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

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

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

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 [email protected] 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

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 [email protected]  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  

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  Q&A Session 13:25 - 14:30 Lunch Downloadable Document(s) 1.) Event Session(s) - PDF Format 2.) RSVP Form

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 [email protected] 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