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

This is the 10th edition of the IFSB-INCEIF Executive Forum on Islamic Finance Series. The IFSB-INCEIF Executive Forum aims to provide a platform for global leaders in Islamic finance to discuss selected emerging issues in the Islamic financial services industry. The Executive Forum places emphasis on issues related to supervision and prudential regulation, both at national and international levels, harnessing from the experiences of a distinguished pool of global experts, academicsand practitioners. More information on the theme and sessions will be uploaded in due course. The theme of the 10th IFSB-INCEIF Executive Forum “Financial Inclusion and Islamic Finance: Aligning objectives and methodologies” aims to clarify and align the objectives and benefits of financial inclusion with that of Maqasid Al-Shariah and emphasise the importance of supervisory and regulatory initiatives in supporting the growth of financial inclusion. Financial inclusion and shared prosperity have been recognised as key components of the global agenda contributing to stability. However, initiatives related to financial inclusion in the Islamic finance context have been somewhat subdued. At the same time, there are promising initiatives in Islamic microfinance, SMEs development and Microtakāful, all of which have significant potential to contribute to financial inclusion. The Executive Forum will bring together the advocators of financial inclusion from among experienced practitioners, supervisors and thought leaders as well as Islamic finance industry players. Participants will be exposed to discussions on new methodologies and techniques in the field of financial inclusion, as well as the role of the Regulatory and Supervisory Authorities in ensuring market integrity, financial stability and consumer protection from the financial inclusion perspective. The Panel Session, a key feature of this Executive Forum, will discuss the key issues and challenges in penetrating unbanked Muslims populations, and the availability of infrastructures pivotal in financial inclusion development, as well as policy recommendations from supervisors and market practitioners from the banking, takāful and SME sectors. The Executive Forum is a paying event. Special rates are offered to all member of the IFSB. Enjoy group discount of 10% when you register 3 or more participants from the same organisation. (Not applicable to subsidiaries and affiliated companies) For further enquiries, please email to Mrs. Ida Shafinaz Ab. Malek at [email protected] . Programme - Event Session(s) Date Time Topics Day 1 16/11/2016 08:30 - 09:30 Morning Coffee and Registration 09:30 - 09:45 Welcoming Remarks 09:45 - 11:15 Session 1: Financial Inclusion: Aligning current models with differing realities Global Financial Inclusion: A key development agenda Sustainability is Key: The 'must-have' building blocks Financial Inclusion: Catalyst for or impediment to growth 11:15 - 11:45 Group Photo and Coffee Break 11:45 - 13:15 Session 2: Islamic Microfinance: Beyond the financial inclusion agenda Islamic Microfinance: Advancing financial inclusion and wealth creation Technology and Innovation: The game changer for microfinance and the financial inclusion agenda Development and Challenges in Islamic Microfinance 13:15 - 14:30 Lunch and Prayers 14:30 - 16:30 Session 3: Moderated Session: Financial Inclusion and Islamic Finance: Approaches and current practices Financial Inclusion and Islamic Finance Solutions: Impacts on the real economy Risk-Sharing Instruments: The solution for enhancing inclusion Islamic Finance and the Challenge of Incorporating More Inclusive Offerings 16:30 - 17:00 Coffee and Networking Day 2 17/11/2016 08:30 - 09:30 Morning Coffee 09:30 - 11:00 Session 4: Consumer Protection: Financial inclusion and Shari'ah arrangements in protecting consumers Striking the Balance in Consumer Protection Developing Regulations with Robust Supervision Designing Effective Consumer Protection Infrastructure for Financial Inclusion 11:00 - 11:30 Coffee Break and Networking 11:30 - 13:00 Session 5: Strategic Priorities for Enhancing Financial Inclusion: Regulation, supervision, eco-system and innovation Challenges in Bringing Financial Inclusion as a National Strategic Agenda Supervision of Islamic Microfinance Strengthening the Overall Market through Infrastructure and Capability Building for Financial Inclusion 13:00 - 14:00 Lunch and Prayers 14:00 - 16:00 Session 6: Panel Discussion on Facilitating the Growth of Islamic Microfinance, SMEs and Microtakāful Diversity in Islamic Microfinance Programmes and Models Are SMEs Responsive to Poverty Alleviation and Financial Inclusion initiatives Accelerating Development with Expanded Coverage through Microtakāful 16:00 - 16:30 Closing & Certificate Giving Ceremony 16:30 - 17:00 Coffee and Networking

This is the 10th edition of the IFSB-INCEIF Executive Forum on Islamic Finance Series. The IFSB-INCEIF Executive Forum aims to provide a platform for global leaders in Islamic finance to discuss selected emerging issues in the Islamic financial services industry. The Executive Forum places emphasis on issues related to supervision and prudential regulation, both at national and international levels, harnessing from the experiences of a distinguished pool of global experts, academicsand practitioners. More information on the theme and sessions will be uploaded in due course. The theme of the 10th IFSB-INCEIF Executive Forum “Financial Inclusion and Islamic Finance: Aligning objectives and methodologies” aims to clarify and align the objectives and benefits of financial inclusion with that of Maqasid Al-Shariah and emphasise the importance of supervisory and regulatory initiatives in supporting the growth of financial inclusion. Financial inclusion and shared prosperity have been recognised as key components of the global agenda contributing to stability. However, initiatives related to financial inclusion in the Islamic finance context have been somewhat subdued. At the same time, there are promising initiatives in Islamic microfinance, SMEs development and Microtakāful, all of which have significant potential to contribute to financial inclusion. The Executive Forum will bring together the advocators of financial inclusion from among experienced practitioners, supervisors and thought leaders as well as Islamic finance industry players. Participants will be exposed to discussions on new methodologies and techniques in the field of financial inclusion, as well as the role of the Regulatory and Supervisory Authorities in ensuring market integrity, financial stability and consumer protection from the financial inclusion perspective. The Panel Session, a key feature of this Executive Forum, will discuss the key issues and challenges in penetrating unbanked Muslims populations, and the availability of infrastructures pivotal in financial inclusion development, as well as policy recommendations from supervisors and market practitioners from the banking, takāful and SME sectors. The Executive Forum is a paying event. Special rates are offered to all member of the IFSB. Enjoy group discount of 10% when you register 3 or more participants from the same organisation. (Not applicable to subsidiaries and affiliated companies) For further enquiries, please email to Mrs. Ida Shafinaz Ab. Malek at [email protected] . Programme - Event Session(s) Date Time Topics Day 1 16/11/2016 08:30 - 09:30 Morning Coffee and Registration 09:30 - 09:45 Welcoming Remarks 09:45 - 11:15 Session 1: Financial Inclusion: Aligning current models with differing realities Global Financial Inclusion: A key development agenda Sustainability is Key: The 'must-have' building blocks Financial Inclusion: Catalyst for or impediment to growth 11:15 - 11:45 Group Photo and Coffee Break 11:45 - 13:15 Session 2: Islamic Microfinance: Beyond the financial inclusion agenda Islamic Microfinance: Advancing financial inclusion and wealth creation Technology and Innovation: The game changer for microfinance and the financial inclusion agenda Development and Challenges in Islamic Microfinance 13:15 - 14:30 Lunch and Prayers 14:30 - 16:30 Session 3: Moderated Session: Financial Inclusion and Islamic Finance: Approaches and current practices Financial Inclusion and Islamic Finance Solutions: Impacts on the real economy Risk-Sharing Instruments: The solution for enhancing inclusion Islamic Finance and the Challenge of Incorporating More Inclusive Offerings 16:30 - 17:00 Coffee and Networking Day 2 17/11/2016 08:30 - 09:30 Morning Coffee 09:30 - 11:00 Session 4: Consumer Protection: Financial inclusion and Shari'ah arrangements in protecting consumers Striking the Balance in Consumer Protection Developing Regulations with Robust Supervision Designing Effective Consumer Protection Infrastructure for Financial Inclusion 11:00 - 11:30 Coffee Break and Networking 11:30 - 13:00 Session 5: Strategic Priorities for Enhancing Financial Inclusion: Regulation, supervision, eco-system and innovation Challenges in Bringing Financial Inclusion as a National Strategic Agenda Supervision of Islamic Microfinance Strengthening the Overall Market through Infrastructure and Capability Building for Financial Inclusion 13:00 - 14:00 Lunch and Prayers 14:00 - 16:00 Session 6: Panel Discussion on Facilitating the Growth of Islamic Microfinance, SMEs and Microtakāful Diversity in Islamic Microfinance Programmes and Models Are SMEs Responsive to Poverty Alleviation and Financial Inclusion initiatives Accelerating Development with Expanded Coverage through Microtakāful 16:00 - 16:30 Closing & Certificate Giving Ceremony 16:30 - 17:00 Coffee and Networking Downloadable Document(s) *Note: Click Document Name to view/download document 1.) Event Session(s) - PDF Format 2.) 10th IFSB-INCEIF Executive Forum: Financial Inclusion and Islamic Finance - Aligning Objectives and Methodologies  

The IFSB will be organising a Public Hearing for the IFSB Exposure Draft 19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukūk and Islamic Collective Investment Schemes) on Tuesday, 13 December 2016 at The Nile Ritz Carlton, Cairo, Egypt Programme - Event Session(s) Date Time Topics Day 1 13/12/2016 09:30 - 10:00 Registration and Welcome Coffee 10:00 - 10:10 Opening Remarks by Assistant Secretary - General of the IFSB 10:10 - 10:45 Presentation by the Project Manager 10:45 - 11:30 Questions and Answers 11:30 - 12:00 End of Public Hearing and Lunch