Islamic Financial Services Board

Focus Group Meeting on the Strategic Performance Plan 2016 - 2018
2015-04-19 | Central Bank of the UAE, 7th Floor, Board of Directors Building King Abdullah Bin Abduaziz Al Saud Street, Al Batheen, ABU DHABI., Abu Dhabi, United Arab Emirates
As part of the formulation of the SPP 2016-2018, the IFSB organises its second Focus Group Meetings in Abu Dhabi comprising IFSB members amongst the Regulatory and Supervisory Authorities (including Multi-lateral institutions) and Industry Participants.

The objective of this Focus Group Meetings is to get a better understanding of the views of key stakeholders from the Middle East & Africa regions on emerging challenges facing the Islamic financial services industry, as well as perceptions about the IFSB and its role in promoting the resilience and stability of the global industry.

For participation and further details, please communicate through email to Mr. Hamizi Hamzah at hamizi@ifsb.org

IFSB-FIS Workshop Series (Tajikistan)
2015-04-07 08:30 - 2015-04-10 16:15 UTC | –, Bali, Indonesia
This Workshop is hosted by the National Bank of Tajikistan.

This 4-day Workshop is tailored for the regulatory and supervisory authorities for the banking sector, and will discuss on overview of Islamic finance and cover the following IFSB Standards:

Introduction to Islamic Finance and Islamic Banking Operations
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.

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
07/04/2015
08:30 – 09:00
Registration

09:00 – 09:15
Opening Session by the IFSB, and the NBT Representatives

09:15 – 10:45
Session 1: Introduction to the IFSB and Islamic Finance 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

10:45 – 11:30
Group Photo and Coffee Break

11:30 – 13:00
Session 2: 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 for Risk Management Process in IIFS Focus on Credit Risk Focus on Equity Investment Risk

13:00 – 14:30
Lunch and Prayers

14:30 – 16:00
Session 3: IFSB-1: Guiding Principles of Risk Management for IIFS Focus on Operational Risk Focus on Market Risk Focus on Liquidity Risk

16:00 – 16:15
Coffee Break

Day 2
08/04/2015
09:00 – 10:30
Session 4: IFSB-1: Guiding Principles of Risk Management for IIFS Focus on Rate of Return Risk Rate of Return Risk: Role of Supervisory Authority Case Studies

10:30 – 13:00
Coffee Break

11:00 – 12:30
Session 5: IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS Sharī`ah Non Compliance Risk Sharī`ah Governance System Components of Sharī`ah Governance

12:30 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 6: IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS (Cont’d) Sharī`ah Non Compliance Risk Sharī`ah Governance System Components of Sharī`ah Governance Case Study

16:00 – 16:15
Coffee Break

Day 3
09/04/2015
09:00 – 10:30
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 Treatment of Investment Account Holders (IAH) and Displaced Commercial Risk

10:30 – 11:00
Coffee Break

11:00 – 12:30
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 to be Addressed Under SRP for IIFS Sound Stress Testing Practices Supervisory Transparency and Accountability

12:30 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 9: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Governance and Risk Management Related Party Transactions Transparency and Market Discipline Consolidated and Home-host Supervision Case Study

16:00 – 16:15
Coffee Break

Day 4
10/04/2015
08:30 – 10:00
Session 10: IFSB-15: Revised Capital Adequacy Standard for IIFS Components of Capital Capital Conservation Buffer Countercyclical Buffer Case Study on Components of Capital for IIFS

10:00 – 10:30
Coffee Break

10:30 – 12:00
Session 11: 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 Past Due Receivables & Other Assets Credit Risk Mitigation Recognition of Ratings by External Credit Assessment Institution(ECAI)

12:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 12: IFSB-15: Revised Capital Adequacy Standard for IIFSS Policies and Procedures for Market risk Guidance on Valuation Practices Calculation of Capital Requirements for Market risk Group Exercise

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

16:15 – 16:30
Coffee Break

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

11th Islamic Financial Stability Forum : Comparative Study on the Implementation of the IFSB Standards: Cross-country Assessment
2015-04-02 14:30 - 16:00 | Jakarta, Jakarta, Indonesia, Indonesia
The IFSB organised its 11th Islamic Financial Stability Forum (11th IFSF) on 2 April 2015, in Jakarta, Indonesia.

The 11th IFSF was held in conjunction with the 26th Council Meeting of the IFSB, hosted by Bank Indonesia.

Programme – Event Session(s)

Date
Time
Topics

Day 1
02/04/2015
14:30 – 14:40
Chairman’s Remarks H.E. Agus D.W. Martowardojo, Governor, Bank Indonesia

14:40 – 15:00
Presentation on the IFSB 2014 Standard Implementation Study: Cross-country Comparison Speakers: 1. Mr. Peter Casey, Consultant, Islamic Financial Services Board 2. Mr. Zahid ur Rehman Khokher, Assistant Secretary-General, Islamic Financial Services Board

15:00 – 15:20
Topic : Country Experience on the Implementation of the IFSB Standards H.E. Saeed Ahmad, Deputy Governor, State Bank of Pakistan

15:20 – 15:40
Topic : Country Experience on the Implementation of the IFSB Standards Mr. Khalid Hamad Abdulrahman, Executive Director of Banking Supervision, Central Bank of Bahrain

15:40 – 16:00
Discussion and Q&A Session

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

IFSB Annual Meetings 2015: 26th Meeting of the Council, 13th General Assembly of the Islamic Financial Services Board & Other Events (Seminar on Enhan
2015-03-31 08:30 - 2015-04-02 08:30 | Hotel Indonesia Kempinski, jakarta, Indonesia
Programme – Event Session(s)

Date
Time
Topics

Day 1
31/03/2015
IFSB SEMINAR ON ENHANCING FINANCIAL INCLUSION THROUGH ISLAMIC FINANCE

08:30 – 09:30
Registration

09:30 – 10:30
Opening & Keynote Session

10:30 – 11:00
Coffee break

11:00 – 12:30
Session 1: Promoting Financial Inclusion through Islamic Finance: Core Issues This session will discuss the importance of the roles as well as coordination amongst key stakeholders, including the government, regulatory and supervisory authorities and Islamic financial institutions in implementing action plans to enhance financial inclusion in their respective jurisdictions. This includes the promotion of consumer protection and financial education. The session also deliberates the work of the standard setting bodies and other relevant global bodies in financial inclusion to ensure the stability of the Islamic financial services industry.

12:30 – 14:00
Lunch & Prayers

14:00 – 15:30
Session 2: Enhancing the Capacity of Islamic Microfinance, Islamic SMEs and microTakāful to Alleviate Poverty and Contribute towards Sustainable Economic Growth This session will discuss the role of Islamic microfinance, Islamic SMEs and microTakāful in enhancing financial inclusion. The discussion will include product innovation and the role of technology to encourage easy access to and efficient provision of Islamic financial instruments. It also explores the key success factors and challenges in promoting financial inclusion for greater shared prosperity and economic growth.

15:30 – 16:00
Coffee break

16:00 – 17:30
Session 3: Panel Discussion – Policies and Strategies for Enhancing Financial Inclusion: Regulation, Stability and Innovation This session will discuss the role of regulators and standard setting bodies in supporting and increasing access to Islamic finance, introducing policy measures to broaden the level of financial inclusion and contribute to the delivery of high-quality financial services, as well as establishing cooperation frameworks for financial inclusion while ensuring the stability and resilience of the industry.

Day 2
01/04/2015
09:30 – 12:30
7th IFSB Public Lecture on Financial Policy and Stability

12:30 – 14:30
Meet the Members and Industry Engagement Session (Lunch)

20:00 – 22:00
Welcome Dinner

Day 3
02/04/2015
09:00 – 12:20
26th Meeting of the Council of the Islamic Financial Services Board

12:25 – 13:30
13th General Assembly

13:30 – 14:30
Lunch and Prayer

14:30 – 16:00
11th Islamic Financial Stability Forum

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

Seminar on Enhancing Financial Inclusion through Islamic finance – List of confirmed speaker

Focus Group Meeting on the Strategic Performance Plan 2016 - 2018
2015-03-30 08:30 - 17:15 | Palapi & Jati Meeting Room, 2nd Floor, Hotel Indonesia Kempinski, JAKARTA, Indonesia
As part of the formulation of the SPP 2016-2018, the IFSB organises its first Focus Group Meetings in Jakarta comprising IFSB members amongst the Regulatory and Supervisory Authorities (including Multi-lateral institutions) and Industry Participants.

The objective of this Focus Group Meetings is to get a better understanding of the views of key stakeholders on emerging challenges facing the Islamic financial services industry, as well as perceptions about the IFSB and its role in promoting the resilience and stability of the global industry.

For participation and further details, please communicate through email to Mr. Hamizi Hamzah at hamizi@ifsb.org

Programme – Event Session(s)

Date
Time
Topics

Day 1
30/03/2015
08:30 – 09:00
Registration and Morning Coffee For Full and Associate Members

09:00 – 09:15
Briefing on the Strategic Performance Plan 2016 – 2018 Project Dr. Sherif Ayoub, Assistant Secretary-General of the IFSB

09:15 – 11:55
Presentation, Feedback Collection and Interactive Session Moderator: Mr. Peter Casey, Technical Consultant for the Project

11:55 – 12:00
Closing Remarks

12:00 – 12:15
Coffee Break

13:30 – 14:00
Registration and Morning Coffee For Observer Members Only

14:00 – 14:15
Briefing on the Strategic Performance Plan 2016 – 2018 Project Dr. Sherif Ayoub, Assistant Secretary-General of the IFSB

14:15 – 16:55
Presentation, Feedback Collection and Interactive Session Moderator: Mr. Peter Casey, Technical Consultant for the Project

16:55 – 17:00
Closing Remarks

17:00 – 17:15
Coffee Break

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

IFSB-FIS Workshop Series (Egypt)
2015-03-24 09:30 - 2015-03-26 16:15 | Room 504, 5th Floor, Egyptian Banking Institute (EBI), 22A, Dr. Anwar El Mofty St., Tiba 2000, P.O.Box 8164 Nasr City, Cairo, CAIRO, Egypt
This Workshop is hosted by the Egyptian Banking Institute (EBI).
This 3-day Workshop is tailored for the regulatory and supervisory authorities as well as market players within the Islamic banking sector. It will focus on the following Standards:

IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS); and
IFSB-15: Revised Capital Adequacy for IIFS.

For more information on these Workshops, please email to Mr. Hamizi Hamzah at hamizi@ifsb.org
Programme – Event Session(s)

Date
Time
Topics

Day 1
24/03/2015
09:30 – 09:45
Opening Session by the IFSB and EBI Representatives

09:45 – 11:15
Session 1: Introduction to Islamic Finance and IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering Islamic Financial Services (IIFS) Concept of Islamic Finance Contracts in Islamic Finance Structures of Islamic Banking Products Understanding of Risks in IIFS General Requirements for Risk Management Process in IIFS Focus on Credit Risk Focus on Equity Investment Risk

11:15 – 11:30
Group Photo and Coffee Break

11:30 – 13:00
Session 2: IFSB-1: Guiding Principles of Risk Management for IIFS Focus on Equity Investment Risk Focus on Market Risk Focus on Liquidity Risk

13:00 – 14:00
Lunch and Prayers

13:00 – 16:00
Session 3: IFSB-1: Guiding Principles of Risk Management for IIFS Focus on Rate of Return Risk Focus on Operational Risk Role of Supervisory Authority

16:00 – 16:15
Coffee Break

Day 2
25/03/2015
09:30 – 11:00
Session 4: IFSB-15: Revised Capital Adequacy Standard for IIFS Components of Capital Capital Conservation Buffer Countercyclical Buffer

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5: IFSB-15: Revised Capital Adequacy Standard for IIFS Leverage Ratio Domestic Systemically Important Banks Group Exercise on Leverage Ratio

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 6: IFSB-15: Revised Capital Adequacy Standard for IIFS Principles for Minimum Capital Requirements Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes

16:00 – 16:15
Coffee Break

Day 3
26/03/2015
09:30 – 11:00
Session 7: IFSB-15: Revised Capital Adequacy Standard for IIFS Risk Mitigation Approaches Maturity Mismatch Recognition of Ratings by External Credit Assessment Institution (ECAI)

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8: IFSB-15: Revised Capital Adequacy Standard for IIFS Policies and Procedures for Market risk Guidance on Valuation Practices Measuring Market Risks

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 9: IFSB-15: Revised Capital Adequacy Standard for IIFS Understanding the Operational Risk in Islamic Finance Sharī`ah Non-compliance Risk Group Exercise

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

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

IFSB-FIS Workshop Series (Sudan)
2015-02-10 09:30 - 2015-02-12 16:15 | –, Bali, Indonesia
This Workshop is hosted by the Central Bank of Sudan.

This 3-day Workshop is tailored for the regulatory and supervisory authorities as well as market players within the Islamic banking sector. It will focus on IFSB-15: Revised Capital Adequacy Standard for Institutions offering only Islamic Financial Services (IIFS).

For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
10/02/2015
09:30 – 09:45
Opening Session by the IFSB and the CBOS Representatives

09:45 – 11:15
Session 1: IFSB-15: Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services (IIFS) Components of Capital Capital Conservation Buffer Countercyclical Buffer Case Study on Components of Capital for IIFS

11:15 – 11:30
Group Photo and Coffee Break

11:30 – 13:00
Session 2: IFSB-15: Revised Capital Adequacy Standard for IIFS Leverage Ratio Domestic Systemically Important Banks Group Exercise on Leverage Ratio Case Study on Countercyclical Buffer

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 3: IFSB-15: Revised Capital Adequacy Standard for IIFS Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Credit Risk Mitigation Recognition of Ratings by External Credit Assessment Institution (ECAI)

16:00 – 16:15
Coffee Break

Day 2
11/02/2015
09:30 – 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 Measuring Market Risks

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 Prayers

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

16:00 – 16:15
Coffee Break

Day 3
12/02/2015
09:30 – 11:00
Session 7: IFSB-15: Revised Capital Adequacy Standard for IIFS Recognition of Risk Transference Operational Requirements for Credit Analysis Treatment for Regulatory Capital Purposes for Sukūk and Securitisation Exposures Capital Requirements for Sukūk

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8: IFSB-15: Revised Capital Adequacy Standard for IIFS Capital Requirements Where the IIFS is the Originator Treatment of Credit Risk Mitigation for Securitisation Exposures Capital Requirements Where the IIFS is the Credit Enhancer Case Study

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 9: 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

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

16:15 – 16:30
Coffee Break

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

The IFSB Public Hearing on ED17 and GN-6
2014-12-16 14:30 - 17:30 | Mini Forum 1.3, Level 1, Sasana Kijang, KUALA LUMPUR, Malaysia
In line with the IFSB due process for the development of Standards and Guiding Principles, a Public Hearing will be held for the following:

1. Exposure Draft 17: Core Principles for Islamic Finance Regulation (Banking Segment)

2. Exposure Draft of GN-6: Guidance Note on Quantitative Measure for Liquidity Risk Management in Institutions Offering Islamic Financial Services [Excluding Islamic Insurance (Takāful) Institutions and Islamic Collective Investment Schemes].

For more information on the Public Hearing, please email to Ms. Nur Khairun Nissa Md Zawawi at khairun.nissa@ifsb.org

Programme – Event Session(s)

Date
Time
Topics

Day 1
16/12/2014
14:30 – 15:00
Registration

15:00 – 15:05
Opening Remarks by the Secretary-General of the IFSB

15:05 – 15:35
Presentation by the Project Manager

15:35 – 16:05
Question and Answer

16:05 – 16:35
Presentation by the Project Manager

16:35 – 17:05
Question and Answer

17:05 – 17:30
Coffee Break

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

10th Islamic Financial Stability Forum : Preserving the Soundness and Stability of the Islamic Financial Services Industry: The Development of a Financial Safety Net Infrastructure
2014-12-11 15:00 - 17:00 | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
The IFSB organised its 10th Islamic Financial Stability Forum (10th IFSF) on 11 December 2014, in Kuala Lumpur, Malaysia.

The 10th IFSF was held in conjunction with the 25th Council Meeting of the IFSB, hosted by Bank Negara Malaysia.

Programme – Event Session(s)

Date
Time
Topics

Day 1
11/12/2014
15:00 – 15:05
Chairman’s Remarks H.E. Yusof Haji Abd Rahman, Managing Director, Autoriti Monetari Brunei Darussalam

15:05 – 16:00
Presentation on the Development of a Financial Safety Net Infrastructure for the Islamic Financial Services Industry Speakers: 1. Mr. Jaseem Ahmed, Secretary-General, Islamic Financial Services Board 2. Mr. Zahid ur Rehman Khokher, Assistant Secretary-General, Islamic Financial Services Board Discussants: 1. Mr. Greg Cavanagh, Counsel and Vice President, Legal Group, Federal Reserve Bank of New York 2. Mr. Rafiz Azuan Abdullah, Executive General Manager, Malaysia Deposit Insurance Corporation

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

16:30 – 17:00
Coffee and Networking Break End of Forum

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

25th Meeting of the Council of the IFSB (For Council Members only) (including 10th Islamic Financial Stability Forum)
2014-12-11 09:30 - 16:30 | –, Bali, Indonesia
The 25th Meeting of the Council of the IFSB is hosted by Bank Negara Malaysia.

Invitation letters will be sent to Council members in due course. For more information on the meeting, please email Ms. Nur Khairun Nissa Md Zawawi at khairun.nissa@ifsb.org

Programme – Event Session(s)

Day 1
11/12/2014
25TH MEETING OF THE COUNCIL OF THE IFSB

10TH ISLAMIC FINANCIAL STABILITY FORUM

09:30 – 13:00
25th MEETING OF THE COUNCIL OF THE IFSB

14:30 – 16:30
10th ISLAMIC FINANCIAL STABILITY FORUM Theme : Preserving the Soundness and Stability of the Islamic Financial Services Industry: The Development of a Financial Safety Net Infrastructure

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

IFSB-INCEIF Executive Forum on Sound Governance Practices: Promoting Stability in Islamic Finance
2014-12-09 08:30 - 2014-12-10 17:30 | Sasana Kijang, Bank Negara Malaysia, Kuala Lumpur, Malaysia
This IFSB-INCEIF Executive Forum on Sound Governance Practices: Promoting Stability in Islamic Finance offers a platform for high level deliberations and exchanges of views among participants – global leaders from among practitioners, regulators and academics – on a holistic overview on the key trends and momentum of corporate governance initiatives in the global and Islamic finance industry.
Among others, the two-day Executive Forum will see the sharing of experiences and discussions of specific issues facilitated by experienced speakers from among regulators, industry leaders and academics. The participants will benefit from delivering views of counterparts and peers of different backgrounds and geographical locations.
To date, the following speakers are confirmed to speak at this Executive Forum:

Dr. Bashir Aliyu Umar, Secretary of the Financial Regulation Advisory Council of Experts of the Central Bank of Nigeria
Mr. Ramesh Pillai, Chairman, Board of Governors, Institute of Enterprise Risk Practitioners, Malaysia
Prof. Dr. Mohamad Akram Laldin, Executive Director of International Sharī`ah Research Academy for Islamic Finance (ISRA)
Dr. Hatim El Tahir, Director, Islamic Finance Group, Deloitte Middle East
Ustaz Mohd Nazri Chik, General Manager, Sharī`ah Division, Bank Islam Malaysia Berhad
Prof. Dr. Syed Abdul Hamid Aljunid, Professor of Corporate Governance and Ethics, INCEIF
Assoc. Prof. Dr. Younes Soualhi, Chairman, Sharī`ah Board, HSBC Amanah Malaysia Berhad
Assoc. Prof. Dr. Azman Mohd Noor, Deputy Chairman, Sharī`ah Board, Al-Rajhi Bank Malaysia
Dr. Abdelgadir Warsama Ghalib, Senior Legal Adviser, Bank of Bahrain and Kuwait (BBK), Bahrain

For more information on the Executive Forum, please email Mr. Hamizi Hamzah at hamizi@ifsb.org
Programme – Event Session(s)

Date
Time
Topics

Day 1
09/12/2014
08:30 – 09:30
Morning Coffee and Registration

09:30 – 09:45
Opening & Welcoming Address

09:45 – 11:00
Session 1: Building Momentum for Effective Corporate Governance Recent Key Developments in the Global and Islamic Finance Industry Recent Initiatives and Impact on the Behaviour of Market Participants and Industry Players Gap Analysis and Ongoing Challenges on Corporate Governance

11:00 – 11:30
Group Photo and Coffee Break

11:30 – 13:00
Session 2: Risk Governance and Internal Controls: The Initiative from Within Top Management and BOD Functions as Providing Overall Direction over Enterprise-Wide Risk Management Initiatives Internal Control Structures, Tools and Mechanisms Exclusive for IIFS Challenges of Risk Governance

13:00 – 14:00
Lunch and Prayers

14:00 – 15:30
Session 3: Board Roles and Structure: Sound Governance Starts From the Top Present and Evolving Roles and Structure of the BOD and its Committees Recent Developments in Local and International Legislations as well as Supervisory Initiatives Tools and Mechanisms Available to the BOD in Discharging their Duties in Institutions Offering Islamic Financial Services (IIFS)

15:30 – 16:00
Coffee Break

16:00 – 17:30
Session 4: Sharī`ah Governance Framework: Achieving Greater Credibility Across Borders Sharī`ah Governance Practices Across Different Jurisdictions Infrastructural and Other Factors Contributing to Differences in Sharī`ah Governance Practices Adoption of Best Practices by IIFS Operating Across Jurisdictions

Day 2
10/12/2014
08:30 – 09:30
Morning Coffee

09:30 – 11:00
Session 5: Aligning Corporate and Sharī`ah Governance: Understanding the Common Objectives Alignment of Corporate and Sharī`ah Governance Objectives Identifying and Addressing Potential Overlap between Corporate and Sharī`ah Governance Can Maqāsid al-Sharī`ah Contribute to Formulating Rules, Policies and Procedures on Corporate Governance in IIFS?

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 6: Towards Greater Market Discipline: Enhancing Disclosure Requirements for Islamic Financial Institutions Cost-benefit Analysis on the Need for Greater Market Discipline and Enhanced Disclosure Existing Disclosure Practices Amongst IIFS The Role of Supervisors in Enforcing Market Discipline and Enhanced Disclosure

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 7: Panel Discussion – Evolving Issues and Challenges in Corporate and Sharī`ah Governance Giving Voice to Investment Account Holders (and Takāful Participants) – The Role of Governance Committee and Trust Structures Board of Directors and Sharī`ah Board Accountability – Practices and Challenges Achieving the Right Balance Between Conformance and Performance – The Way Forward for the Islamic Financial Services Industry

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

16:30 – 17:00
Coffee Break

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

Brochure – EF6

3.)

Lanai Kijang Reservation Form

The IFSB Public Hearing on ED17 and GN-6
2014-11-30 08:30 - 11:30 | Awal 3, The Gulf Hotel Bahrain, manama, Bahrain
In line with the IFSB due process for the development of Standards and Guiding Principles, a Public Hearing will be held for the following:

1. Exposure Draft 17: Core Principles for Islamic Finance Regulation (Banking Segment)

2. Exposure Draft of GN-6: Guidance Note on Quantitative Measure for Liquidity Risk Management in Institutions Offering Islamic Financial Services [Excluding Islamic Insurance (Takāful) Institutions and Islamic Collective Investment Schemes].

For more information on the Public Hearing, please email to Ms. Nur Khairun Nissa Md Zawawi at khairun.nissa@ifsb.org

Programme – Event Session(s)

Date
Time
Topics

Day 1
30/11/2014
08:30 – 09:00
Registration

09:00 – 09:05
Opening Remark by the IFSB

09:00 – 09:35
Presentation by the Project Manager

09:35 – 10:10
Question and Answer

10:10 – 10:30
Coffe Break

10:30 – 11:00
Presentation by the Project Manager

11:00 – 11:30
Question and Answer

11:30 – 11:30
END OF SESSION

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

ED of GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management in Institutions offering Islamic Financial Services – Arabic Version

3.)

ED of GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management in Institutions offering Islamic Financial Services – English Version

4.)

ED-17: Core Principles for Islamic Finance Regulation (Banking Segment) – Arabic Version

5.)

ED-17: Core Principles for Islamic Finance Regulation (Banking Segment) – English Version

IFSB-FIS Workshops Series (Senegal)
2014-11-17 09:00 - 2014-11-19 16:30 | BCEAO, Dakar
This Workshop is hosted by the Banque Centrale Des Etats de L’Afrique de L’Ouest (BCEAO) and supported by the Islamic Development Bank.
The Workshop is tailored for the regulatory and supervisory authorities for the banking sector, and will 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-10 – Guiding Principles on Sharī`ah Governance Systems for IIFS
IFSB-16 – Revised Guidance on Key Elements In The Supervisory Review Process of IIFS

Participation in the Workshop is by INVITATION only. For more information about this Workshop, please email to Mr. Hamizi Hamzah at hamizi@ifsb.org
Programme – Event Session(s)

Date
Time
Topics

Day 1
17/11/2014
09:00 – 09:30
Registration

09:30 – 09:45
Opening Session by the IFSB, BCEAO and the IDB Representatives

09:45 – 11:15
Session 1: Introduction to Islamic Finance Concept and Contracts in Islamic Finance Specificities of Islamic Finance Introduction to Islamic Banking Operations Products of Islamic Banking

11:15 – 11:30
Group Photo and Coffee Break

11:30 – 13:00
Session 2: IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering Islamic Financial Services (IIFS) General Requirements in Risk Management of IIFS Focus on Credit Risk Focus on Equity Investment Risk Focus on Market and Liquidity Risk

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 3: IFSB-1: Guiding Principles of Risk Management for IIFS Focus on Rate of Return Risk Focus on Operational Risk Role of Supervisory Authority Case Studies

16:00 – 16:30
Coffee Break

Day 2
18/11/2014
09:30 – 11:00
Session 4: IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS An overview of IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS General Governance Approach to Sharī`ah Governance System Requirements on the Competence of Personnel Undertaking the Sharī`ah Governance System

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5: IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS Recommendations of IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS Criteria for Sound Sharī`ah Governance System Rights of Investment Account Holders (IAH)

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 6: IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS Operating Procedures of the Sharī`ah Board Basic Professional Ethics and Conduct for Members of the Sharī`ah Board Case Studies

16:00 – 16:30
Coffee Break

Day 3
19/11/2014
09:30 – 11:00
Session 7: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Necessary Preconditions for Effective Supervision Supervisory Approaches in the Supervision of IIFS Regulatory Capital Requirements Internal Capital Adequacy Assessment Process

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 Governance and Risk Management Related Party Transactions Transparency and Market Discipline Consolidated and Home-host Supervision

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 9: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Islamic Window Operations Risk Concentration, Counterparty Credit Risk Reputational Risk, Hedging Techniques and Valuation Practices Case Studies

16:00 – 16:30
Closing & Certificate Giving Ceremony by the IFSB, BCEAO and the IDB Representatives

16:30 – 17:00
Coffee Break

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

User Registration Form

3.)

User Registration Form – Complimentary

IFSB-INCEIF Executive Forum on Global Regulatory Reforms: What They Mean for Islamic Finance
2014-11-10 08:30 - 2014-11-11 17:30 | Training Room 2.1 & 2.2, Sasana Kijang, Bank Negara Malaysia, Kuala Lumpur, Malaysia
This IFSB-INCEIF Executive Forum on Global Regulatory Reforms: What They Mean for Islamic Finance offers a platform for high level deliberations and exchanges of views among participants – global leaders from among practitioners, regulators and academics – on how the global regulatory initiatives may have impacted the stability, development and growth of the Islamic financial services industry.
Among others, the two-day Executive Forum will see the sharing of experiences and discussions of specific issues facilitated by experienced speakers from among regulators, industry leaders and academics. The participants will benefit from delivering views of counterparts and peers of different backgrounds and geographical locations.
To date, the following speakers are confirmed to speak at this Executive Forum:

Dr. Ali Al Amari, Senior Director of Regulatory Affairs, Qatar Financial Centre Regulatory Authority
Mr. Serdar Güner, Director of Supervision, Dubai Financial Services Authority
Dr. Rifki Ismal – Assistant Director, Department of Islamic Banking, Bank Indonesia
Mr. Naimi Shuib, Risk Specialist, Bank Negara Malaysia
Mr. Mehmet S. Yurtcicek, Head of Legal Affairs Department, Banking Regulation and Supervision Agency of Turkey
Mr. Norfadelizan Abdul Rahman, President Director, Maybank Syariah Indonesia
Mr. Ahmad Nasri Abdul Wahab, Head of Islamic Business Advisory, KPMG Malaysia
Dr. Hakimah Yaakob, Associate Researcher, ISRA

For more information on the Executive Forum, please email Mr. Hamizi Hamzah at hamizi@ifsb.org
Programme – Event Session(s)

Date
Time
Topics

Day 1
10/11/2014
08:30 – 09:30
Morning Coffee and Registration

09:30 – 09:45
Opening & Welcoming Address

09:45 – 11:00
Session 1: Global Regulatory Reforms and Islamic Finance: An Overview Current State of Regulatory Reforms in the Conventional Sector: Is Convergence with Islamic Finance Taking Place? Impact of the Evolving Global Regulatory Policy Landscape on Islamic Finance: Challenges and Opportunities Market and Supervisory Perspectives on Adopting Global Reforms: Future Direction

11:00 – 11:30
Group Photo and Coffee Break

11:30 – 13:00
Session 2: Capital Reforms: From Bail-out to Bail-in Economic Rationale behind Bailing-in Sharī`ah Issues in Innovative Contingent Capital Supervisory Considerations and Cross-Border Challenges Examples of Basel III-Compliant Capital Instruments Issued by Islamic Banks

13:00 – 14:00
Lunch and Prayers

14:00 – 15:30
Session 3: Internal Capital Adequacy Assessment Process (ICAAP): Achieving Excellence in the New World of Scarce Capital Building Internal Systems to Facilitate the Implementation of ICAAP Risk Governance, Appetite and Strategy Discussion on ICAAP Global Benchmarking Understanding ICAAP from the Consolidation and Standalone Perspectives

15:30 – 16:00
Coffee Break

16:00 – 17:30
Session 4: Thoughts on Macroprudential Reforms: Beyond Conventional Supervision Overview on Macroprudential Policy and its Importance Post-Financial Turmoil Macroprudential Indicators, Objectives and Tools The Role of IIFS in Macroprudential Policy Challenges in Incorporating the Specificities of Islamic Finance in National Macroprudential Policies

Day 2
11/11/2014
08:30 – 09:30
Morning Coffee

09:30 – 11:00
Session 5: Robust Liquidity Management: Emerging Trends in Asset Liability Current and Evolving Regulatory Reforms around Liquidity Management – High Quality Liquid Assets (HQLA) Contemporary Liquidity Ratios – Net Stable Funding Ratio (NSFR) and the Liquidity Coverage Ratio (LCR): Impact on Islamic finance Challenges and Trends in Asset-Liability Management for IIFS in the Light of Global Developments The Path Forward: Imperatives for Islamic Financial Institutions

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 6: Resolution of Financial Institutions: How Islamic Finance will Response to This Challenge International Development by Financial Stability Board (FSB) and other Standard-Setting Bodies Enhancing the Current Legal Framework Reform Greater Coordination between Home and Host Supervision and Cross-border Resolutions Supervisory Challenges in Cross-border Resolutions

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 7: Panel Discussion – Strategies and Practices in Implementing the Reform Agenda: Experience-Sharing and Lessons Drawn The Role of Transparency and Disclosure in Market Discipline Too-Big-to-Fail in Islamic Finance – Focus on Domestic and Regional Players The Impact of Reforms in Accounting and Taxation Framework

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

16:30 – 17:00
Coffee Break

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

Brochure – EF5

3.)

Lanai Kijang Reservation Form

4.)

Survey on Use of SDMX for Islamic Finance Indicators

IFSB-FIS Workshop on IFSB Standards for Regulatory and Supervisory Authorities for the Islamic Capital Market and Takaful sectors
2014-11-03 09:00 - 2014-11-05 16:30 | Training Room 2.1 & 2.2, Sasana Kijang, Bank Negara Malaysia, Kuala Lumpur, Malaysia
This Workshop is open to regulatory and supervisory authorities for the Islamic Capital Market and Takaful sectors of the IFSB member countries. It intends to be a Train The Trainer programme for the staff on the IFSB Standards, and aims to:

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

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

promote the sharing of experiences among regulators and supervisors on the implementation of respective IFSB Standards and Guiding Principles.

Participation in this Workshop is by INVITATION only. For more information, please email to Mr. Hamizi Hamzah at hamizi@ifsb.org.
Programme – Event Session(s)

Date
Time
Topics

Day 1
03/11/2014
09:00 – 09:30
Morning Coffee & Registration

09:30 – 09:45
Opening & Welcoming Address

09:45 – 11:15
Session 1: Introduction to Islamic Capital Markets Products of Islamic Capital Markets Development Trends in Islamic Capital Markets Contemporary Issues, Outlook and Challenges

09:45 – 11:15
Session 1: Introduction to Islamic Finance and Takāful (Islamic Insurance) and IFSB-8: Guiding Principles on Governance for Takāful Undertakings Independence and Integrity of Governance Organs Protection of Rights and Interests of Takāful Participants Appropriate Disclosures to Material and Relevant Information

11:15 – 11:30
Group Photo and Coffee Break

11:30 – 13:00
Session 2: IFSB-6: Governance for Islamic Collective Investment Schemes (ICIS) Scope of ICIS Governance General Governance Approaches of ICIS Transparency and Disclosure

11:30 – 13:00
Session 2: IFSB-14: Standard on Risk Management for Takāful Undertakings Specificities of Takāful Undertakings Relevant to Risk Management Risk Arising from Segregation of Funds Risk Relating to The Use of Retakāful

13:00 – 14:00
Lunch and Prayer

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

14:00 – 16:00
Session 3: IFSB-14: Standard on Risk Management for Takāful Undertakings Key Elements in the Supervisory Review Process of Risk Management for Takāful Undertakings Systemic Risk Considerations in Takāful Case Studies

16:00 – 16:30
Coffee Break

Day 2
04/11/2014
09:00 – 09:30
Morning Coffee

09:30 – 11:00
Session 4: IFSB-15: Revised Capital Adequacy Standard for IIFS Features of Sukūk and Securitisation Securitisation Process for Sukūk Structuring Parties in Securitisation Exposures Structure

09:30 – 11:00
Session 4: IFSB-11: Standard on Solvency Requirements for Takāful Undertakings Specificities of Solvency Requirements for Takāful Valuation of Assets and Liabilities Total Balance Sheet Approach

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5: IFSB-15: Revised Capital Adequacy Standard for IIFS Various Types of Sukūk Structuring Capital Requirements for Sukūk Case Studies

11:30 – 13:00
Session 5: IFSB-11: Standard on Solvency Requirements for Takāful Undertakings Solvency Control Levels Criteria for Assessing the Quality and Suitability of Solvency Resources in the Takāful and Shareholders’ Funds Case Studies

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6: Strategies and Policies for Developing ICM: Sharing of Country Experiences Development Trends in Islamic Capital Markets Contemporary Issues, Outlook and Challenges Supervisory Challenges in Developing Islamic Capital Market

14:00 – 16:00
Session 6: Special Session on Sharing of Country Experiences Development Trends in Takāful Operation Contemporary Issues, Outlook and Challenges Supervisory Challenges in Takāful Operation

16:00 – 16:30
Coffee Break

Day 3
05/11/2014
09:00 – 09:30
Morning Coffee

09:30 – 11:00
Session 7: IFSB-9: Conduct of Business Islamic Perspective on Conduct of Business Conduct of Business and Financial Stability IFSB Recommendations on Conduct of Business Case Studies

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8: IFSB-10: Sharīah Governance System General Governance Approach to Sharīah Governance System Requirements on the Competence of Personnel Undertaking the Sharīah Governance System Independent Exercise of the Sharīah Board Members on Sharīah -related Matters

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9: IFSB-10: Sharīah Governance System Confidentiality of Sharīah Board Members on Internal Information Consistency of Opinions Across Different Institutions by Sharīah Board Members Case Studies

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

16:15 – 16:30
Coffee Break

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

IFSB-FSI Seminar on Liquidity Risk in Islamic and Conventional Banks
2014-10-28 08:30 - 2014-10-29 17:00 | Al Dasha Hall, Sharq Village & Spa, Doha
This Seminar is jointly organised by the IFSB and the Financial Stability Institute (FSI). It is hosted by the Qatar Central Bank.

The Seminar is only open for regulatory and supervisory authorities, from both conventional and Islamic finance industries. More information shall be updated in due course.

For participation and further details on the Seminar, please email Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org

Programme – Event Session(s)

Date
Time
Topics

Day 1
28/10/2014
08:30 – 09:30
Registration

09:30 – 10:30
Opening and Keynote Session

10:30 – 11:00
Coffee Break and Networking

11:00 – 12:00
Session 1: Managing Liquidity and Liquidity Risks to Promote Financial Stability The session will discuss the building blocks necessary to support both conventional banks and institutions offering Islamic financial services (IIFS) in managing their liquidity risk to promote financial stability. The discussions will focus on the close relation between liquidity management and financial stability, the infrastructure components that are required to facilitate measuring and managing liquidity risks as well as the role of supervisory bodies and central banks in this process. This would include the supply of high-quality liquid assets (HQLA) and providing lender of last resort facilities.

12:00 – 13:00
Session 2: Global Regulatory Developments in Liquidity Risk Management The session will focus on the current and emerging international standards on liquidity risk management – both qualitative and quantitative. It aims to provide an overview of the guiding principles, standards and guidelines on intraday, short- and long-term management of liquidity risk issued by the Basel Committee on Banking Supervision, with a special emphasis on the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR). The session will provide insights on how these global standards are being incorporated in the national regulations by various supervisory authorities.

13:00 – 14:00
Lunch

14:00 – 15:15
Session 3: Global Developments in Liquidity Risk and Challenges for Islamic Finance The session will discuss global developments in liquidity risk management and challenges faced by IIFS in complying with the liquidity standards. The deliberations will also include progress made by the IFSB in providing guidance on liquidity risk and adopting global liquidity standards including the LCR and NSFR for the IIFS. In addition to discussing challenges related to Sharī`ah-complaint HQLA, treatment of profit-sharing investment accounts, Sharī`ah-compliant repo mechanisms and application of alternative liquidity approaches for the Islamic financial services industry, the session will cover the progress made by various jurisdictions in resolving some of these issues.

15:15 – 15:45
Coffee Break and Networking

15:45 – 17:00
Session 4: Key Elements for Structuring Liquidity Instruments by the Public Sector This session will focus on the key components for structuring and issuing high-quality instruments by sovereigns and central banks in local and international currencies. Speakers will highlight the advantages of linking public debt management and development programmes with government financing instruments that are issued in sufficient volume and on a predictable schedule. The session will focus on the use of both conventional and Sharī`ah-compliant liquidity instruments for monetary policy and money market operations.

Day 2
29/10/2014
09:30 – 10:45
Session 5: Liquidity Risk Management, Monitoring and Supervision: Liquidity Stress Testing This session will discuss the tools for the measurement, monitoring, reporting and supervision of liquidity risk at the institutional and market levels, including liquidity stress tests. The session will also incorporate current practices and emerging trends in the supervision of liquidity risk for both conventional and Islamic banks, especially from the perspective of meeting LCR, NSFR and intraday requirements.

10:45 – 11:15
Coffee Break and Networking

11:15 – 12:30
Session 6: Panel Discussion: Emerging Trends and Challenges in Supervising Liquidity Risk Management in the Banking Industry This session aims to discuss practices and challenges in the supervision of liquidity management in banking institutions – both conventional and Islamic. It will also cover the updates on new liquidity products and trading mechanisms being developed in various jurisdictions and the monitoring tools used by supervisors to track the activity and performance of these tools. Cross-border transfer of liquidity risk and the challenges it poses for the regulation and supervision of this risk will be part of the discussions. In addition, panellists will touch on the role of central banks and supervisory authorities in developing transparent and liquid markets, with a special emphasis on enhancing cross-border trading of instruments.

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

Hotel Reservation Form

Inaugural IFSB-BIBF Islamic Finance Executive Programme: Building Robust Risk Management Infrastructure, Growth Driver for Islamic Finance
2014-10-15 08:30 - 2014-10-16 17:30 | The Diplomat Radisson Blu Hotel, Manama, Bahrain
The Islamic Financial Services Board (IFSB) and the Bahrain Institute of Banking and Finance (BIBF) will be jointly organising the Inaugural IFSB-BIBF Islamic Finance Executive Programme: Building Robust Risk Management Infrastructure – Growth Driver for Islamic Finance on 15 – 16 October 2014, in BIBF, Manama, Bahrain.

The IFSB-BIBF Islamic Finance Executive Programme (IFEP) provides a unique opportunity for industry leaders and top management teams of financial institutions and supervisors of the Islamic financial services industry to engage in thorough deliberations on contemporary issues in Islamic Finance. The IFEP will see key presenters facilitating extensive knowledge-sharing with their contemporaries and peers.

The inaugural IFSB-BIBF IFEP themed “Building Robust Risk Management Infrastructure: Growth Driver for Islamic Finance” will see senior industry practitioners, regulators and academics sharing their thoughts on the management of wide array of risks inherent in Islamic banking institutions.

To date, the following speakers are confirmed to speak at the IFEP:

Mr Khalid Hamad Abdul-Rahman Hamad, Executive Director of Banking Supervision, Central Bank of Bahrain
Mr Zahid ur Rehman Khokher, Assistant Secretary-General, IFSB
Mr Hussain Ali Sharaf, Director of Islamic Financial Institutions Supervision, Central Bank of Bahrain
Mr Serdar Güner, Director, Supervision, Dubai Financial Services Authority
Mr Abdulhakeem Y. Al-Khayyat, Managing Director & CEO, Kuwait Finance House, Bahrain
Mr Faizal Jaafar, Manager, Islamic Banking & Takāful Department, Bank Negara Malaysia
Mr Amit Yashpal, Head of Risk Management, Kuwait Finance House, Bahrain
Dr Muhammad Al-Bashir Muhammad Al-Amine, Group Head of Sharī`ah, Bank Alkhair
Mr Asad Jafree, Managing Partner, Insignia Consulting
Mr Ashley Freeman, Senior Counsel, Charles Russell
Mr Hani Redha, Head of Centre for Islamic Finance, BIBF

For more information on the Executive Programme, please email Mr. Hamizi Hamzah at hamizi@ifsb.org

Programme – Event Session(s)

Date
Time
Topics

Day 1
15/10/2014
08:30 – 09:30
Morning Coffee and Registration

09:30 – 09:45
Opening & Welcoming Address

09:45 – 11:00
Session 1: Risk Sharing: Enhancing Potentials and Confronting Issues Exploring Business Opportunities for Equity Investment and Financing Applying Risk-Sharing Principles- Key Challenges and Emerging Practices Mitigating Risks in Equity Investment and Financing Regulatory and Commercial Issues in Financing on a Risk-Sharing Basis

11:00 – 11:30
Group Photo and Coffee Break

11:30 – 13:00
Session 2: Enterprise Risk Management (ERM) Framework for Islamic Banks Overall Framework of ERM – Why it is vital? Risk Appetite & Risk Strategy for Islamic Banks Islamic Bank vs. Conventional Bank Approaches Risk Governance and Control

13:00 – 14:00
Lunch and Prayer

14:00 – 15:30
Session 3: Credit Risk Management in Islamic Banking & Risk Mitigation Approaches Applying Global Financial Regulatory Framework to Islamic Banking Products Lessons Learnt from the Previous Default Cases Credit Risk Mitigation: Risk Aversion vs. Risk Sharing Restructuring Islamic Financing Products– Some Key Considerations

15:30 – 16:00
Coffee Break

16:00 – 17:30
Session 4: Global Developments in Liquidity Management Overview of the Development In Liquidity Management Essential Infrastructure for Liquidity Management Liquidity Risk Management Indicator in Islamic Finance Jurisdictions International Standards on Liquidity Risk Management Market Development in the Origination of Sharī`ah-Compliant High Quality Liquid Assets (HQLA)

Day 2
16/10/2014
08:30 – 09:30
Morning Coffee

09:30 – 11:00
Session 5: Managing Sharī`ah Non-Compliance Risk Sharī`ah Non-Compliance Risk and its Potential Impacts on Islamic Banks Risk Mitigating Techniques for Sharī`ah Non-Compliance Risk Role of Internal Sharī`ah Governance Framework in Islamic Banks Source of Sharī`ah Non-Compliance Risk in Institution Offering Islamic Financial Services (IIFS) Operations

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 6: Regulating Minimum Capital Requirements from Bail-out to Bail-in The Impact of Changes in Global Regulatory Capital Regimes on Islamic Banks Structuring Innovative Capital Instruments for Islamic Banks Sharī`ah Challenges in Structuring Contingent Capital Recent Examples in Structuring Basel III Capital Instruments – Successes and Limitations

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 7: Panel Discussion on Risk Governance and Supervision (3 Panellists) Risk and Governance from an Islamic Banking Perspective Risk-based Supervision in Islamic Banking Role of Disclosure in Effective Risk Management In Islamic Banks

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

16:30 – 17:00
Coffee Break

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

Brochure

3.)

General Information Sheet

IFSB Meet the Members and Industry Engagement Session
2014-09-28 12:15 - 14:30 | Intercontinental Dubai Festival City (Al Baraha Ballroom), Dubai, United Arab Emirates
The Debut of The Meet the Members and Industry Engagement Session which was organised by the IFSB and hosted by the Central Bank of the United Arab Emirates was held in Dubai, United Arab Emirates on 28 September 2014 in InterContinental Hotel, Dubai Festival City. This session is an initiative to provide an interactive platform for communication between the key players of the Islamic financial services industry (IFSI) among the IFSB member and non-members organisations and the IFSB Secretariat.
The Session was attended by 54 delegates, from 39 member and non-member organization. The welcoming remarks was delivered by the CBUAE’s representative Mr. Khalid Al Kharji, Chief Manager Banking Supervision Department and the overview of the Session was delivered by Mr. Jaseem Ahmed, Secretary-General of the IFSB.
Mr. Zahid Ur Rehman Khokher, Assistant Secretary-General of the IFSB then shared the IFSB Membership Satisfaction Survey & Standard Implementation Survey with the rest of the delegates and conducted the interactive session. The two hours session end with a luncheon prepared by the hotel.
Event Snapshots

Programme – Event Session(s)

Date
Time
Topics

Day 1
28/09/2014
12:15 – 12:30
Registration and Arrival of guests

12:30 – 12:45
Welcoming Remarks and Overview by the Secretary-General

12:45 – 13:25
Interactive Session: Presentation on the IFSB activities [IFSI Stability Report 2014, IFSB Membership Satisfaction Survey and Standards Implementation Survey] Q&A Session

13:25 – 14:30
Lunch

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

RSVP Form

Workshop on the Concepts and Methodology for the Construction of Prudential and Structural Indicators for Islamic Financial Institutions (PSIFI)
2014-09-15 09:00 - 2014-09-17 17:00 | Sasana Kijang, kuala lumpur, Malaysia
The Workshop is only open to Regulatory and Supervisory Authorities of IFSB member countries. Participation in the Workshop is BY INVITATION only. For more information on this workshop, please email to Ms. Nur Khairun Nissa Md Zawawi at khairun.nissa@ifsb.org

Programme – Event Session(s)

Date
Time
Topics

Day 1
15/09/2014
09:00 – 09:30
Registration

09:30 – 09:45
Opening Remarks by the IFSB

09:45 – 11:15
Introduction and Overview: Tour de Table

11:15 – 11:30
Coffee Break

11:30 – 13:00
Evolution of Financial Soundness Indicators (FSI) and PSIFI Programs

13:00 – 14:15
Lunch and Prayer

14:15 – 15:30
PIFI Core Indicators: Capital Adequacy Indicators (Basel and IFSB Standards)

15:30 – 15:45
Coffee Break

15:45 – 17:00
Numerical Examples

Day 2
16/09/2014
09:30 – 11:00
PIFI: Other Core Indicators

11:00 – 11:30
Coffee Break

11:30 – 13:00
PIFI: Additional Indicators

13:00 – 14:15
Lunch and Prayer

14:15 – 15:30
SIFI: Structural Indicators

15:30 – 15:45
Coffee Break

15:45 – 17:00
Numerical Examples: Questions and Answers

Day 3
17/09/2014
09:00 – 11:00
Classification, Aggregation, Consolidation

11:00 – 11:30
Coffee Break

11:30 – 13:00
Metadata and Form

13:00 – 14:15
Lunch and Prayer

14:15 – 15:30
Data Form and Filing Procedures

15:30 – 15:45
Coffee Break

15:45 – 17:00
Steps Forward and Questions and Answers

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

IFSB-FIS Workshop on IFSB Standards for Regulatory and Supervisory Authorities of the IFSB Member Countries (Banking Sector)
2014-08-18 09:00 - 2014-08-22 16:30 | Training Room 2.1 & 2.2, Level 2, Sasana Kijang, Bank Negara Malaysia, kuala lumpur, Malaysia
This Workshop is open to regulatory and supervisory authorities for the Islamic banking sector of the IFSB member countries. It intends to be a Train The Trainer programme for the staff on the IFSB Standards, and aims to:

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

The Workshop will focus on IFSB-15: Revised Capital Adequacy Standard for Institutions offering Islamic Financial Services, which was issued by the IFSB in December 2013 and GN-4: Guidance Note in Connection with the IFSB Capital Adequacy Standard.

Participation in this Workshop is by INVITATION only. For more information, please email to Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
18/08/2014
09:00 – 09:30
Registration

09:30 – 09:45
Opening Session

09:45 – 11:15
Session 1: IFSB-15: Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services [Excluding Islamic Insurance (Takāful) Institutions and Islamic Collective Investment Schemes] (IIFS) Introduction and Objectives of IFSB-15 Background of Capital Regulation in the Banking Sector IFSB Standards and Other Guidelines on Capital Adequacy Other International Developments Related to Capital Regime After Basel III

11:15 – 11:30
Coffee Break

11:30 – 13:00
Session 2: IFSB-15: Revised Capital Adequacy Standard for IIFS Components of Capital Capital Conservation Buffer Countercyclical Buffer Case Study on Components of Capital for IIFS

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3: IFSB-15: Revised Capital Adequacy Standard for IIFS Leverage Ratio Domestic Systemically Important Banks Group Exercise on Leverage Ratio Case Study on Countercyclical Buffer

16:00 – 16:30
Coffee Break

Day 2
19/08/2014
09:30 – 11:00
Session 4: IFSB-15: Revised Capital Adequacy Standard for IIFS Principles for Minimum Capital Requirements Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Past Due Receivables & Other Assets

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5: IFSB-15: Revised Capital Adequacy Standard for IIFS Credit Risk Mitigation Risk Mitigation Approaches Maturity Mismatch Recognition of Ratings by External Credit Assessment Institution (ECAI)

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6: IFSB-15: Revised Capital Adequacy Standard for IIFS Understanding the Market Risk in Islamic finance Policies and Procedures for Market risk Guidance on Valuation Practices Measuring Market Risks

16:00 – 16:30
Coffee Break

Day 3
20/08/2014
09:30 – 11:00
Session 7: IFSB-15: Revised Capital Adequacy Standard for IIFS Understanding the Operational Risk in Islamic finance Measuring Operational Risks Sharī`ah Non-compliance Risk Group Exercise

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8: GN-4: Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio Background of the Guidance Note Understanding Management of Profit-Sharing Investment Account (PSIA) Measurement of Risk Sharing in PSIA Role of Supervisory Authority in Determination of Alpha and Displaced Commercial Risk (DCR)

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9: GN-4: Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio An Algebraic Approach for Measuring DCR and Alpha Case Studies Experience Sharing from the IFSB Member Countries

16:00 – 16:30
Coffee Break

Day 4
21/08/2014
09:30 – 11:00
Session 10: IFSB-15: Revised Capital Adequacy Standard for IIFS Features of Sukūk and Securitisation Credit Enhancement for Sukūk Treatment for Regulatory Capital Purposes for Sukūk and Securitisation Exposures

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 11: IFSB-15: Revised Capital Adequacy Standard for IIFS Capital Requirements for Sukūk Capital Requirements where the IIFS is the Originator Treatment of Credit Risk Mitigation for Securitisation Exposures

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 12: IFSB-15: Revised Capital Adequacy Standard for IIFS Treatment of Credit Enhancement Provided by an Issuer or Originator Capital Requirements where the IIFS is the Credit Enhancer Case Study

16:00 – 16:30
Coffee Break

Day 5
22/08/2014
09:30 – 10:30
Session 13: 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

10:30 – 10:45
Coffee Break

10:45 – 11:45
Session 14: Special Session on Recent Developments in Capital Adequacy Framework at the Global Level

11:45 – 12:15
Closing Remarks and Certificate-Giving Ceremony

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

Lanai Kijang Room Reservation Form

IFSB-FIS Workshop Series for Banking & Takāful (Kazakhstan)
2014-06-17 09:00 - 2014-06-19 16:30 | Astana, InterContinental Almaty Hotel, Almaty, Kazakhstan
These Workshops will be held in Almaty, Kazakhstan and hosted by National Bank of the Republic of Kazakhstan (NBK).

Participation in these Workshops is by INVITATION only. For more information on these Workshops, please email to Ms. Yazmin Aziz at yazmin@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
17/06/2014
09:00 – 09:30
Registration

09:30 – 09:45
Opening & Keynote Session

09:45 – 11:15
Introduction to Islamic Finance Concept of Islamic Finance Products of Islamic banking Specificities of Islamic Finance

11:15 – 11:30
Coffee break

11:30 – 13:00
IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS) Focus on Credit Risk and Supervisory Perspective Focus on Market Risk & Supervisory Perspective Focus on Operational Risk & Supervisory Perspective Group Exercise

13:00 – 14:00
Lunch & Prayer

14:00 – 16:00
IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS) Focus on Equity Investment Risk & Supervisory Perspective Focus on Liquidity Risk & Supervisory Perspective Focus on Rate of Return Risk & Supervisory Perspective Case Study

16:00 – 16:30
Coffee break

Day 2
18/06/2014
09:30 – 11:00
IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of Institutions Offering Islamic Financial Services (Excluding Islamic Insurance (Takāful) Institutions and Islamic Collective Investment Schemes) Necessary Preconditions for Effective Supervision Supervisory Approaches in the Supervision of IIFS Regulatory Capital Requirements Internal Capital Adequacy Assessment Process

11:00 – 11:30
Coffee break

11:30 – 13:00
IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of Institutions Offering Islamic Financial Services (Excluding Islamic Insurance (Takāful) Institutions and Islamic Collective Investment Schemes) Governance and Risk Management Related Party Transactions Transparency and Market Discipline Consolidated and Home-host Supervision

13:00 – 14:00
Lunch & Prayer

14:00 – 16:00
IFSB-16: Revised Guidance on Key Elements in the Supervisory Review Process of Institutions Offering Islamic Financial Services (Excluding Islamic Insurance (Takāful) Institutions and Islamic Collective Investment Schemes) Islamic Window Operations Risk Concentration, Counterparty Credit Risk Reputational Risk, Hedging Techniques and Valuation Practices Supervisory Transparency and Accountability Case Study

Day 3
19/06/2014
09:30 – 11:00
Introduction to Takāful Principles Basic Principles of Takāful Takāful Models Prudential Issues in Takāful

11:00 – 11:30
Coffee break

11:30 – 12:00
IFSB-14: Standard On Risk Management for Takāful (Islamic Insurance) Undertakings Specificities of Takāful (Islamic Insurance) Undertakings Relevant to Risk Management Significant Risks of Particular Relevance to Takāful Enterprise Risk Management Key Elements In The Supervisory Review Process Of Risk Management for Takāful Undertakings Systemic risk considerations in Takaful

13:00 – 14:00
Lunch & Prayer

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

Seminar on the Prospects and Challenges in the Development of Islamic Finance for Kazakhstan
2014-06-16 08:30 - 17:30 | InterContinental Almaty Hotel, Almaty, Kazakhstan
The Seminar in Islamic Finance will be held in Almaty, Kazakhstan and hosted by National Bank of the Republic of Kazakhstan (NBK).

For more information on the event, please email yazmin@ifsb.org

Event Snapshots

Programme – Event Session(s)

Date
Time
Topics

Day 1
16/06/2014
08:30 – 09:30
Registration

09:30 – 10:30
Opening & Keynote Session

10:30 – 11:00
Coffee break

11:00 – 12:30
Session 1: Islamic Finance for Central Asia: Growth with Stability – Regulatory Issues and Key Preconditions The session will broadly focus on establishing the value proposition of inclusive growth through Islamic finance by highlighting key factors supporting growth of the Islamic financial services industry globally and regionally. This session will also look at the enabling framework for Islamic finance covering challenges in achieving a level playing field for Islamic finance, and in the regulation and supervision of Islamic financial institutions and Sharī`ah-compliant instruments to ensure the stability and resilience of the industry.

12:30 – 14:00
Lunch & Prayer

14:00 – 15:30
Session 2: The Role of Sukūk: Infrastructure Financing, Capital Market Instruments and High Quality Liquid Assets (HQLA) The session will highlight the potentials of Sukūk as an alternative development financing instrument for both public and corporate sectors. This session will also illuminate how Kazakhstan can benefit from Sharī`ah-compliant instruments and investment flows, through Sukūk, within the country and region. Studies will be presented on national experience in developing Sukūk from the perspective of benefits, risks and costs, regulatory and legal frameworks governing Sukūk transactions, as well as the role of supporting institutions such as rating agencies, and the organised exchanges for primary and secondary markets for Sukūk.

15:30 – 16:00
Coffee break

16:00 – 17:30
Session 3: Panel Discussion on the Way forward for the Development of Islamic Finance for Kazakhstan In this session, the panellists will aim to identify the national and regional opportunities and benefits, as well as key challenges for the development of Islamic finance in Central Asian countries, specifically to Kazakhstan. Discussions will also include ideas on a possible roadmap and the way forward for Kazakhstan’s Islamic financial services industry that can support the objectives of sustainable economic growth and infrastructure development in the country.

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

InterContinental Almaty Hotel – Reservation Form

IFSB-INCEIF Executive Forum: Islamic Capital Market: New Horizons, New Frontiers
2014-06-09 08:30 - 2014-06-10 17:30 | Training Room 3.1 & 3.2, Level 3, Sasana Kijang, Bank Negara, Malaysia
This IFSB-INCEIF Executive Forum on Islamic Capital Market: New Horizons, New Frontiers offers a platform for high level deliberations and exchanges of views among participants – global leaders from among practitioners, regulators and academics – on the dynamics of Islamic Capital Market (ICM). Among others, the two-day Executive Forum will see the sharing of experiences and discussions of specic issues facilitated by experienced speakers from among regulators, industry leaders and academics. The participants will benefit from delivering views of counterparts and peers of different backgrounds and geographical locations.

For more information on the Executive Forum, please email Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org

Programme – Event Session(s)

Date
Time
Topics

Day 1
09/06/2014
08:30 – 09:30
Morning Coffee and Registration

09:30 – 09:45
Opening and Welcoming Remarks

09:45 – 11:00
Session 1: Creating Dynamic Islamic Capital Markets: Challenges and opportunities Enhancing the financial infrastructure supporting Islamic Capital Markets (ICM) Identifying pockets of opportunities in ICM Ensuring the stability of ICM: The role of markets, risk paradigm and institutions Prioritising issues: Cross-border products, distribution, regulatory harmonisation, Shari`ah differences, depth of products/markets and trained practitioners

11:00 – 11:30
Group Photo and Coffee Break

11:30 – 13:00
Session 2: Sukuk: Trends and market sentiments Current trends of global Sukuk issuance and potential headwinds Investment in Sukuk: Still the “issuers” market in relation to pricing, yields and liquidity Providing a Sukuk friendly environment: Case studies from selective jurisdictions New opportunities for Sukuk in key regions e.g. the GCC, Africa and Europe

13:00 – 14:00
Lunch and Prayers

14:00 – 15:30
Session 3: Strengthening Islamic Asset Management: Adding value to Islamic Finance The case for Islamic Asset Management and its evolving role Performance is Key: Ways to boost current performance Methodologies and techniques in managing Islamic Assets Opportunities in Islamic Asset Management: New products, markets and prospects

15:30 – 16:00
Coffee Break

16:00 – 17:30
Session 4: Islamic Hedging: Leveraging IIFS or transferring risk Building the case for Shari`ah-compliant hedging The approach to risk, risk management and hedging from the perspective of IIFS Hedging strategies by IIFS: Room for further innovation Identifying solutions to issues related to Islamic Hedging: The role of standards and harmonisation towards providing clarity

Day 2
10/06/2014
08:30 – 09:30
Morning Cofee

09:30 – 11:00
Session 5: Islamic Real Estate Investment Trusts (I-REITs): Avenues for growth of Islamic Capital Market Analysing the frameworks for understanding I-REITs Comparing the growth of I-REITs and other ICM areas: Lessons to be learnt The I-REITs experience: Discussions and observations on the performance of global I-REITs, including case studies across countries Opportunities and challenges facing I-REITs

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 6: Islamic Venture Capital and the Screening Process: Strategies and policies The foundations of Islamic Venture Capital The current state of the Islamic Venture Capital Market vis-a-vis the conventional Venture Capital Market Islamic Venture Capital: The paradigm of screening and selecting entrepreneurs, products and models Enhancing the prospects and removing the impediments of growing Islamic Venture Capital

13:00 – 14:00
Lunch and Prayers

14:00 – 15:30
Session 7: Enhancing the Supervisory Role in ICM Structure The current ICM environment: Development post-crisis and post-Quantitative Easing (QE) Supervision of ICM: Developments and experiences across the globe Identifying and overcoming the risks of ICM from the perspective of supervision and enhancing the disclosure Case Study and Discussions: New rules, regulations and guidelines

15:30 – 16:00
Coffee Break

16:00 – 17:30
Session 8: Strategies and Policies for Developing ICM: Sharing success stories The role of private-public partnership in developing ICM Evolution of ICM globally: Legal rules, accounting and taxation Basel III and the potential impact of compliance on the development of ICM ICM development across jurisdictions: Case studies of Malaysia and the GCC

17:30 – 18:00
Closing Ceremony

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

IFSB-INCEIF Executive Forum

3.)

List of Confirmed Speakers

11th Islamic Financial Services Board Summit : New Markets and Frontiers for Islamic Finance: Innovation and the Regulatory Perimeter
2014-05-21 08:30 - 2014-05-22 17:30 | Le Meridien Ile Maurice Hotel, Port Louis, Mauritius
The 11th Islamic Financial Services Board Summit 2014 was held at the Le Meridien Ile Maurice, Mauritius and Bank of Mauritius was privileged to host the 11th Summit.

With the theme of this year’s Summit “New Markets and Frontiers for Islamic Finance: Innovation and the Regulatory Perimeter ”, this 11th Summit was the first IFSB Summit to be held in African continent, aimed to reflect the rapid growth of Islamic finance during the last decade which has been accompanied by its geographical expansion as well as by the establishment of guidelines and principles for its prudential regulation and supervision through the issuance of IFSB standards. The geographical expansion of Islamic finance into new markets has underscored the opportunities as well as challenges faced in new jurisdictions that seek to take advantage of an alternative source of development financing to drive inclusive growth. In emerging markets in Africa and Asia, the approaching deadline for attaining the Millenium Development Goals (MDGs) in 2015, and the difficult prospects for financing economic development post-2015 have spurred the search for additional sources of financing and raised interest in Islamic finance amongst both policy makers and multilateral development banks. Amongst developed economies, there is greater recognition of Islamic finance as offering prospects for raising investment funds by accessing the deepening global pools of Sharī`ah-compliant savings. Against this backdrop, the Summit provided an overview of global financial and regulatory developments from the perspective of Islamic finance. It will also explore some recent innovations that are driving inclusive growth while examining different policy and regulatory approaches to manage attendant risks.

Dr. The Honorable Navinchandra Ramgoolam, Prime Minister of the Republic of Mauritius delivered the Keynote Address at the Opening Session of the 11th Summit and launched the Islamic Financial Services Industry Stability Report 2014.

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

Legal and Regulatory Environment of Islamic Finance
Global Overview of the Islamic Financial Services Industry (IFSI): Outlook and Policy Developments
Sukūk, Market Development and Regulation
The Role of Islamic Finance in Economic Development: Promoting Financial Inclusion, Sustaining Innovation, Expanding the Regulatory Perimeter – Striking a Balance
New and Emerging Islamic Finance Jurisdictions: Opportunities and Challenges Ahead

In conjunction with the 11th IFSB Summit was the Summit Gala Dinner which was held on 21 May 2014. Dr. Ibrahim Turhan, Chairman and Chief Executive Officer of the Borsa Istanbul was invited to give the Keynote Address at the Dinner.

The 11th IFSB Summit was attended by more than 150 delegates from 27 countries comprising of senior officials from supervisory and regulatory bodies as well as representatives from international institutions, market players, accreditation, insurance and takaful, academia as well as other stakeholders of the Islamic financial services industry.

Event Snapshots

Programme – Event Session(s)

Date
Time
Topics

Day 1
19/05/2014
PRE-SUMMIT EVENTS – DAY 1

08:30 – 10:30
IFSB Meet the Members and Interactive Session (IFSB Members Only)

10:45 – 13:15
IFSB – IRTI Session on Mid-term Review of the “Islamic Financial Services Industry Development : Ten-Year Framework and Strategies”

14:30 – 16:00
Industry Development Session by Finance Accreditation Agency

16:00 – 17:30
Industry Development Session by The World Bank

Day 2
20/05/2014
PRE-SUMMIT EVENTS DAY 2

09:00 – 11:30
Industry Development Session by Asian Development Bank

11:00 – 13:30
Business Forum by Malaysia International Islamic Finance Centre (MIFC)

14:30 – 16:30
Knowledge Sharing Partner Session by INCEIF

19:00 – 22:00
Summit Welcome Reception (Hosted by Bank of Mauritius) For Summit Registered Participants Only

Day 3
21/05/2014
11TH ISLAMIC FINANCIAL SERVICES BOARD SUMMIT – DAY 1

08:30 – 09:30
Registration

09:30 – 10:30
Opening & Keynote Session

10:30 – 11:00
Coffee Break

11:00 – 12:30
Session 1: Legal and Regulatory Environment of Islamic Finance The session aims to highlight the importance of having in place effective legal and regulatory frameworks for Islamic finance to ensure a well-functioning IFSI in the Islamic finance jurisdictions.

12:30 – 14:00
Lunch

14:00 – 15:30
Session 2: Global Overview of the Islamic Financial Services Industry (IFSI): Outlook and Policy Developments This session aims to analyse the current level of development of the IFSI vis-à-vis conventional finance and focus on the potential growth of the industry.

15:30 – 16:00
Coffee Break

16:00 – 17:30
Session 3: Sukūk, Market Development and Regulation The session aims to highlight the development and initiatives undertaken in the IFSI and the role of Islamic finance in supporting long-term growth strategies and infrastructure needs.

19:00 – 21:30
11th IFSB Summit – Gala Dinner

Day 4
22/05/2014
11TH ISLAMIC FINANCIAL SERVICES BOARD SUMMIT – DAY 2

09:30 – 11:00
Session 4: The Role of Islamic Finance in Economic Development: Promoting Financial Inclusion, Sustaining Innovation, Expanding the Regulatory Perimeter – Striking a Balance This session aims to review the role of Islamic finance in promoting economic development, and identify gaps, challenges and prospects in increasing access to Islamic finance in the Islamic finance jurisdictions.

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5: Panel Discussion on “New and Emerging Islamic Finance Jurisdictions: Opportunities and Challenges Ahead” This session aims to explore the opportunities offered by the new and emerging Islamic finance jurisdictions as well as the corresponding challenges, and key success factors for the jurisdictions to grow and develop the industry moving forward.

13:00 – 14:00
Lunch End of Summit

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

11th Summit Brochure

3.)

11th Summit Programme

4.)

Hotel Online Reservation for Le Meridien Ile Maurice and Westin Hotels

5.)

Hotel Reservation Form – Casuarina Resort & Spa

6.)

Hotel Reservation Form – Le Victoria Hotel

7.)

Hotel Reservation Form – The Intercontinental Hotel

8.)

Hotel Reservation Form – The Maritim Hotel

9.)

Hotel Reservation Form – Trou Aux Biches

11th IFSB Summit
2014-05-19 - 2014-05-22 | Le Méridien Ile Maurice, MU, Village Hall Lane, Pointe aux Piments, Mauritius
The 11th IFSB Summit was held on 19 – 22 May 2014 in Le Meridien Ile Maurice, hosted by the Bank of Mauritius
11th IFSB Summit Opening Video

Speeches

Keynote Address: Dr. The Honorable Navinchandra Ramgoolam, Prime Minister of the Republic of Mauritius
Welcoming Address: H.E. Rundheersing Bheenick, Governor, Bank of Mauritius
Introduction of the PM: H.E. Rundheersing Bheenick, Governor, Bank of Mauritius
Gala Dinner Welcome Remarks: H.E. Rundheersing Bheenick, Governor, Bank of Mauritius
Speech: H.E. Muhammad bin Ibrahim, Deputy Governor, Bank Negara Malaysia

11th Summit Photo Album

Press Releases of the 11th Summit
23 May 2014 (Also available in Arabic)
New and Emerging Economies: Final Sessions of the 11th IFSB Summit Explores the Role, Prospects and Challenges of Islamic Finance
22 May 2014 (Also available in Arabic)
11th IFSB Summit Deliberates on the Importance of Legal and Regulatory Frameworks for Islamic Finance, and the Role of Sukūk in Supporting Growth
21 May 2014 (Also available in Arabic)
The Prime Minister of Mauritius Launches the IFSB’s Islamic Financial Services Industry Stability Report 2014
21 May 2014
Prime Minister of Mauritius Delivers Keynote Address at the 11th Islamic Financial Services Board’s Summit
19 May 2014
IFSB-IRTI Released the Mid-Term Review of the Ten-Year Framework and Strategies for Islamic Financial Services Industry Development
17 April 2014 (Also available in Arabic)
The IFSB Announces the Speakers for its 11th Annual Global Summit
20 March 2014 (Also available in Arabic)
Pre-Summit Events on 19 and 20 May 2014 Extend Value to the 11th IFSB Summit
13 January 2014 (Also available in Arabic)
Announcement of the 11th Summit Theme
26 November 2013
The IFSB Announces 11th Annual Summit to be Held in Mauritius

IFSB Documents released during the 11th Summit

Islamic Financial Services Industry Stability Report 2014
Prospects and Challenges in the Development of Islamic Finance for Bangladesh
Islamic Financial Services Industry Development: Ten-Year Framework and Strategies: A MID-TERM REVIEW

11th Summit Presentations

Speakers and registered participants are able to download softcopies of the Summit presentations from the IFSB Member Zone. Please use the access given to you during the registration. If you have problem downloading, please email: yazmin@ifsb.org.
IFSB member organisation can access the presentation using their organisation access. Please refer to your organisation’s contact person, or email puteri@ifsb.org.

9th Islamic Financial Stability Forum : Implementation of the IFSB Standards and Guiding Principles: Overview and Challenges
2014-03-27 15:30 - 17:15 | Brunei Darussalam, Brunei Darussalam
The IFSB organised its 9th Islamic Financial Stability Forum (9th IFSF) on 27 March 2014, in Brunei Darussalam.

The 9th IFSF was held in conjunction with the 24th Council Meeting of the IFSB, hosted by the Autoriti Monetari Brunei Darussalam (AMBD).

Programme – Event Session(s)

Date
Time
Topics

Day 1
27/03/2014
15:30 – 15:35
Chairman’s Remarks

15:35 – 16:55
Presentation on the IFSB Standard Implementation Survey: Overview and Challenges Speakers: 1. Mr. Jaseem Ahmed, Secretary-General, Islamic Financial Services Board 2. Mr. Zahid ur Rehman Khokher, Assistant Secretary-General, Islamic Financial Services Board Discussants: 1. H.E. Ravi Menon, Managing Director, Monetary Authority of Singapore 2. Mr. Muhammad Ashraf Khan, Executive Director, State Bank of Pakistan 3. Ms. Mashair Sabir, Director, Central Bank of Sudan

16:55 – 17:15
Coffee and Networking Break End of Forum

IFSB Annual Meetings 2014 (including 6th Legal Seminar, 6th Public Lecture, 9th IFSF)
2014-03-25 08:00 - 2014-03-27 17:00 | The Empire Hotel & Country Club, Bandar Seri Begawan, Brunei Darussalam
The 6th Seminar on Legal Issues in the Islamic Financial Services Industry, hosted by the Autoriti Monetari Brunei Darussalam (AMBD), was held on 25 March 2014 in Bandar Seri Begawan, Brunei Darussalam. The Seminar which carried the theme, Innovation in Sukūk Securitisation and Islamic Hedging Instruments: Developments and Challenges was part of the IFSB seminar series on legal issues, and aimed to create awareness on the emerging legal issues, developments and challenges in securitisation and Islamic hedging instruments.
Mr. Jaseem Ahmed, Secretary General of the IFSB and Mr. Rosdi Amin Dato Paduka Haji Yaakub, Deputy Managing Director of AMBD delivered the opening and welcoming speeches respectively. The keynote address was delivered by Dato’ Dr. Nik Ramlah Mahmood, Deputy Chief Executive, Securities Commission Malaysia.

Asset Securitisation and Sukūk Structuring
Growth of Islamic Hedging Instruments: Legal Issues and Challenges
Role of Institutional and Central Sharī`ah Boards in Structuring of Sukūk and Islamic Hedging Instruments

The Seminar saw the attendance of 147 participants from government, regulatory and supervisory bodies, legal sector and higher learning institutions, from among member and non-member organisations of the IFSB.
The Seminar was held as one of the side events during the IFSB Annual Meetings 2014.
Event Snapshots

Programme – Event Session(s)

Date
Time
Topics

Day 1
25/03/2014
6TH IFSB SEMINAR ON LEGAL ISSUES IN THE ISLAMIC FINANCIAL SERVICES INDUSTRY

THEME: INNOVATION IN SUKUK SECURITISATION AND ISLAMIC HEDGING INSTRUMENTS: DEVELOPMENTS AND CHALLENGES

08:30 – 09:30
Seminar Registration

09:30 – 10:30
Opening and Keynote Session

11:00 – 12:30
Session 1: Asset Securitisation and Sukuk Structuring This session will discuss the latest developments and progress in legislative frameworks in various jurisdictions dealing with securitisation of assets and structuring of Sukuk. The speakers will share their insights on the innovative structures used for issuing corporate, sovereign and international Sukūk and challenges faced by various legal systems in providing flexibility for these structures. The challenging issues related to rights and obligations of various parties to a securitisation transaction and the impact of insolvency will also be elucidated. Issues related to the conventional regimes adoptability of these structures will also be given due deliberation.

12:30 – 14:00
Lunch and Prayers

14:00 – 15:30
Session 2: Growth of Islamic Hedging Instruments: Legal Issues and Challenges The session will cover the recent innovations of Islamic hedging contracts, while illuminating on the legal challenges faced by Islamic financial services industry in offering such products. The speakers will deliberate on the legal developments and the future direction of Islamic hedging instruments in the wake of global regulatory reforms related to the requirement of central counterparties and exchange traded transactions.

15:30 – 16:00
Coffee Break

16:00 – 17:30
Session 3: Role of Institutional and Central Shariah Boards in Structuring of Sukuk and Islamic Hedging Instruments This session will focus on the role played by Sharī`ah supervisory boards at institutional and national level in providing Sharī`ah advice and governance in structuring, offering and reviewing of sophisticated products such as Sukūk and Islamic hedging instruments. The session will also illuminate recent developments and new approaches related to Sharī`ah governance mechanisms in facilitating development and innovation of these products.

Day 2
26/03/2014
09:00 – 09:30
6TH PUBLIC LECTURE ON FINANCIAL POLICY & STABILITY Registration

09:30 – 09:45
Opening Remarks

09:45 – 11:00
LECTURE 1 Islamic Moral Economy and Dynamics of the Development of Islamic Financial Services Industry

11:00 – 11:30
Coffee Break

12:30 – 14:30
IFSB MEET THE MEMBERS INTERACTIVE SESSION & LUNCH

19:30 – 21:00
WELCOME DINNER

Day 3
27/03/2014
09:30 – 12:10
24th MEETING OF THE COUNCIL OF THE IFSB

12:10 – 13:00
12th GENERAL ASSEMBLY

13:00 – 14:30
Lunch and Prayers

14:30 – 16:00
9th ISLAMIC FINANCIAL STABILITY FORUM

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

6th IFSB Legal Seminar Confirmed Speakers

IFSB-FIS Workshop Series (Sudan) Takaful: IFSB-14
2014-02-20 08:00 - 17:00 | Khartoum, Khartoum, Sudan, Sudan
This Workshop is hosted by the Central Bank of Sudan (CBoS).
This Workshop will cover IFSB-14: Guiding Principle on Risk Management for Takaful (Islamic Insurance) Undertakings.
This Workshop is OPEN TO ALL. However, there will be a charge of USD50 for non IFSB-member.
For more information on these Workshops, please email to Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org.
Programme – Event Session(s)

Date
Time
Topics

Day 1
20/02/2014
20 FEBRUARY, THURSDAY

09:00 – 09:30
Registration

09:30 – 09:45
Opening Session

09:45 – 11:15
Session 1: Takaful Principles Takaful Models Prudential Issues in Takaful

11:15 – 11:30
Coffee Break

11:30 – 13:00
Session 2: IFSB-14: Guiding Principle on Risk Management for Takaful (Islamic Insurance) Undertakings Specificities of Takaful (Islamic Insurance) Undertakings Relevant to Risk Management Significant Risks of Particular Relevance to Takaful Enterprise Risk Management

14:00 – 16:00
Session 3: IFSB-14: Guiding Principle on Risk Management for Takaful (Islamic Insurance) Undertakings Key Elements in the Supervisory Review Process of Risk Management for Takaful Undertakings Systemic Risk Considerations in Takaful Case Study

16:00 – 16:30
Coffee Break End of Workshop

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

6th Seminar on the Regulation of Takaful
2014-02-19 09:00 - 17:15 | Lebdah Hall B, Corinthia Hotel, Khartoum, Sudan
The 6th Seminar on the Regulation of Takaful, hosted by the Insurance Supervisory Authority of Sudan, was held on 19 February 2014 in Khartoum. The Seminar is part of the IFSB Seminar on Takaful series. The Seminar aimed to deepen understanding on pertinent issues relating to the regulation of Takaful, taking into consideration on the changing dynamics of the industry. Mr. Jaseem Ahmed, Secretary General of the IFSB and Mr. Nasr Eldeen Mohammad Omar, Chairman of Board of Directors, Insurance Supervisory Authority delivered the opening and welcoming speech respectively. 12 chairpersons and speakers who were senior financial sector supervisors, market players, and experts from international financial institutions were invited to discuss the following issues at the Seminar. The topics that were discussed in the Seminar were as follows: – Global Takaful Industry’s Development: Growth and Challenges – Solvency’s Quantitative Guide: Will a standardised approach ensure a stable and safe environment for the industry, or should the industry be given the flexibility to diversify its solvency requirements? – Retakaful Industry: Legal and Regulatory Developments and Ongoing Challenges -The Way Forward for Emerging Markets in establishing an effective regulatory framework, the right mix of product offerings whilst ascertaining the compliance to Shariah principles The Seminar saw the attendance of 64 participants from government, regulatory and supervisory bodies and industry players.

Event Snapshots

Programme – Event Session(s)

Date
Time
Topics

Day 1
19/02/2014
6TH SEMINAR ON REGULATION OF TAKAFUL – CURRENT REGULATORY ISSUES FACING THE ISLAMIC FINANCIAL INDUSTRY

09:00 – 09:30
Registration

09:30 – 10:00
Opening and Keynote Session

10:00 – 11:15
Session 1: Global Takaful Industry’s Development: Growth and Challenges Industry Updates: Achievements and challenges facing the industry in past years Restructuring Exercise: A prediction of growth or contraction of the industry Rising Regulatory challenges due to complexity of cross border transactions

11:15 – 11:45
Networking Session and Coffee Break

11:45 – 13:00
Solvency’s Quantitative Guide: Will a standardized approach ensure a stable and safe environment for the industry, or should the industry be given the flexibility to diversify its solvency requirements? Reality check: Implementation of IFSB-11 and Solvency II IAIS’ capital resources guidance and direction of the future Capital resources of the existing Takaful Operators (TOs) Adoption of quantitative guide by existing TOs

13:00 – 14:30
Lunch and Prayers

14:30 – 15:45
Retakaful Industry: Legal and Regulatory Developments and Ongoing Challenges Legal and regulatory challenges facing the Retakaful business Product structures and models for Retakaful: Moving toward convergence? Shariah governance of Retakaful Operators Dealing with limitations in the investment activities for Retakaful Operators Areas of improvement for Retakaful services

15:45 – 16:00
Networking Session and Coffee Break

16:00 – 17:15
Panel Discussion: The Way Forward for Emerging Markets in establishing an effective regulatory framework, the right mix of product offerings whilst ascertaining the compliance to Shariah principles The development of regulatory framework for emerging markets The expansion of micro-takaful initiatives to ensure financial inclusion The direction of the emerging market: Maintaining the existing Takaful models or venturing into new models

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

Meet the Members Session
2014-02-18 12:00 - 14:00 | Central Bank of Sudan, Khartoum, Sudan
Event Snapshots

Programme – Event Session(s)

Date
Time
Topics

Day 1
18/02/2014
12:00 – 12:10
Registration and Arrival of Guests

12:10 – 12:20
Welcoming Remarks

12:20 – 13:10
Interactive Session Presentation on IFSB Standard Implementation Survey and FIS Initiatives in Views of the Strategic Performance Plan

13:10 – 14:00
Lunch

Downloadable Document(s)

1.)

Event Session(s) – PDF Format
