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IFSB-FIS Workshop on IFSB Standards for Regulatory and Supervisory Authorities for the Banking Sector

Training Room 3.1 and 3.2, Sasana Kijang, Bank Negara Malaysia Kuala Lumpur, Malaysia

This 5-day Workshop is tailored for the regulatory and supervisory authorities for the banking sector, thus intend to be a Train the Trainer Programme for the staff on the IFSB Standards. The main focus of the Workshop lies in incorporating the latest IFSB Standards issued by the IFSB after the world post-crisis in 2008 and Basel III issuance which are IFSB-15: Revised Capital Adequacy Standard for Institutions offering only Islamic Financial Services (IIFS), GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management and IFSB-17: Core Principles for Islamic Finance Regulation (Banking Segment). In addition, the workshop will also cover sessions for Exposure Draft (ED) of Technical Note-2 (TN-2) on Stress Testing for IIFS which follows on from, and complements, the earlier IFSB-13, Guiding Principles on Stress Testing for IIFS. The IFSB-13, which was issued in 2012 provides a comprehensive stress testing framework for both IIFS and supervisory authorities. As a background, the main objective of IFSB-17 is to provide a set of Core Principles – along with associated assessment methodology – for the regulation and supervision of the Islamic financial services industry (IFSI), taking into consideration the specificities of the IIFS in the banking segment, the lessons learned from the financial crisis, and complementing the existing international standards, principally the Core Principles for Effective Banking Supervision issued by the Basel Committee on Banking Supervision. IFSB-15: Revised Capital Adequacy Standard, for its part, includes implementation of an optimal capital adequacy framework to facilitate the effective coverage of risk exposures of the IIFS as well as the allocation of appropriate capital to cover these risks in a manner that is based predominantly on the Standardised Approach. This Standard also provides guidance on the features and criteria for high-quality regulatory capital components, including Additional Tier 1 and Tier 2, which comply with Sharī`ah rules and principles. Similarly, it includes new guidance on macroprudential tools, such as capital buffers and leverage ratios (especially for domestic systemically important banks) which shall support the supervisory authorities in achieving the goal of protecting the banking system and the real economy from system-wide shocks. Moreover, GN-6:  Quantitative Measures for Liquidity Risk Management Guidance Note complements the Standard IFSB-12: Guiding Principles on Liquidity Risk Management for IIFS, and supports the harmonised application of the international regulatory regime in the area of liquidity risk management. This is achieved by providing guidance on the application of global liquidity standards for the IIFS, especially the Liquidity Coverage ratio (LCR) and Net Stable Funding Ratio (NSFR) at the current stage, with suitable adjustments based on the specific operational characteristics. Moreover, it provides guidance to supervisory authorities on the application of the LCR and NSFR in their jurisdictions and on their role in assessing the discretionary items specified in this GN, including application of the alternative liquidity approaches (ALA). TN-2: Technical Note on Stress Testing provides stress testing scenarios that address multiple types of risks and their interrelated effects on the overall financial position and performance of the portfolio, the institution itself or the overall financial system. It incorporates risk specificities of Sharī`ah-compliant contracts’ when conducting stress tests on an IIFS. Overall, this Workshop intends to be a Train the Trainer programme for the staff of regulatory and supervisory authorities on the IFSB Standards, and aims to: Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions; Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles. Participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at [email protected]. Programme - Event Session(s) Date Time Topics Day 1 24/10/2016 09:00 - 09:30 Registration 09:30 - 09:45 Welcoming Address & Group Photo 09:45 - 11:15 Session 1: IFSB-17 - Core Principles for Islamic Finance Regulation (Banking Segment) Necessary Preconditions for Effective Supervision Assessment Methodology for CPIFR Responsibilities, Objectives and Powers Independence, Accountability, Resourcing and Legal Protection for Supervisors 11:15 - 11:30 Coffee Break 11:30 - 13:00 Session 2: IFSB-17 - Core Principles for Islamic Finance Regulation (Banking Segment) Cooperation and Collaboration Supervisory Approach, Techniques and Tools Treatment of Investment Account Holders (IAHs) Corporate and Sharī`ah Governance Framework 13:00 - 14:00 Lunch and Prayer 14:00 - 16:00 Session 3: IFSB-17 - Core Principles for Islamic Finance Regulation (Banking Segment) Risk Management Process Transactions with Related Parties Transparency and Market Discipline Case Study 16:00 - 16:30 Coffee Break Day 2 25/10/2016 09:30 - 11:00 Session 4: IFSB-15: Revised Capital Adequacy Standard for IIFS Components of Capital Capital Conservation Buffer Countercyclical Buffer Domestic Systemically Important Banks 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 5: IFSB-15: Revised Capital Adequacy Standard for IIFS Credit Risk Weights for Various Counterparties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Credit Risk Mitigation 13:00 - 14:00 Lunch and Prayer 14:00 - 16:00 Session 6: IFSB-15: Revised Capital Adequacy Standard for IIFS Understanding the Market Risk in Islamic Finance Policies and Procedures for Market risk Guidance on Valuation Practices Group Exercise 16:00 - 16:30 Coffee Break Day 3 26/10/2016 09:30 - 11:00 Session 7: IFSB-15: Revised Capital Adequacy Standard for IIFS Overview of Operational Risk Understanding Operational Risk in Islamic Finance Measuring Operational Risks Group Exercise 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 8: GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management Application of the LCR in IIFS Definition and Categorisation of High Quality Liquid Assets (HQLA) Operational Considerations for HQLA Infrastructure Issues in the Availability of Sharī`ah-compliant HQLA 13:00 - 14:00 Lunch and Prayer 14:00 - 16:00 Session 9: GN-6 - Guidance Note on Quantitative Measures for Liquidity Risk Management Components of Total Net Cash Outflows Formula for Calculating NSFR Available and Required Stable Funding Case Study 16:00 - 16:30 Coffee Break Day 4 27/10/2016 09:30 - 11:00 Session 10: GN-6 - Guidance Note on Quantitative Measures for Liquidity Risk Management The Internal Liquidity Adequacy Assessment Processes & Supervisory Liquidity Review Process Principles for Applying Alternative Liquidity

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

Training Room 3.1 and 3.2, Sasana Kijang 2, Jalan Dato Onn, Kuala Lumpur, Malaysia

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

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

Training Room 3.1 & 3.2, Level 3, Sasana Kijang Training Room 3.1 & 3.2, Level 3, Sasana Kijang, Kuala Lumpur, Malaysia

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

IFSB-FIS Workshops on IFSB Standards for Regulatory and Supervisory Authorities for the Islamic Capital Market and Takaful Sectors

Training Room 3.1 - 3.3, Sasana Kijang, Bank Negara Malaysia, Jalan Dato Onn, Kuala Lumpur 2, Jalan Dato Onn, Kuala Lumpur, Malaysia

The two separate 3-day Workshops intend to be Train the Trainer Programme and are tailored for the Regulatory and Supervisory Authorities for the Islamic Capital Market and Takāful sectors. The Workshop for Islamic Capital Market Sector will cover the following sessions and IFSB Standards: Introduction to Islamic Capital Market IFSB-6 : Governance for Islamic Collective Investment Schemes (ICIS) IFSB-10 : Sharī`ah Governance Systems IFSB-15 : Revised Capital Adequacy – Sukūk and Securitisation Rountable on Disclosure Requirements for Islamic Capital Market Products (ED-19) Meanwhile, the Workshop for Takāful Sector will cover the following sessions and IFSB Standards: Introduction to Takāful, Models and Features IFSB-8 : Guiding Principles on Governance for Takāful Undertakings IFSB-11 : Standard on Solvency Requirements for Takāful Undertakings IFSB-14 : Risk Management for Takāful Undertakings IFSB-18 : Guiding Principles for Retakāful (Islamic Reinsurance) Experience Sharing on Regulating Takāful & Retakāful Sector in Various Jurisdictions Overall, these Workshops aim to: Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions; Assist the participants in practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and Promote the sharing of experiences among regulators and supervisors on the implementation of respective IFSB Standards and Guiding Principles. Participation in these Workshops are by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at [email protected].

Roundtable on Disclosure Requirements for Islamic Capital Market Products (Sukuk and Islamic Collective Investment Schemes)

Sasana Kijang, Bank Negara Malaysia 2, Jalan Dato Onn, Kuala Lumpur, Malaysia

The IFSB will be organising a Roundtable on Disclosure Requirements for Islamic Capital Market Products on 30 November 2016 in Kuala Lumpur, Malaysia. The Roundtable aims to discuss Exposure Draft 19 (ED-19) Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukūk and Islamic Collective Investment Schemes). ED-19 aims to provide guidance for regulatory and supervisory authorities (RSAs) on disclosure requirements for Islamic Capital Market (ICM) products, specifically for Sukūk and Islamic Collective Investment Schemes (ICIS). It identifies and sets forth a set of principles that are common to both Sukūk and ICIS, as well as principles that are specific to Sukūk and ICIS disclosures. The Roundtable will provide a platform for discussion and feedback on the areas of concern, bringing expert opinions, complemented with discussant comments, culminating in an open discussion among ICM industry players, regulatory and supervisory authorities and industry experts in Islamic finance. For participation enquiries, please contact the IFSB Secretariat; Ms. Yazmin Aziz at [email protected].   Event Snapshots   The Roundtable on Disclosure Requirements for Islamic Capital Market Products was organised by the IFSB on 30 November 2016 in Kuala Lumpur, Malaysia.The half-day Roundtable was held to discuss Exposure Draft 19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukuk and Islamic Collective Investment Schemes). ED-19 was prepared with the objective of providing guidance for regulatory and supervisory authorities (RSAs) on disclosure requirements for Islamic Capital Market (ICM) products, specifically for Sukuk and Islamic Collective Investment Schemes (ICIS). The following topics were discussed at the Roundtable: Introduction & General Principles Sukūk Disclosure Islamic Collective Investment Schemes (ICIS) Disclosure The Roundtable was chaired by Mr. Mohd Radzuan Ahmad Tajuddin, General Manager and Head of Islamic Capital Market & Market Development, Securities Commission Malaysia. The Project Manager for ED-19, Mrs. Dian Dannira Skymmer, Member of the Secretariat of the IFSB presented the ED-19, and was followed by discussion and comments by invited speakers; Mr. Sarjito, Deputy Commissioner, Capital Market Supervision I, Financial Services Authority, Indonesia, Mr. Moneer Osman Ahmed Elbeely, Administrative Affairs Manager, Administration Department, Sudan Financial Services Company Mr. Wan Rizaidy Wan Saufi, Assistant General Manager, Shariah Audit, Hong Leong Islamic Bank, Malaysia and Mr. Madzlan Hussain, Partner and Head, Islamic Financial Services Practice, Zaid Ibrahim & Co. The IFSB Consultants; Mr. Peter Casey and Mr. Hooman Sabeti-Rahmati also participated in this Roundtable to share their thoughts on ED-19 and summarised the Roundtable discussion. Almost 50 delegates from the RSAs, ICM industry players and academic institutions attended the Roundtable. Programme - Event Session(s) Date Time Topics Day 1 30/11/2016 09:00 - 09:30 Registration 09:30 - 09:40 Opening Remarks 09:40 - 10:15 Presentation on ED-19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products Presentation by: Mrs. Dian Dannira Skymmar, Member of the Secretariat, Technical and Research 10:15 - 10:45 Session 1: Introduction & General Principles Introduction General Principles - Principle G.1: Clear and Accurate Information - Principle G.2: Sufficient Information - Principle G.3: Timely Information 10:45 - 11:30 Session 2: Sukūk Disclosure Application Principle S.1: General Disclosure Principles Applicable to Sukūk Principle S.2: Sharī`ah-related Disclosures for Sukūk Principle S.3: Structure-related Disclosures for Sukūk Principle S.4: Entities about which Disclosures should be made 11:30 - 12:00 Session 3: Islamic Collective Investment Schemes (ICIS) Disclosure Application Principle C.1: Sharī`ah-related Disclosures for ICIS Principle C.2: Operations-related Disclosures for ICIS Principle C.3: Specialist ICIS Disclosure 12:00 - 12:30 Open Discussion 12:30 - 12:50 Consultant's Summary 12:50 - 14:00 Lunch End of Roundtable

IFSB-FIS Workshop Series (Palestine)

Grand Millennium Hotel, Amman, Jordan Al Thaqafeh St, Amman, Jordan

This 4-day Workshop is tailored for the regulatory and supervisory authorities as well as the market players in the banking sector in Palestine, and will discuss on the following IFSB Standards: IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering Islamic Financial Services (IIFS); IFSB-2: Capital Adequacy Standard for IIFS; GN-4: Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio (CAR) for IIFS; and IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS As a background, IFSB-1: Guiding Principles of Risk Management provides a set of guidelines of best practices for establishing and implementing effective risk management in IIFS. In particular, the Standard sets out 15 principles for managing the risks inherent in Sharī`ah-compliant financial businesses. IFSB-2: Capital Adequacy Standard is the equivalent of Pillar 1 of Basel II for IIFS. It complements the Basel capital framework by raising the specificities of IIFS that include, inter-alia, the treatment of profit-sharing investment accounts (PSIA) and measuring the risk weights of Sharī`ah-compliant products. Moreover, the Standard proposes two methods for calculating the capital adequacy ratios, namely the Standard formula as well as the supervisory discretion formula. GN-4: Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio for IIFS, for its part provides a methodology to estimate the value of alpha to be used in the supervisory discretion formula in calculating the CAR of IIFS; and to demonstrate how to measure the Displaced Commercial Risk (DCR). In addition, IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process offers guidance on key elements in the supervisory review process for authorities supervising IIFS taking into consideration the specificities of the IIFS, the lessons learned from the crisis, while complementing the existing international standards on the supervisory review process, in particular those of the Basel Committee on Banking Supervision (BCBS). Overall, this Workshop aims to: Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions; Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles. This Workshop is hosted by the Palestine Monetary Authority and participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Ahmed Barakat at [email protected]. Programme - Event Session(s) Date Time Topics Day 1 05/12/2016 08:30 - 09:00 Registration 09:00 - 10:00 Opening Session Welcome Speech by H.E Mr. Azzam Shawwa, Governor, PMA Speech by Dr. Nagwa Sheikh Eldin, Assistant Secretary-General, IFSB Speech by Dr. Iyad Jayousi, General Manager, PBI Souvenir Distribution and Group Photo 10:00 - 12:00 Session 1: IFSB-1: Guiding Principles of Risk Management for IIFS Understanding of Risks in IIFS Focus on Credit Risk Focus on Equity Investment Risk Focus on Operational Risk 12:00 - 13:00 Lunch and Prayer 13:00 - 14:30 Session 2: IFSB-1: Guiding Principles of Risk Management for IIFS Focus on Market Risk Focus on Liquidity Risk Focus on Rate of Return Risk Case Studies 14:30 - 14:45 Coffee Break 14:45 - 16:00 Session 3: IFSB-2: Capital Adequacy Standard for IIFS Need for Capital Regulation Pillar 1: Capital Adequacy Ratio (CAR): Understanding the Components of CAR CAR Formulas - Standard and Supervisory Discretion Treatment of PSIA - Supervisory Discretion Formula Day 2 06/12/2016 09:00 - 11:00 Session 4: IFSB-2: Capital Adequacy Standard for IIFS Credit Risk Weights for Various Counterparties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Credit Risk Mitigation 11:00 - 12:00 Lunch and Prayer 12:00 - 13:30 Session 5: IFSB-2: Capital Adequacy Standard for IIFS Measurement of Capital Adequacy Requirements for Market Risk Measurement of Market Risk Market Risk Weight Conversion Factor Case Study 13:30 - 13:45 Coffee Break 13:45 - 15:30 Session 6: IFSB-2: Capital Adequacy Standard for IIFS Overview of Operational Risk Understanding Operational Risk in Islamic Finance Measuring Operational Risks Group Exercise Day 3 07/12/2016 09:00 - 11:00 Session 7: GN-4: The Determination of Alpha in the Capital Adequacy Ratio for IIFS Background of the Guidance Note Understanding Management of Profit-Sharing Investment Account (PSIA) Understanding the Concept of Alpha and Displaced Commercial Risk (DCR) Measurement of Risk Sharing in PSIA 11:00 - 12:00 Lunch and Prayer 12:00 - 13:30 Session 8: GN-4: The Determination of Alpha in the Capital Adequacy Ratio for IIFS The Determination of Alpha and DCR Issues on Prudential Regulations and Requirements Role of Supervisory Authority in Determination of Alpha and DCR Case Study 13:30 - 13:45 Coffee Break 13:45 - 15:30 Session 9: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Necessary Preconditions for Effective Supervision Supervisory Approaches in the Supervision of IIFS Regulatory Capital Requirements Advanced Approaches and Supervisory Discretion Day 4 08/12/2016 09:00 - 11:00 Session 10: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Internal Capital Adequacy Assessment Process (ICAAP) Corporate and Sharī'ah Governance Related Party Transactions Case Study 11:00 - 12:00 Lunch and Prayer 12:00 - 13:30 Session 11: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Transparency and Market Discipline Consolidated and Cross-sector Supervision Risk Concentrations in IIFS Case Study 13:30 - 13:45 Coffee Break 13:45 - 15:30 Session 12: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Islamic “Windows” Operations Liquidity Risk Management and Supervision Sound Stress Testing Practices Supervisory Transparency and Accountability 15:30 - 16:00 Closing & Certificate Giving Ceremony  

Public Hearing of the IFSB Exposure Draft 19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products

Alqahera Hall, Ground Floor, The Nile Ritz-Carlton 1113 Nile Corniche, Ismailia, El Nil, Cairo, Egypt

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

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

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

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