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29th Meeting of the Council of the IFSB (For Full Members only) and 14th Islamic Financial Stability Forum (by invitation only)

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 : [email protected] 2) Islamic Financial Stability Forum - Ms. Yazmin Aziz, email : [email protected]

14th Islamic Financial Stability Forum : Islamic Finance and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regulation

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 [email protected]. 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)

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 [email protected].  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

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)

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 [email protected]. 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

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: [email protected]) 2) 15th Islamic Financial Stability Forum: Ms. Yazmin Aziz (email: [email protected]) 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: [email protected]) 2) 9th IFSB Public Lecture on Financial Policy and Stability: Mrs. Ida Shafinaz Ab. Malek (email: [email protected]) 3) Members and Industry Engagement Session: Mr. Ifran Tarmizi (email: [email protected]) 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

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)

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 [email protected].  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

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)

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 [email protected]. 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)

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 [email protected]. 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

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 [email protected] . 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

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