Islamic Financial Services Board

29th Arabic Editing Committee Meeting
2020-01-07 09:30 - 2020-01-21 17:30 UTC | Meeting Room 1 – 2, Lanai Kijang, Bank Negara Malaysia, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
The 29th Arabic Editing Committee Meeting is scheduled to be held as follow:

Date
7 – 10 January 2020

Time
9:30am – 5:30pm

Venue
Meeting Room 1 – 2, Lanai Kijang, Bank Negara Malaysia, Kuala Lumpur, Malaysia

Date
13 – 21 January 2020

Time
9:30am – 5:30pm

Venue
IFSB Meeting Room, Sasana Kijang Bank Negara Malaysia, Kuala Lumpur, Malaysia

Participation in the meeting is by invitation only. For more information please email to: khairun.nissa@ifsb.org

Webinar for the Public Hearing on the ED-23 Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services (Banking Segment)
2019-12-17 | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
In its 49th meeting held on 23 and 24 October 2019 in Kuala Lumpur, Malaysia, the Technical Committee of the Islamic Financial Services Board (IFSB) approved the issuance of the following Exposure Draft (ED) :

Revised Capital Adequacy Standard (RCAS) for Institutions Offering Islamic Financial Services (Banking Segment)

The Public Consultation will be for a period of 2 months, starting from 4 November 2019 until 2 January 2020
In conjunction to the above, the IFSB will be organising a Webinar for the Public Hearing on the ED-23 on 17 December 2019. Therefore, the IFSB would like to invite all members, stakeholders and interested parties to attend the above programme.
Register in advance for this webinar:
https://zoom.us/webinar/register/WN_X66ARIAXR5yfaxCI6lrQyQ
The confirmation email containing information about joining the webinar will be sent after registration.

Roundtable Discussion on Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services [Banking Segment]
2019-12-13 | EMR Meeting Room,Level 5, Sasana Kijang, Kuala Lumpur, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
The IFSB will be organising a Roundtable Discussion on Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services [Banking Segment] (Exposure Draft – 23) on 13 December 2019 in Kuala Lumpur, Malaysia.

The Roundtable aims to discuss and garner feedback and comments from key industry stakeholders on the ED-23 prior to its final submission to the Council.The ED-23 aims to provide the regulatory and supervisory authorities (RSAs) and market players of the Islamic banking industry guidance relating to capital adequacy requirements.

For participation enquiries, please contact the IFSB Secretariat; Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org.

35th Islamic Financial Services Board (IFSB) Council Meeting and Side Events
2019-12-10 - 2019-12-11 | Le Meridien Hotel, Pointe Aux Piments, Mauritius
The 35th IFSB Council Meeting and Side Events are hosted by Bangladesh Bank.

The details of the event are as follows:

Tuesday, 10 December 2019

Presentation on Islamic Digital Wallet
Lunch hosted by AIBL
20th Islamic Financial Stability Forum
Welcome Dinner hosted by Bangladesh Bank (for IFSB members ONLY)

Thursday, 11 December 2019

35th IFSB Council Meeting (closed session and by invitation ONLY)

Participation in the 35th IFSB Council Meeting and Side Events is by invitation only. Please email your enquiries to Ms. Nissa at khairun.nissa@ifsb.org and Mrs. Ida Shafinaz at ida.shafinaz@ifsb.org

The IFSB and Bangladesh Bank look forward to welcoming members of the IFSB and Islamic finance industry stakeholders to Dhaka, Bangladesh.

IFSB-FIS Workshop Series (Riyadh)
2019-12-02 - 2019-12-05 | Riyadh, Saudi Arabia, Riyadh, Riyadh, Saudi Arabia
About the Workshop

This 4-day Facilitating the Implementation of the IFSB Standards (FIS) Workshop is tailored for the regulatory and supervisory authorities for the banking sector.

IFSB-1:Guiding Principles of Risk Management for Institutions offering only Islamic Financial Services (IIFS)
IFSB-17:Core Principles for Islamic Finance Regulation (Banking Segment)
IFSB-16:Revised Guidance on Key Elements In The Supervisory Review Process of IIFS
IFSB-15:Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services (IIFS)
GN-6:Guidance Note on Quantitative Measures for Liquidity Risk Management
GN-4:Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio for IIFS
GN-3:Guidance Note on the Practice of Smoothing the Profit Payout to Investment Account Holders

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.

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-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).

GN-3: Guidance Note on the Practice of Smoothing the Profit Payout to Investment Account Holders. This GN aims at identifying the causes and effects of smoothing practices including verifying how it is put into
operation by IIFS. The GN also recommends best practices in dealing with the subject, especially from the
perspective of supervisory authorities and their prudential concerns.

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).

GN-2: Guidance Note on Commodity Murâbahah Transactions (CMT) highlight risks associated with CommodityMurābahah Transactions (CMT) and products of similar design and structure, and to assess their implications in relation to the regulatory capital requirements in institutions offering only Islamic financial services (IIFS).

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.

Moreover, GN-6: Quantitative Measures for Liquidity Risk Management Guidance Note complements IFSB-12, 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.

Overall, this Workshop on IFSB Standards 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.

IFSB-FIS Workshop Series (Abu Dhabi)
2019-11-24 - 2019-11-27
About the Workshop
This 4-day Facilitating the Implementation of the IFSB Standards (FIS) Workshop is tailored for the regulatory and supervisory authorities for the banking sector. It will be hosted by the Arab Monetary Fund (AMF) and will discuss the following IFSB Standards:

IFSB-1:Guiding Principles of Risk Management for IIFS
IFSB-15:Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services (IIFS)
IFSB-10:Guiding Principles on Sharī`ah Governance Systems for IIFS
IFSB-22:Revised Standard on Disclosures to Promote Transparency and Market Discipline for IIFS
ED-07:Guidance Note on Sharī`ah Compliant Lender of Last Resort Facilities
WP-06:Strengthening the Financial Safety Net: The Role of Sharī`ah-compliant Lender-of Last-Resort (SLOLR) Facilities as an Emergency Financing Mechanism

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-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.

IFSB-22: on Disclosures to Promote Transparency and Market Discipline for IIFS, for its part, considers disclosure-aspects relevant to consumer protection and sets key point-of-sale disclosure requirements. The disclosure principles and practices suggested by this Standard widen the scope of IFSB-4 and are designed to enable market participants and IAH to assess several key information. This information include, among others the type of IIFS, capital structure, treatment of investment accounts, including their risks and returns, risk exposures, key aspects of general governance and Sharī`ah governance, consumer protection and others.

In addition, the workshop will shed light on the IFSB Working Papers on ‘Strengthening the Financial Safety Net: The Role and Mechanisms of SCDIS’ (WP-06) and the Expousre Draft on Guidance Note on Sharī`ah Compliant Lender of Last Resort Facilities (GN-7).

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:

1. Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
2. 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
3. Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

Public Hearing for ED-23 : Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services (Banking Segment)
2019-11-15 | Kakatua Room, Jakarta Convention Centre, Jl. Gatot Subroto No.1, RT.1/RW.3, Gelora, Kecamatan Tanah Abang, Kota Jakarta Pusat, Jakarta, Indonesia
In its 49th meeting held on 23 and 24 October 2019 in Kuala Lumpur, Malaysia, the Technical Committee of the Islamic Financial Services Board (IFSB) approved the issuance of the following Exposure Draft (ED):

Revised Capital Adequacy Standard (RCAS) for Institutions Offering Islamic Financial Services (Banking Segment)

The Public Consultation will be for a period of 2 months, starting from 4 November 2019 until 2 January 2020

In conjunction to the above, the IFSB will be organising a Public Hearing for ED-23 on 15 November 2019 in Jakarta hosted by Bank Indonesia. Therefore, the IFSB would like to invite all members, stakeholders and interested parties to attend the above programme.

Deadline for online registration is on 14 November 2019.

Capacity Building for Market Players (CBM) Workshop (Jakarta, Republic of Indonesia)
2019-11-14 - 2019-11-15 | Jakarta Convention Centre, Jl. Gatot Subroto No.1, RT.1/RW.3, Gelora, Kecamatan Tanah Abang, Kota Jakarta Pusat, Jakarta, Indonesia
About the Workshop
This 2-days Capacity Building for Market Players (CBM) Workshop is tailored for Bank Indonesia will discuss the following IFSB Standards:

GN-6 : Guidance Note on Quantitative Measures for Liquidity Risk Management
IFSB-10: Guiding Principles on Sharī`ah Governance Systems for IIFS

As a background, GN-6: Quantitative Measures for Liquidity Risk Management Guidance Note complements IFSB-12, 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, including application of the alternative liquidity approaches (ALA).

IFSB-10: Guiding Principles on Sharī`ah Governance Systems 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.

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.

2nd Meeting of the Executive Committee
2019-11-12 09:00 - 12:35 | Jade Room, 2nd Floor, Fairmont Hotel Jakarta, Jl. Asia Afrika No.8, Senayan, Kecamatan Tanah Abang, Kota Jakarta Pusat, Jakarta, Indonesia
The 2nd Meeting of the Executive Committee of the IFSB is scheduled to be held as follows:

Date : 12 November 2019

Time : 9.00 am to 12.35 pm

Venue : Jade Room, 2nd Floor, Fairmont Hotel Jakarta, JI. Asia Afrika No.8, Jakarta Pusat, DKI Jakarta, Indonesia

Participation in the meeting is by invitation only. For more information please email to: khairun.nissa@ifsb.org

14th IFSB Summit
2019-11-12 - 2019-11-14 | Balai Sidang Jakarta Convention Center, Jl. Gatot Subroto No.1, RT.1/RW.3, Gelora, Kecamatan Tanah Abang, Jakarta, Indonesia
The IFSB Summit 2019 was held on 12 to 14 November 2019 at the Balai Sidang Jakarta Convention Center, Jakarta, Indonesia hosted by Bank Indonesia
Speeches

26 November 2019
Opening Message by YAB Tun Dr Mahathir bin Mohamad Prime Minister of Malaysia
26 November 2019
Keynote Speech by H.E. Dr. Zeti Akhtar Aziz, Former Governor, Bank Negara Malaysia at the 14th IFSB Summit 2019 – Islamic Finance for Sustainable Development in the Era of Technological Innovations
26 November 2019
Opening Remarks by the Secretary-General of the IFSB at the 14th IFSB Summit 2019 – Islamic Finance for Sustainable Development in the Era of Technological Innovations
26 November 2019
The IFSB Secretary-General’s Welcome Address at the First Innovation Forum: Revitalising Creativity and Sustaining Competitive Value

14th IFSB Summit 2019 Press Releases
18 November 2019
Global Cooperation is The Way Forward for the Sustainable Islamic Finance Development
[ ENGLISH ]

18 November 2019
Technological Innovation for the Sustainable Islamic Finance Development – Panellists Foresee the Promising Islamic Finance in Creating the Environmental and Social Impacts through the Technological Innovation During Day 1 of the IFSB Summit 2019
[ ENGLISH ]

13 November 2019
Bank Indonesia’s Governor Opens the IFSB Summit
[ ENGLISH ]

13 November 2019 (Also available in Arabic)
The 1st IFSB Innovation Forum: Revitalising Creativity and Sustaining Competitive Value
[ ENGLISH | ARABIC ]

31 October 2019 (Also available in Arabic)
The IFSB Organises Workshop on Capacity Building for Market Players (CBM) in Indonesia In Conjunction with the 14th IFSB Summit 2019
[ ENGLISH | ARABIC ]

22 October 2019 (Also available in Arabic)
The IFSB Announces Confirmed World-Class Chairpersons and Speakers for the 14th IFSB Summit 2019
[ ENGLISH | ARABIC ]

30 September 2019 (Also available in Arabic)
The 1st IFSB Innovation Forum: Revitalising Creativity and Sustaining Competitive Value
[ ENGLISH | ARABIC ]

30 May 2019 (Also available in Arabic)
The IFSB Global Summit to Discuss Islamic Finance for Sustainable Development in the Era of Technological Innovations
[ ENGLISH | ARABIC ]

14th IFSB Summit - Islamic Finance for Sustainable Development in the Era of Technological Innovations
2019-11-12 - 2019-11-14 | Jakarta Convention Centre, Jl. Gatot Subroto No.1, RT.1/RW.3, Gelora, Kecamatan Tanah Abang, Kota Jakarta Pusat, Jakarta, Indonesia

IFSB-FIS Workshop Series (Takaful Sector)
2019-10-29 - 2019-10-31 | Training Room 3.1, Sasana Kijang, Jalan Dato Onn, Bank Negara Malaysia, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
About the Workshop

This 3-day Workshop is tailored for the regulatory and supervisory authorities for the Takāful sector on the following IFSB Standards:

Introduction to Takāful (Islamic Insurance)

IFSB-8: Guiding Principles on Governance for Takāful Undertakings
IFSB-11: Standard on Solvency Requirements for Takāful Undertakings
IFSB-14: Standard on Risk Management for Takāful Undertakings
IFSB-18: Guiding Principles for Retakāful
IFSB-20: Key Elements in the Supervisory Review Process of Takāful / Retakāful Undertakings
IFSB-10: Guiding Principles on Sharī`ah Governance Systems for IIFS

As a background, IFSB-8: Governance for Takāful Undertakings has the aim to reinforce relevant good governance practices as prescribed in other internationally recognised governance standards for insurance companies, while addressing the specificities of Takāful undertakings. It promotes the development of a more comprehensive prudential framework for Takāful undertakings.

IFSB-11: Solvency Requirements for Takāful Undertakings, for its part, sets out important key principles for the structure of solvency requirements which is primarily based on the IAIS regulatory capital requirements, with the necessary modifications and adaptations to cater for the specificities and characteristics of a Takāful undertaking.

IFSB-14: Risk Management for Takāful Undertakings will discuss minimum standards to be applied to the Takāful industry, in parallel with perspectives set out by the IAIS, in order to bring the Takāful industry to the desired level of effective supervision and regulation, at par with the conventional insurance industry, subject always to the requirements of Sharī`ah principles.

In addition, IFSB-18: Guiding Principles for Retakāful aims to provide the regulatory and supervisory authorities (RSAs) and market players of the Takāful industry guidance relating to Retakāful. It identifies and sets forth a set of basic principles and best practices pertaining to Retakāful activities of both Takāful and Retakāful Operators. Furthermore, a key feature of IFSB-18 is that, it provides Retakāful stakeholders with guiding principles on the conduct of the Retakāful business.

IFSB-10: Guiding Principles on Sharī`ah Governance Systems 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.

IFSB-20 on Key Elements in the Supervisory Review Process of Takāful / Retakāful Undertakings. It provides guidance to supervisors on minimum standards for an effective and efficient supervisory review process for Takāful / Retakāful Undertakings and Retakāful Undertakings. The Standard also promotes, by means of supervisory review, fair, safe and stable takāful and retakāful markets as well as encourages harmonisation of supervision internationally and hence to enhance cooperation among supervisors.

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.

IFSB-FIS Workshop Series (Islamic Capital Market Sector)
2019-10-29 - 2019-10-31 | Training Room 3.1, Sasana Kijang, Jalan Dato Onn, Bank Negara Malaysia, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
About the Workshop

This 3-day Workshop is tailored for the regulatory and supervisory authorities for the Islamic Capital Market sector on the following IFSB Standards:

•
Introduction to Islamic Capital Market

•
IFSB-6
:
Guiding Principles on Governance for Islamic Collective Investment Schemes (ICIS)

•
IFSB-10
:
Guiding Principles on Sharī`ah Governance Systems for IIFS

•
IFSB-19
:
Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukūk and Islamic Collective Investment Schemes)

•
IFSB-21
:
Core Principles for Islamic Finance Regulation (ICM Segment)

As an overview, for the first session, the Workshop will provide insights on the fundamentals of Islamic Capital Market, the background and development of Islamic equity market and Islamic hedging products. Besides, the participants will also be exposed to various aspects related to Sukūk and securitisation as well as Islamic Collective Investment Schemes (ICIS) in the remaining sessions.

IFSB Guiding Principles on Governance for Islamic collective investment schemes (ICIS) (IFSB-6) reinforces the international best practices on supervising Collective Investment Schemes market while addressing the specificities of ICIS with respect to general governance; transparency and disclosure issues; compliance with Sharī`ah rules and principles as well as examination of additional protection required by the ICIS investors.

IFSB-10: Guiding Principles on Sharī`ah Governance Systems 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.

IFSB-19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products sets out general principles on disclosure requirements for ICM products, specifically for ṣukūk and ICIS. The standard provides guidance to Regulatory and Supervisory Authorities (RSAs) to assess the adequacy of the disclosure frameworks.

IFSB-21: on Core Principles for Islamic Finance Regulation (ICM Segment). The Standard provides a set of core principles for the regulation and supervision of the ICM, taking into consideration the specificities of Islamic finance. It envisages that these core principles will be used by jurisdictions as a benchmark for assessing the quality of their regulatory and supervisory systems, and for identifying future work to achieve a baseline level of sound regulations and practices for ICM products and services.

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.

Day 1
29/10/2019
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 Sukuk Structures 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
30/10/2019
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
Lunch and Prayer

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
Coffee Break

14:00 – 16:00
Session 6: 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

Day 3
31/10/2019
09:30 – 11:00
Session 7: 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

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8: IFSB-21 – Core Principles for Islamic Finance Regulation (ICM Segment) Objectives of Islamic Capital Markets Regulation Principles Relating to the Regulator Principle Relating to Sharīʻah Governance Principles Relating to Enforcement

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9: IFSB-21 – Core Principles for Islamic Finance Regulation (ICM Segment) (Cont’d) Principles Relating to Issuers Principles related to Islamic Collective Investment Schemes Principles related to Market Intermediaries Principles relating to Secondary Markets and Other Markets

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

16:15 – 16:45
Coffee Break

49th Meeting of the Technical Committee of the IFSB
2019-10-23 09:30 - 2019-10-24 02:00 | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
The 49th Meeting of the Technical Committee of the IFSB is scheduled to be held as follows:

Day 1

Date : 23 October 2019

Time : 9.30 am to 4.00 pm

Location : Kuala Lumpur, Malaysia

Day 2

Date : 24 October 2019

Time : 9.30 am to 2.00 pm

Location : Kuala Lumpur, Malaysia

Participation in the meeting is by invitation only. For more information please email to: khairun.nissa@ifsb.org

IFSB-AAOIFI Joint Seminar on the Prudential Implications of IFRS-9 and its FAS Equivalents for Islamic Financial Institutions
2019-10-15 - 2019-10-16 | Downtown Rotana, 110 Government Avenue Manama, Manama, Bahrain
The IFSB and AAOIFI are jointly-organising a Seminar themed “Prudential Implications of IFRS-9 and its FAS Equivalents for Islamic Financial Institutions” which will be hosted by Central Bank of Bahrain.

The objectives of this Seminar are:

To understand various implications on the implementation of IFRS-9 and AAOIFI FAS 30 for IIFS
To discuss policy issues and a way forward in respect of the unique challenges posed by the IFRS-9 and FAS 30 for IIFS
To gather insight and discuss the prudential and regulatory considerations in the implementation of IFRS-9 and FAS 30 by IIFS
To discuss and identify the accounting and Shariah considerations in implementing the IFRS-9 and FAS-30 for IIFS

For registration and further enquiries, kindly contact Mrs. Ida Shafinaz Ab Malek at ida.shafinaz@ifsb.org

2nd Meeting on the Revised Shariah Governance Framework Standard Working Group
2019-10-14 09:30 - 17:00 | Central Bank of Bahrain, Manama, Bahrain
The 2nd Meeting on the Revised Shariah Governance Framework Standard Working Group is scheduled to be held as follow:

Date : 14 October 2019
Time : 9:30am – 5:00pm
Venue : Central Bank of Bahrain, Manama, Bahrain

Participant in the meeting is by INVITATION only. For more information, please email to : fadhila@ifsb.org

5th Meeting of the Working Group on Disclosure to Promote Transparency and Market Discipline for Takaful / Retakaful Undertaking
2019-10-02 09:30 - 17:30 | Central Bank United Arab Emirates (CBUAE), F84P+MWQ - next to King Abdullah Bin Abdulaziz Al Saud Street - Al Bateen, Abu Dhabi, United Arab Emirates
The 5th Meeting of the Working Group on Disclosure to Promote Transparency and Market Discipline for Takaful / Retakaful Undertaking is scheduled to be held as follow:
Date : 2 October 2019
Time : 9:30am – 5:30pm
Venue : Central Bank United Arab Emirates (CBUAE), Abu Dhabi, UAE
Participation in the meeting is by INVITATION only. For more information please email to: fadhila@ifsb.org

4th Working Group Meeting on The Investor Protection Islamic Capital Market
2019-10-01 09:30 - 17:30 | Central Bank United Arab Emirates (CBUAE), F84P+MWQ - next to King Abdullah Bin Abdulaziz Al Saud Street - Al Bateen, Abu Dhabi, United Arab Emirates
The 4th Working Group Meeting on The Investor Protection Islamic Capital Market is scheduled to be held as follow:
Date : 1 October 2019
Time : 9:30am – 5:30pm
Venue : Central Bank United Arab Emirates (CBUAE), Abu Dhabi, UAE
Participation in the meeting is by INVITATION only. For more information please email to: fadhila@ifsb.org

5th Meeting of the Working Group on the Revised Capital Adequacy Standard for the Islamic Banking Sector
2019-09-30 09:30 - 17:30 | Central Bank United Arab Emirates (CBUAE), F84P+MWQ - next to King Abdullah Bin Abdulaziz Al Saud Street - Al Bateen, Abu Dhabi, United Arab Emirates
The 5th Meeting of the Working Group on the Revised Capital Adequacy Standard for the Islamic Banking Sector is scheduled to be held as follow:
Date : 30 September 2019
Time : 9:30am – 5:30pm
Venue : Central Bank United Arab Emirates (CBUAE), Abu Dhabi, UAE
Participation in the meeting is by INVITATION only. For more information please email to: fadhila@ifsb.org

IFSB-FIS Workshop Series (Oman)
2019-09-30 - 2019-10-03 | Muscat, Muscat, Muscat, Oman
About the Workshop
This 4-day Facilitating the Implementation of the IFSB Standards (FIS) Workshop is tailored for Central Bank of Oman. It will discuss the following IFSB Standards:

IFSB-17: Core Principles for Islamic Finance Regulation (Banking Segment)
GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management
IFSB-22:Revised Standard on Disclosures to Promote Transparency and Market Discipline for IIFS
IFSB-10:Guiding Principles on Sharī`ah Governance Systems for IIFS
ED-07:Guidance Note on Sharī`ah Compliant Lender of Last Resort Facilities
WP-06:Strengthening the Financial Safety Net: The Role of Sharī`ah-compliant Lender-of Last-Resort (SLOLR) Facilities as an Emergency Financing Mechanism
TN-2:Technical Note on Stress Testing for Institutions Offering Islamic Financial Services (IIFS)

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.

GN-6: Quantitative Measures for Liquidity Risk Management Guidance Note complements IFSB-12, 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, including application of the alternative liquidity approaches (ALA).

IFSB-22: Revised Standard on Disclosures to Promote Transparency and Market Discipline for IIFS, for its part, considers disclosure-aspects relevant to consumer protection and sets key point-of-sale disclosure requirements. The disclosure principles and practices suggested by this Standard widen the scope of IFSB-4 and are designed to enable market participants and IAH to assess several key information. This information include, among others the type of IIFS, capital structure, treatment of investment accounts, including their risks and returns, risk exposures, key aspects of general governance and Sharī`ah governance, consumer protection and others.

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

TN-2: Technical Note on Stress Testing will provide 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.

In addition, the workshop will shed light on the IFSB Working Papers on ‘Strengthening the Financial Safety Net: The Role and Mechanisms of SCDIS’ (WP-06) and the Expousre Draft on Guidance Note on Sharī`ah Compliant Lender of Last Resort Facilities (GN-7).

Overall, this Workshop aims to:

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

2. 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

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

IFSB-AMERC of IOSCO Joint High-Level Seminar on Development of Sukuk Markets in the Middle East and Africa: Growth Potential and Policy Considerations
2019-09-26 | Al Mudhaif Ballroom 1, The St. Regis Abu Dhabi, Corniche, Nation Towers - 1st St - Al Bateen, Abu Dhabi, United Arab Emirates
The Islamic Financial Services Board (IFSB) and Africa / Middle-East Regional Committee (AMERC) of IOSCO are jointly organising a High-Level Seminar, themed, “Development of Ṣukūk Markets in the Middle East and Africa: Growth Potential and Policy Considerations” on 26 September 2019 in Dubai, United Arab Emirates (UAE). The joint seminar will be hosted by the Securities and Commodities Authority UAE, in collaboration with Dubai Islamic Economy Development Centre (DIEDC), Gulf Bond and Ṣukūk Association (GBSA), S&P Global Ratings and National Bonds UAE.

The one-day joint high-level Seminar aims to examine the recent developments and future potential of ṣukūk markets in the Middle East and Africa region, and to identify areas where further development is needed to bolster the growth and effective utilisation of Islamic finance in realising the developmental objectives of the region. The Seminar will also discuss relevant aspects in strengthening the regulatory environment, including issues related to investor protection and financial stability and strengthening the overall growth and resilience of the region’s capital markets, taking into consideration the specificities and differences of ṣukūk from their conventional counterparts.

3rd Working Group Meeting on Core Principles for Islamic Finance Regulation (Takaful Segment)
2019-09-20 | Training Room 3.3 & 3.4 Sasana Kijang Bank Negara Malaysia, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
The 3rd Working Group Meeting on Core Principles for Islamic Finance Regulation (Takaful Segment) is scheduled to be held as follow:

Date: 20 September 2019
Time: 9:30am – 5:30pm
Venue: Training Room 3.3 & 3.4 Sasana Kijang Bank Negara Malaysia, 2, Jalan Dato Onn, 50480 Kuala Lumpur, Malaysia.

Participation in the meeting is by invitation only. For more information please email to: fadhila@ifsb.org

3rd Meeting of the Technical Note on Recovery and Resolution Plan for Institutions offering Islamic Financial Services (IIFS)
2019-09-19 | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
The 3rd Meeting of the Technical Note on Recovery and Resolution Plan for Institutions offering Islamic Financial Services (IIFS) is scheduled to be held as follow:

Date: 19 September 2019

Time: 9:30am – 5:30pm
Venue: Kuala Lumpur, Malaysia (exact venue will be advise in due course)

Participation in the meeting is by invitation only. For more information please email to: fadhila@ifsb.org

13th IFSB-INCEIF Executive Programme - Effective Utilisation of Islamic Capital Market (ICM) Instruments for Sustainable and Responsible Growth
2019-09-18 - 2019-09-19 | Training Room 3.3. and 3.4, Level 3, Sasana Kijang, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
The programme intends to keep the participants abreast of the latest developments on the Islamic Capital Markets (ICM) instruments and regulations from leading jurisdictions in the Sustainable and Responsible Investment (SRI) space as well as to keep informed of the contemporary issues and challenges with insights on how to overcome them.

Define and Discuss the role of Islamic financial instruments in addressing the current global issues surrounding Sustainable and Responsible Investment (SRI)
Assess the current state of the SRI markets, the potential for growth and the challenges that need to be addressed in order to fulfil its full potential
Discuss the need for creating greater awareness on convergence of Islamic finance and SRI
Explore new and existing potential Islamic products and platforms that could apply SRI

Enjoy 30% discount on second participant when you register 2 participants from the same organisation (not applicable to subsidiaries and affiliated companies)

12th Meeting of the Task Force on Prudential and Structural Islamic Financial Indicators (PSIFIs)
2019-08-27 09:30 - 2019-08-28 17:30 | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
The 12th Meeting of the Task Force on Prudential and Structural Islamic Financial Indicators (PSIFIs) is scheduled to be held as follows:

Date : 27 – 28 August 2019

Time : 9.30 am to 5.30 pm

Venue : Kuala Lumpur, Malaysia

Participation in the meeting is by INVITATION only. For more information please email to: khairun.nissa@ifsb.org

48th Meeting of the Technical Committee of the IFSB
2019-07-25 09:30 - 2019-07-26 17:30 | AIFC Investment Office, 55/17 Mangilik El Avenue C3.2, Astana, Kazakhstan
The 48th Meeting of the Technical Committee of the IFSB is scheduled to be held as follows:

Date : 25 – 26 July 2019

Time : 9.30 am to 5.30 pm

Venue : Astana, Kazakhstan

Participation in the meeting is by invitation only. For more information please email to: khairun.nissa@ifsb.org

IFSB Members and Industry Engagement Session (MIES)
2019-07-24 | Astana, Astana, Astana, Kazakhstan
The IFSB’s Members and Industry Engagement Session is an initiative by the IFSB Secretariat to provide an interactive platform for communication between the IFSB member organisations, the bigger Islamic financial services industry stakeholders, and the IFSB Secretariat.

28th IFSB Arabic Editing Committee Meeting
2019-07-23 09:30 - 2019-07-29 17:30 | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
he 28th IFSB Arabic Editing Committee Meeting is scheduled to be held as follows:

Date : 23 – 29 July 2019

Time : 9.30 am to 5.30 pm

Venue : IFSB Meeting Room, IFSB, Level 5, Sasana Kijang, Jalan Dato Onn, 50480 Kuala Lumpur, Malaysia

Participation in the meeting is by INVITATION only. For more information please email to: khairun.nissa@ifsb.org

4th Meeting of Working Group on the Core Principles for Islamic Finance Regulation: Effective Islamic Deposit Insurance Systems (CPIFR-IDIS)
2019-07-23 09:30 - 17:00 | Astana, Astana, Astana, Kazakhstan
The 4th Meeting of Working Group on the Core Principles for Islamic Finance Regulation: Effective Islamic Deposit Insurance Systems (CPIFR-IDIS) is scheduled to be held as follow:

Date : 23 July 2019

Time : 9:30am – 5:00pm

Venue : Astana, Kazakhstan

3rd Working Group Meeting on The Investor Protection Islamic Capital Market
2019-07-22 09:30 - 17:00 | Astana, Astana, Astana, Kazakhstan
The 3rd Working Group Meeting on The Investor Protection Islamic Capital Market is scheduled to be held as follow:

Date : 22 July 2019

Time : 9:30am – 5:00pm

Venue : Astana, Kazakhstan
