Islamic Financial Services Board

Conference on Soundness Indicators for Conventional and Islamic Finance
2017-03-01 08:30 - 2017-03-02 16:00 UTC | 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)
2017-03-28 08:30 - 2023-10-26 12:15 | 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 hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
28/03/2017
08:30 – 09:00
Registration

09:00 – 09:30
Opening Remarks by the NBT and IFSB Representatives Group Photo

09:30 – 11:00
Session 1 – Introduction to Islamic Finance Concept of Islamic Finance Contracts in Islamic Finance Structures of Islamic Banking Products Prudential Issues in IIFS

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 2 – IFSB-2: Capital Adequacy Standard for IIFS Need for Capital Regulation Pillar 1: Capital Adequacy Ratio (CAR): Understanding the Components of CAR CAR Formulas – Standard and Supervisory Discretion Treatment of PSIA – Supervisory Discretion Formula

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3 – IFSB-2: Capital Adequacy Standard for IIFS (Cont’d) Credit Risk Weights for Various Counterparties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Credit Risk Mitigation

Day 2
29/03/2017
09:30 – 11:00
Session 4 – IFSB-2: Capital Adequacy Standard for IIFS (Cont’d) Measurement of Capital Adequacy Requirements for Market Risk Measurement of Market Risk Market Risk Weight Conversion Factor Case Study

11:00 – 11:30
Coffee Break

11:30 – 12:00
Session 5 – IFSB-2: Capital Adequacy Standard for IIFS (Cont’d) Overview of Operational Risk Understanding Operational Risk in Islamic Finance Measuring Operational Risks Group Exercise

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6 – GN-4: Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio for IIFS Background of the Guidance Note Understanding Management of Profit-Sharing Investment Account (PSIA) Understanding the Concept of Alpha and Displaced Commercial Risk (DCR) Measurement of Risk Sharing in PSIA

Day 3
30/03/2017
09:30 – 11:00
Session 7 – GN-4: Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio for IIFS (Cont’d) The Determination of Alpha and DCR Issues on Prudential Regulations and Requirements Role of Supervisory Authority in Determination of Alpha and DCR Case Study

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Necessary Preconditions for Effective Supervision Supervisory Approaches in the Supervision of IIFS Regulatory Capital Requirements Advanced Approaches and Supervisory Discretion

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9 -IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process (Cont’d) Internal Capital Adequacy Assessment Process (ICAAP) Corporate and Sharī’ah Governance Related Party Transactions Case Study

Day 4
31/03/2017
08:30 – 10:00
Session 10 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process (Cont’d) Transparency and Market Discipline Consolidated and Cross-sector Supervision Risk Concentrations in IIFS Case Study

10:00 – 10:15
Coffee Break

10:15 – 11:45
Session 11 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process (Cont’d) Islamic “Windows” Operations Liquidity Risk Management and Supervision Sound Stress Testing Practices Supervisory Transparency and Accountability

11:45 – 12:15
Closing & Certificate Giving Ceremony

Seminar on Islamic Finance and Regulation
2017-04-04 08:30 - 2017-04-06 17:30 | Sasana Kijang, Bank Negara Malaysia, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
The IFSB Annual Meetings and Side Events 2017 is jointly hosted by the Central Bank of the Islamic Republic of Iran and Bank Negara Malaysia.

The 30th Meeting of the Council, 15th General Assembly of the IFSB, 15th Islamic Financial Stability Forum and Welcome Dinner is by INVITATION ONLY. For more information on the meetings and dinner, please email the following Secretariat in-charge:

1) Council Meeting, General Assembly and Welcome Dinner: Ms. Nur Khairun Nissa Md Zawawi (email: khairun.nissa@ifsb.org)

2) 15th Islamic Financial Stability Forum: Ms. Yazmin Aziz (email: yazmin@ifsb.org)

The following Side Events will also be held in conjuction with the IFSB Annual Meetings 2017.

1) Seminar on Islamic Finance and Global Regulation – Moving Targets and New Horizons: Mrs. Ida Shafinaz Ab. Malek (email: ida.shafinaz@ifsb.org)

2) 9th IFSB Public Lecture on Financial Policy and Stability: Mrs. Ida Shafinaz Ab. Malek (email: ida.shafinaz@ifsb.org)

3) Members and Industry Engagement Session: Mr. Ifran Tarmizi (email: ifran@ifsb.org)

Programme – Event Session(s)

Date
Time
Topics

Day 1
04/04/2017

IFSB SEMINAR ON ISLAMIC FINANCE AND GLOBAL REGULATION: MOVING TARGETS AND NEW HORIZONS (OPEN FOR PUBLIC)

08:30 – 09:30
Registration

09:30 – 09:45
Welcoming Remarks

09:45 – 10:00
Keynote Address

10:00 – 10:30
Coffee Break and Networking

10:30 – 11:45
Session 1: The Roll Out of Regulatory Reforms – Progress so Far and What is Left to Do?

The Session aims to discuss how regulatory and supervisory authorities (RSAs) have achieved implementation and compliance with key prudential regulatory standards. It will look at what have been the main challenges, including the capacity building dimension. What is still to be accomplished e.g. on macroprudential supervision, cross-sector and consolidated supervision, stress testing and dealing with systemically important banks?

11:45 – 13:00
Session 2: Developing Liquid Islamic Money Markets: Challenges in Harmonisation and Local and International Issuances

This session aims to discuss the current state of the sukuk market against the backdrop of the existing economic conditions and market dynamics. What more needs to be done to spur sukuk issuances for liquid and vibrant Islamic money markets? What are specific legal, regulatory and disclosure reforms needed to resolve the impediments? Do sukuk structures and absence of trading platforms pose major hindrances to develop an active secondary sukuk market?

13:00 – 14:00
Lunch and Prayers

14:00 – 15:15
Session 3: New Horizons – Wider Outreach for the IFSI and Structural Challenges

This session aims to discuss the potential for Islamic finance to become more active across the start-up/SME financing space. What are the associated challenges from the regulatory and risk perspectives, and how can Islamic finance better manage these challenges? Discussion will also consider the rise of FinTech (i.e. crowdfunding/digital currencies) and how far Islamic finance can benefit it from its growth.

15:15 – 15:45
Coffee Break and Networking

15:45 – 17:00
Session 4: What does a Future State Islamic Finance Industry Look Like?

The panel discussion will address the opportunities for Islamic finance going forward. Discussions will aim to examine whether the current state and shape of the industry are optimal given structural and regulatory challenges. The panel may look at where it sees the industry in the next 5 years; what does a future state Islamic financial services industry look like, and how do we get there? What are the pre-conditions in terms of capacity building and human resources?

Day 2
05/04/2017

9TH PUBLIC LECTURE ON FINANCIAL POLICY AND STABILITY
MEMBERS & INDUSTRY ENGAGEMENT SESSION
WELCOME DINNER

08:30 – 12:30
9th PUBLIC LECTURE ON FINANCIAL POLICY AND STABILITY

Open for Public

08:35 – 09:30
Registration

09:30 – 09:45
Opening Remarks

09:45 – 10:45
Lecture 1

Speaker: Mr. William Coen, Secretary-General, Basel Committee on Banking Supervision, Bank for International Settlements Topic: Global Adoption of the Basel Framework: Enhancing Financial Stability Across Countries

10:45 – 12:00
Lecture 2

Speaker: Dr. Mohd Daud Bakar, Founder and Group Chairman, Amanie Group Topic: Capital Raising for Sovereigns in an Era of Deficits: Realising Aspirations through Sukūk

12:00 – 12:30
Coffee Break and Networking

12:30 – 14:30
MEMBERS AND INDUSTRY ENGAGEMENT SESSION (Lunch)

Open to all IFSB Members and Financial Institutions

19:30 – 22:30
WELCOME DINNER hosted by Bank Negara Malaysia

Open to IFSB Council, Full, Associate and Observer members only

Day 3
06/04/2017

30TH MEETING OF THE IFSB COUNCIL
15TH GENERAL ASSEMBLY
15TH ISLAMIC FINANCIAL STABILITY FORUM

09:00 – 13:00
30th MEETING OF THE IFSB COUNCIL

IFSB Council and Full Members (and accompanying persons) only

13:00 – 14:05
15th GENERAL ASSEMBLY

IFSB Council, Full, Associate and Observer members (and accompanying persons) only

14:05 – 15:10
Lunch

IFSB Council, Full, Associate and Observer members (and accompanying persons) only

15:15 – 17:00
15th ISLAMIC FINANCIAL STABILITY FORUM

Theme: Global Regulatory Reforms: What More Needs to be Done and the Challenges for EMEs and Islamic Finance Open to IFSB Council, Full, Associate and Observer Members, and selected invitees

17:00 – 17:30
Coffee break

15th Islamic Financial Stability Forum :Global Regulatory Reforms: What More Needs to be Done and the Challenges for EMEs and Islamic Finance
2017-04-06 15:15 - 17:00 | Lanai Kijang, Kuala Lumpur, Malaysia
The IFSB organised its 15th Islamic Financial Stability Forum (15th IFSF) on 6 April 2017, in Kuala Lumpur, Malaysia.

The 15th IFSF was held in conjunction with the 30th Council Meeting of the IFSB, jointly organised by the Central Bank of the Islamic Republic of Iran and Bank Negara Malaysia.

Programme – Event Session(s)

Date
Time
Topics

Day 1
06/04/2017
15:15 – 15:40
Chairman’s Remarks H.E. Fazle Kabir, Deputy Chairman of the Council of the IFSB and Governor, Bangladesh Bank

15:40 – 16:00
Presentation on: Global Regulatory Reforms: What More Needs to be Done and the Challenges for EMEs and Islamic Finance Speaker: Mr. William Coen, Secretary-General, Basel Committee for Banking Supervision, Bank for International Settlements

16:00 – 16:30
Commentaries by Discussants Discussants: 1. H.E. Dr. Ahmed Abdulkarim Alkholifey, Governor, Saudi Arabian Monetary Authority 2. Professor Dr. Mohamed Azmi Omar, Director General, Islamic Research and Training Institute, Islamic Development Bank Group

16:30 – 16:45
Discussion and Q&A Session

16:45 – 17:00
Coffee and Networking Break

IFSB-FIS Workshop Series (Zambia)
2017-04-18 09:00 - 2017-04-20 16:15 | InterContinental Lusaka, Haile Selassie Ave, Lusaka 10101, Lusaka, Zambia
This 3-day Workshop is tailored for the regulatory and supervisory authorities and the market players for the banking sector within Zambia. It will discuss the overview of Islamic finance and cover the following IFSB Standards:

IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS)
IFSB-3: Guiding Principles on Corporate Governance for IIFS
IFSB-10: Guiding Principles on Sharī`ah Governance Systems for IIFS
IFSB-16: Revised Guidance on Key Elements in the Supervisory Review Process of IIFS

Overall, this Workshop aims to:

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

Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and

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

This Workshop is hosted by Bank of Zambia and participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
18/04/2017
09:00 – 09:30
Registration

09:30 – 10:00
Opening Session and Group Photo

10:00 – 11:30
Session 1 – Introduction to the IFSB Introduction to Islamic Finance Concept of Islamic Finance Contracts in Islamic Finance Structures of Islamic Banking Products Prudential Issues in IIFS

11:30 – 11:45
Coffee Break

11:45 – 13:00
Session 2 – IFSB-1: Guiding Principles of Risk Management for Institutions offering Islamic Financial Services (IIFS) Understanding of Risks in IIFS Focus on Credit Risk Focus on Equity Investment Risk Focus on Operational Risk

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3 – IFSB-1: Guiding Principles of Risk Management for IIFS (Cont’d) Focus on Market Risk Focus on Liquidity Risk Focus on Rate of Return Risk Case Studies

16:00 – 16:15
Coffee Break

Day 2
19/04/2017
09:30 – 11:00
Session 4 – IFSB-3: Guiding Principles on Corporate Governance for IIFS Corporate Governance Issues Specific to IIFS General Governance Approach of IIFS Rights of Investment Account Holders (IAHs) Compliance with Sharī`ah Rules and Principles

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5 – IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS Structure of the Sharī`ah Governance System Scope of Sharī`ah Governance System General Approach to the Sharī`ah Governance System Guiding Principles on the Sharī`ah Governance System – Competence

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6 – IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS (Cont’d) Guiding Principles on the Sharī`ah Governance System – Independence Guiding Principles on the Sharī`ah Governance System – Confidentiality Guiding Principles on the Sharī`ah Governance System – Consistency Case Study

16:00 – 16:15
Coffee Break

Day 3
20/04/2017
09:30 – 11:00
Session 7 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Supervisory Preconditions, Criteria and Approaches for Effective Supervision of IIFS Key Elements in the Supervisory Review Process of IIFS Regulatory Capital Requirements Treatment of Investment Account Holders (IAH) and Displaced Commercial Risk

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS (Cont’d) Internal Capital Adequacy Assessment Process Islamic Windows Operations Assessment of Additional Issues Supervisory Transparency and Accountability

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS (Cont’d) Corporate and Shari’ah Governance Transparency and Market Discipline Consolidated and Home-host Supervision Case Study

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

IFSB-DFSA Joint Seminar: Liquidity Generating Innovations in Islamic Finance: The Role of Sukuk and Securitisation to Support New Financial Regulations
2017-04-30 08:30 - 13:30 | Salon 8, The Ritz Carlton, Dubai International Financial Centre, DIFC, Off Sheik Zayed Road, Salon 8, The Ritz Carlton, Dubai International Financial Centre, DIFC, Off Sheik Zayed Road, Dubai, United Arab Emirates
The half-day Seminar is designed to encourage broad interaction among the delegates to explore Shariah-compliant Islamic capital market instruments, in particular Sukuk and Securitisation of Assets, to generate liquidity in the global Islamic financial services industry. At a time of implementation of tightened financial regulations, this Seminar seeks to raise awareness on the readiness of Islamic financial institutions to meet the new requirements, particularly on liquidity, while also highlighting opportunities available to various bodies (e.g. regulatory authorities, capital market players, legal firms) to support the industry’s liquidity management needs.

The opening remarks will be delivered by Mr. Ian Johnston, Chief Executive, Dubai Financial Services Authority and Mr. Zahid ur Rehman Khokher, Acting Secretary-General, IFSB

The confirmed panelists are:

Basheer Ahmad, Dubai Financial Services Authority, UAE
Ismail Dadabhoy, Islamic International Financial Market (IIFM), Bahrain
Dr. Mohamed Damak, S&P Global Ratings, UAE
Debashis Dey, White & Case LLP, UAE
Khalid Howladar, Acreditus, UAE
Moosa Tariq Khoory, Dubai islamic Bank, UAE
Gregory Man, Norton Rose Fulbright (Middle East) LLP, UAE
Prof. Volker Nienhaus, University of Bochum

Programme – Event Session(s)

Date
Time
Topics

Day 1
30/04/2017
08:30 – 09:30
Registration

09:30 – 09:45
Welcoming Remarks

09:45 – 10:50
Session 1: Panel Discussion: The Role of Shariah-Compliant Instruments in the Islamic Capital Market Liquidity risk management remains one of the most challenging issues within the IFSI as Shariah principles render most of the conventional capital and money market instruments and borrowing windows/facilities as not compliant. This is at a time when revised Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) liquidity requirements under both Basel III & IFSB GN-6 are gradually being put into effect. There is a significant lack of Shariah-compliant high-quality-liquid-assets (HQLA) that meet LCR requirements and, in the past, many Islamic banks are known to have relied primarily on cash and central bank placements as their main liquidity management tools. Shariah-compliant profit-generating tradable instruments are also widely in demand for liquidity management purposes by other Islamic financial institutions, for instance, in the Takaful and the Islamic asset management industries. Given this, how can existing instruments in the Islamic capital market support liquidity management in the IFSI? What are the issues involving the use of commodity murabaha for managing liquidity? Is there a need to develop new ICM instruments based on other commodities such as crude oil? What efforts can be made by various bodies (e.g. regulatory authorities, multilateral organisations, capital market players, exchanges/bourses) to support liquidity management in the IFSI? What are the opportunities available in the ICM to address this gap in the market?

10:50 – 11:10
Networking Break

11:10 – 12:15
Session 2: Panel Discussion: Securitisation of Islamic Assets Amid a period of liquidity pressures in key IFSI jurisdictions, influenced by prolonged low energy prices and fiscal tightening, an option for Islamic financial institutions with long-term non-tradable assets is to explore securitisation. The global financial crisis tarnished the image of securitisation, to some extent, but building on the lessons learned from the crisis, Shariah-compliant structures could enable Islamic banks to more easily meet revised capital and liquidity regulations. For instance, structures could enable an efficient offloading of non-tradable assets from their balance sheets to improve capital ratios; monetise previously illiquid assets to enhance liquidity; and facilitate raising of cheaper funding at an asset level as opposed to the bank level. The key challenge is in structuring an Islamic financial securitised instrument that meets Shariah requirements and avoids the problems that contributed towards the crisis.

12:30 – 13:30
Networking Lunch

IFSB-FIS Workshop Series (Kyrgyz Republic)
2017-07-11 08:45 - 2017-07-13 19:00 | Educational Recreation Centre (Tolkun), Issyk-Kul,, Educational Recreation Centre (Tolkun), Issyk-Kul,, Bishkek, Kyrgyzstan
This 3-day Workshop is tailored for the National Bank of the Kyrgyz Republic and central (national) banks of the member-countries of the Eurasian Economic Community (EEC). It is supported by the Islamic Development Bank and will discuss the following IFSB Standards:

IFSB-10 : Guiding Principles on Sharī`ah Governance Systems for Institutions offering Islamic Financial Services (IIFS);
IFSB-15 : Revised Capital Adequacy Standard for IIFS; and
IFSB-16 : Revised Guidance on Key Elements In The Supervisory Review Process of IIFS

Overall, this Programme aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

Participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
11/07/2017
08:45 – 09:00
Registration

09:00 – 09:15
Opening Remarks by the NBKR and the IFSB Representatives, and Group Photo

09:15 – 10:45
Session 1 – Introduction to Islamic Finance Concept of Islamic Finance Contracts in Islamic Finance Structures of Islamic Banking Products Prudential Issues in IIFS

09:45 – 11:15
Coffee Break

11:15 – 13:00
Session 2 – IFSB-15: Revised Capital Adequacy Standard for IIFS Capital Adequacy Ratio Components of Capital Treatment of PSIA, PER and IRR Regulatory Adjustments and Deductions

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3 – IFSB-15: Revised Capital Adequacy Standard for IIFS Credit Risk Weights for Various Counterparties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Credit Risk Mitigation

16:00 – 16:15
Coffee Break

16:15 – 17:00
Questions and answers (Q&A)

Day 2
12/07/2017
09:00 – 11:00
Session 4 – IFSB-15: Revised Capital Adequacy Standard for IIFS Understanding the Market Risk in Islamic Finance Policies and Procedures for Market risk Guidance on Valuation Practices Group Exercise

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5 – IFSB-15: Revised Capital Adequacy Standard for IIFS Understanding the Operational Risk in Islamic Finance Measuring Operational Risks Sharīah Non-compliance Risk Group Exercise

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6 – IFSB-10: Guiding Principles on Sharīah Governance System for IIFS Structure and Scope of the Sharīah Governance System General Approach to the Sharīah Governance System Guiding Principles on the Sharīah Governance System Case Study

16:00 – 16:15
Coffee Break

16:15 – 17:00
Questions and answers (Q&A)

17:00 – 20:00
Cultural program (visit to the “Grigorevsky” gorge)

Day 3
13/07/2017
09:00 – 11:00
Session 7 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Supervisory Preconditions, Criteria and Approaches for Effective Supervision of IIFS Key Elements in the Supervisory Review Process of IIFS Regulatory Capital Requirements Treatment of Investment Account Holders (IAH) and Displaced Commercial Risk

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Internal Capital Adequacy Assessment Process Islamic Windows Operations Assessment of Additional Issues Supervisory Transparency and Accountability

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Corporate and Shari’ah Governance Transparency and Market Discipline Consolidated and Home-host Supervision Case Study

16:00 – 16:15
Coffee Break

16:15 – 17:00
Islamic Principles of Financing Experience of Development in the Kyrgyz Republic

17:00 – 18:00
Closing, Certificate and Souvenirs Giving Ceremony

18:00 – 19:00
Dinner

IFSB-FIS Workshop Series (Islamic Republic of Iran)
2017-08-07 09:00 - 2017-08-10 16:30 | Iran Banking Institute, Tehran, Tehran, Iran, Islamic Republic of
This 4-day Facilitating the Implementation of the IFSB Standards (FIS) Workshop is tailored for the Central Bank of the Islamic Republic of Iran and hosted by the Islamic Development Bank. It will discuss the following IFSB Standards:

IFSB-1 : Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering Islamic Financial Services (IIFS)
IFSB-3 : Guiding Principles on Corporate Governance for IIFS
IFSB-15 : Revised Capital Adequacy Standard for IIFS

Overall, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

Participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
07/08/2017
09:00 – 09:30
Registration

09:30 – 10:00
Welcoming Remarks and Group Photo

10:00 – 11:30
Session 1 – IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering Islamic Financial Services (IIFS) Understanding of Risks in IIFS General Requirements in Risk Management of IIFS Focus on Credit Risk

11:30 – 11:45
Coffee Break

11:45 – 13:00
Session 2 – IFSB-1: Guiding Principles of Risk Management for IIFS Focus on Equity Investment Risk Focus on Operational Risk Focus on Market Risk

13:00 – 14:30
Lunch and Prayer

14:30 – 16:30
Session 3 – IFSB-1: Guiding Principles of Risk Management for IIFS Focus on Liquidity Risk Focus on Rate of Return Risk Case Study

Day 2
08/08/2017
09:30 – 11:00
Session 4 – IFSB-3: Guiding Principles on Corporate Governance for IIFS Corporate Governance Issues Specific to IIFS General Governance Approach of IIFS Rights of Investment Account Holders (IAHs) Compliance with Sharī`ah Rules and Principles

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5 – IFSB-15: Revised Capital Adequacy Standard for IIFS Components of Capital Capital Conservation Buffer Countercyclical Buffer Domestic Systemically Important Banks

13:00 – 14:30
Lunch and Prayer

14:30 – 16:30
Session 6 – IFSB-15: Revised Capital Adequacy Standard for IIFS Credit Risk Weights for Various Counterparties Exposures in Investments Made under Profit-Sharing Modes Past Due Receivables & Other Assets Group Exercise

Day 3
09/08/2017
09:30 – 11:00
Session 7 – IFSB-15: Revised Capital Adequacy Standard for IIFS Credit Risk Mitigation Credit Risk Mitigation Techniques Commonly Used by IIFS Credit Risk Mitigation Approaches Recognition of Ratings by External Credit Assessment Institution

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8 – IFSB-15: Revised Capital Adequacy Standard for IIFS Understanding the Market Risk in Islamic Finance Policies and Procedures for Market risk Guidance on Valuation Practices Group Exercise

13:00 – 14:30
Lunch and Prayer

14:30 – 16:30
Session 9 – IFSB-15: Revised Capital Adequacy Standard for IIFS Overview of Operational Risk Understanding Operational Risk in Islamic Finance Measuring Operational Risks Group Exercise

Day 4
10/08/2017
09:30 – 11:00
Session 10 – IFSB-15: Revised Capital Adequacy Standard for IIFS Current Regulatory Environment of Real Estate Activities Risk Exposures in Real Estate Activities Supervision of Real Estate Activities Risk-Weighting of Real Estate Exposures

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 11 – IFSB-15: Revised Capital Adequacy Standard for IIFS Features of Sukūk and Securitisation in Sukūk Securitisation Process for Sukūk Role of IIFS in Sukūk Securitisation Credit Enhancement Mechanisms for Sukūk

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 12 – IFSB-15: Revised Capital Adequacy Standard for IIFS Regulatory Capital for Sukūk in IIFS Capital Requirements for Sukūk Retained Securitisation Exposure Case Study

16:00 – 16:30
Closing Remarks & Certificate Giving Ceremony

11th IFSB-INCEIF Executive Forum: Creativity and Innovation in Islamic Financial Products - Standardisation and Competitiveness
2017-08-16 08:00 - 2017-08-17 17:00 | Sasana Kijang, Bank Negara Malaysia, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
The 11th edition of the IFSB-INCEIF Executive Forum, themed Creativity and Innovation in Islamic financial products: Standardisation and Competitiveness, aims to push the current boundaries and explore the capabilities of the Islamic finance industry to innovate and develop an array of products to satisfy different customer demand segments. This Executive Forum also aims to delve into and draw upon the market player’s perspectives on product development and innovation in Islamic finance.
Innovation and creativity will be the buzz words of this Executive Forum. It aims to provide a platform for presenting diverse sets of product innovations, where participants are expected to enrich the discussions with suggestions for enhancements towards reaching greater heights for the industry. This Executive Forum will also highlight the challenges facing market players as well as banking supervisors in ensuring that robust Shari’ah governance structures are in place during product design and execution. It is expected that the participants, from among industry players and supervisors, will brainstorm and participate in in-depth discussions on a wide range of Islamic finance instruments. Among them equity/risk-sharing structures, consumer finance, structured trade finance and other instruments serving niche markets. These sessions will aim at illuminating issues related to promoting both standardisation with healthy competition in Islamic banking, Takaful, ICM while at the same time exploring the potential use of, and contribution to, Fintech and Financial inclusion, respectively.
Confirmed expert speakers in the Executive Forum include: Dr. Salman Syed Ali (IRTI-IDB Group), Professor Dr. Younes Soualhi (ISRA), Professor Dr. Syed Abdul Hamid Al-Junid (INCEIF), Owais Ansari (FWU Group, Germany), Wan Norhaziki Wan Abdul Halim (Asian Finance Bank), Roslan Abdul Razak (Perbadanan Waqf Nasional Berhad) and Assoc. Prof. Ahcene Lahsasna (Malaysian Financial Planning Council), Umar Munshi (Ethis Ventures), Abdul Rahman Mohd Yusoff (OCBC Al Amin), Hizamuddin Jamalluddin (Bank Islam Malaysia).
The Executive Forum is a paying event. Special rates are offered to all member of the IFSB.
Enjoy group discount of 10% when you register 3 or more participants from the same organisation. (Not applicable to subsidiaries and affiliated companies)
For further enquiries, please email to Mr. Ifran Tarmizi at ifran@ifsb.org .
Programme – Event Session(s)

Date
Time
Topics

Day 1
16/08/2017
08:30 – 09:30
Morning Coffee and Registration

09:30 – 09:45
Opening Address MR. ZAHID UR REHMAN KHOKHER, Acting Secretary General, IFSB

09:45 – 11:15
Session 1: Overview of Islamic Banking Products – Principles and Parameters Innovative structures and delivering impactful services Legal and taxation frameworks and products innovations in IFSI Product Innovations in the IFSI – Market-driven vs Regulators requirements SPEAKER: DR. SALMAN SYED ALI, Senior Research Economist, IRTI-IDB Group

11:15 – 11:45
Group Photo and Coffee Break

11:45 – 13:15
Session 2: Consumer Financing Products – Strategies for Innovation Consumer Needs: The starting point for Islamic finance products Marketing Islamic Products: Efficiency, Demand and Supply Transparency in innovation of Islamic finance products SPEAKER: TUAN HJ. ABDUL RAHMAN MOHD. YUSOFF, Head of Shariah, OCBC Al Amin Bank Berhad

13:15 – 14:30
Lunch

14:30 – 16:30
Session 3: Shari’ah Rules in Products Development: Branding , Ethics and Innovation Shari’ah Parameters in Designing New Products: An industry perspective Ijtihad in the development of Islamic finance products MODERATOR: MR. ROSLAN ABDUL RAZAK, Head of Project Development and Structuring, Perbadanan Waqf Nasional Berhad, Malaysia SPEAKERS: MR. WAN NORHAZIKI WAN ABDUL HALIM, Vice President and Head of Shariah, Asian Finance Bank, DR. YOUNES SOUALHI, Head of the Islamic Banking Unit, ISRA

16:30 – 17:00
Coffee Break

Day 2
17/08/2017
08:30 – 09:30
Morning Coffee

09:30 – 11:00
Session 4: Innovation in Takaful Avenue for the Industry’s Growth Strategies to expand the Takaful industry Increasing consumer satisfaction in Takaful products Takaful Operators: Achieving commercial targets and beyond SPEAKER: MR. OWAIS ANSARI, Member of the Board of FWU Group, Germany

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5: Fintech and Leveraging on the Industry’s Technological Advancements Fintech avenues in enhancing consumer satisfaction Innovation in financial services, the role of Islamic social finance Fintech for Financial inclusion in the Islamic financial services industry (IFSI) sphere SPEAKER: MR. MOHAMMAD RIDZUAN ABDUL AZIZ, Chief Executive Officer, Sedania As Salam Capital, Malaysia

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 6: Panel Discussion: Innovation in Finance Products: Towards Standardisation and Competitiveness Islamic finance products as tools for financial integration The uniqueness of equity finance and risk for Islamic financial institutions Islamic finance to support international trade MODERATOR: PROFESSOR DR. SYED ABDUL HAMID AL-JUNID, INCEIF PANELIST: MR. UMAR MUNSHI, Founder/ CEO, Ethis Ventures, Singapore PANELIST: ASSOC. PROF. AHCENE LAHSASNA, Vice President, Research and Publication, Malaysian Financial Planning Council PANELIST: MR HIZAMUDDIN JAMALLUDDIN, Group Chief Strategy Officer, Bank Islam Malaysia

16:00 – 16:30
Closing & Certificate Giving Ceremony MR. DZALIN AYUB, Acting President and Chief Executive Officer

16:30 – 17:00
Coffee Break

IFSB Members and Industry Engagement Session
2017-10-02 08:00 - 17:00 | Bank Indonesia, Ruang Serba Guna, Menara Syafruddin Prawiranegara, Ruang Serba Guna, Lantai 3, Jalan M.H Thamrin No. 2 Jakarta Pusat, Jakarta Pusat, Indonesia
The IFSB Members and Industry Engagement Session is an initiative by the Secretariat to provide an interactive platform for communication between the key players of the Islamic financial services industry (IFSI), from among the IFSB member and non-member organisations, and the IFSB Secretariat.
This Session is held under the auspicious hosting of Bank Indonesia, in collaboration with Otoritas Jasa Keuangan.
Mr. M. Anwar Bashori, Head, Department of Islamic Economic and Finance, Bank Indonesia will deliver the Welcome Remarks for the IFSB MIE Session, followed by a presentation by the Acting Secretary-General of the IFSB, Mr. Zahid ur Rehman Khokher on the The Global Islamic Finance Industry and the IFSB.
Confirmed panelists in the Interactive Session include: Mr. Ahmad Buchori, Advisor of Strategic Committee and Research Center, Otoritas Jasa Keuangan, Dr. Rifki Ismal, Assistant Director, Islamic Economic and Finance Department, Bank Indonesia, Dr. Nagwa Sheikh Eldin, Assistant Secretary – General, IFSB, Mr. Achmad K. Permana, Secretary General, ASBISINDO (Asosiasi Perbankan Syariah Indonesia).
For any queries, please contact Mr. Ifran Tarmizi at ifran@ifsb.org
Programme – Event Session(s)

Date
Time
Topics

Day 1
02/10/2017
08:00 – 08:30
Registration

08:30 – 09:00
Coffee Break

09:00 – 09:05
Opening by MC

09:10 – 09:25
WELCOMING REMARKS Mr. M. Anwar Bashori, Head, Department of Islamic Economic and Finance, Bank Indonesia

09:25 – 09:50
THE GLOBAL ISLAMIC FINANCE INDUSTRY AND THE IFSB Mr. Zahid ur Rehman Khokher, Acting Secretary-General, IFSB

09:50 – 11:50
INTERACTIVE SESSION Moderator: Mr. Zahid Ur Rehman Khokher, Acting Secretary – General, IFSB Panelist: Mr. Ahmad Buchori, Advisor of Strategic Committee and Research Center, Otoritas Jasa Keuangan Dr. Rifki Ismal, Assistant Director, Islamic Economic and Finance Department, Bank Indonesia Dr. Nagwa Sheikh Eldin, Assistant Secretary – General, IFSB Mr. Achmad K. Permana, Secretary General, ASBISINDO (Asosiasi Perbankan Syariah Indonesia)

IFSB-FIS Workshop for Regulatory and Supervisory Authorities (Takaful Sector)
2017-10-10 09:00 - 16:45 | Training Room 3.3, Sasana Kijang, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
This 3-day Workshop is tailored for the regulatory and supervisory authorities for the Takaful sector, thus intended to be a Train the Trainer Programme for the staff on the IFSB Standards.
In general, 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 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 these Workshops are by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.
Programme – Event Session(s)

Date
Time
Topics

Day 1
10/10/2017
09:00 – 09:30
Registration

09:30 – 09:45
Opening & Welcoming Address Group Photo

09:45 – 11:15
Session 1 – Introduction to Takāful (Islamic Insurance) Introduction to Takāful Takāful Models Issues Faced by Takāful Operators

11:15 – 11:30
Coffee Break

11:30 – 13:00
Session 2 – IFSB-8: Guiding Principles on Governance for Takāful Undertakings Definition of Takāful Undertaking Why Governance for Takāful Undertakings? Reinforcement of Relevant Good Governance Practices

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3 – IFSB-8: Guiding Principles on Governance for Takāful Undertakings – Cont’d Governance Structure for Participants Procedures for Proper Disclosure Case Study

16:00 – 16:15
Coffee Break

Day 2
11/10/2017
09:30 – 11:00
Session 4 – IFSB-14: Guiding Principle on Risk Management for Takāful Undertakings Specificities of Takāful Undertakings Relevant to Risk Management Ownership of Risk Fund Significant Risks of Particular Relevance to Takāful

11:00 – 10:30
Coffee Break

11:30 – 13:00
Session 5 – IFSB-14: Guiding Principle on Risk Management for Takāful Undertakings Enterprise Risk Management Risk Governance Framework Transparency and Market Disclosure

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6 – IFSB-14: Guiding Principle on Risk Management for Takāful Undertakings Key elements in the supervisory review process of risk management for Takāful undertakings Systemic Risk Considerations Case Study

16:00 – 16:15
Coffee Break

Day 3
12/10/2017
09:30 – 11:00
Session 7 – Experience Sharing on Regulating Takāful & Retakāful Sector

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8 – IFSB-10: Guiding Principles on Sharī`ah Governance Systems for IIFS Structure of the Sharī`ah Governance System Scope of Sharī`ah Governance System Disclosure of Compliance with IFSB-10

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9 – IFSB-10: Guiding Principles on Sharī`ah Governance Systems for IIFS – Cont’d Guiding Principles – Competence and Independence Guiding Principles – Confidentiality and Consistency Case Study

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

16:15 – 16:45
Coffee Break

IFSB-FIS Workshop for Regulatory and Supervisory Authorities (Islamic Capital Market Sector)
2017-10-10 09:00 - 2017-10-12 16:45 | Training Room 3.1 and 3.2, Sasana Kijang, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
This 3-day Workshop is tailored for the regulatory and supervisory authorities for the Islamic Capital Market sector, thus intended to be a Train the Trainer Programme for the staff on the IFSB Standards.
In general, 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 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 these Workshops are by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Date
Time
Topics

Day 1
10/10/2017
09:00 – 09:30
Registration

09:30 – 09:45
Opening & Welcoming Address Group Photo

09:45 – 11:15
Session 1 – Introduction to Islamic Capital Market Islamic Capital Market Development – Issues and Challenges Islamic Equity Market Islamic Hedging Products

11:15 – 11:30
Coffee Break

11:30 – 13:00
Session 2 – IFSB-6: Governance for Islamic Collective Investment Schemes (ICIS) Islamic Collective Investment Scheme Overview Motivating Factors for the Governance of ICIS Guiding Principles on Governance for ICIS

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3 – IFSB-6: Governance for ICIS – Cont’d Compliance with Sharī`ah Rules and Principles Additional Protection for ICIS Investors Case Study

16:00 – 16:15
Coffee Break

Day 2
11/10/2017
09:30 – 11:00
Session 4 – IFSB-19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukūk and ICIS) Common General Principles General Disclosure Principles Applicable to Sukūk Sharīʻah and Structure-related Disclosures for Sukūk

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5 – IFSB-19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukūk and ICIS) – Cont’d Sharīʻah and Operations-related Disclosures for ICIS Specialist ICIS Disclosure Case Study

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6 – IFSB-15: Revised Capital Adequacy Standard for IIFS Features of Sukūk and Securitisation in Sukūk Role of IIFS in Sukūk Securitisation Credit Enhancement and Assets in Securitisation

16:00 – 16:15
Coffee Break

Day 3
12/10/2017
09:30 – 11:00
Session 7 – IFSB-15: Revised Capital Adequacy Standard for IIFS – Cont’d Regulatory Capital for Sukuk in IIFS Capital Requirements for Sukūk Case Study

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8 – IFSB-10: Guiding Principles on Sharī`ah Governance Systems for IIFS Structure of the Sharī`ah Governance System Scope of Sharī`ah Governance System Disclosure of Compliance with IFSB-10

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9 – IFSB-10: Guiding Principles on Sharī`ah Governance Systems for IIFS – Cont’d Guiding Principles – Competence and Independence Guiding Principles – Confidentiality and Consistency Case Study

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

16:15 – 16:45
Coffee Break

IFSB-FIS Workshop Series (Brunei)
2017-10-16 08:00 - 2017-10-19 15:30 | Bandar Seri Begawan, Bandar Seri Begawan, Bandar Seri Begawan, Brunei Darussalam
his 4-day Workshop and Technical Assistance Programme is tailored for the Autoriti Monetari Brunei Darussalam (AMBD). It will discuss the overview of Islamic finance and cover the following IFSB Standards:

IFSB-1 : Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering Islamic Financial Services (IIFS)
IFSB-3 : Guiding Principles on Corporate Governance for IIFS
IFSB-10 : Guiding Principles on Sharī`ah Governance Systems for IIFS
IFSB-17 : Core Principles for Islamic Finance Regulation (Banking Segment)

Overall, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

Participation in this event is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
16/10/2017
08:00 – 08:30
Regisration

08:30 – 08:45
Opening Remarks by the IFSB Representatives Group Photo

08:45 – 10:15
Session 1 – Introduction to Islamic Finance Concept of Islamic Finance Contracts in Islamic Finance Structures of Islamic Banking Products Prudential Issues in IIFS

10:15 – 10:30
Coffee Break

10:30 – 12:00
Session 2 – IFSB-1: Guiding Principles of Risk Management for IIFS Understanding of Risk in IIFS Focus on Credit Risk Focus on Equity Investment Risk Focus on Operational Risk

12:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3 – IFSB-1: Guiding Principles of Risk Management for IIFS Focus on Market Risk Focus on Liquidity Risk Focus on Rate of Risk Case Study

Day 2
17/10/2017
08:30 – 10:00
Session 4 – IFSB-3: Guiding Principles on Corporate Governance for IIFS Corporate Governance Issues Specific to IIFS General Governance Approach of IIFS Rights of Investment Account Holders (IAHs) Compliance with Sharī`ah Rules and Principles

10:00 – 10:30
Coffee Break

10:30 – 12:00
Session 5 – IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS Structure of the Sharī`ah Governance System Scope of Sharī`ah Governance System Disclosure of Compliance with IFSB-10 General Approach to the Sharīʻah Governance System

12:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6 – IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS (Cont’d) Guiding Principles on the Sharī`ah Governance System – Competence and Independence Guiding Principles on the Sharī`ah Governance System – Confidentiality Guiding Principles on the Sharī`ah Governance System – Consistency Case Study

Day 3
18/10/2017
08:30 – 10:00
Session 7 – 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

10:00 – 10:30
Coffee Break

10:30 – 12:00
Session 8 – IFSB-17: Core Principles for Islamic Finance Regulation (Banking Segment) – Cont’d Cooperation and Collaboration Supervisory Approach, Techniques and Tools Treatment of Investment Account Holders (IAHs) Corporate and Sharī`ah Governance Framework

12:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9 – IFSB-17: Core Principles for Islamic Finance Regulation (Banking Segment) – Cont’d Risk Management Process Transactions with Related Parties Transparency and Market Discipline Case Study

16:00 – 16:30
Closing & Certificate Giving Ceremony

Day 4
19/10/2017
08:30 – 15:30
Technical Assistance for the AMBD

13th IFSB Summit
2017-10-22 - 2017-10-24 | St Regis Abu Dhabi Hotel, Corniche, Nation Towers - 1st St - Al Bateen, Abu Dhabi, United Arab Emirates
The IFSB Summit 2017 was held on 22 to 24 October 2017 at the St Regis Abu Dhabi Hotel, hosted by Central Bank of the United Arab Emirates
IFSB Summit 2017 Opening Video

Speeches

Speech by His Excellency the Governor of the Central Bank of the United Arab Emirates at the IFSB Summit 2017 – Reinvigorating the Momentum of Islamic Finance: Solidifying Resilience and Sustaining Growth
[ ENGLISH | ARABIC ]
Speech by His Excellency the Undersecretary of the Ministry of Economy for Foreign Trade and Industry, United Arab Emiratesat the IFSB Summit 2017 – Reinvigorating the Momentum of Islamic Finance: Solidifying Resilience and Sustaining Growth
[ ENGLISH | ARABIC ]
Opening Remarks: Acting Secretary-General of the IFSB at the IFSB Summit 2017, Abu Dhabi, United Arab Emirates
[ ENGLISH | ARABIC ]

IFSB Summit 2017 Photo Album

IFSB Summit 2017 Summit Press Releases
25 October 2017
Unlock Innovation and Embrace Technology – The IFSB Summit 2017 Concludes as the Way Forward for Islamic Finance
[ ENGLISH | ARABIC ]

24 October 2017
A Resolute Demand – Panellists See Promising Opportunities for Islamic Finance amid Challenges During Day 1 of the IFSB Summit 2017
[ ENGLISH | ARABIC ]

23 October 2017
UAE’s Central Bank Governor Opens the IFSB Summit 2017
[ ENGLISH | ARABIC ]

23 October 2017
The IFSB and ISRA Launch Joint Publication on Sharīʻah Requirements Related to Financial Safety Nets
[ ENGLISH | ARABIC ]

23 October 2017
IFSB Members and Engagement Session during the IFSB Pre-Summit Events
[ ENGLISH | ARABIC ]

23 October 2017
The IFSB and the World Bank Jointly Publish Book on “Realising the Value Proposition of Takāful Industry for a Stable and Inclusive Financial System”
[ ENGLISH | ARABIC ]

22 October 2017
The IFSB and IILM Sign MOU to Emphasise on Economic Development in the Islamic Financial Services Industry
[ ENGLISH | ARABIC ]

22 October 2017
The IFSB and BIBF Reaffirm Collaboration with MOU
[ ENGLISH | ARABIC ]

IFSB Documents Released at the IFSB Summit 2017
September 2017
IFSB-World Bank Joint Publication on Realising The Value Proposition of the Takāful Industry for a Stable and Inclusive Financial System

September 2017
IFSB-ISRA Joint Publication on Financial Safety Nets: Striking a Balance between Sharī‘ah Requirements and the Soundness of the Islamic Financial System
[ ENGLISH | ARABIC ]

IFSB Summit 2017 Presentations

Speakers and registered participants are able to download softcopies of the Summit presentations from the IFSB Member Zone or the Summit mobile app. Please use the access given to you during the registration to access the presentations. If you have problem downloading, please email: yazmin@ifsb.org.
The IFSB member organisations can also access the Summit’s (and other IFSB events) presentations using their organisational access. Please refer to your organisation’s contact person, or email ifran@ifsb.org.

IFSB Summit 2017 : Reinvigorating the Momentum of Islamic Finance : Solidifying Resilience and Sustaining Growth
2017-10-22 08:30 - 14:00 | St Regis Abu Dhabi Hotel, Corniche, Nation Towers - 1st St - Al Bateen, Abu Dhabi, United Arab Emirates
The IFSB will be organising its IFSB Summit 2017 on 22 – 24 October 2017 in Abu Dhabi, United Arab Emirates.

The IFSB Summit 2017 themed, “Reinvigorating the Momentum of Islamic Finance: Solidifying Resilience and Sustaining Growth” will be hosted by the Central Bank of the United Arab Emirates (CBUAE).

The IFSB Summit 2017 will take place against the backdrop of a world economy that is undergoing a paradigm shift resulting from the new uncertainties emerging from a changing global geopolitical landscape, evolving monetary policy tightening in the US, sluggish recovery in oil prices and a general uncertainty in economic outlook. These factors, combined with lagged precedents from the earlier years, have contributed towards a general slowdown in the global economy, the impact of which has also been felt across the Islamic financial services industry (IFSI) where some sectors of the industry have been experiencing a slowdown in recent times.

The IFSB Summit 2017 seeks to discuss the issues and challenges facing the IFSI in the present conditions with a view to finding opportunities to reinvigorate the growth momentum across the various sectors while solidifying resilience of the institutions offering Islamic financial services. These efforts need to be considered in conjunction with supportive policy reforms by the regulatory and supervisory authorities, particularly at this time of on-going implementation of post-financial crisis strengthened regulatory requirements.

Prominent speakers from among regulatory and supervisory authorities, heads as well as senior financial sector supervisors and experts from international financial institutions will be invited to discuss the following sessions:
1.Islamic Finance: From Niche to Mainstream” The FinTech
2.Innovative Progression: Boon or Bane for Traditional Financial Institutions?
3.Implementing New Regulatory Reforms: Balancing between the Soundness and Competitiveness of IIFS”,
4.Islamic Capital Markets: Towards Greater Harmonisation in Cross Border Activities”
5.The Way Forward for Islamic Finance: Strengthening Value Proposition, Sustaining Resilience

The Summit welcomes high-level participants from regulatory and supervisory authorities, institutions offering Islamic financial services, international organisations, multilateral development banks, academics, and think tanks among others.

The main Summit will be preceded by Pre-Summit events on the 22 October 2017.

The full agenda of the Summit and Pre-Summit events are available on the website – www.ifsbsummit2017.com.

For more information, please contact the following Secretariats:

Pre-Summit and Summit : Ms. Yazmin Aziz (yazmin@ifsb.org)
Media : Mrs. Siham Ismail (siham@ifsb.org) and Ms. Rosmawatie Abd Halim (rosmawatie@ifsb.org)
Sponsorship Opportunities : Ms. Rosmawatie Abd Halim (rosmawatie@ifsb.org)

Event Snapshots

The IFSB Summit 2017 was held on 23 and 24 October 2017 in St. Regis Hotel, Abu Dhabi, United Arab Emirates, hosted by the Central Bank of the United Arab Emirates (CBUAE).

It was themed, “Reinvigorating the Momentum of Islamic Finance: Solidifying Resilience and Sustaining Growth”.

H.E. Mubarak Rashed Khamis Al Mansoori, the Governor of the CBUAE and host of the IFSB Summit 2017 welcomed the delegates in his welcoming speech and followed by the Acting Secretary-General of the IFSB, Mr. Zahid ur Rehman Khokher who delivered the Opening Remarks.

H.E. Abdullah bin Ahmed Al Saleh, the Under-Secretary of the Ministry of Economy for Foreign Trade and Industry, UAE and Mr. Iqbal Ahmad Khan, the Chief Executive Officer of Fajr Capital Limited, UAE were invited to the Summit to deliver the keynote address at the Opening Session of the IFSB Summit 2017.

While at the Gala Dinner which was held in the evening of 23 October 2017, the Keynote Address was delivered by Professor Dr. Volker Neinhaus, Professor of Economics, University of Bochum, Germany and Visiting Professor at the ICMA Centre, Henley Business School, University of Reading, United Kingdom.

21 chairpersons and speakers who were deputy and asisstant governors, heads as well as senior financial sector supervisors and experts from international financial institutions participated and panelled the following sessions:

Islamic Finance: From Niche to Mainstream The FinTech
Innovative Progression: Boon or Bane for Traditional Financial Institutions?
Implementing New Regulatory Reforms: Balancing between the Soundness and Competitiveness of IIFS
Islamic Capital Markets: Towards Greater Harmonisation in Cross Border Activities
The Way Forward for Islamic Finance: Strengthening Value Proposition, Sustaining Resilience

The IFSB Summit 2017 saw the participation of key Islamic financial services industry leaders, from among regulatory and supervisory authorities, international and regional multilateral organisations, financial institutions from over 25 countries as well as the local UAE financial community.

Programme – Event Session(s)

Date
Time
Topics

Day 1
22/10/2017
PRE-SUMMIT EVENTS

08:30 – 17:00
Exhibition

08:30 – 09:45
Pre-Summit Event 1: IFSB Members and Industry Engagement Session

09:45 – 10:30

Pre-Summit Event 2 : Industry Development Session by International the Islamic Liquidity Management Corporation
Theme : Regulators’ Response Towards Specific Market Enhancement – The IILM Case Study Speaker: Abdoul Aziz Ba, Acting Chief Executive Officer, International Islamic Liquidity Management Corporation

10:30 – 11:00
Coffee Break

11:00 – 12:30

Pre-Summit Event 3 : Country Showcase by Dubai Islamic Economy Development Centre
Theme : “Development Overview Of Islamic Finance In the United Arab Emirates” Speaker: Saeed Mubarak Kharbash, (designation)Dubai Islamic Economy Development Centre

12:30 – 13:30
Lunch

13:30 – 16:00

Pre-Summit Event 4 : Malaysia Country Showcase by the Malaysia International Islamic Financial Centre and Finance Accreditation Agency
Welcoming Remarks: Marzunisham Omar, Assistant Governor, Bank Negara Malaysia Panel Discussion 1: Build to Last: Roles of Professional Ancillary Services Moderator: Rafe Haneef, Chief Executive Officer, CIMB Islamic Bank Panelists: Dr. Mohd Daud Bakar, Chairman of the Shariah Advisory Councils of Malaysia / Founder and Group Chairman of Amanie Group, Dr. Nik Norzrul Thani, Senior Partner. Zaid & Ibrahim Co., and Professor Dr. Mohammad Azmi Omar Launch of Finance Accreditation Agency’s Islamic Finance Professional Qualification Structure by Marzunisham Omar, Assistant Governor, Bank Negara Malaysia Panel Discussion 2: Raising the Bar of Islamic Finance Professionals Moderator: Khairul Nizam, Chief Executive Officer, Finance Accreditation Agency Panelists: Wan Abdul Rahim Kamil, ICM Consultant, Finance Accreditation Agency

16:00 – 16:30
Coffee Break

20:00 – 22:00

Summit Welcome Dinner Hosted by the Central Bank of the UAE
Emirates Palace Abu Dhabi

Day 2
23/10/2017
IFSB SUMMIT 2017 (DAY 1)

08:30 – 17:30
Exhibition

08:30 – 09:30
Registration and Welcome Coffee

09:30 – 10:30
Opening & Keynote Session

10:30 – 11:00
Coffee Break & Networking

11:00 – 12:30

Session 1 : Panel Discussion: Islamic Finance: From Niche to Mainstream
The sustained increase in domestic market share over the last decade has enabled the Islamic financial services industry (IFSI) to gain sizeable traction in a number of jurisdictions. There are now at least 12 jurisdictions where Islamic banking is identified to have systemic importance for the domestic banking sector. These trends indicate Islamic finance is now gradually moving towards achieving mainstream concentration. What doors to opportunities could be further unlocked for the stakeholders? What would be the issues and challenges to this path of transformation? This session aims to highlight: • The growth and transformation of the IFSI over the last decade • Key differentiation between Islamic and conventional finance products • Measures to be undertaken for future growth and competitiveness • Emerging risks in the IFSI and the preparedness of institutions offering Islamic financial services to deal with such risks • The role of the regulatory framework in ensuring sustained resilience of institutions offering Islamic financial services

12:30 – 14:00
Lunch

14:00 – 15:30

Session 2 : The FinTech Innovative Progression: Boon or Bane For Traditional Financial Institutions?
This Session aims to look into and discuss the widespread launch of financial technology platforms globally, which has begun to change the shape of how traditional banking and financial transactions are carried out, particularly by the age group of millennials. More so, FinTech and P2P platforms are beginning to partake financing activities that the traditional banking models have generally not participated deeply in. These include microfinance to individuals and business financing to small- and medium-sized enterprises. How has this development affected the traditional financial institutions – do FinTech and P2P platforms complement, or substitute, traditional banking and finance services? This session aims to highlight: • The rise of FinTech / P2P platforms and their impact on the financial market place • The response of the traditional financial institutions to the FinTech Boom • The relevance and applicability of Sharīʻah-compliant contracts to FinTech transactions • The enabling “regulatory sandbox” guidelines for innovations in Sharīʻah-compliant FinTech / P2P offerings • Boosting SME Financing through Fin Tech and P2P Platforms

15:30 – 16:00
Coffee Break & Networking

16:00 – 17:30

Session 3 : Implementing New Regulatory Reforms: Balancing Between the Soundness and Competitiveness of Institutions offering Islamic Financial Services
The Session aims to discuss the post-financial crisis regulatory reforms, which have underscored the importance of systemic risk and a macro-prudential approach towards financial-sector risk management, as well as unrolled a more stringent capital and liquidity adequacy framework. Regulatory and supervisory authorities (RSAs) have now started to implement these reforms and institutions offering Islamic financial services (IIFS), being under their regulatory mandate, also have to comply with such guidelines. How enabled is the market infrastructure in supporting the IIFS to meet these revised financial regulations? What types of financial safety-nets arrangements and liquidity management instruments are available for the IIFS? Given a condition where there is a lack of supporting Sharīʻah-compliant instruments, how do the RSAs adopt flexibility (if any) to accommodate IIFS? What is the rule of thumb when it comes to implementing regulations with a view to balancing between soundness and competitiveness of the IIFS? How do RSAs treat IIFS within their broader macro-prudential framework? This session aims to highlight:
• Key highlights of the Basel III / IFSB second generation prudential standards and their impact on IIFS
• The challenges for the IIFS in meeting these new financial regulations
• Alternative regulatory approaches by RSAs for IIFS
• Macro-prudential approaches for RSAs towards IIFS

19:00 – 22:00

IFSB Summit 2017 Gala Dinner
Venue : Khalidiya Palace Rayhaan by Rotana, Abu Dhabi

Day 3
24/10/2017
IFSB SUMMIT 2017 (DAY 2)

08:30 – 14:00
Exhibition

08:30 – 09:30
Welcome Coffee

09:30 – 11:00

Session 4 : Islamic Capital Markets: Towards Greater Harmonisation in Cross Border Activities
In the post-financial crisis years, Islamic capital market (ICM) has also become a viable alternative source for raising funds by sovereigns, quasi-sovereigns (Ministries/Central Banks, etc.) government-related entities and market players, with Ṣukūk being a particularly preferred instrument. These funds have been raised to support a variety of budgetary needs including to fund development expenditures, meet working capital needs, and finance infrastructure projects, etc. The fund raising has not been restricted to Muslim-majority countries, and a number of non-Muslim majority states have also participated in ICM (e.g. via issuing Ṣukūk, listing Sharīʻah-compliant funds, etc). A key facilitator for ICM, going forward, will be greater harmonisation in the issuance and trading of Islamic securities on cross border platforms. This session aims to highlight:
• The role of Islamic capital market in facilitating fund-raising for issuers
• The challenges emanating from divergent practices between jurisdictions in relation to ICM products
• The opportunities for greater cross-border collaboration and business expansion
• The need for harmonising disclosure practices between jurisdictions in relation to ICM products

11:00 – 11:30
Coffee Break & Networking

11:30 – 13:00

Session 5 : Wrap-up Session: The Way Forward for Islamic Finance: Strengthening Value Proposition, Sustaining Resilience
The stakeholders of the IFSI, each, need to play their due role in reinvigorating momentum in the IFSI while sustaining its stability and resilience. RSAs need to continue the development and implementation of facilitative prudential, legal and regulatory architecture for the IIFS. The market players themselves need to ensure sound risk management principles are in place keeping in view the specificities of Islamic financial transactions. The international standard setters should continue pushing forward the reform agenda by way of providing further guiding principles and technical notes on diverse subject matters in relation to the IFSI including on resolution, recovery and insolvency structures of the IIFS, Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) safeguards in IIFS transactions, upholding of consumer protection in IFSI products and services, etc. This session aims to highlight:
• The key challenges and issues for the IFSI from the current global economic and political conditions and measures to address them
• The role of the various IFSI stakeholders in faring through this period with a view to achieving growth and sustainability
• The expected challenges for the IFSI (if any) in the near future
• In general, the way forward for the IFSI to weather through turbulent times and achieve greater heights

13:00 – 14:00
Lunch

IFSB-FIS Workshop for Regulatory and Supervisory Authorities (Banking Sector)
2017-11-13 09:00 - 2017-11-17 14:30 | Training Room 3.1 and 3.2, Sasana Kijang, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
This 5-day Workshop is tailored for the regulatory and supervisory authorities for the banking sector, thus intended to be a Train the Trainer Programme for the staff on the IFSB Standards.
In general, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

Participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.
Programme – Event Session(s)

Date
Time
Topics

Day 1
13/11/2017
09:00 – 09:30
Registration

09:30 – 09:45
Opening & Welcoming Address and 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) – Cont’d 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) – Cont’d Risk Management Process Transactions with Related Parties Transparency and Market Discipline Case Study

16:00 – 16:15
Coffee Break

Day 2
14/11/2017
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 – Cont’d Credit Risk Weights for Various Counterparties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Past Due Receivables & Other Assets

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6 – IFSB-15: Revised Capital Adequacy Standard for IIFS – Cont’d Credit Risk Mitigation Recognition of Ratings by External Credit Assessment Institution Group Exercise on Leverage Ratio Group Exercise on Countercyclical Buffer

16:00 – 16:30
Coffee Break

Day 3
15/11/2017
09:30 – 11:00
Session 7 – 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 Calculation of Capital Requirements for Market risk

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8 – IFSB-15: Revised Capital Adequacy Standard for IIFS – Cont’d Overview of Operational Risk Understanding Operational Risk in Islamic Finance Measuring Operational Risks Case Studies on Legal Risk and Shariah Non-compliant Risk

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9 – IFSB-15: Revised Capital Adequacy Standard for IIFS – Cont’d Group Exercise on Operational Risk Group Exercise on Market Risk

16:00 – 16:30
Coffee Break

Day 4
16/11/2017
09:30 – 11:00
Session 10 – 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

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 11 – GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management – Cont’d Components of Total Net Cash Outflows Formula for Calculating NSFR Available and Required Stable Funding Case Study

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 12 – GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management – Cont’d The Internal Liquidity Adequacy Assessment Processes & Supervisory Liquidity Review Process Principles for Applying Alternative Liquidity Approaches Disclosure Requirements for LCR and NSFR Case Study

16:00 – 16:30
Coffee Break

Day 5
17/11/2017
09:30 – 10:30
Experience Sharing by International Islamic Liquidity Management Corporation

10:30 – 10:45
Coffee Break

10:45 – 12:00
Session 14 – Experience Sharing on the IFSB Standards’ Implementation

12:00 – 12:15
Closing & Certificate Giving Ceremony

12:15 – 14:30
Lunch and Prayer

16th Islamic Financial Stability Forum : Recovery, Resolution and Insolvency for Institutions Offering Islamic Financial Services (IIFS)
2017-12-11 15:00 - 17:30 | Lanai Kijang, Kuala Lumpur, Malaysia
The 16th IFSF will be held on 11 December 2017, in conjunction with 31st Meeting of the Council of the IFSB, in Kuala Lumpur, Malaysia, jointly hosted by the Central Bank of the Islamic Republic of Iran and Bank Negara Malaysia.

The 16th IFSF aims to provide a forum to facilitate discussion and better understanding of the emerging issues related to resolution, recovery and insolvency, particularly with respect to the IFSI and to identify opportunities and directions for future work in this critical area.

For more information, please contact Ms Yazmin Aziz (yazmin@ifsb.org)

Programme – Event Session(s)

Date
Time
Topics

Day 1
11/12/2017
15:00 – 15:15
Arrival of the IFSB Full and Council Members and Forum Participants

15:15 – 15:30
Chairman’s Remarks

15:30 – 16:30
Presentation on Recovery, Resolution and Insolvency for Institutions Offering Islamic Financial Services (IIFS) Speaker : Dr. Michael McMillen, Partner, Curtis, Mallet-Prevost, Colt & Mosle LLP and IFSB Consultant Discussants: 1. Mr. Rafiz Azuan Abdullah, Chief Executive Officer, Malaysia Deposit Insurance Corporation 2. Mr. Madzlan Mohamad Hussain, Partner, ZICO Law, Malaysia

16:30 – 17:00
Discussion and Q&A Session

17:00 – 17:30
Coffee and Networking Break End of Forum

IFSB-FIS Workshop Series (Pakistan)
2018-01-15 08:30 - 2018-01-18 16:45 | Pearl Continental, Club Rd، opposite PIDC, Civil Lines, Karachi, Pakistan
This 4-day Workshop and is tailored for the State Bank of Pakistan and the Islamic banking institutions in Pakistan. The Workshop is supported by the Islamic Development Bank and it will cover the following IFSB Standards and publications:

IFSB-15 : Revised Capital Adequacy Standard for Institutions offering Islamic Financial Services (IIFS)
IFSB-12: Guiding Principles on Liquidity Risk Management for IIFS
GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management in IIFS
TN-2: Technical Note on Stress Testing for IIFS
WP-01: Strengthening the Financial Safety Net: The Role of Sharī`ah-compliant Lender-of Last-Resort (SLOLR) Facilities as an Emergency Financing Mechanism
WP-06: Strengthening the Financial Safety Net: The Role and Mechanisms of Sharīʻah-compliant Deposit Insurance Schemes (SCDIS)

Overall, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

Participation in this event is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
15/01/2018
08:30 – 09:00
Registration

09:00 – 09:30
Welcoming Remarks and Group Photo

09:30 – 11:00
Session 1: IFSB-15: Revised Capital Adequacy Standard for IIFS Capital Adequacy Ratio Components of Capital Treatment of PSIA, PER and IRR Regulatory Adjustments and Deductions

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 2: IFSB-15: Revised 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 Past Due Receivables & Other Assets

13:00 – 14:30
Lunch and Prayer

14:30 – 16:30
Session 3: 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 Group Exercise

Day 2
16/01/2018
09:30 – 11:00
Session 4: 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

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5: IFSB-15: Revised Capital Adequacy Standard for IIFS (Cont’d) Overview of Operational Risk Understanding Operational Risk in Islamic Finance Measuring Operational Risks Group Exercise

13:00 – 14:30
Lunch and Prayer

14:30 – 16:30
Session 6: WP-01 and WP-06: Working Papers on SLOLR and SCDIS Sharī`ah Perspective on LOLR and Sharī`ah Issues in LOLR Potential Structures for Developing the SLOLR Facility Sharīʻah-compliant Deposit Insurance Current Status And Supervisory Assessment of SCDIS

Day 3
17/01/2018
09:30 – 11:00
Session 7: IFSB-12: Guiding Principles on Liquidity Risk Management of IIFS Liquidity Risk and Liquidity Risk Management Role of the Board of Directors Identification and Measurement of Liquidity Risk Interactions of Liquidity Risk and Implications of Islamic Financing Contracts

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8: IFSB-12: Guiding Principles on Liquidity Risk Management of IIFS (Cont’d) Managing Sharī`ah-Compliant Collateral Foreign Exchange Liquidity Risk Reporting and Disclosure of Liquidity Risk Guiding Principles for Supervisory Authorities

13:00 – 14:30
Lunch and Prayer

14:30 – 16:30
Session 9: 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

Day 4
18/01/2018
09:30 – 11:00
Session 10: 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

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 11: TN-2: Stress Testing for IIFS Basic Requirements For Islamic Banks Stress Tests Solvency Stress Testing for Islamic Banks Role of RSAs and Critical Considerations Liquidity Risk of Islamic Banks

13:00 – 14:30
Lunch and Prayer

14:30 – 16:30
Session 12: TN-2: Stress Testing for IIFS (Cont’d) Liquidity Stress Testing for Islamic Banks Stress Test Designs and Models Recent Developments In Stress Tests Case Study

16:30 – 16:45
Closing & Certificate Giving Ceremony

IFSB-FIS Workshop Series (Tunisia)
2018-02-12 - 2018-02-15 | Central Bank of Tunisia, PQQ3+MWM, شارع 14 جانفي, Sfax, Tunisia
This 4-day Facilitating the Implementation of the IFSB Standards (FIS) Workshop is tailored for the Central Bank of Tunisia and supported by the Islamic Development Bank. It will cover the following IFSB Standards and publications:

IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS)

IFSB-15: Revised Capital Adequacy Standard for Institutions offering Islamic Financial Services (IIFS)

IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS

GN-6: Guidance Note on Quantitative Measures 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.

Participation in this event is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

12th IFSB-INCEIF Executive Forum: Preserving Wealth and Generating Long-term Value through Islamic Finance
2018-03-06 08:30 - 2018-03-07 17:00 | Training Room 3.3. and 3.4, Level 3, Sasana Kijang, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
Themed Preserving Wealth and Generating Long-term Value through Islamic Finance. The Executive Forum aims to provide a discourse on tailored-opportunities and appropriate strategies for the stakeholders of the Islamic finance industry going forward to fully realise the potential of Islamic finance in meeting the longer-term financial aspirations of the society.
The sessions of the Forum will discuss different focus areas revolving around the role of Islamic finance to preserve wealth and create long-term value. Among the topics are a)the role of wealth management from an Islamic perspective, b)the role of the Takāful sector in offering innovative products to support long-term financial sustenance for individuals, c)Sharīʻah-compliant opportunities for retirement planning and wealth management, d)realising long-term societal development through social contracts in Islamic finance and e)regulator’s role in promoting risk management practices and facilitating innovation in the Islamic fund industry.
The Executive Forum is a paying event. Special rates are offered to all member of the IFSB. Enjoy “50% discount on the third participant when you register 3 participants from the same organisation”. (Not applicable to subsidiaries and affiliated companies)
For registration and quiries, please email Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org

Event Snapshots

Programme – Event Session(s)

Day 1
06/03/2018
08:30 – 09:30
Morning Coffee and Registration

09:30 – 09:45
Opening Address

09:45 – 11:15
Session 1: Realising Long-Term Societal Development through Social Contracts in Islamic Finance | Dr. Ziyaad Mahomad, Assistant Professor, INCEIF Contracts for Societal Development in Islamic Finance and their Potential Integration into the Commercial Islamic Finance Industry Adopting Waqf as a New Growth Driver to Broaden and Strengthen the Longer-term Development of the Society. Case Studies on Utilising Awqaf to Promote Longer-term Economic Development (MUIS Singapore, Zam Zam Tower Makkah, etc.)

11:15 – 11:45
Group Photo and Coffee Break

11:45 – 13:15
Session 2: Long-term Financial Sustenance of Individuals through Takaful | Nor Azman Zainal, Chief Executive Officer, Prudential BSN Takaful Berhad | Product Diversity and Innovation for the Long-term Investment Products Need for Financial Protection in the Globalised World – e.g. Healthcare, Mortality, Children’s Education, etc. Products and Innovative Offerings by the Takaful Industry Enhancing Market Access and Meeting Customers’ Needs Going Forward – Opportunities and Threats, Impediments and Solutions

13:15 – 14:30
Lunch

14:30 – 16:30
Session 3: Interactive Session: Retirement Planning – The Next Frontier for the Islamic Finance Industry | Syed Hamadah Othman, Partner, Actuarial Partners Consulting Sdn Bhd, | Datuk Shahril Ridza Ridzuan,CEO, Employees Provident Fund Financial Awareness and Literacy on Retirement Planning Shari’ah-compliant Opportunities for Management of Retirement Funds The Importance of Starting Early Retirement Planning Case Study

16:30 – 17:00
Coffee break

Day 2
07/03/2018
08:30 – 09:30
Morning Coffee

09:30 – 11:00
Session 4: Inter-generational Wealth Management and Legacy Planning: Fulfilling Maqasid Al-Shariah | Aderi Adnan, Director, Business Development, Labuan IBFC | Trust Structures and Foundations for Islamic Wealth Management Legacy Planning and Services by Islamic Financial Institutions Case Study

11:00 – 11:30
Coffee Break and Networking

11:30 – 13:00
Session 5: The Role of Wealth Management from an Islamic Perspective | Monem Salam, President, Saturna Sdn. Bhd. Economic Trends and the Driving Demand for Wealth Management Services Identifying the Value Propositions of Islamic Wealth Management Wealth Management Solutions: Managing the Complexity of Wealth Preservation and Asset Planning Products and Solutions Offered by Islamic Funds Constraints and Impediments Faced by Islamic Funds Industry

13:00 – 14:00
Lunch

14:00 – 16:00
Session 6: Panel Discussion: Regulatory Regime for Fund Management and Pension Schemes: Avoiding a Social Economic Disorder | Prof. Dato Dr. Azmi Omar, PCEO, INCEIF, Mohammad Ridzuan Abdul Aziz, CEO, Sedania Al Salam, Zulkifli Ishak, Director, I-VCAP Managing Risk in the Islamic Fund Industry – Supervision and Enhancing Disclosure Regulator Role in Facilitating Innovation and Fostering the Emergence of Market Segments, Products and Services The Rise of the Digital Generation (Robo advisers, Equity Crowdfunding, Peer-to-peer Financing Platforms etc.) Regulatory Perspective

16:00 – 16:30
Closing & Certificate Giving Ceremony

16:30 – 17:00
Coffee break

IFSB-FIS Workshop Series (Lebanon)
2018-03-26 08:00 - 16:30 | Gefinor Rotana Hotel, Clemenceau Street, Beirut, Lebanon
This 4-day Facilitating the Implementation of the IFSB Standards (FIS) Workshop is tailored for the regulatory and supervisory authorities and the market players for the banking sector. It will be hosted by Banque du Liban and will cover the following IFSB Standards and publications:

IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS)
IFSB-10: Guiding Principles on Sharī`ah Governance Systems for IIFS
IFSB-15: Revised Capital Adequacy Standard for IIFS
IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS

Overall, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

Participation in this event is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
26/03/2018
08:00 – 08:30
Registration

08:30 – 09:00
Welcoming Remarks and Group Photo

09:00 – 10:30
Session 1 – IFSB-1: Guiding Principles of Risk Management for Institutions offering Islamic Financial Services (IIFS) Understanding of Risks in IIFS Focus on Credit Risk Focus on Equity Investment Risk Focus on Operational Risk

10:30 – 11:00
Coffee Break

11:00 – 12:30
Session 2 – IFSB-1: Guiding Principles of Risk Management for IIFS (Continued) Focus on Market Risk Focus on Liquidity Risk Focus on Rate of Return Risk Case Study

12:30 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3 – IFSB-15: Revised Capital Adequacy Standard for IIFS Capital Adequacy Ratio Components of Capital Treatment of PSIA, PER and IRR Regulatory Adjustments and Deductions

Day 2
27/03/2018
09:00 – 10:30
Session 4 – IFSB-15: Revised Capital Adequacy Standard for IIFS (Continued) Credit Risk Weights for Various Counterparties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Past Due Receivables & Other Assets

10:30 – 11:00
Coffee Break

11:00 – 12:30
Session 5 – IFSB-15: Revised Capital Adequacy Standard for IIFS (Continued) Credit Risk Mitigation Credit Risk Mitigation Techniques Commonly Used by IIFS Credit Risk Mitigation Approaches Recognition of Ratings by External Credit Assessment Institution

12:30 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6 – IFSB-15: Revised Capital Adequacy Standard for IIFS (Continued) Understanding the Market Risk in Islamic Finance Policies and Procedures for Market risk Guidance on Valuation Practices Group Exercise

Day 3
28/03/2018
09:00 – 10:30
Session 7 – IFSB-15: Revised Capital Adequacy Standard for IIFS (Continued) Overview of Operational Risk Understanding Operational Risk in Islamic Finance Measuring Operational Risks Group Exercise

10:30 – 11:00
Coffee Break

11:00 – 12:30
Session 8 – IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS Structure of the Sharī`ah Governance System Scope of Sharī`ah Governance System Disclosure of Compliance with IFSB-10 General Approach to the Sharīʻah Governance System

12:30 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9 – IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS (Continued) Guiding Principles on the Sharī`ah Governance System – Competence and Independence Guiding Principles on the Sharī`ah Governance System – Confidentiality Guiding Principles on the Sharī`ah Governance System – Consistency Case Study

Day 4
29/03/2018
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 – 11:00
Coffee Break

11:00 – 12:30
Session 11 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS (Continued) Internal Capital Adequacy Assessment Process Islamic Windows Operations Assessment of Additional Issues Supervisory Transparency and Accountability

12:30 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 12 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS (Continued) Governance and Risk Management Transparency and Market Discipline Consolidated and Home-host Supervision Case Study

16:00 – 16:30
Closing Remarks & Certificate Giving Ceremony

Public Hearing on the IFSB Exposure Draft
2018-04-10 08:00 - 13:00 | Otoritas Jasa Keuangan (OJK), Jl. M.H. Thamrin No.2, RT.2/RW.3, Gambir, Kecamatan Gambir, Kota Jakarta Pusat, Jakarta, Indonesia
The IFSB will be organising a Public Hearing for EDs 20, 21 and 22 on 10 April 2018 in Jakarta hosted by OJK. The Public Hearing will discuss the following documents:

Key Elements in the Supervisory Review Process of Takāful/ Retakāful Undertakings (ED-20)
Core Principles for Islamic Finance Regulation [Islamic Capital Market Segment] (ED-21)
Revised Standard on Disclosures to Promote Transparency and Market Discipline for Institutions Offering Islamic Financial Services [Banking Segment] (ED-22)

In its 44th meeting held on 22 March 2018 in Bandar Seri Begawan, Brunei Darussalam, the Technical Committee of the Islamic Financial Services Board (IFSB) approved the issuance of three Exposure Drafts (ED) for Public consultation period of 2 months, starting 28 March until 28 May 2018.
The Public Hearing for the ED are also available in webinar. Please choose your preferred attendance.
Programme – Event Session(s)

Date
Time
Topics

Day 1
10/04/2018
08:00 – 08:30
Registration

08:30 – 08:05
Opening Remarks by MC

08:35 – 08:40
Al- Quran Recitation

08:40 – 09:00
Welcoming Remarks

10:15 – 11:30
Exposure Draft on Key Elements in the Supervisory Review Process of Takāful/ Retakāful Undertakings (ED-20)

11:30 – 12:45
Exposure Draft on Core Principles for Islamic Finance Regulation [Islamic Capital Market Segment] (ED-21)

11:30 – 12:45
Exposure Draft on Revised Standard on Disclosures to Promote Transparency and Market Discipline for Institutions Offering Islamic Financial Services [Banking Segment] (ED-22)

12:45 – 13:00
Closing Remarks

IFSB-FIS Workshop Series (Kazakhstan)
2018-04-23 08:30 - 2018-04-26 16:30 | Rixos President Astana, Kunayeva 7, Astana, Kazakhstan
This 4-day Workshop is tailored for Astana International Financial Centre (AIFC) as well as the regulators and market players from the Commonwealth of Independent States (CIS) countries. This Workshop is made possible by the support of the Asian Development Bank which covers the following IFSB Standards and publications:

Overview of IFSB-17: Core Principles for Islamic Finance Regulation (Banking Segment)
Overview of IFSB-10: Guiding Principles on Sharī`ah Governance Systems for Institutions Offering Islamic Financial Services (IIFS)
IFSB-1: Guiding Principles of Risk Management for IIFS
IFSB-15: Revised Capital Adequacy Standard for IIFS
IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS
GN-6: Guidance Note on Quantitative Measures 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.

Participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
23/04/2018
08:30 – 09:00
Registration

09:00 – 09:30
Welcoming Remarks and Group Photo

09:30 – 11:30
Session 1- Overview of IFSB-17: Core Principles for Islamic Finance Regulation (Banking Segment) Necessary Preconditions for Effective Supervision Assessment Methodology for CPIFR

09:30 – 11:30
Overview of IFSB-10: Guiding Principles on Shari`ah Governance Systems for IIFS

11:30 – 11:45
Coffee Break

11:45 – 13:15
Session 2 – IFSB-1: Guiding Principles of Risk Management for Institutions offering Islamic Financial Services (IIFS) Understanding of Risks in IIFS Focus on Credit Risk Focus on Equity Investment Risk Focus on Operational Risk

13:15 – 14:15
Lunch and Prayer

14:15 – 16:15
Session 3 – IFSB-1: Guiding Principles of Risk Management for IIFS (Continued) Focus on Market Risk Focus on Liquidity Risk Focus on Rate of Risk Case Study

Day 2
24/04/2018
09:30 – 11:00
Session 4 – IFSB-15: Revised Capital Adequacy Standard for IIFS Capital Adequacy Ratio Components of Capital Treatment of PSIA, PER and IRR Regulatory Adjustments and Deductions

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5 – IFSB-15: Revised Capital Adequacy Standard for IIFS (Continued) Credit Risk Weights for Various Counterparties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Past Due Receivables & Other Assets

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6 – IFSB-15: Revised Capital Adequacy Standard for IIFS (Continued) Credit Risk Mitigation Credit Risk Mitigation Techniques Commonly Used by IIFS Credit Risk Mitigation Approaches Recognition of Ratings by External Credit Assessment Institution

Day 3
25/04/2018
09:30 – 11:00
Session 7 – IFSB-15: Revised Capital Adequacy Standard for IIFS (Continued) Understanding the Market Risk in Islamic Finance Policies and Procedures for Market risk Guidance on Valuation Practices Group Exercise

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8 – IFSB-15: Revised Capital Adequacy Standard for IIFS (Continued) 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 9 – 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

Day 4
26/04/2018
09:30 – 11:30
Session 10 – GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management (Continued) Formula for Calculating NSFR Available and Required Stable Funding Role of Supervisory Authorities Group Exercise

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 11 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS (Continued) Key Elements in the Supervisory Review Process of IIFS Internal Capital Adequacy Assessment Process Islamic Windows Operations Supervisory Transparency and Accountability

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 12 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS (Continued) Governance and Risk Management Transparency and Market Discipline Consolidated and Home-host Supervision

16:00 – 16:30
Closing Remarks & Certificate Giving Ceremony

IFSB Annual Meetings and Side Events 2018 in Kuwait City, Kuwait
2018-05-01 | Kuwait City, Kuwait City, Kuwait City, Kuwait
In conjunction with the IFSB Annual Meetings 2018 which was held in Kuwait City, Kuwait, the IFSB had organised a series of Side Events which took place from 1 – 2 May 2018, hosted by the Central Bank of Kuwait.

The Annual Meeting started with 10th IFSB Public Lecture on Financial Policy and Stability on 1 May 2018.

Mr. Waleed M. Al-Awadhi, Executive Director, Supervision Sector, Central Bank of Kuwait and Dr. Bello Lawal Danbatta, Secretary General of the IFSB delivered the opening and welcoming remarks respectively.

The event saw two prominent speakers shared their views and discussions on the given topic. The first Lecture was “Financial Stability and Islamic Finance” delivered by Professor Dr. Monzer Kahf, Professor of Islamic Finance and Islamic Economics, Faculty of Islamic Studies, Hamad bin Khalifa University, Doha, Qatar. The second Lecture was on “Islamic Finance Policies: Implications on Industry Stakeholders” delivered by H.E. Emeritus Prof. Dr. Ishrat Husain, Chairman of Centre for Excellence in Islamic Finance (IBA-CEIF) and former Governor, State Bank of Pakistan.

The Lecture was followed by the Members & Industry Engagement Session. The session commenced with the Welcoming Address by Mr. Waleed M. Al-Awadhi who shared the development in Islamic finance industry in Kuwait.

Dr. Bello Lawal Danbatta in his presentation titled “Key Developments in the Global Islamic Finance Industry and the IFSB” shared an update of the industry and the ongoing work of the IFSB in supporting the industry’s stability and resilience. He also shared IFSB’s commitment to further enhance services to the existing members, by prioritising expectations from a recently conducted IFSB Members Expectations Survey.

The session continued with a presentation by Mr. Mamadou Ndiaye, Chairman of Conseil Régional de l’Epargne Publique et des Marchés Financiers (CREPMF), West African Economic and Monetary Union (WAMU), on their experiences as the Capital Market Authority of the WAMU, and their initiative to promote Islamic capital market in the region and forward plan.

An interactive panel discussion moderated by Dr. Bello Lawal Danbatta, and featuring Mr. Mamadou Ndiaye and Assistant Secretaries-General of the IFSB, Mr. Zahid ur Rehman Khokher and Dr. Nagwa Sheikh Eldin, followed. The panelists shared their perspectives in regard to standard-setting agenda, capacity building, implementation levels of the IFSB standards, technical assistance, and the bigger role to be played by the industry in the work and activities of the IFSB. The session ended with valuable questions and feedback by the IFSB members on the implementation of the IFSB standards which the secretariat answered and accepted as positive feedbacks for future improvements of the IFSB implementation strategies.

Over 100 participants attended the Public Lecture and Members & Industry Engagement Session. It was attended by heads and senior representatives of regulatory and supervisory authorities (RSAs) and financial institutions from over 20 countries, among the IFSB members and the Kuwait local financial community.

The third Side event was the CBK-IFSB Conference on Islamic Finance, held on 2 May 2018. Themed “A Universal Proposition”, the Conference aimed to discuss the role that Islamic finance can play in government strategies to build a diversified and sustainable economy and to present a collective way forward for the Islamic finance industry to reach its potential.

The Conference commenced with Plenary Session which saw the opening address delivered by the Representative of His Highness the Amir, H.E. Dr. Nayef Al-Hajraf, Minister of Finance, Kuwait followed by Dr. Bello Lawal Danbatta with his welcome address. The Keynote address was delivered by H.E. Dr. Mohammad Y. Al-Hashel, Governor, Central Bank Kuwait.

The Plenary Session was preceded with four session in which twenty-three moderators and panelists from among regulators and market players sector as well as Sharīʻah scholar discussed the following issues:-

Leveraging Islamic Finance to Build a Diversified and Sustainable Economy
Building a Dynamic and Robust Regulatory Regime
Navigating the Disruptive Eco-Systems
Islamic Finance: What Lies Ahead

More than 500 delegates from 32 jurisdictions among the IFSB member and non-member organisations – representatives from regulatory bodies, market players, international organisations, legal firms as well as academia and other interested parties from the public attended the Conference.

32nd Council Meeting, 3 May 2018, Kuwait City, Kuwait
2018-05-03 | Kuwait City, Kuwait City, Kuwait City, Kuwait
The Meeting was attended by 19 Governors and Deputy Governors of regulatory and supervisory authorities, and 8 senior representatives from among the Council and Full Members of the IFSB, representing 17 countries and the Islamic Development Bank. The meeting was chaired by H.E. Dr. Mohammad Y. Al-Hashel, Governor of the Central Bank of Kuwait, and IFSB Chairman 2018

16th General Assembly, 3 May 2018, Kuwait City, Kuwait
2018-05-03 08:00 - 17:00 | Kuwait City, Kuwait City, Kuwait City, Kuwait
The 16th IFSB General Assembly was hosted by the Central Bank of Kuwait.

45th IFSB Technical Committee Meeting
2018-07-19 09:30 - 17:30 | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
45th IFSB Technical Committee Meeting is scheduled to be held as follow:

Date : 19 July 2018

Time : 9:30am – 5:30pm

Venue : Kuala Lumpur Malaysia

Participation in the meeting is by invitation only.

For more information please email to : khairun.nissa@ifsb.org

Event Snapshots

IFSB-FIS Workshop Series (Ivory Coast)
2018-07-24 - 2018-07-27 | Abidijan, Abidjan, Abidjan, Côte d'Ivoire
This 5-day Facilitating the Implementation of the IFSB Standards (FIS) Workshop is tailored for Conseil Régional de lEpargne Publique et des Marchés Financiers (CREPMF). It will cover the following IFSB Standards:

Introduction to Islamic Finance
Introduction to Islamic Capital Market (ICM)
IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS)
IFSB-6: Guiding Principles on Governance for Islamic Collective Investment Schemes (ICIS)
IFSB-9: Guiding Principles on Conduct of Business for IIFS
IFSB-15: Revised Capital Adequacy Standard for IIFS – Sukūk and Securitisation
IFSB-19: Guiding Principles on Disclosure Requirements for ICM Products (Sukūk and ICIS)
ED-21: Exposure Draft (ED) on Core Principles for Islamic Finance Regulation (ICM Segment)

Overall, this Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

Participation in this event is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Esam Osama Al-Aghbari Esam@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
23/07/2018
08:30 – 09:00
Registration

09:00 – 09:30
Welcoming Remarks and Group Photo

09:30 – 11:00
Session 1- IFSB-1: Guiding Principles of Risk Management for Institutions offering Islamic Financial Services (IIFS) Understanding of Risks in IIFS Focus on Credit Risk Focus on Operational Risk

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 2- IFSB-1: Guiding Principles of Risk Management for IIFS (Continued) Focus on Market Risk Focus on Liquidity Risk Case Study

13:00 – 14:30
Lunch and Prayer

14:30 – 16:30
Session 3- IFSB-15: Revised Capital Adequacy Standard for IIFS Features of Sukūk and Securitisation in Sukūk Role of IIFS in Sukūk Securitisation Credit Enhancement and Assets in Securitisation

Day 2
24/07/2018
09:30 – 11:00
Session 4- ED-21: Core Principles for Islamic Finance Regulation (ICM Segment) The Need for Core Principles Principles Relating to the Regulator Principles related to Sharīʻah Governance

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5- ED-21: Core Principles for Islamic Finance Regulation (ICM Segment) (Continued) Principles for the Enforcement of Securities Regulation Principles for Issuers Principles for Auditors, Credit Ratings Agencies, and Others

13:00 – 14:30
Lunch and Prayer

14:30 – 16:30
Session 6- ED-21: Core Principles for Islamic Finance Regulation (ICM Segment) (Continued) Principles for Collective Investment Schemes Principles for Market Intermediaries Principles for Secondary and Other Markets

Day 3
25/07/2018
09:30 – 11:00
Session 7 Introduction to Islamic Finance Concept and Framework in Islamic Finance Contracts in Islamic Finance Prudential Issues in IIFS

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8- Introduction to Islamic Capital Market (ICM) ICM Development – Issues and Challenges Sukuk: Background, Structures and Issues Islamic Equity Market

13:00 – 14:30
Lunch and Prayer

14:30 – 16:30
Session 9 Introduction to ICM (Continued) ICIS Islamic Hedging Products Case Study

Day 4
26/07/2018
09:30 – 11:00
Session 10- IFSB-6: Governance for Islamic Collective Investment Schemes (ICIS) ICIS Overview Motivating Factors for the Governance of ICIS Guiding Principles on Governance for ICIS

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 11- IFSB-6: Governance for ICIS (Continued) Compliance with Sharī`ah Rules and Principles Additional Protection for ICIS Investors Case Study

13:00 – 14:30
Lunch and Prayer

14:30 – 16:00
Session 12- IFSB-9: Guiding Principles on Conduct of Business for IIFS Truthfulness, Honesty and Fairness Information About Clients Conflict of Interest and of Duty

Day 5
27/07/2018
09:00 – 10:15

Session 13- IFSB-19: Guiding Principles on Disclosure Requirements for ICM Products (Sukūk and ICIS) Common General Principles General Disclosure Principles Applicable to Sukūk Sharīʻah and Structure-related Disclosures for Sukūk

10:15 – 10:30
Coffee Break

10:30 – 11:30

Session 14- IFSB-19: Guiding Principles on Disclosure Requirements for ICM Products (Sukūk and ICIS) (Continued) Sharīʻah and Operations-related Disclosures for ICIS Specialist ICIS Disclosure Case Study

11:30 – 12:00
Closing Remarks & Certificate Giving Ceremony

12:00 – 15:00
Jumaah Prayer and Lunch

Downloadable Document(s)

Event Session(s) – PDF Format

26th Arabic Editing Committee Meeting
2018-08-27 09:30 - 2018-09-02 17:30 | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
The 26th Arabic Editing Committee Meeting is scheduled to be held as follows:

Date: 27 August – 02 September 2018

Time: 9:30 am – 5:30 pm

Venue: Kuala Lumpur, Malaysia

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

IFSB-FIS Workshop for Regulatory and Supervisory Authorities (Banking Sector)
2018-09-02 - 2018-09-05 | Abu Dhabi, Abu Dhabi, Abu Dhabi, United Arab Emirates
This 4-day Facilitating the Implementation of the IFSB Standards (FIS) Workshop is tailored for the regulatory and supervisory authorities for the banking sector. It will be hosted by the Arab Monetary Fund.
Participation in this Workshop is opened to REGULATORS only.
In general, 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.

For queries, please contact the IFSB Secretariat, Mr. Esam Osama Al-Aghbari at Esam@ifsb.org.
