IFSB FIS-Workshop on Islamic Capital Markets

Arapcami Mahallesi Bankalar Caddesi No: 21/A Kat:1-2 34420 Karakoy,Beyoglu, Istanbul Istanbul, Turkey

This Workshop is hosted by the Capital Markets Board of Turkey (CMB) The Workshop will cover the following IFSB Standards and Guiding Principles: • IFSB-6: Guiding Principles on Governance for Islamic Collective Investment Schemes • IFSB-7: Capital Adequacy Requirements for Sukūk, Securitisations and Real Estate Investment • IFSB-9: Guiding Principles on Conduct of Business for Institutions Offering Islamic Financial Services • IFSB-10: Guiding Principles on Sharī’ah Governance System for Institutions Offering Islamic Financial Services Participation in the Workshop is BY INVITATION only. For more information on the Workshop, please email to Mrs. Azizakhon Yarlaeva at [email protected] Programme - Event Session(s) Date Time Topics Day 1 04/03/2013 09:00 - 09:30 Registration 09:30 - 09:50 Opening Session 09:50 - 11:15 Session 1: Introduction to Islamic Capital Market Concept of Islamic Finance Key Products of Islamic Capital Market Key Issues in Islamic Capital Market 11:15 - 11:30 Coffee Break 11:30 - 13:00 Session 2: IFSB - 7: Prudential Issues in Sukūk Instruments Sukūk Structures Collateral Security Structures Risks in a Securitization Structures Operational Requirements Pertaining to Sukūk and Securitizations 13:00 - 14:00 Lunch & Prayer 14:00 - 15:30 Session 3: IFSB - 7: Prudential Issues in Sukūk Instruments Cont’d Credit Risk Mitigation for Securitization Exposures Credit Enhancement for Shariah Compliant Securitization Case Study 15:30 - 16:00 Coffee Break 16:00 - 17:30 Session 4: Case Study Sukūk Structures Prudential Issues from Sukūk Structures Experience Sharing Session Day 2 05/03/2013 09:00 - 11:00 Session 5: IFSB - 6: Governance for Islamic Collective Investment Schemes Definition of ICIS, General Governance Approach of ICIS Transparency and Disclosure Compliance with Shariah Rules and Principles Additional Protection for ICIS Investors Case Study 11:00 - 11:15 Coffee Break 11:15 - 13:00 Session 6: IFSB-9: Conduct of Business Islamic Perspective on Conduct of Business Conduct of Business and Financial Stability IFSB Recommendations on Conduct of Business Case Study 13:00 - 14:00 Lunch & Prayer 14:00 - 15:30 Session 7: IFSB - 10: Shariah Governance System General Governance Approach to Shariah Governance System Requirements on Shariah Governance System Guiding Principles on Shariah Governance -Case Study & Group Exercise Centralised vs. Decentralised Sharīah Governance System 15:30 - 15:50 Coffee Break Downloadable Document(s) 1.) Event Session(s) - PDF Format

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

Sasana Kijang, Kuala Lumpur, Malaysia Kuala Lumpur, Malaysia

These Workshops will address the following IFSB Standards and Guidance Principles: • IFSB-6: Guiding Principles on Governance for Islamic Collective Investment Schemes • IFSB-7: Capital Adequacy Requirements for Sukūk, Securitisation and Real Estate Investment • IFSB-8: Guiding Principles on Governance for Takāful (Islamic Insurance) Undertakings • IFSB-9: Guiding Principles on Conduct of Business for Institutions Offering Islamic Financial Services • IFSB-10: Guiding Principles on Sharī`ah Governance Systems for Institutions Offering Islamic Financial Services • IFSB-11: Standard on Solvency Requirements for Takāful (Islamic Insurance) Undertakings Participation in these Workshops are by INVITATION only. For more information on these Workshops, please email to Mrs. Azizakhon Yarlaeva at [email protected]. Programme - Event Session(s) Date Time Topics Day 1 11/03/2013 09:50 - 16:00 Islamic Capital Markets: Sessions 1 - 3 SESSION 1: Introduction to Islamic Capital Market (Concept of Islamic Finance, Products of Islamic Capital Market, Issues in Islamic Capital Market) SESSION 2: IFSB – 7: Prudential Issues in Sukūk Instruments (Sukūk Structures, Collateral Security Structures, Risks in a Securitization Structures, Operational Requirements Pertaining to Sukūk and Securitizations) SESSION 3: IFSB – 7: Prudential Issues in Sukūk Instruments Credit Risk Mitigation for Securitization Exposures Credit Enhancement for Sharī’ah Compliant Securitization Case Studies 09:50 - 16:00 Takâful: Sessions 1 - 3 SESSION 1: Introduction to Islamic Finance and Takāful Concept and Contracts in Islamic Finance Takāful Models Prudential Issues in Takāful SESSION 2: Guiding Principles on Governance for Takāful (Islamic Insurance) Undertakings Reinforcement of Relevant Good Governance Practices Independence and Integrity of Governance Organs Appropriate Code of Ethics and Conduct Protection of Rights and Interests of Takāful Participants Appropriate Disclosures to Material and Relevant Information SESSION 3: Standard on Solvency Requirements for Takāful (Islamic Insurance) Undertakings Specificities of Solvency Requirements for Takāful Solvency Control Levels Criteria for Assessing the Quality and Suitability of Solvency Resources in the Takāful and Shareholders’ Funds Risk Management Framework Day 2 12/03/2013  DAY2 09:30 - 16:00 Islamic Capital Markets: Sessions 4 - 6 SESSION 4: IFSB – 6: Governance for Islamic Collective Investment Schemes Definition of ICIS General Governance Approach of ICIS Transparency and Disclosure SESSION 5: IFSB – 6: Governance for Islamic Collective Investment Schemes Cont’d Compliance with Sharī’ah Rules and Principles Additional Protection for ICIS Investors Case Studies SESSION 6: Countries Experiences Sharing session 09:30 - 11:00 Takâful: Sessions 4 - 6 SESSION 4: Case Studies IFSB - 8: Guiding Principles on Governance for Takâful (Islamic Insurance) Undertakings IFSB - 11: Standard on Solvency Requirements for Takâful (Islamic Insurance) Undertakings SESSION 5: Guidance Note on the Recognition of Ratings by external Credit Assessment Institutions (ECAIS) on Takâful and ReTakâful Undertakings Legal and Corporate Structure Underwriting Surpluses and Capital Levels Analytic Considerations which Refer in Particular to ReTakāful SESSION 6: Risk Management and Other Prudential Issues in Takāfu Country Experience Sharing Session Day 3 13/03/2013 09:30 - 16:00 Islamic Capital Markets & Takâful: Sessions 7 - 9 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 SESSION 8: IFSB - 10: Sharī’ah Governance System General Governance Approach to Sharī’ah Governance System Requirements on Sharī’ah Governance System SESSION 9:IFSB - 10: Sharī’ah Governance System Case Studies Downloadable Document(s) 1.) Event Session(s) - PDF Format 2.) Agenda - Takaful

IFSB-FIS Regional Workshops on Liquidity Risk Management and Stress Testing Standards

Grand Dorsett Labuan labuan, Malaysia

The Workshops are hosted by Labuan Financial Services Authority (LFSA) Participation is BY INVITATION only. For more information on the Workshops, please email Mrs. Azizakhon Yarlaeva at [email protected] Programme - Event Session(s) Date Time Topics Day 1 25/03/2013 09:00 - 09:30 Registration 09:30 - 09:50 Opening Session: Opening Remarks by the IFSB 09:50 - 11:15 Session 1: Overview of the IFSB Guiding Principle on Risk Management for the IIFS Islamic Finance: Concept and Contracts and Risks Implication for IIFS Overview of Prudential Issues in IIFS IFSB key Risk Categorie 11:15 - 11:30 Coffee Break 11:30 - 13:00 Session 2: Guiding Principles on Liquidity Risk Management for IIFS Funding and Market Liquidity Risk Necessary Conditions for an Effective Liquidity Risk Management in IFSI Governance Structure: Role of the Board of Directors and Senior Management Identification of Liquidity Risk Case Study / Group Discussion 13:00 - 14:00 Lunch and Prayers 14:00 - 15:30 Session 3: Guiding Principles on Liquidity Risk Management for IIFS Interactions of Liquidity Risk and Implications of Islamic Financing Contracts Measurement of Liquidity Risk Diversification of the Funding Base Consolidated Management of Liquidity Risk Case Study / Group Discussion 15:30 - 15:45 Coffee Break 15:45 - 16:30 Session 4: Guiding Principles on Liquidity Risk Management for IIFS Maintaining High - Quality Liquidity Buffer Preparing a Contingency Funding Plan Managing Sharī`ah - Compliant Collateral Case Study / Group Discussion Day 2 26/03/2013 09:30 - 11:15 Session 5: Guiding Principles on Liquidity Risk Management for IIFS Collaboration Between IIFS Meeting Payment and Settlement System Obligations Foreign Exchange Liquidity Risk Reporting and Disclosure of Liquidity Risk Case Study/ Group Discussion 11:15 - 11:30 Coffee Break 11:30 - 13:00 Session 6: Guiding Principles Liquidity Risk Management for Supervisory Authorities Responsibility for Supervision of Liquidity Risk & Need for Supervisory Regulations Supervisors Role as Provider of Liquidity Support Supervision of Liquidity Risk at Consolidated Level Home - Host and Cross - Sector Supervision of Liquidity Risk Supervisors Role in Contingency Planning & Development of Infrastructure Case Study / Group Discussion 13:00 - 14:00 Lunch and Prayers 14:00 - 15:00 Session 7: Launching of the IFSB Survey Findings on Sharī`ah - Compliant Lender of Last Resort (SLOLR) 15:00 - 15:15 Coffee Break 15:15 - 16:30 Session 8: Understanding Stress Testing for Financial Institutions Stress testing as a risk Management tool Stress Testing and Global financial crisis International Guidance on Stress Testing and Gap Analysis IFSB Comprehensive Stress Testing Framework for IIFS Governance Aspects of the Stress Testing Framework Identification of Risk Factors and Coverage of Scenarios Day 3 27/03/2013 09:30 - 11:15 Session 9: Guiding Principles on Stress Testing for IIFS (Cont’d) Specific Elements of IIFS in Stress Testing Stress Testing Methodologies Frequency of Stress Testing Outputs of Stress Testing and Remedial Actions Disclosure of the Stress Testing Programme Case Study on Liquidity Risk Stress Testing Group Exercise 11:15 - 11:30 Coffee Break 11:30 - 13:00 Session 10: Stress Testing Solvency Simulation Exercises: How to conduct Micro level (or IIFS level) Stress Testing Capital Requirements Stress Testing Credit risk and market risk related Stress Testing Sharī`ah Non- Compliance Stress Testing 13:00 - 14:00 Lunch and Prayers 14:00 - 15:30 Session 11: Stress Testing Solvency Simulation Exercises (Cont d): How to conduct Micro level (or IIFS level) Stress Testing Capital Requirements Stress Testing Credit risk and market risk related Stress Testing Sharī`ah Non- Compliance Stress Testing 15:30 - 16:45 Coffee Break 15:45 - 16:00 Session 12: Guiding Principles on Stress Testing for Supervisory Authorities Regular and Comprehensive Assessments of IIFS Stress Testing Supervisory Evaluation of an IIFSs Stress Testing Methodology Designing and Implementing System-Wide Stress Tests and Frequencies Corrective Actions & Regular Supervisory Dialogue with IIFS and the Industry Cross-border Issues and Home-Host Coordination Stress Testing Reporting Disclosures and Format 16:30 - 17:00 Closing Ceremony Downloadable Document(s) 1.) Event Session(s) - PDF Format

IFSB Annual Meetings 2013: 22nd Meeting of the Council, 11th General Assembly of the Islamic Financial Services Board & Other Events

- Bali, Indonesia

The Annual Meetings 2013 are hosted by Qatar Central Bank. Invitation letters have been sent to all members. Please submit your registration forms to Ms. Ismawaty at [email protected] / [email protected]. Programme - Event Session(s) Date Time Topics Day 1 06/04/2013 EVENT 1 : IFSB-IRTI ROUNDTABLE ON THE MID-TERM REVIEW OF THE ISLAMIC FINANCIAL SERVICES INDUSTRY DEVELOPMENT: TEN-YEAR FRAMEWORK AND STRATEGIES EVENT 2 : IFSB MEET-THE-MEMBERS SESSION 08:30 - 09:00 EVENT 1 : IFSB-IRTI ROUNDTABLE ON THE MID-TERM REVIEW OF THE ISLAMIC FINANCIAL SERVICES INDUSTRY DEVELOPMENT: TEN-YEAR FRAMEWORK AND STRATEGIES Registration 09:00 - 09:15 Opening and Welcoming Address 09:15 - 09:45 Session 1: The Ten-Year Framework and Strategies and Their Relevance in Light of The Current Financial Climate Overview of the Ten-Year Framework and Strategies: Status and assumptions Progress of the implementation of the Ten-Year Framework and Strategies Development in the global financial system post-crisis and the impact on the Ten-Year Framework and Strategies The relevance of the Ten-Year Framework and Strategies post-crisis: New challenges and priorities for the IFSI 09:45 - 09:45 Discussion 10:15 - 10:30 Coffee Break 10:30 - 11:00 Session 2: National Level Strategic Plans for The Promotion and Development of Islamic Finance Post-Crisis in the Following Regions: (a) Developed jurisdictions in Asia and the Middle East (b) Developing jurisdictions in Europe (c) New entrance in A Country Experience Specific and Common Issues Faced by the Regions Challenges in Terms of Islamic Financial Architecture and Infrastructure and Institutions 11:00 - 11:30 Discussion 11:30 - 12:15 Session 3: Islamic Financial Architecture and Infrastructure Development: Review of The Broad Strategies and Initiatives Identified in The 10-Year Framework Islamic financial architecture and infrastructure development for Islamic banks, non-banking financial institutions, Islamic capital markets and Takaful: Progress of strategies and initiatives, and issues and challenges Outlook and new challenges facing the IFSI in terms of financial architecture and infrastructure requirements Policies and enabling environment for the IFSI Proposed priorities and recommendations for financial architecture and infrastructure development in light of the changing landscape in the global financial system 12:15 - 12:45 Discussion 12:45 - 14:15 EVENT 2: Meet the Members Lunch (For IFSB Members Only) Arrival of Guests Opening Session-Welcoming remarks Interactive Session-Presentation & Q&A Session Luncheon 14:15 - 15:00 Session 4: Institutional Development: Review of The Current Broad Strategies and Initiatives Identified in The 10-Year Framework Institutional development for Islamic banks, non-banking financial institutions, Islamic capital markets and Takaful: Progress of strategies and initiatives, and issues and challenges Outlook and new challenges facing the IFSI in terms of institutional development Proposed priorities and recommendations for institutional development in light of the changing landscape in the global financial system 15:00 - 15:30 Discussion 15:30 - 16:15 Session 5: Implementation of the Ten-Year Framework and Strategies: The Way Forward Formulating and implementing new strategies and initiatives to achieve the objective of the Ten-Year Framework and Strategies Proposed revision of the Ten-Year Framework and Strategies Resolutions and recommendations for the Ten-Year Framework and Strategies 16:15 - 17:00 Discussion, resolutions and recommendations 17:00 - 17:15 Coffee Break End of Roundtable 20:00 - 22:00 Welcome Dinner Day 2 07/04/2013 22ND COUNCIL MEETING, GENERAL ASSEMBLY AND SIDE EVENT 09:30 - 12:40 22nd meeting of the Council of the IFSB (For Council Members Only) 12:45 - 13:15 11th General Assembly (For IFSB Members Only) 14:30 - 16:00 7th Islamic Financial Stability Forum (For IFSB Council Members, Regulatory Authorities and International Organisation) END OF EVENT Downloadable Document(s) 1.) Event Session(s) - PDF Format

7th Islamic Financial Stability Forum : Financial Reforms in Response to the Global Crisis: Lessons for Islamic Finance in Ensuring Financial Stability

Qatar , Qatar

The IFSB organised its 7th Islamic Financial Stability Forum (7th IFSF) on 7 April 2013, in Qatar. The 7th IFSF was held in conjunction with the 22nd Council Meeting of the IFSB, hosted by Qatar Central Bank. Programme - Event Session(s) Date Time Topics Day 1 07/04/2013 14:30 - 14:40 Chairman’s Remarks H.E. Abdullah Saud Al-Thani, Governor, Central Bank of Qatar, and Chairman, Council of the IFSB 14:40 - 15:40 Financial Reforms in Response to the Global Financial Crisis: Lessons for Islamic Finance in Ensuring Financial Stability Performance of the financial services industry post crisis Financial regulatory and supervisory reform: Policies and institutions, implementation and progress to date Integrating Islamic finance into the existing financial architecture Strengtheningthe stability and resilience of the Islamic financial services industry moving forward: Strategies and challenges in implementation Speaker: H.E. Dr. Zeti Akhtar Aziz, Governor, Bank Negara Malaysia Discussant 1. H.E. Dr. Atiur Rahman, Governor, Bangladesh Bank 2. H.E. Yaseen Anwar, Governor, State Bank of Pakistan 15:40 - 16:00 Coffee and Networking Break End of Forum Downloadable Document(s) 1.) Event Session(s) - PDF Format

4th Islamic Financial Services Forum: The European Challenge

Banca d'Italia, via Nazionale 91 rome, Italy

The fourth edition of the Forum series was organised in response to the increasing interest shown by European countries in Islamic financial services which is tailored for European regulators and market players to discuss on issues and challenges that Europe may face in exploring the opportunities and developing its’ Islamic financial services industry. 13 chairpersons and speakers who were senior financial sector supervisors, market players, and experts from international financial institutions were invited to discuss the following four issues at the Forum: Overview of the Islamic Financial Landscape: Globally and in Europe Assessing the Legal, Regulatory and Institutional Challenges in Light of Developments in Europe Sukūk in Europe: Response to a Changing Financial Environment Panel Discussion on Islamic Finance in Europe: Challenges and Opportunities in the Current Financial Climate The Forum saw the attendance of approximately 85 participants from government, regulatory and supervisory bodies, capital markets and industry players as well as academicians. The Forum was hosted by Banca d'Italia. Event Snapshots Programme - Event Session(s) Date Time Topics Day 1 09/04/2013 09:00 - 09:30 Registration 09:30 - 10:15 Opening and Keynote Session 10:15 - 11:30 Session 1: Overview of the Islamic Financial Landscape: Globally and in Europe This session explicates the growth and trend of the global Islamic financial services industry, particularly in Europe, its growth drivers, as well as prospects and challenges facing the industry post-crisis. 11:30 - 11:45 Coffee Break 11:45 - 13:00 Session 2: Assessing the Legal, Regulatory and Institutional Challenges in Light of Developments in Europe The introduction of further regulatory and supervisory reforms post-crisis to promote financial stability in Europe is expected to pose new challenges to the development of the Islamic financial services industry in the region. This session aims to identify the challenges, particularly in the legal, regulatory and institutional areas, and proposed measures that will enable Islamic financial services to be offered in the Euro area. 13:00 - 14:00 Lunch 14:00 - 15:15 Session 3: Sukūk in Europe: Response to a Changing Financial Environment The financial crisis poses challenges to the development and progress of both conventional and Islamic finance in Europe. This session aims to explore the role of Sukūk with reference to their possible value addition and the financial stability and supervisory issues involved. 15:15 - 15:30 Coffee Break 15:30 - 17:00 Session 4: Panel Discussion on Islamic Finance in Europe: Challenges and Opportunities in the Current Financial Climate The session proposes to identify the current challenges and opportunities presented by Islamic Finance for the European nations from various viewpoints. 17:00 - 17:20 Concluding Remarks Downloadable Document(s) 1.) Event Session(s) - PDF Format 2.) Brochure 3.) Hotel Reservation Form - Grand Hotel de la Minerve 4.) Hotel Reservation Form - Jumeirah Hotel 5.) Hotel Reservation Form - Quirinale Hotel 6.) Hotel Reservation Form - St. Regis Hotel 7.) List of Hotels in Rome

IFSB – INCEIF Executive Forum on Islamic Finance: Building Risk Management Infrastructures in Islamic Financial Institutions

Training Room 2.1 & 2.2, Sasana Kijang kuala lumpur, Malaysia

The Executive Forum aims to provide a platform for global leaders in Islamic finance to discuss selected emerging issues faced by the global Islamic financial services industry, with special emphasis on issues related to the supervisory and prudential regulation, both at national and international levels. The Executive Forum will harness the experiences of a distinguished pool of global experts, regulators, supervisors, academics and industry practitioners. Programme - Event Session(s) Date Time Topics Day 1 29/04/2013 EXECUTIVE FORUM: DAY 1 08:30 - 09:30 Morning Coffee and Registration 09:30 - 09:45 Opening and Welcoming Remarks 09:45 - 11:00 Firm-Wide Risk Management Framework for Islamic Banks Why Risk Management Approaches in Islamic Banks Should Differ from the Conventional Approaches Firm-Wide Risk Management: Solutions for a Holistic Approach in Managing Risks in Islamic Banking Operations Role of Corporate Governance in Islamic Banking Risk Management: How We Can Learn from International Best Practices Social Responsibility and Fiduciary Risk Management: Key for Sustainable Islamic Banking Business 11:00 - 11:30 Coffee Break 11:30 - 13:00 Credit Risk Minimisation in Islamic Banking Practices How Global Financial Regulatory Regimes on Credit Risk are Applicable to Islamic Banking Operations Finding Ways to Manage Specificities of Islamic Finance Related to Credit Risk in the Islamic Banking Business Lessons Learnt from Previous Default Cases in Islamic Banking Portfolios Imminent Challenges in Credit Risk Management 13:00 - 14:00 Group Photo, Lunch and Prayers 14:00 - 15:30 Resolving Issues in Liquidity Management in Islamic Banks Challenges in Liquidity Risk Management in Islamic Banks Development of Instruments for Liquidity Management: How Advanced Are We? Developing Effective Liquidity Management Policies Sharī`ah-Compliant Lender of the Last Resort (LOLR) Facilities: Are they Adequate? 15:30 - 16:00 Coffee Break 16:00 - 17:30 Risk-Sharing via Equity Financing: Enhancing Potentials and Confronting Issues Exploring Business Opportunities for Equity Investment and Equity Financing How to Apply Risk-Sharing Equity Investment and Financing in Islamic Banking Operations Mitigating Risks in Equity Investment and Financing Regulatory and Commercial Issues in Financing Risk-Sharing Initiative Day 2 30/04/2013 EXECUTIVE FORUM: DAY 2 08:30 - 09:30 Morning Coffee 09:30 - 11:00 A Holistic Approach in Managing Sharī`ah Non - Compliance Risks Sharī`ah Non-Compliant Risks and Potential Impacts on Islamic Banks How to Measure Sharī`ah Non-Compliant Risks Developing Risk Mitigating Techniques and Infrastructures for Sharī`ah Non-Compliant Risks Necessary Conditions for Effective Sharī`ah Non-Compliant Risk Management 11:00 - 11:30 Coffee Break 11:30 - 13:00 Regulating Minimum Capital Requirements to Foster Stability of the Islamic Banking Industry Impact of the Changes in Global Regulatory Capital Regimes, including Basel III, on Islamic Banks Recognising the Specificities of Islamic Banks in Capital Adequacy Requirements Examining Current Practices in the Structure of Capital Adequacy Ratio (CAR) of Islamic Banking in Various IFSB Member Countries Challenges in the Implementation of IFSB-2: Capital Adequacy Requirements for Institutions offering Islamic Financial Services 13:00 - 14:00 Lunch and Prayers 14:00 - 15:30 Supervisory Perspectives on Risk and Governance Prudential Risks in Islamic Banking and Takāful - How do these Differ from Conventional Banking? Governance, Remuneration and Conflicts of Interest Pragmatism and Practicality Enforceability, Market Conduct and Affinity Fraud 15:30 - 16:00 Coffee Break 16:00 - 17:30 Risk-based Supervision in Islamic Banking Rationale for Risk-Based Supervision How the Specificities of Islamic Banking Businesses are Incorporated in Risk-Based Supervision Rules and Regulations on Risk-Based Supervision: International and Country Perspectives Overcoming Challenges in Risk-Based Supervision in Islamic Banks 17:30 - 18:00 Closing Ceremony & Certificate Presentation Downloadable Document(s) 1.) Event Session(s) - PDF Format 2.) Brochure

10th IFSB Summit

Kuala Lumpur Kuala Lumpur, Malaysia, Malaysia

The IFSB celebrates it's 10th Anniversary during the 10th IFSB Annual Summit 16 - 17 May 2013 | Kuala Lumpur, Malaysia 10th IFSB Summit Opening Video IFSB 10th Anniversary Video   Anniversary Messages from Global Financial Leaders

10th Islamic Financial Services Board Summit – The Future of the Islamic Financial Services Industry: Resilience, Stability and Inclusive Growth

Sasana Kijang kuala lumpur, Malaysia

The 10th Islamic Financial Services Board Summit 2013 was held in Sasana Kijang, Kuala Lumpur, Malaysia, hosted by Bank Negara Malaysia. The theme of the Summit “The Future of the Islamic Financial Services Industry: Resilience, Stability and Inclusive Growth”, aimed to examine regulatory policies that underpin inclusive growth with stability. These include the potentially significant impact on the (IFSI) arising from further reforms at the global level by international intergovernmental organisations and international standard-setting bodies to promote global financial stability. As the global industry enters its next phase of growth in an increasingly challenging economic and financial environment, this necessitates the need to reflect on the lessons learnt, including from the global crisis, and to have in place a comprehensive regulatory framework to ensure a resilient and stable industry moving forward, in particular given the escalating cross-sectoral nature and interconnectedness of the industry. 18 chairmen and speakers who were Governors and deputy governors as well as senior financial sector supervisors and experts from international financial institutions participated as speakers. The Summit was attended by over 300 delegates from 35 countries comprising of senior officials from supervisory and regulatory bodies as well as representatives from international institutions, market players, accreditation, insurance and Takāful, academia as well as other stakeholders of the Islamic financial services industry. The Summit was preceded by 2-day pre-Summit events as follows: 14 May 2013 IFSB Meet the Members Lunch & Release of the Islamic Financial Services Industry Stability Report 2013 IFSB-IRTI Forum on Mid-term Review of the “Islamic Financial Services Industry Development: Ten Year Framework and Strategies” 15 May 2013 Islamic Finance Development Showcase: The Role of Multilaterals in Developing the Industry by the Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC) & Istanbul Stock Exchange (ISE) Business Talk on Ethical Investing: Future Outlook and Opportunities - by the Malaysia International Islamic Financial Centre (MIFC) Knowledge Sharing Partner Session: Facets of Islamic Finance: Stability, Resilience and Financial Inclusion by International Centre for Education in Islamic Finance (INCEIF). IFSB 10th Anniversary Dinner, 16 May 2013 In conjunction IFSB’s 10th Anniversary, an Anniversary Dinner was organised to commemorate the milestones and achievements of the IFSB over this decade, as well as to accord a tribute to the IFSB members and industry stakeholders for the support and cooperation to the organisation. In addition to the commemoration was to honour the Founding Members of the organisation in 2002. Four (4) out of the total nine (9) Founding Members attending the Summit were: H.E. Dr. Zeti Akhtar Aziz, Governor, Bank Negara Malaysia H.E. Dr. Ahmad Mohamad Ali Al-Madani, President, Islamic Development Bank H.E. Dr. Ishrat Hussain, Former Governor, State Bank of Pakistan H.E. Dr. Sabir Hassan, Former Governor, Central Bank of Sudan Event Snapshots Programme - Event Session(s) Date Time Topics Day 1 14/05/2013 PRE-SUMMIT EVENTS - DAY 1 12:00 - 14:00 IFSB - Meet the Members Lunch (Only for IFSB Members) 11:30 - 12:00 Registration 12:00 - 12:20 Welcoming Remarks 12:10 - 13:10 Interactive & Q&A Session 13:10 - 14:00 Lunch 14:00 - 17:00 IFSB-IRTI Forum on Mid term Review of the “Islamic Financial Services Industry Development : Ten Year Framework and Strategies” Day 2 15/05/2013 PRE-SUMMIT EVENTS - DAY 2 09:00 - 11:30 Country Showcase - 1 11:00 - 13:30 Business Talk by MIFC 13:00 - 19:00 Summit Pre-Registration 14:00 - 17:00 Knowledge Sharing Partner Session by INCEIF 14:00 - 14:30 Registration 14:30 - 14:40 Welcoming Remarks 14:40 - 15:40 Panel Discussion 15:40 - 16:30 Q&A Session 20:00 - 22:00 Summit Welcome Reception (hosted by Bank Negara Malaysia) (for Summit Registered Participants Only) Day 3 16/05/2013 10TH ISLAMIC FINANCIAL SERVICES BOARD SUMMIT - DAY 1 08:30 - 09:30 Registration 09:30 - 10:30 Opening and Keynote Session 10:30 - 11:00 Coffee Break & Networking 11:00 - 12:30 Session 1 : Financial Regulatory Reforms: Global Overview This session aims to highlight the reform initiatives undertaken at international level to promote financial stability and their impact on the Islamic financial services industry (IFSI). In the context of the medium-term outlook for the global economy, the session will assess the implications of global regulatory reforms which will impact the capital buffers and liquidity positions of financial institutions. The implementation of Basel III requirements poses both challenges and opportunities for Islamic financial institutions, which will have to devote significant efforts and resources to meet the new international standards. 12:30 - 14:00 Lunch 14:00 - 15:30 Session 2 : Cross-sectoral Approach to the Regulation of Islamic Finance and Market Development: Lessons Learnt This session aims to identify measures to be undertaken in light of the interconnectedness of Islamic financial institution and market segments. The expansion of Takāful and capital market segments in Islamic finance underscores the cross-sectoral nature of the activities of institutions in the IFSI, and the common features of their banking, securities (fund management) and Takāful operations. This session will evaluate the state of progress in the corresponding development of the cross-sectoral regulatory and prudential framework. The work of various international standard-setters in the preparation of core principles for prudential regulation and supervision will be examined in the context of understanding the lessons that can be learnt from them. 15:30 - 16:00 Coffee Break & Networking 16:00 - 17:30 Session 3 : New Markets, New Frontiers - Prospects and Challenges This session aims to identify the progress of development in growth areas for Islamic finance, as well as the prospects and challenges. As Islamic finance expands into new markets and across new frontiers in Africa, Asia, and the Middle East the prospects for broadening and sustaining private sector financing whilst responding to the needs of a diverse range of customers and consumers is raising significant challenge, as well as opportunities. The challenges include, but are not limited to, legal, regulatory, tax and other impediments. Addressing these impediments are also a focus in Europe where the expansion of the industry in the United Kingdom and Luxembourg has been followed by detailed preparation of enabling pre-conditions in other countries including France, Ireland and Italy. 20:00 - 22:00 IFSB 10th Anniversary

Seminar on Strategies for the Development of Islamic Capital Markets & Roundtable on Islamic Real Estate Investment Trusts (i-REITs)

Hong Kong Monetary Authority Hong Kong, Hong Kong

Seminar on Strategies for the Development of Islamic Capital Markets The Seminar was organised with the aim to provide a general overview of the potential and prospects of Islamic capital market in light of the current developments in the global financial markets, and also to benefit participants who wish to deepen their understanding, discuss the issues, and share experiences in Islamic capital market.  17 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: Development and Trends in Islamic Capital Markets Development of Sukuk: Challenges and Opportunities Development of Islamic Collective Investment Schemes Bringing Islamic Capital Market to the Mainstream The Keynote was delivered by the CEO of the Emirates Securities and Commodities Authority. The Seminar saw the attendance of 51 participants from government, regulatory and supervisory bodies, capital markets and industry players. Roundtable on Islamic Real Estate Investment Trusts (i-REITs) The Roundtable on the Development of Islamic REITs is a landmark event for the IFSB, as it was the first platform to specifically discuss matters related to Islamic REITs. In line with the IFSB mandate, the Roundtable had specific discussions on regulatory and cross-border issues related to the development of Islamic REITs. It also aimed to act as a platform to understand the current status of Islamic REITs globally, as well as discuss its prospects and challenges. The Roundtable also examined the necessary infrastructures to promote the conducive development of this industry segment. Two topics of the Roundtable were as follows: Prospect and Challenges of Islamic Real Estate Investment Trusts (Islamic REITs) Infrastructures conducive to develop Islamic REITs Eight chairpersons and speakers and 20 participants participated in the Roundtable. Participation in the Roundtable was by invitation. Programme - Event Session(s) Date Time Topics Day 1 27/06/2013 SEMINAR ON STRATEGIES FOR THE DEVELOPMENT OF ISLAMIC CAPITAL MARKETS 09:00 - 09:30 Registration 09:30 - 10:10 Opening and Welcoming Session 10:10 - 11:10 Session 1: Development and Trends in Islamic Capital Market Overview of the Islamic Capital Market Recent trends in product development of Islamic capital market Development of Islamic capital market post global financial crisis Impact of changing global regulatory structures on Islamic capital market 11:10 - 11:40 Coffee break & Networking 11:40 - 13:10 Session 2: Development of Sukūk: Challenges and Opportunities Recent innovation, securitisations and related Sharī`ah issues in Sukūk Current progress in improvement in legal and regulatory framework of Sukūk Cross-border issues in Sukūk issuance and transactions Encouraging a liquid and transparent market for Sukūk Prospects of the Sukūk Market: Challenges and Opportunities 13:10 - 14:15 Lunch 14:15 - 15:15 Session 3: Development of Islamic Collective Investment Schemes (ICIS) Performance analysis of ICIS prior and post global financial crisis Sharī`ah governance in ICIS Specific issues on consumer protection in ICIS Encouraging institutional investment in ICIS 15:15 - 15:45 Coffee break & Networking 15:45 - 17:00 Session 4: Bringing Islamic Capital Market to the Mainstream Key issues in innovation, and product development of Islamic Capital Market Further initiatives in legal and regulatory reform to promote development of Islamic Capital Market Removing barriers for cross-border transactions in Islamic capital market Day 2 28/06/2013 ROUNDTABLE ON THE DEVELOPMENT OF ISLAMIC REAL ESTATE INVESTMENT TRUSTS 08:30 - 09:00 Registration 09:00 - 09:30 Opening and Welcoming Session 09:30 - 10:15 Session 1: Prospect and Challenges of Islamic Real Estate Investment Trusts (Islamic REITs) Conventional REITs vs. Islamic REITs Product structures and innovation in Islamic REITs Prospect and challenges of Islamic REITs 10:15 - 10:45 Coffee break 10:45 - 12:30 Session 2 : Infrastructures conducive to develop Islamic REITs Identifying Sharī`ah, legal and regulatory issues in Islamic REITs focusing on purification, valuation and tax issues Risk management, secondary market, and cross-border transactions for Islamic REITs Experience-sharing in regulating and supervising Islamic REITs 12:30 - 13:00 Discussions and recommendations Downloadable Document(s) 1.) Event Session(s) - PDF Format 2.) Confirmed Chairpersons and Speakers - Seminar and RT Hong Kong 3.) Reservation Form - Mandarin Oriental, Hong Kong

IFSB – INCEIF Executive Forum: Towards Strengthening Corporate & Shariah Governance in Islamic Banks

Sasana Kijang kuala lumpur, Malaysia

The 2nd edition of the IFSB-INCEIF Executive Forum focuses on strengthening both corporate and Sharī`ah governance mechanisms in the Islamic banking industry. Corporate governance is discussed in the context of an evolving industry that is subject to the complexities of business, as well as to the need to promote Sharī`ah compliance in Islamic banking operations. The confirmed speakers are: Mr. Abdelilah Belatik, Assistant Secretary - General, Islamic Financial Services Board Prof. Ahmet Faruk Aysan, Member of the Board, Monetary Policy Committee of Turkey, Central Bank of the Republic of Turkey Dr. Asyraf Wajdi Dato' Dusuki, President, Islamic Da'wah Foundation (YADIM), Malaysia Mr. Jaffar Mohamed Ahmed, Head of Group Risk Management, Al Baraka Banking Group, Bahrain Mr. Mohamed Ismail Mohamed Shariff, Adjunct Professor, INCEIF & Managing Partner, Mohamed Ismail & Co., Advocates & Solicitors, Malaysia Mr. Rustam Mohd Idris, Deputy Director, Islamic Banking and Takaful Department, Bank Negara Malaysia Mr. Saleem Ullah, Director, Islamic Banking Department, State Bank of Pakistan, Pakistan Prof. Dr. Syed Abdul Hamid Aljunid, Professor of Corporate Governance and Ethics, INCEIF, Malaysia For more information on the Executive Forum, please email Mrs. Azizakhon Yarlaeva at [email protected]   REGISTRATION IS CLOSED FOR THIS EVENT Programme - Event Session(s) Date Time Topics Day 1 26/08/2013 08:30 - 09:30 Morning Coffee and Registration 09:30 - 09:45 Opening and Welcoming Remarks 09:45 - 11:00 Session 1: Thoughts on Corporate Governance Corporate Governance: Lessons Drawn from the Global Financial Crisis Who should be protected?: Conflicting Issues in Shareholder vs. Stakeholder Protection The Economics of Corporate Governance: Cost-Benefit Analysis Leadership and Ethics: Essential Elements in Business Reform 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 2: Getting it Right: Building Robust Corporate Governance Structures in Islamic Banks A Look at the Ultimate Objectives of Corporate Governance for Islamic Banks International Standards on Corporate Governance and their Applicability to Islamic Banks Protecting Investment Account Holders: From Governance Committees to Additional Requirements for Disclosure and Transparency Ensuring Sharī`ah Compliance: A Long Winding Road to Achieve Maqāsid Al-Sharī`ah 13:00 - 14:00 Lunch and Prayers 14:00 - 15:30 Session 3: Good Governance Starts from the Top: Creating Responsible Board of Directors (BOD) Constructing Term of References for the BOD Designing the Most Appropriate Board Structure, Processes, and Composition of Directors Gap Analysis and Performance Evaluation of the BOD Developing BOD Culture and Safeguarding Values 15:30 - 16:00 Coffee Break 16:00 - 17:30 Session 4: Going the Extra Mile: Enhancing Risk Management and Internal Control for Islamic Banks Integrating Governance, Risk and Compliance: Towards Effective BOD Oversight Setting the BOD’s Expectations for Risk Management and Internal Controls Assessing the Performance of Chief Risk Officers and Internal Audit Functions Minimising Overlaps in Responsibilities of the Governance, Risk Management Committee and Audit Committees Perspectives on Corporate Fraud, Corruption and Whistle-blowing Day 2 27/08/2013 08:30 - 09:30 Morning Coffee 09:30 - 11:00 Session 5: Beyond Borders: Understanding Global Practices of Sharī`ah Governance Comparing Various Sharī`ah Governance Models and Practises No One Size Fits All: Searching for the Appropriate Structures and Approaches to Sharī`ah Governance Pre-requisites for Effective Sharī`ah Governance Systems Evaluating the Performance of the Sharī`ah Board and its Governance Structures 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 6: Promoting Integration of Corporate and Sharī`ah Governance: Identifying the Issues and Addressing the Challenges Structuring Rules, Policies and Procedures to Meet International Requirements for Corporate and Sharī`ah Governance Segregation of Duties: Addressing Potential Overlaps Between Corporate and Sharī`ah Governance Breaking “The Silo Mentality”: Building Bridges and Enhancing Communication Between Corporate and Sharī`ah Governance Functions Lessons from the Failures and Potential Failures of Sharī`ah Governance 13:00 - 14:00 Lunch and Prayers 14:00 - 15:30 Session 7: Moving Forward: Ongoing Challenges in Corporate and Sharī`ah Governance of Islamic Banks Global Regulatory Reforms on Corporate Governance: Its Relevance for the Islamic Banking Industry Risk-based Compensation: Is It Necessary for Islamic Banks Challenges in Strengthening the Roles of Sharī`ah Board Analysing the Role and Influence of Institutional Investors 15:30 - 16:00 Coffee Break 16:00 - 17:30 Session 8: Supervisory Review of Corporate and Sharī`ah Governance Practices in Islamic Banks Developing Supervisory Guidance and Framework for the Supervision of Corporate and Sharī`ah Governance Regulatory Compliance and Reporting: Supervisors’ Expectations Corrective Actions for Breaches in Corporate and Sharī`ah Governance Cross-border Supervision of Corporate and Sharī`ah Governance 17:30 - 18:00 Closing Ceremony Downloadable Document(s) 1.) Event Session(s) - PDF Format 2.) Brochure

Seminar on the Prospects and Challenges in the Development of Islamic Finance for Bangladesh

Dilkusha Room, First Floor, Hotel Purbani International Ltd., 1 Dilkusha Rd., Dhaka 1000, Bangladesh Dhaka, Bangladesh

The Seminar on the Prospects and Challenges in the Development of Islamic Finance for Bangladesh was held on 23 - 24 September 2013 in Dhaka, Bangladesh, hosted by Bangladesh Bank. This Seminar is part of the IFSB Seminar on Islamic Finance series which are held in jurisdictions wishing to explore the possibilities, opportunities and challenges of Islamic finance. This Seminar aimed to create greater awareness on the specificities of the Islamic financial services industry, and discuss the issues in developing Islamic finance in Bangladesh as well as examining the regulatory and other pre-conditions needed to sustain an orderly development of Islamic finance, while seeking to identify the benefits Islamic finance can bring to Bangladesh. The proceedings of this Seminar will be published as an IFSB publication. 20 chairpersons and speakers who were senior financial sector supervisors, market players, Takāful,and experts from international financial institutions participated and discussed the following issues at the Seminar:- - Global Overview, Issues, Challenges and Opportunities - Islamic Capital Markets and Liquidity Management : Facilitating Local and Cross-Border Sharī`ah- Compliant Financing and Investment - Legal, Regulatory and Enabling Framework - Financial Inclusion through Islamic Finance - The Way Forward for the Development of Islamic Finance for Bangladesh Approximately 100 participants from government, regulatory and supervisory bodies and industry players as well as academicians attended the Seminar. Event Snapshots Programme - Event Session(s) Date Time Topics Day 1 23/09/2013 08:45 - 09:30 Registration 09:30 - 10:30 Opening and Keynote Address 10:30 - 11:00 Coffee Break 11:00 - 12:30 Session 1: Global Overview, Issues, Challenges and Opportunities This session highlights the progress and growth of the Islamic financial services industry at the global and regional level. Though most visible in parts of Asia and the Middle East, the rapid expansion of Islamic finance is a significant phenomenon in Africa, Europe and other parts of the world. This session highlights the cross border and cross-sectoral performance of the industry, while outlining the challenges and opportunities of its growth in Bangladesh. 12:30 - 14:00 Lunch 14:00 - 15:30 Session 2: Islamic Capital Markets and Liquidity Management : Facilitating Local and Cross-Border Sharī`ah-Compliant Financing and Investment This session covers recent trends and developments in various types of Islamic capital market products such as Sukūk, Sharī`ah compliant equities, fund and asset management etc. Speakers will share how Sukūk can provide an alternative financing source for both public and corporate sectors. Case studies will be presented on national experiences in developing Sukūk issuance programmes. This session will also illuminate how Bangladesh can benefit from Sharī`ah-compliant instruments and investment flows within the region. In addition, this session discusses the liquidity management challenges faced by the Islamic financial services industry due to unavailability or inadequate Sharī`ah-compliant instruments and enabling building blocks. 15:30 - 16:00 Coffee Break 16:00 - 17:30 Session 3: Legal, Regulatory and Enabling Framework The session focuses on the legal and regulatory issues and challenges in establishing a vibrant and resilient Islamic financial services industry. It includes, among others, infrastructure components of financial services industry such as enabling legal framework and Sharī`ah compliant mechanisms for providing lender of last resort and deposit insurance facilities. The session also aims to cover other elements such as macroprudential surveillance, disclosure regime and insolvency regimes etc. Day 2 24/09/2013 09:30 - 11:00 Session 4: Financial Inclusion through Islamic Finance The session provides an overview of the different types of policies and interventions that collectively help shape a more inclusive financial sector. In this context, it aims to provide the perspective in which Islamic finance can help to achieve the objective of an inclusive growth and development in various countries. The speakers will highlight how the coordination between various stakeholders and innovations in Sharī`ah compliant products can increase the access to financing for individuals as well as micro-enterprises and SMEs. 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 5: Panel Discussion on the Way Forward for the Development of Islamic Finance for Bangladesh The session identifies the current challenges and opportunities presented by Islamic finance for Bangladesh from various viewpoints, including public and private sectors. It will include discussions on a possible roadmap and the way forward for Bangladesh Islamic financial services industry that can support the objectives of a sustained growth and development in the country. 13:00 - 13:30 Concluding Remarks 13:30 - 14:30 Lunch Downloadable Document(s) 1.) Event Session(s) - PDF Format 2.) List of Confirmed Chairpersons and Speakers 3.) Pan Pacific Sonargaon Dhaka - Hotel Reservation Form 4.) Radisson Blu Water Garden Hotel Dhaka - Hotel Reservation Form