 3: Moderated Session: Financial Inclusion and Islamic Finance: Approaches and current practices Financial Inclusion and Islamic Finance Solutions: Impacts on the real economy Risk-Sharing Instruments: The solution for enhancing inclusion Islamic Finance and the Challenge of Incorporating More Inclusive Offerings

16:30 – 17:00
Coffee and Networking

Day 2
17/11/2016
08:30 – 09:30
Morning Coffee

09:30 – 11:00
Session 4: Consumer Protection: Financial inclusion and Shari’ah arrangements in protecting consumers Striking the Balance in Consumer Protection Developing Regulations with Robust Supervision Designing Effective Consumer Protection Infrastructure for Financial Inclusion

11:00 – 11:30
Coffee Break and Networking

11:30 – 13:00
Session 5: Strategic Priorities for Enhancing Financial Inclusion: Regulation, supervision, eco-system and innovation Challenges in Bringing Financial Inclusion as a National Strategic Agenda Supervision of Islamic Microfinance Strengthening the Overall Market through Infrastructure and Capability Building for Financial Inclusion

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 6: Panel Discussion on Facilitating the Growth of Islamic Microfinance, SMEs and Microtakāful Diversity in Islamic Microfinance Programmes and Models Are SMEs Responsive to Poverty Alleviation and Financial Inclusion initiatives Accelerating Development with Expanded Coverage through Microtakāful

16:00 – 16:30
Closing & Certificate Giving Ceremony

16:30 – 17:00
Coffee and Networking

10th IFSB-INCEIF Executive Forum: Financial Inclusion and Islamic Finance - Aligning Objectives and Methodologies
2016-11-16 08:00 - 2016-11-17 17:00 | Training Room 3.1 & 3.2, Level 3, Sasana Kijang, Training Room 3.1 & 3.2, Level 3, Sasana Kijang, Kuala Lumpur, Malaysia
This is the 10th edition of the IFSB-INCEIF Executive Forum on Islamic Finance Series.
The IFSB-INCEIF Executive Forum aims to provide a platform for global leaders in Islamic finance to discuss selected emerging issues in the Islamic financial services industry. The Executive Forum places emphasis on issues related to supervision and prudential regulation, both at national and international levels, harnessing from the experiences of a distinguished pool of global experts, academicsand practitioners. More information on the theme and sessions will be uploaded in due course.
The theme of the 10th IFSB-INCEIF Executive Forum “Financial Inclusion and Islamic Finance: Aligning objectives and methodologies” aims to clarify and align the objectives and benefits of financial inclusion with that of Maqasid Al-Shariah and emphasise the importance of supervisory and regulatory initiatives in supporting the growth of financial inclusion.
Financial inclusion and shared prosperity have been recognised as key components of the global agenda contributing to stability. However, initiatives related to financial inclusion in the Islamic finance context have been somewhat subdued. At the same time, there are promising initiatives in Islamic microfinance, SMEs development and Microtakāful, all of which have significant potential to contribute to financial inclusion.
The Executive Forum will bring together the advocators of financial inclusion from among experienced practitioners, supervisors and thought leaders as well as Islamic finance industry players. Participants will be exposed to discussions on new methodologies and techniques in the field of financial inclusion, as well as the role of the Regulatory and Supervisory Authorities in ensuring market integrity, financial stability and consumer protection from the financial inclusion perspective. The Panel Session, a key feature of this Executive Forum, will discuss the key issues and challenges in penetrating unbanked Muslims populations, and the availability of infrastructures pivotal in financial inclusion development, as well as policy recommendations from supervisors and market practitioners from the banking, takāful and SME sectors.
The Executive Forum is a paying event. Special rates are offered to all member of the IFSB.
Enjoy group discount of 10% when you register 3 or more participants from the same organisation. (Not applicable to subsidiaries and affiliated companies)
For further enquiries, please email to Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org .

Programme – Event Session(s)

Date
Time
Topics

Day 1
16/11/2016
08:30 – 09:30
Morning Coffee and Registration

09:30 – 09:45
Welcoming Remarks

09:45 – 11:15
Session 1: Financial Inclusion: Aligning current models with differing realities Global Financial Inclusion: A key development agenda Sustainability is Key: The ‘must-have’ building blocks Financial Inclusion: Catalyst for or impediment to growth

11:15 – 11:45
Group Photo and Coffee Break

11:45 – 13:15
Session 2: Islamic Microfinance: Beyond the financial inclusion agenda Islamic Microfinance: Advancing financial inclusion and wealth creation Technology and Innovation: The game changer for microfinance and the financial inclusion agenda Development and Challenges in Islamic Microfinance

13:15 – 14:30
Lunch and Prayers

14:30 – 16:30
Session 3: Moderated Session: Financial Inclusion and Islamic Finance: Approaches and current practices Financial Inclusion and Islamic Finance Solutions: Impacts on the real economy Risk-Sharing Instruments: The solution for enhancing inclusion Islamic Finance and the Challenge of Incorporating More Inclusive Offerings

16:30 – 17:00
Coffee and Networking

Day 2
17/11/2016
08:30 – 09:30
Morning Coffee

09:30 – 11:00
Session 4: Consumer Protection: Financial inclusion and Shari’ah arrangements in protecting consumers Striking the Balance in Consumer Protection Developing Regulations with Robust Supervision Designing Effective Consumer Protection Infrastructure for Financial Inclusion

11:00 – 11:30
Coffee Break and Networking

11:30 – 13:00
Session 5: Strategic Priorities for Enhancing Financial Inclusion: Regulation, supervision, eco-system and innovation Challenges in Bringing Financial Inclusion as a National Strategic Agenda Supervision of Islamic Microfinance Strengthening the Overall Market through Infrastructure and Capability Building for Financial Inclusion

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 6: Panel Discussion on Facilitating the Growth of Islamic Microfinance, SMEs and Microtakāful Diversity in Islamic Microfinance Programmes and Models Are SMEs Responsive to Poverty Alleviation and Financial Inclusion initiatives Accelerating Development with Expanded Coverage through Microtakāful

16:00 – 16:30
Closing & Certificate Giving Ceremony

16:30 – 17:00
Coffee and Networking

Downloadable Document(s)

*Note: Click Document Name to view/download document

1.)

Event Session(s) – PDF Format

2.)

10th IFSB-INCEIF Executive Forum: Financial Inclusion and Islamic Finance – Aligning Objectives and Methodologies

IFSB-FIS Workshops on IFSB Standards for Regulatory and Supervisory Authorities for the Islamic Capital Market and Takaful Sectors
2016-11-29 09:00 - 2016-12-01 16:45 | Training Room 3.1 – 3.3, Sasana Kijang, Bank Negara Malaysia, Jalan Dato Onn, Kuala Lumpur, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
The two separate 3-day Workshops intend to be Train the Trainer Programme and are tailored for the Regulatory and Supervisory Authorities for the Islamic Capital Market and Takāful sectors.

The Workshop for Islamic Capital Market Sector will cover the following sessions and IFSB Standards:

Introduction to Islamic Capital Market
IFSB-6 : Governance for Islamic Collective Investment Schemes (ICIS)
IFSB-10 : Sharī`ah Governance Systems
IFSB-15 : Revised Capital Adequacy – Sukūk and Securitisation
Rountable on Disclosure Requirements for Islamic Capital Market Products (ED-19)

Meanwhile, the Workshop for Takāful Sector will cover the following sessions and IFSB Standards:

Introduction to Takāful, Models and Features
IFSB-8 : Guiding Principles on Governance for Takāful Undertakings
IFSB-11 : Standard on Solvency Requirements for Takāful Undertakings
IFSB-14 : Risk Management for Takāful Undertakings
IFSB-18 : Guiding Principles for Retakāful (Islamic Reinsurance)
Experience Sharing on Regulating Takāful & Retakāful Sector in Various Jurisdictions

Overall, these Workshops aim to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
Assist the participants in practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
Promote the sharing of experiences among regulators and supervisors on the implementation of respective IFSB Standards and Guiding Principles.

Participation in these Workshops are by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Roundtable on Disclosure Requirements for Islamic Capital Market Products (Sukuk and Islamic Collective Investment Schemes)
2016-11-30 09:00 - 14:00 | Sasana Kijang, Bank Negara Malaysia, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
The IFSB will be organising a Roundtable on Disclosure Requirements for Islamic Capital Market Products on 30 November 2016 in Kuala Lumpur, Malaysia.

The Roundtable aims to discuss Exposure Draft 19 (ED-19) Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukūk and Islamic Collective Investment Schemes). ED-19 aims to provide guidance for regulatory and supervisory authorities (RSAs) on disclosure requirements for Islamic Capital Market (ICM) products, specifically for Sukūk and Islamic Collective Investment Schemes (ICIS). It identifies and sets forth a set of principles that are common to both Sukūk and ICIS, as well as principles that are specific to Sukūk and ICIS disclosures.

The Roundtable will provide a platform for discussion and feedback on the areas of concern, bringing expert opinions, complemented with discussant comments, culminating in an open discussion among ICM industry players, regulatory and supervisory authorities and industry experts in Islamic finance.

For participation enquiries, please contact the IFSB Secretariat; Ms. Yazmin Aziz at yazmin@ifsb.org.

Event Snapshots

The Roundtable on Disclosure Requirements for Islamic Capital Market Products was organised by the IFSB on 30 November 2016 in Kuala Lumpur, Malaysia.The half-day Roundtable was held to discuss Exposure Draft 19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukuk and Islamic Collective Investment Schemes). ED-19 was prepared with the objective of providing guidance for regulatory and supervisory authorities (RSAs) on disclosure requirements for Islamic Capital Market (ICM) products, specifically for Sukuk and Islamic Collective Investment Schemes (ICIS).

The following topics were discussed at the Roundtable:

Introduction & General Principles
Sukūk Disclosure
Islamic Collective Investment Schemes (ICIS) Disclosure

The Roundtable was chaired by Mr. Mohd Radzuan Ahmad Tajuddin, General Manager and Head of Islamic Capital Market & Market Development, Securities Commission Malaysia.

The Project Manager for ED-19, Mrs. Dian Dannira Skymmer, Member of the Secretariat of the IFSB presented the ED-19, and was followed by discussion and comments by invited speakers; Mr. Sarjito, Deputy Commissioner, Capital Market Supervision I, Financial Services Authority, Indonesia, Mr. Moneer Osman Ahmed Elbeely, Administrative Affairs Manager, Administration Department, Sudan Financial Services Company Mr. Wan Rizaidy Wan Saufi, Assistant General Manager, Shariah Audit, Hong Leong Islamic Bank, Malaysia and Mr. Madzlan Hussain, Partner and Head, Islamic Financial Services Practice, Zaid Ibrahim & Co. The IFSB Consultants; Mr. Peter Casey and Mr. Hooman Sabeti-Rahmati also participated in this Roundtable to share their thoughts on ED-19 and summarised the Roundtable discussion.

Almost 50 delegates from the RSAs, ICM industry players and academic institutions attended the Roundtable.

Programme – Event Session(s)

Date
Time
Topics

Day 1
30/11/2016
09:00 – 09:30
Registration

09:30 – 09:40
Opening Remarks

09:40 – 10:15
Presentation on ED-19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products Presentation by: Mrs. Dian Dannira Skymmar, Member of the Secretariat, Technical and Research

10:15 – 10:45
Session 1: Introduction & General Principles Introduction General Principles – Principle G.1: Clear and Accurate Information – Principle G.2: Sufficient Information – Principle G.3: Timely Information

10:45 – 11:30
Session 2: Sukūk Disclosure Application Principle S.1: General Disclosure Principles Applicable to Sukūk Principle S.2: Sharī`ah-related Disclosures for Sukūk Principle S.3: Structure-related Disclosures for Sukūk Principle S.4: Entities about which Disclosures should be made

11:30 – 12:00
Session 3: Islamic Collective Investment Schemes (ICIS) Disclosure Application Principle C.1: Sharī`ah-related Disclosures for ICIS Principle C.2: Operations-related Disclosures for ICIS Principle C.3: Specialist ICIS Disclosure

12:00 – 12:30
Open Discussion

12:30 – 12:50
Consultant’s Summary

12:50 – 14:00
Lunch End of Roundtable

IFSB-FIS Workshop Series (Palestine)
2016-12-05 08:30 - 2016-12-08 16:00 | Grand Millennium Hotel, Amman, Jordan, Al Thaqafeh St, Amman, Jordan
This 4-day Workshop is tailored for the regulatory and supervisory authorities as well as the market players in the banking sector in Palestine, and will discuss on the following IFSB Standards:

IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering Islamic Financial Services (IIFS);
IFSB-2: Capital Adequacy Standard for IIFS;
GN-4: Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio (CAR) for IIFS; and
IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS

As a background, IFSB-1: Guiding Principles of Risk Management provides a set of guidelines of best practices for establishing and implementing effective risk management in IIFS. In particular, the Standard sets out 15 principles for managing the risks inherent in Sharī`ah-compliant financial businesses.
IFSB-2: Capital Adequacy Standard is the equivalent of Pillar 1 of Basel II for IIFS. It complements the Basel capital framework by raising the specificities of IIFS that include, inter-alia, the treatment of profit-sharing investment accounts (PSIA) and measuring the risk weights of Sharī`ah-compliant products. Moreover, the Standard proposes two methods for calculating the capital adequacy ratios, namely the Standard formula as well as the supervisory discretion formula.
GN-4: Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio for IIFS, for its part provides a methodology to estimate the value of alpha to be used in the supervisory discretion formula in calculating the CAR of IIFS; and to demonstrate how to measure the Displaced Commercial Risk (DCR).
In addition, IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process offers guidance on key elements in the supervisory review process for authorities supervising IIFS taking into consideration the specificities of the IIFS, the lessons learned from the crisis, while complementing the existing international standards on the supervisory review process, in particular those of the Basel Committee on Banking Supervision (BCBS).
Overall, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

This Workshop is hosted by the Palestine Monetary Authority and participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Ahmed Barakat at ahmed.barakat@ifsb.org.
Programme – Event Session(s)

Date
Time
Topics

Day 1
05/12/2016
08:30 – 09:00
Registration

09:00 – 10:00
Opening Session Welcome Speech by H.E Mr. Azzam Shawwa, Governor, PMA Speech by Dr. Nagwa Sheikh Eldin, Assistant Secretary-General, IFSB Speech by Dr. Iyad Jayousi, General Manager, PBI Souvenir Distribution and Group Photo

10:00 – 12:00
Session 1: IFSB-1: Guiding Principles of Risk Management for IIFS Understanding of Risks in IIFS Focus on Credit Risk Focus on Equity Investment Risk Focus on Operational Risk

12:00 – 13:00
Lunch and Prayer

13:00 – 14:30
Session 2: IFSB-1: Guiding Principles of Risk Management for IIFS Focus on Market Risk Focus on Liquidity Risk Focus on Rate of Return Risk Case Studies

14:30 – 14:45
Coffee Break

14:45 – 16:00
Session 3: IFSB-2: Capital Adequacy Standard for IIFS Need for Capital Regulation Pillar 1: Capital Adequacy Ratio (CAR): Understanding the Components of CAR CAR Formulas – Standard and Supervisory Discretion Treatment of PSIA – Supervisory Discretion Formula

Day 2
06/12/2016
09:00 – 11:00
Session 4: IFSB-2: Capital Adequacy Standard for IIFS Credit Risk Weights for Various Counterparties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Credit Risk Mitigation

11:00 – 12:00
Lunch and Prayer

12:00 – 13:30
Session 5: IFSB-2: Capital Adequacy Standard for IIFS Measurement of Capital Adequacy Requirements for Market Risk Measurement of Market Risk Market Risk Weight Conversion Factor Case Study

13:30 – 13:45
Coffee Break

13:45 – 15:30
Session 6: IFSB-2: Capital Adequacy Standard for IIFS Overview of Operational Risk Understanding Operational Risk in Islamic Finance Measuring Operational Risks Group Exercise

Day 3
07/12/2016
09:00 – 11:00
Session 7: GN-4: The Determination of Alpha in the Capital Adequacy Ratio for IIFS Background of the Guidance Note Understanding Management of Profit-Sharing Investment Account (PSIA) Understanding the Concept of Alpha and Displaced Commercial Risk (DCR) Measurement of Risk Sharing in PSIA

11:00 – 12:00
Lunch and Prayer

12:00 – 13:30
Session 8: GN-4: The Determination of Alpha in the Capital Adequacy Ratio for IIFS The Determination of Alpha and DCR Issues on Prudential Regulations and Requirements Role of Supervisory Authority in Determination of Alpha and DCR Case Study

13:30 – 13:45
Coffee Break

13:45 – 15:30
Session 9: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Necessary Preconditions for Effective Supervision Supervisory Approaches in the Supervision of IIFS Regulatory Capital Requirements Advanced Approaches and Supervisory Discretion

Day 4
08/12/2016
09:00 – 11:00
Session 10: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Internal Capital Adequacy Assessment Process (ICAAP) Corporate and Sharī’ah Governance Related Party Transactions Case Study

11:00 – 12:00
Lunch and Prayer

12:00 – 13:30
Session 11: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Transparency and Market Discipline Consolidated and Cross-sector Supervision Risk Concentrations in IIFS Case Study

13:30 – 13:45
Coffee Break

13:45 – 15:30
Session 12: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Islamic “Windows” Operations Liquidity Risk Management and Supervision Sound Stress Testing Practices Supervisory Transparency and Accountability

15:30 – 16:00
Closing & Certificate Giving Ceremony

Public Hearing of the IFSB Exposure Draft 19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products
2016-12-13 09:30 - 12:00 | Alqahera Hall, Ground Floor, The Nile Ritz-Carlton, 1113 Nile Corniche, Ismailia, El Nil, Cairo, Egypt
The IFSB will be organising a Public Hearing for the IFSB Exposure Draft 19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukūk and Islamic Collective Investment Schemes) on Tuesday, 13 December 2016 at The Nile Ritz Carlton, Cairo, Egypt

Programme – Event Session(s)

Date
Time
Topics

Day 1
13/12/2016
09:30 – 10:00
Registration and Welcome Coffee

10:00 – 10:10
Opening Remarks by Assistant Secretary – General of the IFSB

10:10 – 10:45
Presentation by the Project Manager

10:45 – 11:30
Questions and Answers

11:30 – 12:00
End of Public Hearing and Lunch

29th Meeting of the Council of the IFSB (For Full Members only) and 14th Islamic Financial Stability Forum (by invitation only)
2016-12-14 08:00 - 17:00 | Alqahera Hall, Ground Floor, The Nile Ritz-Carlton, 1113 Nile Corniche, Ismailia, El Nil, Cairo, Egypt
The 29th Meeting of the Council of the IFSB and 14th Islamic Financial Stability Forum are hosted by the Central Bank of Egypt.

These meetings are by invitation only. For more information on the meetings, please email the following Secretariat in- charge:

1) Council Meeting – Ms. Nur Khairun Nissa Md Zawawi, email : khairun.nissa@ifsb.org

2) Islamic Financial Stability Forum – Ms. Yazmin Aziz, email : yazmin@ifsb.org

14th Islamic Financial Stability Forum : Islamic Finance and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regulation
2016-12-14 14:30 - 17:00 | Alqahera Hall, Ground Floor, The Nile Ritz-Carlton, 1113 Nile Corniche, Ismailia, El Nil, Cairo, Egypt
The 14th Islamic Financial Stability Forum (14th IFSF) was held on 14 December 2016, in conjunction with the 29th Council Meeting of the IFSB, hosted by the Central Bank of Egypt.

The 14th IFSF discussed on issues in the implementation of AML/CFT regulations for Islamic financial services industry and identified opportunities and direction for future work in this important area.

For queries, please contact the IFSB Secretariat, Ms. Yazmin Aziz at yazmin@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
13/12/2016
14:30 – 14:40
Chairman’s Remarks H.E. Tarek Hassan Ali Amer, Governor, Central Bank of Egypt

14:40 – 15:40
Presentation on Islamic Finance and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regulation Speaker: Mr. Mohd Fuad Arshad, Deputy Director of Financial, Intelligence and Enforcement Department, Bank Negara Malaysia

15:40 – 16:00
Discussion and Q&A Session Discussants: 1. Mr. Nadim Kyriakos-Saad, Assistant General Counsel and Head of the Financial Integrity Group, Legal Department, International Monetary Fund 2. Mr. Prasanna Seshachellam, Chief Executive Officer, THEJAS Consulting LLC and Consultant to the IFSB

16:00 – 16:20
Coffee and Networking Break End of Forum

IFSB-FIS Workshop Series (Morocco)
2017-02-28 08:30 - 2017-03-03 17:00 | Bank Al-Maghrib Training Center, Madinat Al Irfane, Rabat, Morocco, X4FG+F7X, Rabat, Morocco
This 4-day regional workshop is tailored for the regulatory and supervisory authorities and the market players within the banking sector. It will discuss on the following IFSB Standards:

IFSB-15: Revised Capital Adequacy Standard for Institutions Offering only Islamic Financial Services (IIFS)
IFSB-16: Revised Guidance on Key Elements in the Supervisory Review Process of IIFS
GN-6: Guidance Note on Quantitative Measure for Liquidity Risk Management in IIFS

Overall, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;

Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and

Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

This Workshop is hosted by Bank Al-Maghrib and supported by the Islamic Development Bank. Participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
28/02/2017
08:30 – 09:00
Registration

09:00 – 09:30
Opening Session by the IFSB, and Bank Al-Maghrib Representatives Group Photo

09:45 – 11:15
Session 1 – IFSB-15: Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services (IIFS) Components of Capital Capital Conservation Buffer Countercyclical Buffer Case Study on Components of Capital for IIFS

11:15 – 11:30
Coffee Break

11:30 – 13:00
Session 2 – IFSB-15: Revised Capital Adequacy Standard for IIFS (Cont’d) Leverage Ratio Domestic Systemically Important Banks Group Exercise on Leverage Ratio Case Study on Counter cyclical Buffer

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3 – IFSB-15: Revised Capital Adequacy Standard for IIFS (Cont’d) Credit Risk Weights for Various Counter parties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Past Due Receivables & Other Assets

16:00 – 16:30
Coffee Break

Day 2
01/03/2017
09:30 – 11:00
Session 4 -IFSB-15: Revised Capital Adequacy Standard for IIFS (Cont’d) Credit Risk Mitigation Credit Risk Mitigation Techniques Commonly Used by IIFS Credit Risk Mitigation Approaches Recognition of Ratings by External Credit Assessment Institution

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5 – IFSB-15: Revised Capital Adequacy Standard for IIFS (Cont’d) Understanding the Market Risk in Islamic Finance Policies and Procedures for Market risk Guidance on Valuation Practices Group Exercise

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6 – IFSB-15: Revised Capital Adequacy Standard for IIFS (Cont’d) Understanding the Operational Risk in Islamic Finance Measuring Operational Risks Sharī`ah Non-compliance Risk Group Exercise

16:00 – 16:30
Coffee Break

Day 3
02/03/2017
09:30 – 11:30
Session 7 – IFSB-15: Revised Capital Adequacy Standard for IIFS (Cont’d) Features of Sukūk and Securitisation Credit Enhancement for Sukūk Capital Requirements for Sukūk Case Studies

11:30 – 11:45
Coffee Break

11:45 – 13:15
Session 8 – GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management Application of the LCR in IIFS Definition and Categorisation of High Quality Liquid Assets (HQLA) Infrastructure Issues in the Availability of Sharī`ah-compliant HQLA Components of Total Net Cash Outflows

13:15 – 14:15
Lunch and Prayer

14:15 – 16:00
Session 9 – GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management (Cont’d) Formula for Calculating NSFR Available and Required Stable Funding Role of Supervisory Authorities Case Study

16:00 – 16:30
Coffee Break

Day 4
03/03/2017
09:00 – 10:30
Session 10 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Supervisory Preconditions, Criteria and Approaches for Effective Supervision of IIFS Key Elements in the Supervisory Review Process of IIFS Regulatory Capital Requirements Treatment of Investment Account Holders (IAH) and Displaced Commercial Risk

10:30 – 10:45
Coffee Break

10:45 – 11:00
Session 11 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS (Cont’d) Internal Capital Adequacy Assessment Process Islamic Windows Operations Assessment of Additional Issues Supervisory Transparency and Accountability

12:00 – 14:30
Lunch and Prayer

14:30 – 16:00
Session 12 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS (Cont’d) Governance and Risk Management Transparency and Market Discipline Consolidated and Home-host Supervision Case Study

16:00 – 16:30
Closing & Certificate Giving Ceremony

16:30 – 17:00
Coffee Break

Conference on Soundness Indicators for Conventional and Islamic Finance
2017-03-01 08:30 - 2017-03-02 16:00 | St Regis Abu Dhabi Hotel, Corniche, Nation Towers - 1st St - Al Bateen, Abu Dhabi, United Arab Emirates
The AMF-IFSB-IMF organised a Conference on Soundness Indicators for Conventional and Islamic Finance on 1 – 2 March 2017 in Abu Dhabi, UAE.

The Conference aimed to serve as a platform to bring together mid-to-senior level officials from the central banks and other regulatory and supervisory authorities (RSAs) in member jurisdictions of the IMF, IFSB, and AMF to discuss how the existing indicators for both conventional and Islamic financial systems can support financial stability through macroprudential policies, and to garnered feedback from the authorities on their experiences and challenges in the compilation of these indicators.

The conference was also intended to broaden countries’ interest in compiling soundness indicators, encouraging non-reporting jurisdictions to participate and benefit from these projects.

Almost 60 delegates from among the supervisory authorities and international organisations, academic institutions as well as financial market players attended this conference.

Event Snapshots

Programme – Event Session(s)

Date
Time
Topics

Day 1
01/03/2017
08:30 – 09:00
Registration

09:00 – 09:40
Opening and Welcoming Remarks

09:40 – 09:50
Keynote Address

09:50 – 10:15
Coffee Break & Networking

10:15 – 11:30
Session 1: IMF’s Financial Soundness Indicators and Surveillance The session will focus on the IMF’s Financial Soundness Indicators (FSIs), the ongoing work on the development, compilation, and use of FSIs, including various analytical frameworks for macroprudential and other analysis using FSIs.

11:30 – 13:00
Session 2: Soundness Indicators for the Islamic Financial Services Industry The session will focus on statistical needs of the Islamic financial services industry (IFSI). Data limitations have been a significant issue for the IFSI, which has hindered the accurate surveillance and assessment of its growth and stability. The IFSB’s PSIFIs database project, which was developed in light of these needs, has achieved several key milestones, with further work planned ahead to build a comprehensive and consistent framework and infrastructure for Islamic Financial Statistics.

13:00 – 14:30
Lunch

14:30 – 16:00
Session 3: Interactive Session : Countries Experiences and Challenges in Compiling FSIs and PSIFIs The session will foster discussion and garner feedback from RSAs on their experiences, expectations as well as challenges in the compilation of quality and relevant data for soundness indicators. The session will address the following: What are the challenges in the compilation of FSIs and PSIFIs What are the areas where further progress is needed How does the Soundness Indicators contribute to surveillance and macro prudential and macroeconomic policy making

16:00 – 16:30
Networking and Side Meetings

Day 2
02/03/2017
09:00 – 10:15
Session 4: Use of FSIs and PSIFIs The session will look at how the impact of macro-economic shocks can be assessed by utilising the FSIs and PSIFIs, which are sectoral indicators of financial health, in macro stress testing frameworks of RSAs. Analytical work has focused on how aggregate stress testing can be used in combination with FSIs and PSIFIs – which are typically the outputs or intermediate inputs of stress tests – to enhance their usefulness.

10:15 – 10:45
Coffee Break & Networking

10:45 – 12:15
Session 5: Concentration and Distribution Measures The session will discuss the need for augmenting the FSIs and possibly PSIFIs with relevant concentration and distribution measures (CDMs) to capture tail risks, concentrations, variations in distributions, and the volatility of indicators over time that simple averages can miss. As a starting point, the IMF pilot project launched in July 2014 by the Statistics Department to test the CDMs will be presented.

12:15 – 13:45
Lunch

13:45 – 15:15
Session 6: Panel Discussion Global Soundness Indicators: Future Direction The panel discussion will focus on what is next on the agenda for global soundness indicators, including: Areas for further expansion of data coverage, particularly in terms of addressing priority areas and data gaps; Enhancing the current indicators and compilation methodologies, Future role of soundness indicators in surveillance, core principle assessment and stress testing; Areas for collaboration between multilateral organisations to improve the quality and consistency of financial statistics, including strategies to meet the capacity-building needs to strengthen the institutional and statistical capacity for better understanding, compilation and use of the indicators.

15:15 – 15:30
Closing Remarks

15:30 – 16:00
Networking and Side Meetings

IFSB-FIS Workshop Series (Tajikistan)
2017-03-28 08:30 - 2023-10-26 12:15 | Dushnabe, Dushnabe, Dushnabe, Tajikistan
This 4-day workshop is tailored for the National Bank of Tajikistan. It will discuss the introduction to Islamic finance and the following IFSB Standards:

IFSB-2: Capital Adequacy Standard for Institutions offering only Islamic Financial Services (IIFS)
IFSB-16: Revised Guidance on Key Elements in the Supervisory Review Process of IIFS
GN-4: Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio (CAR) for IIFS

Overall, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

This Workshop is hosted by the National Bank of Tajikistan and supported by the Islamic Development Bank. Participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
28/03/2017
08:30 – 09:00
Registration

09:00 – 09:30
Opening Remarks by the NBT and IFSB Representatives Group Photo

09:30 – 11:00
Session 1 – Introduction to Islamic Finance Concept of Islamic Finance Contracts in Islamic Finance Structures of Islamic Banking Products Prudential Issues in IIFS

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 2 – IFSB-2: Capital Adequacy Standard for IIFS Need for Capital Regulation Pillar 1: Capital Adequacy Ratio (CAR): Understanding the Components of CAR CAR Formulas – Standard and Supervisory Discretion Treatment of PSIA – Supervisory Discretion Formula

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3 – IFSB-2: Capital Adequacy Standard for IIFS (Cont’d) Credit Risk Weights for Various Counterparties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Credit Risk Mitigation

Day 2
29/03/2017
09:30 – 11:00
Session 4 – IFSB-2: Capital Adequacy Standard for IIFS (Cont’d) Measurement of Capital Adequacy Requirements for Market Risk Measurement of Market Risk Market Risk Weight Conversion Factor Case Study

11:00 – 11:30
Coffee Break

11:30 – 12:00
Session 5 – IFSB-2: Capital Adequacy Standard for IIFS (Cont’d) Overview of Operational Risk Understanding Operational Risk in Islamic Finance Measuring Operational Risks Group Exercise

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6 – GN-4: Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio for IIFS Background of the Guidance Note Understanding Management of Profit-Sharing Investment Account (PSIA) Understanding the Concept of Alpha and Displaced Commercial Risk (DCR) Measurement of Risk Sharing in PSIA

Day 3
30/03/2017
09:30 – 11:00
Session 7 – GN-4: Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio for IIFS (Cont’d) The Determination of Alpha and DCR Issues on Prudential Regulations and Requirements Role of Supervisory Authority in Determination of Alpha and DCR Case Study

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Necessary Preconditions for Effective Supervision Supervisory Approaches in the Supervision of IIFS Regulatory Capital Requirements Advanced Approaches and Supervisory Discretion

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9 -IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process (Cont’d) Internal Capital Adequacy Assessment Process (ICAAP) Corporate and Sharī’ah Governance Related Party Transactions Case Study

Day 4
31/03/2017
08:30 – 10:00
Session 10 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process (Cont’d) Transparency and Market Discipline Consolidated and Cross-sector Supervision Risk Concentrations in IIFS Case Study

10:00 – 10:15
Coffee Break

10:15 – 11:45
Session 11 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process (Cont’d) Islamic “Windows” Operations Liquidity Risk Management and Supervision Sound Stress Testing Practices Supervisory Transparency and Accountability

11:45 – 12:15
Closing & Certificate Giving Ceremony

Seminar on Islamic Finance and Regulation
2017-04-04 08:30 - 2017-04-06 17:30 | Sasana Kijang, Bank Negara Malaysia, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
The IFSB Annual Meetings and Side Events 2017 is jointly hosted by the Central Bank of the Islamic Republic of Iran and Bank Negara Malaysia.

The 30th Meeting of the Council, 15th General Assembly of the IFSB, 15th Islamic Financial Stability Forum and Welcome Dinner is by INVITATION ONLY. For more information on the meetings and dinner, please email the following Secretariat in-charge:

1) Council Meeting, General Assembly and Welcome Dinner: Ms. Nur Khairun Nissa Md Zawawi (email: khairun.nissa@ifsb.org)

2) 15th Islamic Financial Stability Forum: Ms. Yazmin Aziz (email: yazmin@ifsb.org)

The following Side Events will also be held in conjuction with the IFSB Annual Meetings 2017.

1) Seminar on Islamic Finance and Global Regulation – Moving Targets and New Horizons: Mrs. Ida Shafinaz Ab. Malek (email: ida.shafinaz@ifsb.org)

2) 9th IFSB Public Lecture on Financial Policy and Stability: Mrs. Ida Shafinaz Ab. Malek (email: ida.shafinaz@ifsb.org)

3) Members and Industry Engagement Session: Mr. Ifran Tarmizi (email: ifran@ifsb.org)

Programme – Event Session(s)

Date
Time
Topics

Day 1
04/04/2017

IFSB SEMINAR ON ISLAMIC FINANCE AND GLOBAL REGULATION: MOVING TARGETS AND NEW HORIZONS (OPEN FOR PUBLIC)

08:30 – 09:30
Registration

09:30 – 09:45
Welcoming Remarks

09:45 – 10:00
Keynote Address

10:00 – 10:30
Coffee Break and Networking

10:30 – 11:45
Session 1: The Roll Out of Regulatory Reforms – Progress so Far and What is Left to Do?

The Session aims to discuss how regulatory and supervisory authorities (RSAs) have achieved implementation and compliance with key prudential regulatory standards. It will look at what have been the main challenges, including the capacity building dimension. What is still to be accomplished e.g. on macroprudential supervision, cross-sector and consolidated supervision, stress testing and dealing with systemically important banks?

11:45 – 13:00
Session 2: Developing Liquid Islamic Money Markets: Challenges in Harmonisation and Local and International Issuances

This session aims to discuss the current state of the sukuk market against the backdrop of the existing economic conditions and market dynamics. What more needs to be done to spur sukuk issuances for liquid and vibrant Islamic money markets? What are specific legal, regulatory and disclosure reforms needed to resolve the impediments? Do sukuk structures and absence of trading platforms pose major hindrances to develop an active secondary sukuk market?

13:00 – 14:00
Lunch and Prayers

14:00 – 15:15
Session 3: New Horizons – Wider Outreach for the IFSI and Structural Challenges

This session aims to discuss the potential for Islamic finance to become more active across the start-up/SME financing space. What are the associated challenges from the regulatory and risk perspectives, and how can Islamic finance better manage these challenges? Discussion will also consider the rise of FinTech (i.e. crowdfunding/digital currencies) and how far Islamic finance can benefit it from its growth.

15:15 – 15:45
Coffee Break and Networking

15:45 – 17:00
Session 4: What does a Future State Islamic Finance Industry Look Like?

The panel discussion will address the opportunities for Islamic finance going forward. Discussions will aim to examine whether the current state and shape of the industry are optimal given structural and regulatory challenges. The panel may look at where it sees the industry in the next 5 years; what does a future state Islamic financial services industry look like, and how do we get there? What are the pre-conditions in terms of capacity building and human resources?

Day 2
05/04/2017

9TH PUBLIC LECTURE ON FINANCIAL POLICY AND STABILITY
MEMBERS & INDUSTRY ENGAGEMENT SESSION
WELCOME DINNER

08:30 – 12:30
9th PUBLIC LECTURE ON FINANCIAL POLICY AND STABILITY

Open for Public

08:35 – 09:30
Registration

09:30 – 09:45
Opening Remarks

09:45 – 10:45
Lecture 1

Speaker: Mr. William Coen, Secretary-General, Basel Committee on Banking Supervision, Bank for International Settlements Topic: Global Adoption of the Basel Framework: Enhancing Financial Stability Across Countries

10:45 – 12:00
Lecture 2

Speaker: Dr. Mohd Daud Bakar, Founder and Group Chairman, Amanie Group Topic: Capital Raising for Sovereigns in an Era of Deficits: Realising Aspirations through Sukūk

12:00 – 12:30
Coffee Break and Networking

12:30 – 14:30
MEMBERS AND INDUSTRY ENGAGEMENT SESSION (Lunch)

Open to all IFSB Members and Financial Institutions

19:30 – 22:30
WELCOME DINNER hosted by Bank Negara Malaysia

Open to IFSB Council, Full, Associate and Observer members only

Day 3
06/04/2017

30TH MEETING OF THE IFSB COUNCIL
15TH GENERAL ASSEMBLY
15TH ISLAMIC FINANCIAL STABILITY FORUM

09:00 – 13:00
30th MEETING OF THE IFSB COUNCIL

IFSB Council and Full Members (and accompanying persons) only

13:00 – 14:05
15th GENERAL ASSEMBLY

IFSB Council, Full, Associate and Observer members (and accompanying persons) only

14:05 – 15:10
Lunch

IFSB Council, Full, Associate and Observer members (and accompanying persons) only

15:15 – 17:00
15th ISLAMIC FINANCIAL STABILITY FORUM

Theme: Global Regulatory Reforms: What More Needs to be Done and the Challenges for EMEs and Islamic Finance Open to IFSB Council, Full, Associate and Observer Members, and selected invitees

17:00 – 17:30
Coffee break

15th Islamic Financial Stability Forum :Global Regulatory Reforms: What More Needs to be Done and the Challenges for EMEs and Islamic Finance
2017-04-06 15:15 - 17:00 | Lanai Kijang, Kuala Lumpur, Malaysia
The IFSB organised its 15th Islamic Financial Stability Forum (15th IFSF) on 6 April 2017, in Kuala Lumpur, Malaysia.

The 15th IFSF was held in conjunction with the 30th Council Meeting of the IFSB, jointly organised by the Central Bank of the Islamic Republic of Iran and Bank Negara Malaysia.

Programme – Event Session(s)

Date
Time
Topics

Day 1
06/04/2017
15:15 – 15:40
Chairman’s Remarks H.E. Fazle Kabir, Deputy Chairman of the Council of the IFSB and Governor, Bangladesh Bank

15:40 – 16:00
Presentation on: Global Regulatory Reforms: What More Needs to be Done and the Challenges for EMEs and Islamic Finance Speaker: Mr. William Coen, Secretary-General, Basel Committee for Banking Supervision, Bank for International Settlements

16:00 – 16:30
Commentaries by Discussants Discussants: 1. H.E. Dr. Ahmed Abdulkarim Alkholifey, Governor, Saudi Arabian Monetary Authority 2. Professor Dr. Mohamed Azmi Omar, Director General, Islamic Research and Training Institute, Islamic Development Bank Group

16:30 – 16:45
Discussion and Q&A Session

16:45 – 17:00
Coffee and Networking Break

IFSB-FIS Workshop Series (Zambia)
2017-04-18 09:00 - 2017-04-20 16:15 | InterContinental Lusaka, Haile Selassie Ave, Lusaka 10101, Lusaka, Zambia
This 3-day Workshop is tailored for the regulatory and supervisory authorities and the market players for the banking sector within Zambia. It will discuss the overview of Islamic finance and cover the following IFSB Standards:

IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS)
IFSB-3: Guiding Principles on Corporate Governance for IIFS
IFSB-10: Guiding Principles on Sharī`ah Governance Systems for IIFS
IFSB-16: Revised Guidance on Key Elements in the Supervisory Review Process of IIFS

Overall, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;

Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and

Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

This Workshop is hosted by Bank of Zambia and participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
18/04/2017
09:00 – 09:30
Registration

09:30 – 10:00
Opening Session and Group Photo

10:00 – 11:30
Session 1 – Introduction to the IFSB Introduction to Islamic Finance Concept of Islamic Finance Contracts in Islamic Finance Structures of Islamic Banking Products Prudential Issues in IIFS

11:30 – 11:45
Coffee Break

11:45 – 13:00
Session 2 – IFSB-1: Guiding Principles of Risk Management for Institutions offering Islamic Financial Services (IIFS) Understanding of Risks in IIFS Focus on Credit Risk Focus on Equity Investment Risk Focus on Operational Risk

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3 – IFSB-1: Guiding Principles of Risk Management for IIFS (Cont’d) Focus on Market Risk Focus on Liquidity Risk Focus on Rate of Return Risk Case Studies

16:00 – 16:15
Coffee Break

Day 2
19/04/2017
09:30 – 11:00
Session 4 – IFSB-3: Guiding Principles on Corporate Governance for IIFS Corporate Governance Issues Specific to IIFS General Governance Approach of IIFS Rights of Investment Account Holders (IAHs) Compliance with Sharī`ah Rules and Principles

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5 – IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS Structure of the Sharī`ah Governance System Scope of Sharī`ah Governance System General Approach to the Sharī`ah Governance System Guiding Principles on the Sharī`ah Governance System – Competence

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6 – IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS (Cont’d) Guiding Principles on the Sharī`ah Governance System – Independence Guiding Principles on the Sharī`ah Governance System – Confidentiality Guiding Principles on the Sharī`ah Governance System – Consistency Case Study

16:00 – 16:15
Coffee Break

Day 3
20/04/2017
09:30 – 11:00
Session 7 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Supervisory Preconditions, Criteria and Approaches for Effective Supervision of IIFS Key Elements in the Supervisory Review Process of IIFS Regulatory Capital Requirements Treatment of Investment Account Holders (IAH) and Displaced Commercial Risk

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS (Cont’d) Internal Capital Adequacy Assessment Process Islamic Windows Operations Assessment of Additional Issues Supervisory Transparency and Accountability

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS (Cont’d) Corporate and Shari’ah Governance Transparency and Market Discipline Consolidated and Home-host Supervision Case Study

16:00 – 16:15
Closing & Certificate Giving Ceremony

IFSB-DFSA Joint Seminar: Liquidity Generating Innovations in Islamic Finance: The Role of Sukuk and Securitisation to Support New Financial Regulations
2017-04-30 08:30 - 13:30 | Salon 8, The Ritz Carlton, Dubai International Financial Centre, DIFC, Off Sheik Zayed Road, Salon 8, The Ritz Carlton, Dubai International Financial Centre, DIFC, Off Sheik Zayed Road, Dubai, United Arab Emirates
The half-day Seminar is designed to encourage broad interaction among the delegates to explore Shariah-compliant Islamic capital market instruments, in particular Sukuk and Securitisation of Assets, to generate liquidity in the global Islamic financial services industry. At a time of implementation of tightened financial regulations, this Seminar seeks to raise awareness on the readiness of Islamic financial institutions to meet the new requirements, particularly on liquidity, while also highlighting opportunities available to various bodies (e.g. regulatory authorities, capital market players, legal firms) to support the industry’s liquidity management needs.

The opening remarks will be delivered by Mr. Ian Johnston, Chief Executive, Dubai Financial Services Authority and Mr. Zahid ur Rehman Khokher, Acting Secretary-General, IFSB

The confirmed panelists are:

Basheer Ahmad, Dubai Financial Services Authority, UAE
Ismail Dadabhoy, Islamic International Financial Market (IIFM), Bahrain
Dr. Mohamed Damak, S&P Global Ratings, UAE
Debashis Dey, White & Case LLP, UAE
Khalid Howladar, Acreditus, UAE
Moosa Tariq Khoory, Dubai islamic Bank, UAE
Gregory Man, Norton Rose Fulbright (Middle East) LLP, UAE
Prof. Volker Nienhaus, University of Bochum

Programme – Event Session(s)

Date
Time
Topics

Day 1
30/04/2017
08:30 – 09:30
Registration

09:30 – 09:45
Welcoming Remarks

09:45 – 10:50
Session 1: Panel Discussion: The Role of Shariah-Compliant Instruments in the Islamic Capital Market Liquidity risk management remains one of the most challenging issues within the IFSI as Shariah principles render most of the conventional capital and money market instruments and borrowing windows/facilities as not compliant. This is at a time when revised Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) liquidity requirements under both Basel III & IFSB GN-6 are gradually being put into effect. There is a significant lack of Shariah-compliant high-quality-liquid-assets (HQLA) that meet LCR requirements and, in the past, many Islamic banks are known to have relied primarily on cash and central bank placements as their main liquidity management tools. Shariah-compliant profit-generating tradable instruments are also widely in demand for liquidity management purposes by other Islamic financial institutions, for instance, in the Takaful and the Islamic asset management industries. Given this, how can existing instruments in the Islamic capital market support liquidity management in the IFSI? What are the issues involving the use of commodity murabaha for managing liquidity? Is there a need to develop new ICM instruments based on other commodities such as crude oil? What efforts can be made by various bodies (e.g. regulatory authorities, multilateral organisations, capital market players, exchanges/bourses) to support liquidity management in the IFSI? What are the opportunities available in the ICM to address this gap in the market?

10:50 – 11:10
Networking Break

11:10 – 12:15
Session 2: Panel Discussion: Securitisation of Islamic Assets Amid a period of liquidity pressures in key IFSI jurisdictions, influenced by prolonged low energy prices and fiscal tightening, an option for Islamic financial institutions with long-term non-tradable assets is to explore securitisation. The global financial crisis tarnished the image of securitisation, to some extent, but building on the lessons learned from the crisis, Shariah-compliant structures could enable Islamic banks to more easily meet revised capital and liquidity regulations. For instance, structures could enable an efficient offloading of non-tradable assets from their balance sheets to improve capital ratios; monetise previously illiquid assets to enhance liquidity; and facilitate raising of cheaper funding at an asset level as opposed to the bank level. The key challenge is in structuring an Islamic financial securitised instrument that meets Shariah requirements and avoids the problems that contributed towards the crisis.

12:30 – 13:30
Networking Lunch

IFSB-FIS Workshop Series (Kyrgyz Republic)
2017-07-11 08:45 - 2017-07-13 19:00 | Educational Recreation Centre (Tolkun), Issyk-Kul,, Educational Recreation Centre (Tolkun), Issyk-Kul,, Bishkek, Kyrgyzstan
This 3-day Workshop is tailored for the National Bank of the Kyrgyz Republic and central (national) banks of the member-countries of the Eurasian Economic Community (EEC). It is supported by the Islamic Development Bank and will discuss the following IFSB Standards:

IFSB-10 : Guiding Principles on Sharī`ah Governance Systems for Institutions offering Islamic Financial Services (IIFS);
IFSB-15 : Revised Capital Adequacy Standard for IIFS; and
IFSB-16 : Revised Guidance on Key Elements In The Supervisory Review Process of IIFS

Overall, this Programme aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

Participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
11/07/2017
08:45 – 09:00
Registration

09:00 – 09:15
Opening Remarks by the NBKR and the IFSB Representatives, and Group Photo

09:15 – 10:45
Session 1 – Introduction to Islamic Finance Concept of Islamic Finance Contracts in Islamic Finance Structures of Islamic Banking Products Prudential Issues in IIFS

09:45 – 11:15
Coffee Break

11:15 – 13:00
Session 2 – IFSB-15: Revised Capital Adequacy Standard for IIFS Capital Adequacy Ratio Components of Capital Treatment of PSIA, PER and IRR Regulatory Adjustments and Deductions

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3 – IFSB-15: Revised Capital Adequacy Standard for IIFS Credit Risk Weights for Various Counterparties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Credit Risk Mitigation

16:00 – 16:15
Coffee Break

16:15 – 17:00
Questions and answers (Q&A)

Day 2
12/07/2017
09:00 – 11:00
Session 4 – IFSB-15: Revised Capital Adequacy Standard for IIFS Understanding the Market Risk in Islamic Finance Policies and Procedures for Market risk Guidance on Valuation Practices Group Exercise

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5 – IFSB-15: Revised Capital Adequacy Standard for IIFS Understanding the Operational Risk in Islamic Finance Measuring Operational Risks Sharīah Non-compliance Risk Group Exercise

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6 – IFSB-10: Guiding Principles on Sharīah Governance System for IIFS Structure and Scope of the Sharīah Governance System General Approach to the Sharīah Governance System Guiding Principles on the Sharīah Governance System Case Study

16:00 – 16:15
Coffee Break

16:15 – 17:00
Questions and answers (Q&A)

17:00 – 20:00
Cultural program (visit to the “Grigorevsky” gorge)

Day 3
13/07/2017
09:00 – 11:00
Session 7 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Supervisory Preconditions, Criteria and Approaches for Effective Supervision of IIFS Key Elements in the Supervisory Review Process of IIFS Regulatory Capital Requirements Treatment of Investment Account Holders (IAH) and Displaced Commercial Risk

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Internal Capital Adequacy Assessment Process Islamic Windows Operations Assessment of Additional Issues Supervisory Transparency and Accountability

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Corporate and Shari’ah Governance Transparency and Market Discipline Consolidated and Home-host Supervision Case Study

16:00 – 16:15
Coffee Break

16:15 – 17:00
Islamic Principles of Financing Experience of Development in the Kyrgyz Republic

17:00 – 18:00
Closing, Certificate and Souvenirs Giving Ceremony

18:00 – 19:00
Dinner

IFSB-FIS Workshop Series (Islamic Republic of Iran)
2017-08-07 09:00 - 2017-08-10 16:30 | Iran Banking Institute, Tehran, Tehran, Iran, Islamic Republic of
This 4-day Facilitating the Implementation of the IFSB Standards (FIS) Workshop is tailored for the Central Bank of the Islamic Republic of Iran and hosted by the Islamic Development Bank. It will discuss the following IFSB Standards:

IFSB-1 : Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering Islamic Financial Services (IIFS)
IFSB-3 : Guiding Principles on Corporate Governance for IIFS
IFSB-15 : Revised Capital Adequacy Standard for IIFS

Overall, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

Participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
07/08/2017
09:00 – 09:30
Registration

09:30 – 10:00
Welcoming Remarks and Group Photo

10:00 – 11:30
Session 1 – IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering Islamic Financial Services (IIFS) Understanding of Risks in IIFS General Requirements in Risk Management of IIFS Focus on Credit Risk

11:30 – 11:45
Coffee Break

11:45 – 13:00
Session 2 – IFSB-1: Guiding Principles of Risk Management for IIFS Focus on Equity Investment Risk Focus on Operational Risk Focus on Market Risk

13:00 – 14:30
Lunch and Prayer

14:30 – 16:30
Session 3 – IFSB-1: Guiding Principles of Risk Management for IIFS Focus on Liquidity Risk Focus on Rate of Return Risk Case Study

Day 2
08/08/2017
09:30 – 11:00
Session 4 – IFSB-3: Guiding Principles on Corporate Governance for IIFS Corporate Governance Issues Specific to IIFS General Governance Approach of IIFS Rights of Investment Account Holders (IAHs) Compliance with Sharī`ah Rules and Principles

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5 – IFSB-15: Revised Capital Adequacy Standard for IIFS Components of Capital Capital Conservation Buffer Countercyclical Buffer Domestic Systemically Important Banks

13:00 – 14:30
Lunch and Prayer

14:30 – 16:30
Session 6 – IFSB-15: Revised Capital Adequacy Standard for IIFS Credit Risk Weights for Various Counterparties Exposures in Investments Made under Profit-Sharing Modes Past Due Receivables & Other Assets Group Exercise

Day 3
09/08/2017
09:30 – 11:00
Session 7 – IFSB-15: Revised Capital Adequacy Standard for IIFS Credit Risk Mitigation Credit Risk Mitigation Techniques Commonly Used by IIFS Credit Risk Mitigation Approaches Recognition of Ratings by External Credit Assessment Institution

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8 – IFSB-15: Revised Capital Adequacy Standard for IIFS Understanding the Market Risk in Islamic Finance Policies and Procedures for Market risk Guidance on Valuation Practices Group Exercise

13:00 – 14:30
Lunch and Prayer

14:30 – 16:30
Session 9 – IFSB-15: Revised Capital Adequacy Standard for IIFS Overview of Operational Risk Understanding Operational Risk in Islamic Finance Measuring Operational Risks Group Exercise

Day 4
10/08/2017
09:30 – 11:00
Session 10 – IFSB-15: Revised Capital Adequacy Standard for IIFS Current Regulatory Environment of Real Estate Activities Risk Exposures in Real Estate Activities Supervision of Real Estate Activities Risk-Weighting of Real Estate Exposures

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 11 – IFSB-15: Revised Capital Adequacy Standard for IIFS Features of Sukūk and Securitisation in Sukūk Securitisation Process for Sukūk Role of IIFS in Sukūk Securitisation Credit Enhancement Mechanisms for Sukūk

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 12 – IFSB-15: Revised Capital Adequacy Standard for IIFS Regulatory Capital for Sukūk in IIFS Capital Requirements for Sukūk Retained Securitisation Exposure Case Study

16:00 – 16:30
Closing Remarks & Certificate Giving Ceremony

11th IFSB-INCEIF Executive Forum: Creativity and Innovation in Islamic Financial Products - Standardisation and Competitiveness
2017-08-16 08:00 - 2017-08-17 17:00 | Sasana Kijang, Bank Negara Malaysia, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
The 11th edition of the IFSB-INCEIF Executive Forum, themed Creativity and Innovation in Islamic financial products: Standardisation and Competitiveness, aims to push the current boundaries and explore the capabilities of the Islamic finance industry to innovate and develop an array of products to satisfy different customer demand segments. This Executive Forum also aims to delve into and draw upon the market player’s perspectives on product development and innovation in Islamic finance.
Innovation and creativity will be the buzz words of this Executive Forum. It aims to provide a platform for presenting diverse sets of product innovations, where participants are expected to enrich the discussions with suggestions for enhancements towards reaching greater heights for the industry. This Executive Forum will also highlight the challenges facing market players as well as banking supervisors in ensuring that robust Shari’ah governance structures are in place during product design and execution. It is expected that the participants, from among industry players and supervisors, will brainstorm and participate in in-depth discussions on a wide range of Islamic finance instruments. Among them equity/risk-sharing structures, consumer finance, structured trade finance and other instruments serving niche markets. These sessions will aim at illuminating issues related to promoting both standardisation with healthy competition in Islamic banking, Takaful, ICM while at the same time exploring the potential use of, and contribution to, Fintech and Financial inclusion, respectively.
Confirmed expert speakers in the Executive Forum include: Dr. Salman Syed Ali (IRTI-IDB Group), Professor Dr. Younes Soualhi (ISRA), Professor Dr. Syed Abdul Hamid Al-Junid (INCEIF), Owais Ansari (FWU Group, Germany), Wan Norhaziki Wan Abdul Halim (Asian Finance Bank), Roslan Abdul Razak (Perbadanan Waqf Nasional Berhad) and Assoc. Prof. Ahcene Lahsasna (Malaysian Financial Planning Council), Umar Munshi (Ethis Ventures), Abdul Rahman Mohd Yusoff (OCBC Al Amin), Hizamuddin Jamalluddin (Bank Islam Malaysia).
The Executive Forum is a paying event. Special rates are offered to all member of the IFSB.
Enjoy group discount of 10% when you register 3 or more participants from the same organisation. (Not applicable to subsidiaries and affiliated companies)
For further enquiries, please email to Mr. Ifran Tarmizi at ifran@ifsb.org .
Programme – Event Session(s)

Date
Time
Topics

Day 1
16/08/2017
08:30 – 09:30
Morning Coffee and Registration

09:30 – 09:45
Opening Address MR. ZAHID UR REHMAN KHOKHER, Acting Secretary General, IFSB

09:45 – 11:15
Session 1: Overview of Islamic Banking Products – Principles and Parameters Innovative structures and delivering impactful services Legal and taxation frameworks and products innovations in IFSI Product Innovations in the IFSI – Market-driven vs Regulators requirements SPEAKER: DR. SALMAN SYED ALI, Senior Research Economist, IRTI-IDB Group

11:15 – 11:45
Group Photo and Coffee Break

11:45 – 13:15
Session 2: Consumer Financing Products – Strategies for Innovation Consumer Needs: The starting point for Islamic finance products Marketing Islamic Products: Efficiency, Demand and Supply Transparency in innovation of Islamic finance products SPEAKER: TUAN HJ. ABDUL RAHMAN MOHD. YUSOFF, Head of Shariah, OCBC Al Amin Bank Berhad

13:15 – 14:30
Lunch

14:30 – 16:30
Session 3: Shari’ah Rules in Products Development: Branding , Ethics and Innovation Shari’ah Parameters in Designing New Products: An industry perspective Ijtihad in the development of Islamic finance products MODERATOR: MR. ROSLAN ABDUL RAZAK, Head of Project Development and Structuring, Perbadanan Waqf Nasional Berhad, Malaysia SPEAKERS: MR. WAN NORHAZIKI WAN ABDUL HALIM, Vice President and Head of Shariah, Asian Finance Bank, DR. YOUNES SOUALHI, Head of the Islamic Banking Unit, ISRA

16:30 – 17:00
Coffee Break

Day 2
17/08/2017
08:30 – 09:30
Morning Coffee

09:30 – 11:00
Session 4: Innovation in Takaful Avenue for the Industry’s Growth Strategies to expand the Takaful industry Increasing consumer satisfaction in Takaful products Takaful Operators: Achieving commercial targets and beyond SPEAKER: MR. OWAIS ANSARI, Member of the Board of FWU Group, Germany

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5: Fintech and Leveraging on the Industry’s Technological Advancements Fintech avenues in enhancing consumer satisfaction Innovation in financial services, the role of Islamic social finance Fintech for Financial inclusion in the Islamic financial services industry (IFSI) sphere SPEAKER: MR. MOHAMMAD RIDZUAN ABDUL AZIZ, Chief Executive Officer, Sedania As Salam Capital, Malaysia

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 6: Panel Discussion: Innovation in Finance Products: Towards Standardisation and Competitiveness Islamic finance products as tools for financial integration The uniqueness of equity finance and risk for Islamic financial institutions Islamic finance to support international trade MODERATOR: PROFESSOR DR. SYED ABDUL HAMID AL-JUNID, INCEIF PANELIST: MR. UMAR MUNSHI, Founder/ CEO, Ethis Ventures, Singapore PANELIST: ASSOC. PROF. AHCENE LAHSASNA, Vice President, Research and Publication, Malaysian Financial Planning Council PANELIST: MR HIZAMUDDIN JAMALLUDDIN, Group Chief Strategy Officer, Bank Islam Malaysia

16:00 – 16:30
Closing & Certificate Giving Ceremony MR. DZALIN AYUB, Acting President and Chief Executive Officer

16:30 – 17:00
Coffee Break

IFSB Members and Industry Engagement Session
2017-10-02 08:00 - 17:00 | Bank Indonesia, Ruang Serba Guna, Menara Syafruddin Prawiranegara, Ruang Serba Guna, Lantai 3, Jalan M.H Thamrin No. 2 Jakarta Pusat, Jakarta Pusat, Indonesia
The IFSB Members and Industry Engagement Session is an initiative by the Secretariat to provide an interactive platform for communication between the key players of the Islamic financial services industry (IFSI), from among the IFSB member and non-member organisations, and the IFSB Secretariat.
This Session is held under the auspicious hosting of Bank Indonesia, in collaboration with Otoritas Jasa Keuangan.
Mr. M. Anwar Bashori, Head, Department of Islamic Economic and Finance, Bank Indonesia will deliver the Welcome Remarks for the IFSB MIE Session, followed by a presentation by the Acting Secretary-General of the IFSB, Mr. Zahid ur Rehman Khokher on the The Global Islamic Finance Industry and the IFSB.
Confirmed panelists in the Interactive Session include: Mr. Ahmad Buchori, Advisor of Strategic Committee and Research Center, Otoritas Jasa Keuangan, Dr. Rifki Ismal, Assistant Director, Islamic Economic and Finance Department, Bank Indonesia, Dr. Nagwa Sheikh Eldin, Assistant Secretary – General, IFSB, Mr. Achmad K. Permana, Secretary General, ASBISINDO (Asosiasi Perbankan Syariah Indonesia).
For any queries, please contact Mr. Ifran Tarmizi at ifran@ifsb.org
Programme – Event Session(s)

Date
Time
Topics

Day 1
02/10/2017
08:00 – 08:30
Registration

08:30 – 09:00
Coffee Break

09:00 – 09:05
Opening by MC

09:10 – 09:25
WELCOMING REMARKS Mr. M. Anwar Bashori, Head, Department of Islamic Economic and Finance, Bank Indonesia

09:25 – 09:50
THE GLOBAL ISLAMIC FINANCE INDUSTRY AND THE IFSB Mr. Zahid ur Rehman Khokher, Acting Secretary-General, IFSB

09:50 – 11:50
INTERACTIVE SESSION Moderator: Mr. Zahid Ur Rehman Khokher, Acting Secretary – General, IFSB Panelist: Mr. Ahmad Buchori, Advisor of Strategic Committee and Research Center, Otoritas Jasa Keuangan Dr. Rifki Ismal, Assistant Director, Islamic Economic and Finance Department, Bank Indonesia Dr. Nagwa Sheikh Eldin, Assistant Secretary – General, IFSB Mr. Achmad K. Permana, Secretary General, ASBISINDO (Asosiasi Perbankan Syariah Indonesia)

IFSB-FIS Workshop for Regulatory and Supervisory Authorities (Takaful Sector)
2017-10-10 09:00 - 16:45 | Training Room 3.3, Sasana Kijang, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
This 3-day Workshop is tailored for the regulatory and supervisory authorities for the Takaful sector, thus intended to be a Train the Trainer Programme for the staff on the IFSB Standards.
In general, these Workshops aim to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

Participation in these Workshops are by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.
Programme – Event Session(s)

Date
Time
Topics

Day 1
10/10/2017
09:00 – 09:30
Registration

09:30 – 09:45
Opening & Welcoming Address Group Photo

09:45 – 11:15
Session 1 – Introduction to Takāful (Islamic Insurance) Introduction to Takāful Takāful Models Issues Faced by Takāful Operators

11:15 – 11:30
Coffee Break

11:30 – 13:00
Session 2 – IFSB-8: Guiding Principles on Governance for Takāful Undertakings Definition of Takāful Undertaking Why Governance for Takāful Undertakings? Reinforcement of Relevant Good Governance Practices

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3 – IFSB-8: Guiding Principles on Governance for Takāful Undertakings – Cont’d Governance Structure for Participants Procedures for Proper Disclosure Case Study

16:00 – 16:15
Coffee Break

Day 2
11/10/2017
09:30 – 11:00
Session 4 – IFSB-14: Guiding Principle on Risk Management for Takāful Undertakings Specificities of Takāful Undertakings Relevant to Risk Management Ownership of Risk Fund Significant Risks of Particular Relevance to Takāful

11:00 – 10:30
Coffee Break

11:30 – 13:00
Session 5 – IFSB-14: Guiding Principle on Risk Management for Takāful Undertakings Enterprise Risk Management Risk Governance Framework Transparency and Market Disclosure

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6 – IFSB-14: Guiding Principle on Risk Management for Takāful Undertakings Key elements in the supervisory review process of risk management for Takāful undertakings Systemic Risk Considerations Case Study

16:00 – 16:15
Coffee Break

Day 3
12/10/2017
09:30 – 11:00
Session 7 – Experience Sharing on Regulating Takāful & Retakāful Sector

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8 – IFSB-10: Guiding Principles on Sharī`ah Governance Systems for IIFS Structure of the Sharī`ah Governance System Scope of Sharī`ah Governance System Disclosure of Compliance with IFSB-10

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9 – IFSB-10: Guiding Principles on Sharī`ah Governance Systems for IIFS – Cont’d Guiding Principles – Competence and Independence Guiding Principles – Confidentiality and Consistency Case Study

16:00 – 16:15
Closing & Certificate Giving Ceremony

16:15 – 16:45
Coffee Break

IFSB-FIS Workshop for Regulatory and Supervisory Authorities (Islamic Capital Market Sector)
2017-10-10 09:00 - 2017-10-12 16:45 | Training Room 3.1 and 3.2, Sasana Kijang, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
This 3-day Workshop is tailored for the regulatory and supervisory authorities for the Islamic Capital Market sector, thus intended to be a Train the Trainer Programme for the staff on the IFSB Standards.
In general, these Workshops aim to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

Participation in these Workshops are by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Date
Time
Topics

Day 1
10/10/2017
09:00 – 09:30
Registration

09:30 – 09:45
Opening & Welcoming Address Group Photo

09:45 – 11:15
Session 1 – Introduction to Islamic Capital Market Islamic Capital Market Development – Issues and Challenges Islamic Equity Market Islamic Hedging Products

11:15 – 11:30
Coffee Break

11:30 – 13:00
Session 2 – IFSB-6: Governance for Islamic Collective Investment Schemes (ICIS) Islamic Collective Investment Scheme Overview Motivating Factors for the Governance of ICIS Guiding Principles on Governance for ICIS

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3 – IFSB-6: Governance for ICIS – Cont’d Compliance with Sharī`ah Rules and Principles Additional Protection for ICIS Investors Case Study

16:00 – 16:15
Coffee Break

Day 2
11/10/2017
09:30 – 11:00
Session 4 – IFSB-19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukūk and ICIS) Common General Principles General Disclosure Principles Applicable to Sukūk Sharīʻah and Structure-related Disclosures for Sukūk

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5 – IFSB-19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukūk and ICIS) – Cont’d Sharīʻah and Operations-related Disclosures for ICIS Specialist ICIS Disclosure Case Study

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6 – IFSB-15: Revised Capital Adequacy Standard for IIFS Features of Sukūk and Securitisation in Sukūk Role of IIFS in Sukūk Securitisation Credit Enhancement and Assets in Securitisation

16:00 – 16:15
Coffee Break

Day 3
12/10/2017
09:30 – 11:00
Session 7 – IFSB-15: Revised Capital Adequacy Standard for IIFS – Cont’d Regulatory Capital for Sukuk in IIFS Capital Requirements for Sukūk Case Study

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8 – IFSB-10: Guiding Principles on Sharī`ah Governance Systems for IIFS Structure of the Sharī`ah Governance System Scope of Sharī`ah Governance System Disclosure of Compliance with IFSB-10

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9 – IFSB-10: Guiding Principles on Sharī`ah Governance Systems for IIFS – Cont’d Guiding Principles – Competence and Independence Guiding Principles – Confidentiality and Consistency Case Study

16:00 – 16:15
Closing & Certificate Giving Ceremony

16:15 – 16:45
Coffee Break

IFSB-FIS Workshop Series (Brunei)
2017-10-16 08:00 - 2017-10-19 15:30 | Bandar Seri Begawan, Bandar Seri Begawan, Bandar Seri Begawan, Brunei Darussalam
his 4-day Workshop and Technical Assistance Programme is tailored for the Autoriti Monetari Brunei Darussalam (AMBD). It will discuss the overview of Islamic finance and cover the following IFSB Standards:

IFSB-1 : Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering Islamic Financial Services (IIFS)
IFSB-3 : Guiding Principles on Corporate Governance for IIFS
IFSB-10 : Guiding Principles on Sharī`ah Governance Systems for IIFS
IFSB-17 : Core Principles for Islamic Finance Regulation (Banking Segment)

Overall, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

Participation in this event is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
16/10/2017
08:00 – 08:30
Regisration

08:30 – 08:45
Opening Remarks by the IFSB Representatives Group Photo

08:45 – 10:15
Session 1 – Introduction to Islamic Finance Concept of Islamic Finance Contracts in Islamic Finance Structures of Islamic Banking Products Prudential Issues in IIFS

10:15 – 10:30
Coffee Break

10:30 – 12:00
Session 2 – IFSB-1: Guiding Principles of Risk Management for IIFS Understanding of Risk in IIFS Focus on Credit Risk Focus on Equity Investment Risk Focus on Operational Risk

12:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3 – IFSB-1: Guiding Principles of Risk Management for IIFS Focus on Market Risk Focus on Liquidity Risk Focus on Rate of Risk Case Study

Day 2
17/10/2017
08:30 – 10:00
Session 4 – IFSB-3: Guiding Principles on Corporate Governance for IIFS Corporate Governance Issues Specific to IIFS General Governance Approach of IIFS Rights of Investment Account Holders (IAHs) Compliance with Sharī`ah Rules and Principles

10:00 – 10:30
Coffee Break

10:30 – 12:00
Session 5 – IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS Structure of the Sharī`ah Governance System Scope of Sharī`ah Governance System Disclosure of Compliance with IFSB-10 General Approach to the Sharīʻah Governance System

12:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6 – IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS (Cont’d) Guiding Principles on the Sharī`ah Governance System – Competence and Independence Guiding Principles on the Sharī`ah Governance System – Confidentiality Guiding Principles on the Sharī`ah Governance System – Consistency Case Study

Day 3
18/10/2017
08:30 – 10:00
Session 7 – IFSB-17: Core Principles for Islamic Finance Regulation (Banking Segment) Necessary Preconditions for Effective Supervision Assessment Methodology for CPIFR Responsibilities, Objectives and Powers Independence, Accountability, Resourcing and Legal Protection for Supervisors

10:00 – 10:30
Coffee Break

10:30 – 12:00
Session 8 – IFSB-17: Core Principles for Islamic Finance Regulation (Banking Segment) – Cont’d Cooperation and Collaboration Supervisory Approach, Techniques and Tools Treatment of Investment Account Holders (IAHs) Corporate and Sharī`ah Governance Framework

12:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9 – IFSB-17: Core Principles for Islamic Finance Regulation (Banking Segment) – Cont’d Risk Management Process Transactions with Related Parties Transparency and Market Discipline Case Study

16:00 – 16:30
Closing & Certificate Giving Ceremony

Day 4
19/10/2017
08:30 – 15:30
Technical Assistance for the AMBD

13th IFSB Summit
2017-10-22 - 2017-10-24 | St Regis Abu Dhabi Hotel, Corniche, Nation Towers - 1st St - Al Bateen, Abu Dhabi, United Arab Emirates
The IFSB Summit 2017 was held on 22 to 24 October 2017 at the St Regis Abu Dhabi Hotel, hosted by Central Bank of the United Arab Emirates
IFSB Summit 2017 Opening Video

Speeches

Speech by His Excellency the Governor of the Central Bank of the United Arab Emirates at the IFSB Summit 2017 – Reinvigorating the Momentum of Islamic Finance: Solidifying Resilience and Sustaining Growth
[ ENGLISH | ARABIC ]
Speech by His Excellency the Undersecretary of the Ministry of Economy for Foreign Trade and Industry, United Arab Emiratesat the IFSB Summit 2017 – Reinvigorating the Momentum of Islamic Finance: Solidifying Resilience and Sustaining Growth
[ ENGLISH | ARABIC ]
Opening Remarks: Acting Secretary-General of the IFSB at the IFSB Summit 2017, Abu Dhabi, United Arab Emirates
[ ENGLISH | ARABIC ]

IFSB Summit 2017 Photo Album

IFSB Summit 2017 Summit Press Releases
25 October 2017
Unlock Innovation and Embrace Technology – The IFSB Summit 2017 Concludes as the Way Forward for Islamic Finance
[ ENGLISH | ARABIC ]

24 October 2017
A Resolute Demand – Panellists See Promising Opportunities for Islamic Finance amid Challenges During Day 1 of the IFSB Summit 2017
[ ENGLISH | ARABIC ]

23 October 2017
UAE’s Central Bank Governor Opens the IFSB Summit 2017
[ ENGLISH | ARABIC ]

23 October 2017
The IFSB and ISRA Launch Joint Publication on Sharīʻah Requirements Related to Financial Safety Nets
[ ENGLISH | ARABIC ]

23 October 2017
IFSB Members and Engagement Session during the IFSB Pre-Summit Events
[ ENGLISH | ARABIC ]

23 October 2017
The IFSB and the World Bank Jointly Publish Book on “Realising the Value Proposition of Takāful Industry for a Stable and Inclusive Financial System”
[ ENGLISH | ARABIC ]

22 October 2017
The IFSB and IILM Sign MOU to Emphasise on Economic Development in the Islamic Financial Services Industry
[ ENGLISH | ARABIC ]

22 October 2017
The IFSB and BIBF Reaffirm Collaboration with MOU
[ ENGLISH | ARABIC ]

IFSB Documents Released at the IFSB Summit 2017
September 2017
IFSB-World Bank Joint Publication on Realising The Value Proposition of the Takāful Industry for a Stable and Inclusive Financial System

September 2017
IFSB-ISRA Joint Publication on Financial Safety Nets: Striking a Balance between Sharī‘ah Requirements and the Soundness of the Islamic Financial System
[ ENGLISH | ARABIC ]

IFSB Summit 2017 Presentations

Speakers and registered participants are able to download softcopies of the Summit presentations from the IFSB Member Zone or the Summit mobile app. Please use the access given to you during the registration to access the presentations. If you have problem downloading, please email: yazmin@ifsb.org.
The IFSB member organisations can also access the Summit’s (and other IFSB events) presentations using their organisational access. Please refer to your organisation’s contact person, or email ifran@ifsb.org.

IFSB Summit 2017 : Reinvigorating the Momentum of Islamic Finance : Solidifying Resilience and Sustaining Growth
2017-10-22 08:30 - 14:00 | St Regis Abu Dhabi Hotel, Corniche, Nation Towers - 1st St - Al Bateen, Abu Dhabi, United Arab Emirates
The IFSB will be organising its IFSB Summit 2017 on 22 – 24 October 2017 in Abu Dhabi, United Arab Emirates.

The IFSB Summit 2017 themed, “Reinvigorating the Momentum of Islamic Finance: Solidifying Resilience and Sustaining Growth” will be hosted by the Central Bank of the United Arab Emirates (CBUAE).

The IFSB Summit 2017 will take place against the backdrop of a world economy that is undergoing a paradigm shift resulting from the new uncertainties emerging from a changing global geopolitical landscape, evolving monetary policy tightening in the US, sluggish recovery in oil prices and a general uncertainty in economic outlook. These factors, combined with lagged precedents from the earlier years, have contributed towards a general slowdown in the global economy, the impact of which has also been felt across the Islamic financial services industry (IFSI) where some sectors of the industry have been experiencing a slowdown in recent times.

The IFSB Summit 2017 seeks to discuss the issues and challenges facing the IFSI in the present conditions with a view to finding opportunities to reinvigorate the growth momentum across the various sectors while solidifying resilience of the institutions offering Islamic financial services. These efforts need to be considered in conjunction with supportive policy reforms by the regulatory and supervisory authorities, particularly at this time of on-going implementation of post-financial crisis strengthened regulatory requirements.

Prominent speakers from among regulatory and supervisory authorities, heads as well as senior financial sector supervisors and experts from international financial institutions will be invited to discuss the following sessions:
1.Islamic Finance: From Niche to Mainstream” The FinTech
2.Innovative Progression: Boon or Bane for Traditional Financial Institutions?
3.Implementing New Regulatory Reforms: Balancing between the Soundness and Competitiveness of IIFS”,
4.Islamic Capital Markets: Towards Greater Harmonisation in Cross Border Activities”
5.The Way Forward for Islamic Finance: Strengthening Value Proposition, Sustaining Resilience

The Summit welcomes high-level participants from regulatory and supervisory authorities, institutions offering Islamic financial services, international organisations, multilateral development banks, academics, and think tanks among others.

The main Summit will be preceded by Pre-Summit events on the 22 October 2017.

The full agenda of the Summit and Pre-Summit events are available on the website – www.ifsbsummit2017.com.

For more information, please contact the following Secretariats:

Pre-Summit and Summit : Ms. Yazmin Aziz (yazmin@ifsb.org)
Media : Mrs. Siham Ismail (siham@ifsb.org) and Ms. Rosmawatie Abd Halim (rosmawatie@ifsb.org)
Sponsorship Opportunities : Ms. Rosmawatie Abd Halim (rosmawatie@ifsb.org)

Event Snapshots

The IFSB Summit 2017 was held on 23 and 24 October 2017 in St. Regis Hotel, Abu Dhabi, United Arab Emirates, hosted by the Central Bank of the United Arab Emirates (CBUAE).

It was themed, “Reinvigorating the Momentum of Islamic Finance: Solidifying Resilience and Sustaining Growth”.

H.E. Mubarak Rashed Khamis Al Mansoori, the Governor of the CBUAE and host of the IFSB Summit 2017 welcomed the delegates in his welcoming speech and followed by the Acting Secretary-General of the IFSB, Mr. Zahid ur Rehman Khokher who delivered the Opening Remarks.

H.E. Abdullah bin Ahmed Al Saleh, the Under-Secretary of the Ministry of Economy for Foreign Trade and Industry, UAE and Mr. Iqbal Ahmad Khan, the Chief Executive Officer of Fajr Capital Limited, UAE were invited to the Summit to deliver the keynote address at the Opening Session of the IFSB Summit 2017.

While at the Gala Dinner which was held in the evening of 23 October 2017, the Keynote Address was delivered by Professor Dr. Volker Neinhaus, Professor of Economics, University of Bochum, Germany and Visiting Professor at the ICMA Centre, Henley Business School, University of Reading, United Kingdom.

21 chairpersons and speakers who were deputy and asisstant governors, heads as well as senior financial sector supervisors and experts from international financial institutions participated and panelled the following sessions:

Islamic Finance: From Niche to Mainstream The FinTech
Innovative Progression: Boon or Bane for Traditional Financial Institutions?
Implementing New Regulatory Reforms: Balancing between the Soundness and Competitiveness of IIFS
Islamic Capital Markets: Towards Greater Harmonisation in Cross Border Activities
The Way Forward for Islamic Finance: Strengthening Value Proposition, Sustaining Resilience

The IFSB Summit 2017 saw the participation of key Islamic financial services industry leaders, from among regulatory and supervisory authorities, international and regional multilateral organisations, financial institutions from over 25 countries as well as the local UAE financial community.

Programme – Event Session(s)

Date
Time
Topics

Day 1
22/10/2017
PRE-SUMMIT EVENTS

08:30 – 17:00
Exhibition

08:30 – 09:45
Pre-Summit Event 1: IFSB Members and Industry Engagement Session

09:45 – 10:30

Pre-Summit Event 2 : Industry Development Session by International the Islamic Liquidity Management Corporation
Theme : Regulators’ Response Towards Specific Market Enhancement – The IILM Case Study Speaker: Abdoul Aziz Ba, Acting Chief Executive Officer, International Islamic Liquidity Management Corporation

10:30 – 11:00
Coffee Break

11:00 – 12:30

Pre-Summit Event 3 : Country Showcase by Dubai Islamic Economy Development Centre
Theme : “Development Overview Of Islamic Finance In the United Arab Emirates” Speaker: Saeed Mubarak Kharbash, (designation)Dubai Islamic Economy Development Centre

12:30 – 13:30
Lunch

13:30 – 16:00

Pre-Summit Event 4 : Malaysia Country Showcase by the Malaysia International Islamic Financial Centre and Finance Accreditation Agency
Welcoming Remarks: Marzunisham Omar, Assistant Governor, Bank Negara Malaysia Panel Discussion 1: Build to Last: Roles of Professional Ancillary Services Moderator: Rafe Haneef, Chief Executive Officer, CIMB Islamic Bank Panelists: Dr. Mohd Daud Bakar, Chairman of the Shariah Advisory Councils of Malaysia / Founder and Group Chairman of Amanie Group, Dr. Nik Norzrul Thani, Senior Partner. Zaid & Ibrahim Co., and Professor Dr. Mohammad Azmi Omar Launch of Finance Accreditation Agency’s Islamic Finance Professional Qualification Structure by Marzunisham Omar, Assistant Governor, Bank Negara Malaysia Panel Discussion 2: Raising the Bar of Islamic Finance Professionals Moderator: Khairul Nizam, Chief Executive Officer, Finance Accreditation Agency Panelists: Wan Abdul Rahim Kamil, ICM Consultant, Finance Accreditation Agency

16:00 – 16:30
Coffee Break

20:00 – 22:00

Summit Welcome Dinner Hosted by the Central Bank of the UAE
Emirates Palace Abu Dhabi

Day 2
23/10/2017
IFSB SUMMIT 2017 (DAY 1)

08:30 – 17:30
Exhibition

08:30 – 09:30
Registration and Welcome Coffee

09:30 – 10:30
Opening & Keynote Session

10:30 – 11:00
Coffee Break & Networking

11:00 – 12:30

Session 1 : Panel Discussion: Islamic Finance: From Niche to Mainstream
The sustained increase in domestic market share over the last decade has enabled the Islamic financial services industry (IFSI) to gain sizeable traction in a number of jurisdictions. There are now at least 12 jurisdictions where Islamic banking is identified to have systemic importance for the domestic banking sector. These trends indicate Islamic finance is now gradually moving towards achieving mainstream concentration. What doors to opportunities could be further unlocked for the stakeholders? What would be the issues and challenges to this path of transformation? This session aims to highlight: • The growth and transformation of the IFSI over the last decade • Key differentiation between Islamic and conventional finance products • Measures to be undertaken for future growth and competitiveness • Emerging risks in the IFSI and the preparedness of institutions offering Islamic financial services to deal with such risks • The role of the regulatory framework in ensuring sustained resilience of institutions offering Islamic financial services

12:30 – 14:00
Lunch

14:00 – 15:30

Session 2 : The FinTech Innovative Progression: Boon or Bane For Traditional Financial Institutions?
This Session aims to look into and discuss the widespread launch of financial technology platforms globally, which has begun to change the shape of how traditional banking and financial transactions are carried out, particularly by the age group of millennials. More so, FinTech and P2P platforms are beginning to partake financing activities that the traditional banking models have generally not participated deeply in. These include microfinance to individuals and business financing to small- and medium-sized enterprises. How has this development affected the traditional financial institutions – do FinTech and P2P platforms complement, or substitute, traditional banking and finance services? This session aims to highlight: • The rise of FinTech / P2P platforms and their impact on the financial market place • The response of the traditional financial institutions to the FinTech Boom • The relevance and applicability of Sharīʻah-compliant contracts to FinTech transactions • The enabling “regulatory sandbox” guidelines for innovations in Sharīʻah-compliant FinTech / P2P offerings • Boosting SME Financing through Fin Tech and P2P Platforms

15:30 – 16:00
Coffee Break & Networking

16:00 – 17:30

Session 3 : Implementing New Regulatory Reforms: Balancing Between the Soundness and Competitiveness of Institutions offering Islamic Financial Services
The Session aims to discuss the post-financial crisis regulatory reforms, which have underscored the importance of systemic risk and a macro-prudential approach towards financial-sector risk management, as well as unrolled a more stringent capital and liquidity adequacy framework. Regulatory and supervisory authorities (RSAs) have now started to implement these reforms and institutions offering Islamic financial services (IIFS), being under their regulatory mandate, also have to comply with such guidelines. How enabled is the market infrastructure in supporting the IIFS to meet these revised financial regulations? What types of financial safety-nets arrangements and liquidity management instruments are available for the IIFS? Given a condition where there is a lack of supporting Sharīʻah-compliant instruments, how do the RSAs adopt flexibility (if any) to accommodate IIFS? What is the rule of thumb when it comes to implementing regulations with a view to balancing between soundness and competitiveness of the IIFS? How do RSAs treat IIFS within their broader macro-prudential framework? This session aims to highlight:
• Key highlights of the Basel III / IFSB second generation prudential standards and their impact on IIFS
• The challenges for the IIFS in meeting these new financial regulations
• Alternative regulatory approaches by RSAs for IIFS
• Macro-prudential approaches for RSAs towards IIFS

19:00 – 22:00

IFSB Summit 2017 Gala Dinner
Venue : Khalidiya Palace Rayhaan by Rotana, Abu Dhabi

Day 3
24/10/2017
IFSB SUMMIT 2017 (DAY 2)

08:30 – 14:00
Exhibition

08:30 – 09:30
Welcome Coffee

09:30 – 11:00

Session 4 : Islamic Capital Markets: Towards Greater Harmonisation in Cross Border Activities
In the post-financial crisis years, Islamic capital market (ICM) has also become a viable alternative source for raising funds by sovereigns, quasi-sovereigns (Ministries/Central Banks, etc.) government-related entities and market players, with Ṣukūk being a particularly preferred instrument. These funds have been raised to support a variety of budgetary needs including to fund development expenditures, meet working capital needs, and finance infrastructure projects, etc. The fund raising has not been restricted to Muslim-majority countries, and a number of non-Muslim majority states have also participated in ICM (e.g. via issuing Ṣukūk, listing Sharīʻah-compliant funds, etc). A key facilitator for ICM, going forward, will be greater harmonisation in the issuance and trading of Islamic securities on cross border platforms. This session aims to highlight:
• The role of Islamic capital market in facilitating fund-raising for issuers
• The challenges emanating from divergent practices between jurisdictions in relation to ICM products
• The opportunities for greater cross-border collaboration and business expansion
• The need for harmonising disclosure practices between jurisdictions in relation to ICM products

11:00 – 11:30
Coffee Break & Networking

11:30 – 13:00

Session 5 : Wrap-up Session: The Way Forward for Islamic Finance: Strengthening Value Proposition, Sustaining Resilience
The stakeholders of the IFSI, each, need to play their due role in reinvigorating momentum in the IFSI while sustaining its stability and resilience. RSAs need to continue the development and implementation of facilitative prudential, legal and regulatory architecture for the IIFS. The market players themselves need to ensure sound risk management principles are in place keeping in view the specificities of Islamic financial transactions. The international standard setters should continue pushing forward the reform agenda by way of providing further guiding principles and technical notes on diverse subject matters in relation to the IFSI including on resolution, recovery and insolvency structures of the IIFS, Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) safeguards in IIFS transactions, upholding of consumer protection in IFSI products and services, etc. This session aims to highlight:
• The key challenges and issues for the IFSI from the current global economic and political conditions and measures to address them
• The role of the various IFSI stakeholders in faring through this period with a view to achieving growth and sustainability
• The expected challenges for the IFSI (if any) in the near future
• In general, the way forward for the IFSI to weather through turbulent times and achieve greater heights

13:00 – 14:00
Lunch

IFSB-FIS Workshop for Regulatory and Supervisory Authorities (Banking Sector)
2017-11-13 09:00 - 2017-11-17 14:30 | Training Room 3.1 and 3.2, Sasana Kijang, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
This 5-day Workshop is tailored for the regulatory and supervisory authorities for the banking sector, thus intended to be a Train the Trainer Programme for the staff on the IFSB Standards.
In general, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

Participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.
Programme – Event Session(s)

Date
Time
Topics

Day 1
13/11/2017
09:00 – 09:30
Registration

09:30 – 09:45
Opening & Welcoming Address and Group Photo

09:45 – 11:15
Session 1 – IFSB-17: Core Principles for Islamic Finance Regulation (Banking Segment) Necessary Preconditions for Effective Supervision Assessment Methodology for CPIFR Responsibilities, Objectives and Powers Independence, Accountability, Resourcing and Legal Protection for Supervisors

11:15 – 11:30
Coffee Break

11:30 – 13:00
Session 2 – IFSB-17: Core Principles for Islamic Finance Regulation (Banking Segment) – Cont’d Cooperation and Collaboration Supervisory Approach, Techniques and Tools Treatment of Investment Account Holders (IAHs) Corporate and Sharī`ah Governance Framework

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3 – IFSB-17: Core Principles for Islamic Finance Regulation (Banking Segment) – Cont’d Risk Management Process Transactions with Related Parties Transparency and Market Discipline Case Study

16:00 – 16:15
Coffee Break

Day 2
14/11/2017
09:30 – 11:00
Session 4 – IFSB-15: Revised Capital Adequacy Standard for IIFS Components of Capital Capital Conservation Buffer Countercyclical Buffer Domestic Systemically Important Banks

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5 – IFSB-15: Revised Capital Adequacy Standard for IIFS – Cont’d Credit Risk Weights for Various Counterparties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Past Due Receivables & Other Assets

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6 – IFSB-15: Revised Capital Adequacy Standard for IIFS – Cont’d Credit Risk Mitigation Recognition of Ratings by External Credit Assessment Institution Group Exercise on Leverage Ratio Group Exercise on Countercyclical Buffer

16:00 – 16:30
Coffee Break

Day 3
15/11/2017
09:30 – 11:00
Session 7 – IFSB-15: Revised Capital Adequacy Standard for IIFS – Cont’d Understanding the Market Risk in Islamic Finance Policies and Procedures for Market risk Guidance on Valuation Practices Calculation of Capital Requirements for Market risk

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8 – IFSB-15: Revised Capital Adequacy Standard for IIFS – Cont’d Overview of Operational Risk Understanding Operational Risk in Islamic Finance Measuring Operational Risks Case Studies on Legal Risk and Shariah Non-compliant Risk

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9 – IFSB-15: Revised Capital Adequacy Standard for IIFS – Cont’d Group Exercise on Operational Risk Group Exercise on Market Risk

16:00 – 16:30
Coffee Break

Day 4
16/11/2017
09:30 – 11:00
Session 10 – GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management Application of the LCR in IIFS Definition and Categorisation of High Quality Liquid Assets (HQLA) Operational Considerations for HQLA Infrastructure Issues in the Availability of Sharī`ah-compliant HQLA

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 11 – GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management – Cont’d Components of Total Net Cash Outflows Formula for Calculating NSFR Available and Required Stable Funding Case Study

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 12 – GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management – Cont’d The Internal Liquidity Adequacy Assessment Processes & Supervisory Liquidity Review Process Principles for Applying Alternative Liquidity Approaches Disclosure Requirements for LCR and NSFR Case Study

16:00 – 16:30
Coffee Break

Day 5
17/11/2017
09:30 – 10:30
Experience Sharing by International Islamic Liquidity Management Corporation

10:30 – 10:45
Coffee Break

10:45 – 12:00
Session 14 – Experience Sharing on the IFSB Standards’ Implementation

12:00 – 12:15
Closing & Certificate Giving Ceremony

12:15 – 14:30
Lunch and Prayer
