Theme: Towards an Effective Legal Framework for Islamic Finance: Asset Securitisation and Insolvency The 2nd Seminar on Legal Issues in the Islamic Financial Services Industry will focus on two subjects of immediate relevance, sukuk and insolvency. Experts in Shari`ah, law and industry will give presentation on these subjects as they grow increasingly important for the future of Islamic finance in general and the treasuries of Islamic financial institutions in particular. Programme - Event Session(s) Date Time Topics Day 1 14/03/2006 09:00 - 09:45 Opening and Keynote 09:45 - 10:45 Session 1: A General Survey of Legal Issues in Islamic Finance The scope of Islamic banking laws The relationship of legal infrastructure to product development and risk management Islamic banks in takaful and capital markets Preconditions for effective bank supervision Sukuk structures and the capital markets Islamic bank insolvency and default The objectives of the conference The conduct of the conference 11:00 - 12:00 Session 2: Case Study 1: Sovereign and Inter-Governmental Organizations Sukuk Securitization Structure: Shari’ah Issues Legal Structure Market Acceptance Outcome 12:00 - 13:30 Session 3: Case Study 2: Sovereign and Inter-Governmental Organizations Sukuk – Analysis Syndication and Funding Credit Enhancement Rating Risk Secondary Market Potential Shari’ah-related Considerations Jurisdiction-related Considerations 15:00 - 16:00 Session 4: Case Study 1: Corporate Sukuk Securitization Structure: Shari’ah Issues Legal Structure Market Acceptance Outcome 16:15 - 17:30 Session 5: Case Study 2: Corporate Sukuk – Analysis Syndication and Funding Credit Enhancement Rating Risk Secondary Market Potential Shari’ah-related Considerations Jurisdiction-related Considerations Day 2 15/03/2006 09:00 - 10:20 Session 6: The Future for Sukuk Expanding Enabling Legislation Dealing with Restrictions on Foreign Ownership Expanding Enabling Infrastucture: Trusts and SPVs Cross Border Issues Islamic Money Market Instruments and Liquidity Management Risk Management and Monetary Policy Product Innovation Ratings and Shari`ah Risk 10:45 - 12:00 Session 7: Insolvency in Islamic Financial Institutions: A Survey of Relevant Legislation GCC Islamic banks Eastern Islamic banks Western Islamic banks The concepts of iflas and hajr al-madin and their consequences Responsibilities of IFIs to investment account holders and equity owners Responsibilities of IFIs to debtors 14:30 - 16:00 Closing Session: Panel Discussion on Preconditions for Effective Supervision and Stability Key Conclusions of the Conference Components of an Effective Legal Framework for Islamic Finance Supervision, Risk Management, and International Standards Downloadable Document(s) 1.) Event Session(s) - PDF Format

The IFSB Annual Meetings 2016 is hosted by the Central Bank of Egypt. The 28th Meeting of the Council, 14th General Assembly of the IFSB, 13th 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) 13th 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 2016. 1) IFSB Seminar on Islamic Capital Markets: Mrs. Ida Shafinaz Ab. Malek (email: [email protected]) 2) 8th IFSB Public Lecture on Financial Policy and Stability: Mrs. Ida Shafinaz Ab. Malek (email: [email protected]) 3) Meet the Members and Industry Engagement Session: Mr. Ifran Tarmizi (email: [email protected]) Event Snapshots The IFSB organised four Side Events in conjunction with the IFSB Annual Meetings 2016 on 10 – 12 April 2016 in Cairo, Egypt, hosted by Central Bank of Egypt. The first event was a Seminar on Islamic Capital Market, held on 10 April 2016. Themed “Supporting Development through Sukūk: Prospects and Initiatives”, the Seminar aimed to provide an interactive environment enabling speakers and participants to explore the prospective role of Sukūk in social and economic development through the aforementioned roles. The Seminar offered perspectives of Sukūk that revolved around the key challenges. Mr. Gamal Negm, Deputy Governor, Central Bank of Egypt and Mr. Jaseem Ahmed, Secretary General of the IFSB delivered the opening and welcoming speeches respectively. The keynote address was delivered by H.E. Sherif S. Samy, Chairman of the Egyptian Financial Supervisory Authority. Fourteen chairpersons and speakers from among regulators and market players sector discussed the following issues at the Seminar:- Development of the Sukūk Sector: Legal and Regulatory Considerations Panel Discussion – Sukūk for Budgetary and Financial Sector Support: Structures and Country Examples Sukūk for Infrastructure Financing: Prospects and Case Studies Panel Discussion on Building Synergies for Sukūk Issuances Over 100 delegates from 16 jurisdictions among the IFSB member and non-member organisations – representatives from market players, regulatory bodies, international agencies as well as academia and other interested parties from the public attended this Seminar. On 11 April 2016, the IFSB organised its 8th Public Lecture on Financial Policy and Stability. The Lecture, delivered by Dr. Sami Al Suwailem, Head, Financial Product Development Center, Islamic Development Bank carried the theme, Morality, Rationality and Financial Stability. Mr. Jaseem Ahmed and Mr. Tarek Fayed, Sub Governor, Central Bank of Egypt delivered the opening and welcoming speeches. The Lecture saw the attendance of 100 participants from among the IFSB members, regulatory and supervisory bodies, as well as the government, private, legal and educational sectors in Egypt. The Public Lecture was followed by a Members and Industry Engagement Session which aimed to provide a platform for the IFSB members and greater financial community an insight and update into the work of the IFSB, its relevance to the development of the global industry, and the role the stakeholders (members and non-members) can play in this development. The session was attended by 50 participants consisting of the IFSB members and the Egyptian local financial community, where Mr. Tarek Fayed delivered the Opening Remarks. The Opening Remarks was followed by a presentation titled, Global Outlook of Islamic Finance, by Mr. Jaseem Ahmed, Mr. Zahid Ur Rehman Khokher, Assistant Secretary-General of the IFSB also delivered a presentation titled, Stakeholders Engagement in Supporting the Sound Development of Islamic Financial Services Industry. The 13th Islamic Financial Stability Forum was held on 12 April 2016, after the IFSB Council and General Assembly meetings. The topic of this year’s IFSF was Consumer Protection in Islamic Finance. Professor Volker Nienhaus, Former President, University of Marburg, Germany, and IFSB Consultant was the speaker of the 13th IFSF and presented the topic, Consumer Protection in Islamic Finance. His presentation, which is based on an IFSB Working Paper series, Financial Consumer Protection in Islamic Finance stated that most of the issues in consumer protection covers both conventional and Islamic segments of the financial system. The discussants were Ms. Nariman Abdulla Kamber Al Awadhi, Chief Manager, Consumer Protection Unit, Central Bank of the United Arab Emirates and Mr. Khairul Nizam, Chief Operating Officer, Finance Accreditation Agency, Malaysia. Programme - Event Session(s) Date Time Topics Day 1 10/04/2016 SEMINAR ON ISLAMIC CAPITAL MARKET (OPEN SESSION) 08:30 - 09:30 Registration 09:30 - 10:30 Welcoming Remarks and Keynote 10:30 - 11:00 Coffee break 11:00 - 12:15 Session 1: Development of the Sukūk Sector: Legal and Regulatory Considerations As one of the fastest growing segments of the Islamic financial services industry, the Sukūk market poses important legal and regulatory challenges. One of the most important legal issues of the Sukūk market is the different legal treatments for asset-based and asset-backed Sukūk structures and their effects on risks, particularly legal risk, that are endogenous to a particular Sukūk issuance. Furthermore, in view of the potential multi-national investor base and the global appeal of these instruments, the standardisation of the structures and processes along with the legal and tax treatment in different jurisdictions, the set-up of effective mechanisms for dispute resolution, and enforceability of the Sukūk contracts are also important issues that feature as determinants of the attractiveness of the instrument and jurisdiction. Apart from the legal issues, the provision of a sound regulatory and supervisory regime is critical in order to ensure that the Sukūk instruments comply with key consumer protection aspects as well as operate in an environment that limits the exposure to system-wide risks. 12:15 - 13:30 Session 2: Sukūk for Budgetary and Financial Sector Support: Structures and Country Examples Since the GFC, the share of Sukūk issued by sovereigns, quasi-sovereigns (Ministries/Central Banks, etc.) and government-related entities (GREs) has risen noticeably from 2009 onwards, accounting for more than two-thirds of issuances in the primary market. These funds have been raised to support a variety of state budgetary needs including to fund development expenditures, as well as to support a smooth functioning of the country's Islamic financial system. Moreover, a steady supply of Sovereign/GRE Sukūk has had the complementary advantage of providing much-needed Sharī`ah-compliant investment avenues to various Takāful and Islamic fund management institutions. Furthermore, sovereign or quasi-sovereign Sukūk

Programme - Event Session(s) Date Time Topics Day 1 12/04/2016 15:00 - 15:10 Chairman’s Remarks H.E. Tarek Hassan Ali Amer, Governor, The Central Bank of Egypt 15:10 - 16:10 Presentation on Consumer Protection in Islamic Finance Speaker: Professor Dr. Volker Nienhaus, Former President of the University of Marburg, Germany, and Consultant to the Islamic Financial Services Board Discussant: Ms. Nariman Abdulla Kamber Al Awadhi, Chief Manager, Consumer Protection Division, Banking Supervision Department, Central Bank of the United Arab Emirates Mr. Khairul Nizam, Chief Operating Officer, Finance Accreditation Agency, Malaysia 16:10 - 16:30 Discussion and Q&A Session 16:30 - 17:00 Coffee and Networking Break End of Forum Downloadable Document(s) 1.) Event Session(s) - PDF Format

In line with the IFSB due process for the development of Standards and Guiding Principles, a Public Hearing will be held for the IFSB Exposure Draft: Technical Note on Stress Testing for Institutions Offering Islamic Financial Services (IIFS)   For more information on the Public Hearing, please email to Ms. Nazarina Abdul Majid at [email protected] Programme - Event Session(s) Date Time Topics Day 1 25/04/2016 IFSB EXPOSURE DRAFT:TECHNICAL NOTE ON STRESS TESTING FOR INSTITUTIONS OFFERING ISLAMIC FINANCIAL SERVICES (ED TN-2) 09:00 - 09:30 Registration 09:30 - 09:30 Opening Remarks by Assistant Secretary-General of the IFSB 09:35 - 10:30 Pesentation by the Project Manager 10:30 - 11:15 Questions and Answers Downloadable Document(s) 1.) Event Session(s) - PDF Format

The IFSB will be organising the IFSB Regulator's Forum, on 10 May 2016, in conjunction with the Global Islamic Finance Forum (GIFF 5.0) on which will be held on 10 - 12 May 2016, in Kuala Lumpur, Malaysia. With the theme "Islamic Finance in 2016 and Beyond: Challenges, Opportunities and Evolving Regulatory Focus", the IFSB Regulator’s Forum is designed to encourage broad interaction among the delegates to explore the implications on the Islamic financial services industry (IFSI) from the evolving global regulatory reform agenda. In the light of the current global macroeconomic conditions, the Forum seeks to raise awareness on the emerging challenges in the resilience and stability of the IFSI while discussing the regulators’ role in mitigating such vulnerabilities. The Forum welcomes participants from regulatory and supervisory authorities, international organisations, multilateral development banks, institutions offering Islamic financial services (IIFS), academics and any other interested parties. For participation and queries, please register online or email Mr. Ahmed Barakat at [email protected]. Programme - Event Session(s) Date Time Topics Day 1 10/05/2016 08:30 - 09:30 Registration & Networking 09:30 - 09:50 Welcoming Remarks 09:50 - 10:00 Special Presentation 10:00 - 11:15 Session 1: Panel Discussion on the Outlook and Opportunities of the Islamic Financial Services Industry (IFSI) in 2016 and Beyond: Sustaining IFSI Growth and Resilience Amid Challenges This session aims to highlight: Emerging risks to the global economy and knock-on effects on Islamic finance Macroprudential framework and policy tools for the enhanced supervision of Islamic financial institutions. Appropriate stress testing frameworks for Islamic finance Emerging issues in Islamic finance regulation i.e. anti-money laundering (AML) and consumer protection 11:15 - 12:30 Session 2 : Global Regulatory Reforms: The Islamic Finance Response This session aims to highlight: The global surveillance framework and Islamic finance Enhanced liquidity and capital buffer requirements and implications for Islamic finance National regulators' experiences in developing prudential frameworks for the Islamic financial services industy (IFSI) Market players' response to the evolving regulatory reforms Progress on developing Sharī`ah-compliant financial safety-nets 12:30 - 14:00 Networking Lunch End of Forum Downloadable Document(s) 1.) Event Session(s) - PDF Format

For queries, please contact Mrs. Ida Shafinaz Ab. Malek at [email protected] Event Snapshots   The IFSB organised the Seminar on Islamic Finance which was supported by Banco De España in collaboration IE Business School. The Seminar themed The Real Economy and Financial Sector was held on 24 May 2016, in Madrid, Spain. The Seminar is part of the IFSB European Forum Series. The Opening Remarks were delivered by H.E. Luis M. Linde, Governor, Banco De España, Mr. Jaseem Ahmed, Secretary-General, IFSB and Mr. Guillermo de la Dehesa Romero, Chairman, IE Business School. The Seminar was designed to encourage broad interaction among the delegates to explore the potential re-alignment of economic policy frameworks in a manner that strengthens the linkages between the real economy and the financial sector as well as offering some perspectives of Islamic finance principles, and financing modalities, which directly relate to the real sector from both the viewpoints of risk and return. The sessions discussed the following issues: Panel Discussion - Islamic Finance: Legal and Regulatory Considerations Sukūk – A Growing Alternative Asset Class to Fund the Real Sector Equity-based Financing and its Effects on Macroeconomic Resilience Banking the Unbanked: Enhancing Financial Inclusion using Risk-Sharing Instruments The Seminar was attended by over 80 delegates, with a line-up of 15 chairpersons and speakers from among regulators, academics and Islamic financial sector experts and practitioners from among the European as well as global financial community. An Introductory Seminar on Islamic Finance was also held on 23 May 2016. This half-day event aimed to provide a better understanding, especially to the local delegates, on Islamic Finance. Over 60 delegates attended the Introductory Seminar. Programme - Event Session(s) Date Time Topics Day 1 23/05/2016 SEMINAR ON ISLAMIC FINANCE: AN INTRODUCTION 14:00 - 15:00 Registration and Networking 15:00 - 15:10 Welcoming Remarks 15:10 - 16:10 Session 1 - Islamic Finance: Facts and Figures Over the last decade, Islamic finance has gained much acceptance in the global arena with estimates indicating the presence of more than 600 Islamic financial institutions operating across nearly 70 countries. The industry has approximately USD2 trillion worth of assets having expanded from offering basic banking services in the 1990s to become a holistic financial sector offering Sharī`ah-compliant capital markets, asset management as well as insurance products and services. The stakeholders of the industry include both Muslim majority and non-Muslim majority jurisdictions as well global multilateral development banks and international organisations. In Europe, Islamic financial transactions are actively undertaken in some countries including in the United Kingdom, Luxembourg and Germany. This session aims to: Highlight the growth and development of the global Islamic financial services industry (IFSI) across diverse regions globally. Detail out the progress made in each of IFSI’s three main segments – Islamic banking, Islamic capital markets and Takāful (Islamic insurance). Discuss the regulatory developments in Islamic finance, and the role and work of the IFSB. Discuss the initiatives and prospects for Islamic finance in Europe. 16:15 - 17:15 Session 2 - Challenges and Opportunities for the Implementation of Islamic Finance in Spain Islamic finance provides a new and alternative source of funds for families, companies and public institutions. Although this system has originated from the Middle East and Asia, it is gaining traction globally during times when many are deliberating viable alternatives to the traditional financial systems in the Western countries. In Spain, a particular segment that experiences difficulty in steady availability of credit is the Small and Medium Enterprises (SMEs). Islamic finance principles propose a risk-sharing and equity-based financing mechanism that potentially provides a more viable modality for financing entrepreneurs, SMEs, as well as corporations and the whole society in general. Nonetheless, there will be challenges in the implementation of Islamic finance in Spain. This session aims to: Explore the value proposition for Islamic finance as an alternative financing modality for Spanish businesses Explain key features and models of Islamic finance Discuss the opportunities for Islamic finance in Spain, and its implementation challenges 17:15 - 00:00 Coffee Break and Networking Day 2 24/05/2016 SEMINAR ON ISLAMIC FINANCE: THE REAL ECONOMY AND FINANCIAL SECTOR 08:30 - 09:30 Registration 09:30 - 10:00 Welcoming Remarks 10:00 - 10:30 Coffee break 10:30 - 11:45 Session 1: Panel Discussion - Islamic Finance: Legal and Regulatory Considerations The rapid growth of Islamic finance in recent years has spurred increasing interest in the subject including in Europe. Estimates indicate the size of Islamic finance assets in Europe range between $60 billion and $70 billion as of end-2014. Almost 40 banking institutions have Islamic banking operations across the European continent, while in the Islamic capital market segment, a total of 294 Islamic funds were domiciled in Europe (as of Sept 2014). Similarly, Sukūk has been used as a fund-raising instrument across the United Kingdom, Luxembourg, Germany and France with the former two having floated debut sovereign Sukūk in 2014. Fundamental to sustaining the growth of Islamic finance growth in Europe is, among other factors, an enabling environment with an appropriate regulatory and supervisory framework, and supporting legal basis, that provides for a level playing field. The scope and implementation of the needed legal and regulatory reforms can differ across jurisdictions but contain certain core elements that can draw from international core principles and standards with a view towards strengthening real sector linkages. 11:45 - 13:00 Session 2: Sukūk - A Growing Alternative Asset Class to Fund the Real Sector 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 over the years for various sovereigns, government-related entities and corporates to tap into in order to meet their financing needs. In particular, Sukūk instruments have gained widespread acceptance among stakeholders as economically viable tools to achieve funding diversification and offer tailored financing (especially for infrastructure investments). In the past five years, global Sukūk outstanding has been the fastest expanding asset class in the Islamic financial services industry, achieving a compounded annual growth rate of more than 19% (2009-2014). Nonetheless, several key imperatives remain in order to expand the

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 [email protected]. 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