Islamic Financial Services Board

IFSB-FIS Workshop Series (Palestine)
2016-12-05 08:30 - 2016-12-08 16:00 UTC | Grand Millennium Hotel, Amman, Jordan, Al Thaqafeh St, Amman, Jordan
This 4-day Workshop is tailored for the regulatory and supervisory authorities as well as the market players in the banking sector in Palestine, and will discuss on the following IFSB Standards:

IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering Islamic Financial Services (IIFS);
IFSB-2: Capital Adequacy Standard for IIFS;
GN-4: Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio (CAR) for IIFS; and
IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS

As a background, IFSB-1: Guiding Principles of Risk Management provides a set of guidelines of best practices for establishing and implementing effective risk management in IIFS. In particular, the Standard sets out 15 principles for managing the risks inherent in Sharī`ah-compliant financial businesses.
IFSB-2: Capital Adequacy Standard is the equivalent of Pillar 1 of Basel II for IIFS. It complements the Basel capital framework by raising the specificities of IIFS that include, inter-alia, the treatment of profit-sharing investment accounts (PSIA) and measuring the risk weights of Sharī`ah-compliant products. Moreover, the Standard proposes two methods for calculating the capital adequacy ratios, namely the Standard formula as well as the supervisory discretion formula.
GN-4: Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio for IIFS, for its part provides a methodology to estimate the value of alpha to be used in the supervisory discretion formula in calculating the CAR of IIFS; and to demonstrate how to measure the Displaced Commercial Risk (DCR).
In addition, IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process offers guidance on key elements in the supervisory review process for authorities supervising IIFS taking into consideration the specificities of the IIFS, the lessons learned from the crisis, while complementing the existing international standards on the supervisory review process, in particular those of the Basel Committee on Banking Supervision (BCBS).
Overall, this Workshop aims to:

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

This Workshop is hosted by the Palestine Monetary Authority and participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Ahmed Barakat at ahmed.barakat@ifsb.org.
Programme – Event Session(s)

Date
Time
Topics

Day 1
05/12/2016
08:30 – 09:00
Registration

09:00 – 10:00
Opening Session Welcome Speech by H.E Mr. Azzam Shawwa, Governor, PMA Speech by Dr. Nagwa Sheikh Eldin, Assistant Secretary-General, IFSB Speech by Dr. Iyad Jayousi, General Manager, PBI Souvenir Distribution and Group Photo

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

12:00 – 13:00
Lunch and Prayer

13:00 – 14:30
Session 2: IFSB-1: Guiding Principles of Risk Management for IIFS Focus on Market Risk Focus on Liquidity Risk Focus on Rate of Return Risk Case Studies

14:30 – 14:45
Coffee Break

14:45 – 16:00
Session 3: IFSB-2: Capital Adequacy Standard for IIFS Need for Capital Regulation Pillar 1: Capital Adequacy Ratio (CAR): Understanding the Components of CAR CAR Formulas – Standard and Supervisory Discretion Treatment of PSIA – Supervisory Discretion Formula

Day 2
06/12/2016
09:00 – 11:00
Session 4: IFSB-2: Capital Adequacy Standard for IIFS Credit Risk Weights for Various Counterparties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Credit Risk Mitigation

11:00 – 12:00
Lunch and Prayer

12:00 – 13:30
Session 5: IFSB-2: Capital Adequacy Standard for IIFS Measurement of Capital Adequacy Requirements for Market Risk Measurement of Market Risk Market Risk Weight Conversion Factor Case Study

13:30 – 13:45
Coffee Break

13:45 – 15:30
Session 6: IFSB-2: Capital Adequacy Standard for IIFS Overview of Operational Risk Understanding Operational Risk in Islamic Finance Measuring Operational Risks Group Exercise

Day 3
07/12/2016
09:00 – 11:00
Session 7: GN-4: The Determination of Alpha in the Capital Adequacy Ratio for IIFS Background of the Guidance Note Understanding Management of Profit-Sharing Investment Account (PSIA) Understanding the Concept of Alpha and Displaced Commercial Risk (DCR) Measurement of Risk Sharing in PSIA

11:00 – 12:00
Lunch and Prayer

12:00 – 13:30
Session 8: GN-4: The Determination of Alpha in the Capital Adequacy Ratio for IIFS The Determination of Alpha and DCR Issues on Prudential Regulations and Requirements Role of Supervisory Authority in Determination of Alpha and DCR Case Study

13:30 – 13:45
Coffee Break

13:45 – 15:30
Session 9: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Necessary Preconditions for Effective Supervision Supervisory Approaches in the Supervision of IIFS Regulatory Capital Requirements Advanced Approaches and Supervisory Discretion

Day 4
08/12/2016
09:00 – 11:00
Session 10: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Internal Capital Adequacy Assessment Process (ICAAP) Corporate and Sharī’ah Governance Related Party Transactions Case Study

11:00 – 12:00
Lunch and Prayer

12:00 – 13:30
Session 11: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Transparency and Market Discipline Consolidated and Cross-sector Supervision Risk Concentrations in IIFS Case Study

13:30 – 13:45
Coffee Break

13:45 – 15:30
Session 12: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Islamic “Windows” Operations Liquidity Risk Management and Supervision Sound Stress Testing Practices Supervisory Transparency and Accountability

15:30 – 16:00
Closing & Certificate Giving Ceremony

Roundtable on Disclosure Requirements for Islamic Capital Market Products (Sukuk and Islamic Collective Investment Schemes)
2016-11-30 09:00 - 14:00 | Sasana Kijang, Bank Negara Malaysia, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
The IFSB will be organising a Roundtable on Disclosure Requirements for Islamic Capital Market Products on 30 November 2016 in Kuala Lumpur, Malaysia.

The Roundtable aims to discuss Exposure Draft 19 (ED-19) Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukūk and Islamic Collective Investment Schemes). ED-19 aims to provide guidance for regulatory and supervisory authorities (RSAs) on disclosure requirements for Islamic Capital Market (ICM) products, specifically for Sukūk and Islamic Collective Investment Schemes (ICIS). It identifies and sets forth a set of principles that are common to both Sukūk and ICIS, as well as principles that are specific to Sukūk and ICIS disclosures.

The Roundtable will provide a platform for discussion and feedback on the areas of concern, bringing expert opinions, complemented with discussant comments, culminating in an open discussion among ICM industry players, regulatory and supervisory authorities and industry experts in Islamic finance.

For participation enquiries, please contact the IFSB Secretariat; Ms. Yazmin Aziz at yazmin@ifsb.org.

Event Snapshots

The Roundtable on Disclosure Requirements for Islamic Capital Market Products was organised by the IFSB on 30 November 2016 in Kuala Lumpur, Malaysia.The half-day Roundtable was held to discuss Exposure Draft 19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukuk and Islamic Collective Investment Schemes). ED-19 was prepared with the objective of providing guidance for regulatory and supervisory authorities (RSAs) on disclosure requirements for Islamic Capital Market (ICM) products, specifically for Sukuk and Islamic Collective Investment Schemes (ICIS).

The following topics were discussed at the Roundtable:

Introduction & General Principles
Sukūk Disclosure
Islamic Collective Investment Schemes (ICIS) Disclosure

The Roundtable was chaired by Mr. Mohd Radzuan Ahmad Tajuddin, General Manager and Head of Islamic Capital Market & Market Development, Securities Commission Malaysia.

The Project Manager for ED-19, Mrs. Dian Dannira Skymmer, Member of the Secretariat of the IFSB presented the ED-19, and was followed by discussion and comments by invited speakers; Mr. Sarjito, Deputy Commissioner, Capital Market Supervision I, Financial Services Authority, Indonesia, Mr. Moneer Osman Ahmed Elbeely, Administrative Affairs Manager, Administration Department, Sudan Financial Services Company Mr. Wan Rizaidy Wan Saufi, Assistant General Manager, Shariah Audit, Hong Leong Islamic Bank, Malaysia and Mr. Madzlan Hussain, Partner and Head, Islamic Financial Services Practice, Zaid Ibrahim & Co. The IFSB Consultants; Mr. Peter Casey and Mr. Hooman Sabeti-Rahmati also participated in this Roundtable to share their thoughts on ED-19 and summarised the Roundtable discussion.

Almost 50 delegates from the RSAs, ICM industry players and academic institutions attended the Roundtable.

Programme – Event Session(s)

Date
Time
Topics

Day 1
30/11/2016
09:00 – 09:30
Registration

09:30 – 09:40
Opening Remarks

09:40 – 10:15
Presentation on ED-19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products Presentation by: Mrs. Dian Dannira Skymmar, Member of the Secretariat, Technical and Research

10:15 – 10:45
Session 1: Introduction & General Principles Introduction General Principles – Principle G.1: Clear and Accurate Information – Principle G.2: Sufficient Information – Principle G.3: Timely Information

10:45 – 11:30
Session 2: Sukūk Disclosure Application Principle S.1: General Disclosure Principles Applicable to Sukūk Principle S.2: Sharī`ah-related Disclosures for Sukūk Principle S.3: Structure-related Disclosures for Sukūk Principle S.4: Entities about which Disclosures should be made

11:30 – 12:00
Session 3: Islamic Collective Investment Schemes (ICIS) Disclosure Application Principle C.1: Sharī`ah-related Disclosures for ICIS Principle C.2: Operations-related Disclosures for ICIS Principle C.3: Specialist ICIS Disclosure

12:00 – 12:30
Open Discussion

12:30 – 12:50
Consultant’s Summary

12:50 – 14:00
Lunch End of Roundtable

IFSB-FIS Workshops on IFSB Standards for Regulatory and Supervisory Authorities for the Islamic Capital Market and Takaful Sectors
2016-11-29 09:00 - 2016-12-01 16:45 | Training Room 3.1 – 3.3, Sasana Kijang, Bank Negara Malaysia, Jalan Dato Onn, Kuala Lumpur, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
The two separate 3-day Workshops intend to be Train the Trainer Programme and are tailored for the Regulatory and Supervisory Authorities for the Islamic Capital Market and Takāful sectors.

The Workshop for Islamic Capital Market Sector will cover the following sessions and IFSB Standards:

Introduction to Islamic Capital Market
IFSB-6 : Governance for Islamic Collective Investment Schemes (ICIS)
IFSB-10 : Sharī`ah Governance Systems
IFSB-15 : Revised Capital Adequacy – Sukūk and Securitisation
Rountable on Disclosure Requirements for Islamic Capital Market Products (ED-19)

Meanwhile, the Workshop for Takāful Sector will cover the following sessions and IFSB Standards:

Introduction to Takāful, Models and Features
IFSB-8 : Guiding Principles on Governance for Takāful Undertakings
IFSB-11 : Standard on Solvency Requirements for Takāful Undertakings
IFSB-14 : Risk Management for Takāful Undertakings
IFSB-18 : Guiding Principles for Retakāful (Islamic Reinsurance)
Experience Sharing on Regulating Takāful & Retakāful Sector in Various Jurisdictions

Overall, these Workshops aim to:

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

Participation in these Workshops are by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

10th IFSB-INCEIF Executive Forum: Financial Inclusion and Islamic Finance - Aligning Objectives and Methodologies
2016-11-16 08:00 - 2016-11-17 17:00 | Training Room 3.1 & 3.2, Level 3, Sasana Kijang, Training Room 3.1 & 3.2, Level 3, Sasana Kijang, Kuala Lumpur, Malaysia
This is the 10th edition of the IFSB-INCEIF Executive Forum on Islamic Finance Series.
The IFSB-INCEIF Executive Forum aims to provide a platform for global leaders in Islamic finance to discuss selected emerging issues in the Islamic financial services industry. The Executive Forum places emphasis on issues related to supervision and prudential regulation, both at national and international levels, harnessing from the experiences of a distinguished pool of global experts, academicsand practitioners. More information on the theme and sessions will be uploaded in due course.
The theme of the 10th IFSB-INCEIF Executive Forum “Financial Inclusion and Islamic Finance: Aligning objectives and methodologies” aims to clarify and align the objectives and benefits of financial inclusion with that of Maqasid Al-Shariah and emphasise the importance of supervisory and regulatory initiatives in supporting the growth of financial inclusion.
Financial inclusion and shared prosperity have been recognised as key components of the global agenda contributing to stability. However, initiatives related to financial inclusion in the Islamic finance context have been somewhat subdued. At the same time, there are promising initiatives in Islamic microfinance, SMEs development and Microtakāful, all of which have significant potential to contribute to financial inclusion.
The Executive Forum will bring together the advocators of financial inclusion from among experienced practitioners, supervisors and thought leaders as well as Islamic finance industry players. Participants will be exposed to discussions on new methodologies and techniques in the field of financial inclusion, as well as the role of the Regulatory and Supervisory Authorities in ensuring market integrity, financial stability and consumer protection from the financial inclusion perspective. The Panel Session, a key feature of this Executive Forum, will discuss the key issues and challenges in penetrating unbanked Muslims populations, and the availability of infrastructures pivotal in financial inclusion development, as well as policy recommendations from supervisors and market practitioners from the banking, takāful and SME sectors.
The Executive Forum is a paying event. Special rates are offered to all member of the IFSB.
Enjoy group discount of 10% when you register 3 or more participants from the same organisation. (Not applicable to subsidiaries and affiliated companies)
For further enquiries, please email to Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org .

Programme – Event Session(s)

Date
Time
Topics

Day 1
16/11/2016
08:30 – 09:30
Morning Coffee and Registration

09:30 – 09:45
Welcoming Remarks

09:45 – 11:15
Session 1: Financial Inclusion: Aligning current models with differing realities Global Financial Inclusion: A key development agenda Sustainability is Key: The ‘must-have’ building blocks Financial Inclusion: Catalyst for or impediment to growth

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

11:45 – 13:15
Session 2: Islamic Microfinance: Beyond the financial inclusion agenda Islamic Microfinance: Advancing financial inclusion and wealth creation Technology and Innovation: The game changer for microfinance and the financial inclusion agenda Development and Challenges in Islamic Microfinance

13:15 – 14:30
Lunch and Prayers

14:30 – 16:30
Session 3: Moderated Session: Financial Inclusion and Islamic Finance: Approaches and current practices Financial Inclusion and Islamic Finance Solutions: Impacts on the real economy Risk-Sharing Instruments: The solution for enhancing inclusion Islamic Finance and the Challenge of Incorporating More Inclusive Offerings

16:30 – 17:00
Coffee and Networking

Day 2
17/11/2016
08:30 – 09:30
Morning Coffee

09:30 – 11:00
Session 4: Consumer Protection: Financial inclusion and Shari’ah arrangements in protecting consumers Striking the Balance in Consumer Protection Developing Regulations with Robust Supervision Designing Effective Consumer Protection Infrastructure for Financial Inclusion

11:00 – 11:30
Coffee Break and Networking

11:30 – 13:00
Session 5: Strategic Priorities for Enhancing Financial Inclusion: Regulation, supervision, eco-system and innovation Challenges in Bringing Financial Inclusion as a National Strategic Agenda Supervision of Islamic Microfinance Strengthening the Overall Market through Infrastructure and Capability Building for Financial Inclusion

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 6: Panel Discussion on Facilitating the Growth of Islamic Microfinance, SMEs and Microtakāful Diversity in Islamic Microfinance Programmes and Models Are SMEs Responsive to Poverty Alleviation and Financial Inclusion initiatives Accelerating Development with Expanded Coverage through Microtakāful

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

16:30 – 17:00
Coffee and Networking

Downloadable Document(s)

*Note: Click Document Name to view/download document

1.)

Event Session(s) – PDF Format

2.)

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

10th IFSB-INCEIF Executive Forum: Financial Inclusion and Islamic Finance - Aligning Objectives and Methodologies
2016-11-11 08:00 - 17:00 | Training Room 3.1 and 3.2, Sasana Kijang, 2, Jalan Dato Onn, Kuala Lumpur, Malaysia
This is the 10th edition of the IFSB-INCEIF Executive Forum on Islamic Finance Series.
The IFSB-INCEIF Executive Forum aims to provide a platform for global leaders in Islamic finance to discuss selected emerging issues in the Islamic financial services industry. The Executive Forum places emphasis on issues related to supervision and prudential regulation, both at national and international levels, harnessing from the experiences of a distinguished pool of global experts, academicsand practitioners. More information on the theme and sessions will be uploaded in due course.
The theme of the 10th IFSB-INCEIF Executive Forum “Financial Inclusion and Islamic Finance: Aligning objectives and methodologies” aims to clarify and align the objectives and benefits of financial inclusion with that of Maqasid Al-Shariah and emphasise the importance of supervisory and regulatory initiatives in supporting the growth of financial inclusion.
Financial inclusion and shared prosperity have been recognised as key components of the global agenda contributing to stability. However, initiatives related to financial inclusion in the Islamic finance context have been somewhat subdued. At the same time, there are promising initiatives in Islamic microfinance, SMEs development and Microtakāful, all of which have significant potential to contribute to financial inclusion.
The Executive Forum will bring together the advocators of financial inclusion from among experienced practitioners, supervisors and thought leaders as well as Islamic finance industry players. Participants will be exposed to discussions on new methodologies and techniques in the field of financial inclusion, as well as the role of the Regulatory and Supervisory Authorities in ensuring market integrity, financial stability and consumer protection from the financial inclusion perspective. The Panel Session, a key feature of this Executive Forum, will discuss the key issues and challenges in penetrating unbanked Muslims populations, and the availability of infrastructures pivotal in financial inclusion development, as well as policy recommendations from supervisors and market practitioners from the banking, takāful and SME sectors.
The Executive Forum is a paying event. Special rates are offered to all member of the IFSB.
Enjoy group discount of 10% when you register 3 or more participants from the same organisation. (Not applicable to subsidiaries and affiliated companies)
For further enquiries, please email to Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org .
Programme – Event Session(s)

Date
Time
Topics

Day 1
16/11/2016
08:30 – 09:30
Morning Coffee and Registration

09:30 – 09:45
Welcoming Remarks

09:45 – 11:15
Session 1: Financial Inclusion: Aligning current models with differing realities Global Financial Inclusion: A key development agenda Sustainability is Key: The ‘must-have’ building blocks Financial Inclusion: Catalyst for or impediment to growth

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

11:45 – 13:15
Session 2: Islamic Microfinance: Beyond the financial inclusion agenda Islamic Microfinance: Advancing financial inclusion and wealth creation Technology and Innovation: The game changer for microfinance and the financial inclusion agenda Development and Challenges in Islamic Microfinance

13:15 – 14:30
Lunch and Prayers

14:30 – 16:30
Session 3: Moderated Session: Financial Inclusion and Islamic Finance: Approaches and current practices Financial Inclusion and Islamic Finance Solutions: Impacts on the real economy Risk-Sharing Instruments: The solution for enhancing inclusion Islamic Finance and the Challenge of Incorporating More Inclusive Offerings

16:30 – 17:00
Coffee and Networking

Day 2
17/11/2016
08:30 – 09:30
Morning Coffee

09:30 – 11:00
Session 4: Consumer Protection: Financial inclusion and Shari’ah arrangements in protecting consumers Striking the Balance in Consumer Protection Developing Regulations with Robust Supervision Designing Effective Consumer Protection Infrastructure for Financial Inclusion

11:00 – 11:30
Coffee Break and Networking

11:30 – 13:00
Session 5: Strategic Priorities for Enhancing Financial Inclusion: Regulation, supervision, eco-system and innovation Challenges in Bringing Financial Inclusion as a National Strategic Agenda Supervision of Islamic Microfinance Strengthening the Overall Market through Infrastructure and Capability Building for Financial Inclusion

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 6: Panel Discussion on Facilitating the Growth of Islamic Microfinance, SMEs and Microtakāful Diversity in Islamic Microfinance Programmes and Models Are SMEs Responsive to Poverty Alleviation and Financial Inclusion initiatives Accelerating Development with Expanded Coverage through Microtakāful

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

16:30 – 17:00
Coffee and Networking

IFSB-FIS Workshop on IFSB Standards for Regulatory and Supervisory Authorities for the Banking Sector
2016-10-24 09:00 - 2016-10-28 16:30 | Training Room 3.1 and 3.2, Sasana Kijang, Bank Negara Malaysia, Kuala Lumpur, Malaysia
This 5-day Workshop is tailored for the regulatory and supervisory authorities for the banking sector, thus intend to be a Train the Trainer Programme for the staff on the IFSB Standards. The main focus of the Workshop lies in incorporating the latest IFSB Standards issued by the IFSB after the world post-crisis in 2008 and Basel III issuance which are IFSB-15: Revised Capital Adequacy Standard for Institutions offering only Islamic Financial Services (IIFS), GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management and IFSB-17: Core Principles for Islamic Finance Regulation (Banking Segment). In addition, the workshop will also cover sessions for Exposure Draft (ED) of Technical Note-2 (TN-2) on Stress Testing for IIFS which follows on from, and complements, the earlier IFSB-13, Guiding Principles on Stress Testing for IIFS. The IFSB-13, which was issued in 2012 provides a comprehensive stress testing framework for both IIFS and supervisory authorities.
As a background, the main objective of IFSB-17 is to provide a set of Core Principles – along with associated assessment methodology – for the regulation and supervision of the Islamic financial services industry (IFSI), taking into consideration the specificities of the IIFS in the banking segment, the lessons learned from the financial crisis, and complementing the existing international standards, principally the Core Principles for Effective Banking Supervision issued by the Basel Committee on Banking Supervision.
IFSB-15: Revised Capital Adequacy Standard, for its part, includes implementation of an optimal capital adequacy framework to facilitate the effective coverage of risk exposures of the IIFS as well as the allocation of appropriate capital to cover these risks in a manner that is based predominantly on the Standardised Approach. This Standard also provides guidance on the features and criteria for high-quality regulatory capital components, including Additional Tier 1 and Tier 2, which comply with Sharī`ah rules and principles. Similarly, it includes new guidance on macroprudential tools, such as capital buffers and leverage ratios (especially for domestic systemically important banks) which shall support the supervisory authorities in achieving the goal of protecting the banking system and the real economy from system-wide shocks.
Moreover, GN-6: Quantitative Measures for Liquidity Risk Management Guidance Note complements the Standard IFSB-12: Guiding Principles on Liquidity Risk Management for IIFS, and supports the harmonised application of the international regulatory regime in the area of liquidity risk management. This is achieved by providing guidance on the application of global liquidity standards for the IIFS, especially the Liquidity Coverage ratio (LCR) and Net Stable Funding Ratio (NSFR) at the current stage, with suitable adjustments based on the specific operational characteristics. Moreover, it provides guidance to supervisory authorities on the application of the LCR and NSFR in their jurisdictions and on their role in assessing the discretionary items specified in this GN, including application of the alternative liquidity approaches (ALA).
TN-2: Technical Note on Stress Testing provides stress testing scenarios that address multiple types of risks and their interrelated effects on the overall financial position and performance of the portfolio, the institution itself or the overall financial system. It incorporates risk specificities of Sharī`ah-compliant contracts’ when conducting stress tests on an IIFS.
Overall, this Workshop intends to be a Train the Trainer programme for the staff of regulatory and supervisory authorities on the IFSB Standards, and aims to:

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

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

Date
Time
Topics

Day 1
24/10/2016
09:00 – 09:30
Registration

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

09:45 – 11:15
Session 1: IFSB-17 – Core Principles for Islamic Finance Regulation (Banking Segment) Necessary Preconditions for Effective Supervision Assessment Methodology for CPIFR Responsibilities, Objectives and Powers Independence, Accountability, Resourcing and Legal Protection for Supervisors

11:15 – 11:30
Coffee Break

11:30 – 13:00
Session 2: IFSB-17 – Core Principles for Islamic Finance Regulation (Banking Segment) Cooperation and Collaboration Supervisory Approach, Techniques and Tools Treatment of Investment Account Holders (IAHs) Corporate and Sharī`ah Governance Framework

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3: IFSB-17 – Core Principles for Islamic Finance Regulation (Banking Segment) Risk Management Process Transactions with Related Parties Transparency and Market Discipline Case Study

16:00 – 16:30
Coffee Break

Day 2
25/10/2016
09:30 – 11:00
Session 4: IFSB-15: Revised Capital Adequacy Standard for IIFS Components of Capital Capital Conservation Buffer Countercyclical Buffer Domestic Systemically Important Banks

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5: IFSB-15: Revised Capital Adequacy Standard for IIFS Credit Risk Weights for Various Counterparties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Credit Risk Mitigation

13:00 – 14:00
Lunch and Prayer

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

16:00 – 16:30
Coffee Break

Day 3
26/10/2016
09:30 – 11:00
Session 7: IFSB-15: Revised Capital Adequacy Standard for IIFS Overview of Operational Risk Understanding Operational Risk in Islamic Finance Measuring Operational Risks Group Exercise

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8: GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management Application of the LCR in IIFS Definition and Categorisation of High Quality Liquid Assets (HQLA) Operational Considerations for HQLA Infrastructure Issues in the Availability of Sharī`ah-compliant HQLA

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9: GN-6 – Guidance Note on Quantitative Measures for Liquidity Risk Management Components of Total Net Cash Outflows Formula for Calculating NSFR Available and Required Stable Funding Case Study

16:00 – 16:30
Coffee Break

Day 4
27/10/2016
09:30 – 11:00
Session 10: GN-6 – Guidance Note on Quantitative Measures for Liquidity Risk Management The Internal Liquidity Adequacy Assessment Processes & Supervisory Liquidity Review Process Principles for Applying Alternative Liquidity Approaches Disclosure Requirements for LCR and NSFR Case Study

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 11: TN-2 – Stress Testing for IIFS Basic Requirements for Conducting Stress Tests Solvency Stress Tests Stress Test Models Role of RSAs and Critical Considerations

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 12: TN-2 – Stress Testing for IIFS Liquidity Stress Tests Liquidity Stress Scenarios and Stress Test Models Review and Analysis of the Results Case Study

16:00 – 16:30
Coffee Break

Day 5
28/10/2016
09:30 – 10:30
Session 13: TN-2 – Stress Testing for IIFS Recent Developments in Stress Tests Integrated Liquidity and Solvency Tests Network Contagion and Second-round Effect Analysis Cross-border Macro Stress-testing

10:30 – 10:45
Coffee Break

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

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

12:15 – 14:00
Lunch and Prayer

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

IFSB-FIS Workshop Series (Philippines)
2016-10-10 09:00 - 2016-10-12 17:00 | –, Bali, Indonesia
This 3-day Workshop is tailored for the Bangko Sentral ng Pilipinas, industry players and other key stakeholders of the Islamic finance sector in Philippines. It will discuss the overview of Islamic finance and cover the following IFSB Standards:

Introduction to Islamic Finance
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

As a background, IFSB-1: Guiding Principles of Risk Management provides a set of guidelines of best practices for establishing and implementing effective risk management in IIFS. In particular, the Standard sets out 15 principles for managing the risks inherent in Sharī`ah-compliant financial businesses.

IFSB-10: Guiding Principles on Sharī`ah Governance Systems, for its part, includes the components of a sound Sharī`ah governance system especially with regards to the competence, independence, confidentiality and consistency of the Sharī`ah boards.

In addition, IFSB-16: Revised Guidance on Key Elements in the Supervisory Review Process offers guidance on key elements in the supervisory review process for authorities supervising IIFS taking into consideration the specificities of the IIFS, while complementing the existing international standards on the supervisory review process, in particular those of the Basel Committee on Banking Supervision (BCBS).

Overall, this Workshop aims to:

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

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

Programme – Event Session(s)

Date
Time
Topics

Day 1
10/10/2016
09:00 – 09:30
Registration

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

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

11:30 – 11:45
Coffee Break

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

13:00 – 14:00
Lunch

14:00 – 15:30
Session 3 – IFSB-1: Guiding Principles of Risk Management for IIFS – Continued Focus on Market Risk Focus on Liquidity Risk Focus on Rate of Return Risk Case Study

15:30 – 15:45
Coffee Break

15:45 – 17:00
Session 4 – IFSB-16: Revised Guidance on Key Elements in the Supervisory Review Process Introduction to IFSB-16 Necessary Preconditions for Effective Supervision Additional Considerations in the Issuance of an IIFS License Supervisory Approaches in the Supervision of IIFS

Day 2
11/10/2016
09:30 – 11:00
Session 5 – IFSB-16: Revised Guidance on Key Elements in The Supervisory Review Process – Continued Components of Capital Capital Conservation Buffer and Countercyclical Buffer Regulatory Capital Requirements Guidance on the Slotting Method

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 6 – IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process – Continued Treatment of IAH and Displaced Commercial Risk Advanced Approaches and Supervisory Discretion Internal Capital Adequacy Assessment Process (ICAAP) Case Study

13:00 – 14:00
Lunch

14:00 – 15:30
Session 7 – IFSB-16: Revised Guidance on Key Elements in The Supervisory Review Process – Continued Corporate Governance Risk Management Processes Enterprise-wide Risk Management Framework Related Party Transactions

15:30 – 15:45
Coffee Break

15:45 – 17:00
Session 8 – IFSB-16: Revised Guidance on Key Elements in The Supervisory Review Process – Continued Features of Sukūk and Securitisation Regulatory Capital for Sukūk in IIFS Special Purpose Entities (SPEs) and Key Considerations in the Supervisory Review Process Case Study

Day 3
12/10/2016
09:30 – 11:00
Session 9 – IFSB-16: Revised Guidance on Key Elements in The Supervisory Review Process – Continued Consolidated and Home-host Supervision Islamic “Windows” Operations Liquidity Risk Management and Supervision Supervisory Transparency and Accountability

11:00 – 11:30
Coffee Break

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

13:00 – 14:00
Lunch

14:00 – 15:00
Session 11 – IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS – Continued General Approach to the Sharī`ah Governance System Guiding Principles on the Sharī`ah Governance System – Competence Guiding Principles on the Sharī`ah Governance System – Independence

15:00 – 15:15
Coffee Break

15:15 – 16:30
Session 12 – IFSB-10: Guiding Principles on Sharī`ah Governance System for IIFS – Continued Guiding Principles on the Sharī`ah Governance System – Confidentiality Guiding Principles on the Sharī`ah Governance System – Consistency Case Study

16:30 – 17:00
Closing & Certificate Giving Ceremony

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

World Bank - IFSB High-Level Seminar on Sustainable Development Goals and the Role of Islamic Finance
2016-10-06 08:30 - 12:30 | The World Bank – C Building, 8th Floor, Room 150 1225 Connecticut Avenue NW, Washington, DC 20036, Washington D.C, United States
The World Bank (WB) and the Islamic Financial Services Board (IFSB) are jointly organising a High-Level Seminar on Sustainable Development Goals and the Role of Islamic Finance on 6 October 2016, during the INMF – WB Annual Meetings in Washington D.C., USA.

This seminar is designed to encourage broad interaction among the delegates to explore the prospective role of Islamic finance in supporting social and economic development globally with the hope of achieving the United Nation’s Sustainable Development Goals. To this end, the Seminar will offer perspectives of Islamic finance principles, and financing modalities, which directly relate to the potential role of this quickly expanding sector in addressing the global funding gap, both in the developed and developing world, whilst tapping into the ethical investor market. The Seminar also will discuss the potential for synergy in the roles of policy-makers, regulators and market players in helping to expand the role of Islamic finance in achieving socio-economic goals.

Participation in this High-Level Seminar is by Invitation Only. For enquiries, please contact the IFSB Secretariat; Ms. Yazmin Aziz at yazmin@ifsb.org.

Event Snapshots

The World Bank – IFSB High-Level Seminar was attended by more than 100 participants, including government officials, bankers, asset managers and academics from all over the world, which was held at the office of the World Bank Treasury on October 6. The Seminar was held in conjunction with the IMF/WB Annual Meetings in Washington D.C

The Seminar was highlighted by a Keynote Address by His Royal Highness Muhammadu Sanusi II, the Emir of Kano and former Governor of the Central Bank of Nigeria, followed by an extensive question and answer session, moderated by Dr. Michael J.T. McMillen, Adjunct Professor, University of Pennsylvania and Partner at Curtis, Mallet-Prevost, Colt & Mosle LLP, USA.

The Seminar has featured Dr. Walid Abdelwahab, Islamic Development Bank, Mr. Cyrus Ardalan, International Finance Facility for Immunization, Mr. Osman Celik, Undersecretariat of Treasury of Turkey, Mr. Mohd Izani Ghani, Khazanah Nasional Berhad, Malaysia and H.E. Dr. Muliaman Hadad, Financial Services Authority of Indonesia as panelists.

Ms. Arunma Oteh, the Vice President and Treasurer of the World Bank delivered the Opening Remarks, followed by a speech by Mr. Jaseem Ahmed, the Secretary-General of the IFSB. The Seminar ended by Closing Remarks by Ms. Gloria Grandolini, Senior Director of the World Bank’s Finance and Markets Global Practice Group.

Programme – Event Session(s)

Date
Time
Topics

Day 1
06/10/2016
WB-IFSB HIGH-LEVEL SEMINAR ON ISLAMIC FINANCE

THEME: SUSTAINABLE DEVELOPMENT GOALS AND THE ROLE OF ISLAMIC FINANCE

08:30 – 09:00
Registration

09:00 – 09:20
Welcoming Remarks Ms. Arunma Oteh, OON, Vice President and Treasurer, World Bank

09:20 – 09:50
Keynote Address H.R.H. Muhammadu Sanusi II, The Emir of Kano and Former Governor, Central Bank of Nigeria

09:50 – 10:10
Cofee Break

10:10 – 10:30
Introduction of Moderator & Panel Members Mr. Jaseem Ahmed, Secretary-General, Islamic Financial Services Board

10:30 – 12:10
Panel Discussion : “Realising Sustainable Economic and Social Objectives through Islamic Finance” Moderator: Dr. Michael J. T McMillen, Adjunct Professor, University of Pennsylvania and Partner at Curtis, Mallet-Prevost, Colt & Mosle LLP Panelists: H.E. Dr. Muliaman Darmansyah Hadad, Chairman of Board of Commissioners of the Financial Services Authority (OJK), Indonesia Mr. Osman Çelik, Head, Undersecretary of Turkish Treasury, The Republic of Turkey Mr. Cyrus Ardalan, Member of the Board, International Finance Facility for Immunisation, United Kingdom Mr. Mohd Izani Ghani, Executive Director, Finance and Chief Financial Officer, Khazanah Nasional Berhad, Malaysia In the backdrop of global macroeconomic challenges and financial pressures in major markets, the fast expanding global pool of Sharī`ah-compliant capital has become an attractive source for various sovereigns, government-related entities and corporates to tap into to meet their financing needs. Additionally, Islamic financing facilities have also begun to be innovatively used for funding various social projects including vaccination/immunisation programmes, student educational loans, financing green energy projects, improving quality of education in public schools, providing microfinance to low-income groups, etc. There is significant potential for Islamic finance to support social and economic developments globally with the hope of achieving the United Nation’s Sustainable Development Goals. This panel will seek to develop insights and proposals for both policy makers and the private sector from the perspective of utilising Islamic finance as an economically viable alternative funding source to attain global economic and social objectives. In particular, the panel will examine the potential for public-private synergies in the development of an Islamic finance legal and regulatory framework, and for a sound supportive institutional structure, as well as for knowledge sharing and capacity development goals. The panel will showcase real-life case studies on Islamic finance to provide practical examples on the above.

12:10 – 12:30
Closing Remarks Ms. Gloria Grandolini, Senior Director, Finance & Markets Global Practice Group, World Bank

12:30 – 12:30
End of Seminar

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

WB – IFSB High-Level Seminar on Islamic Finance

9th IFSB-INCEIF Executive Forum: Promoting Sound and Effective Shari'ah Governance Practices
2016-10-05 08:00 - 2016-10-06 17:00 | Training Room 3.1 & 3.2, Level 3, Sasana Kijang, Training Room 3.1 & 3.2, Level 3, Sasana Kijang, Kuala Lumpur, Malaysia
The IFSB-INCEIF Executive Forum aims to provide a platform for global leaders in Islamic finance to discuss selected emerging issues in the Islamic financial services industry. The Executive Forum places emphasis on issues related to supervision and prudential regulation, both at national and international levels, harnessing from the experiences of a distinguished pool of global experts, academics and practitioners. More information on the theme and sessions will be uploaded in due course.
This 9th edition of the IFSB-INCEIF Executive Forum addresses the governance perspectives of institutions offering Islamic financial services (IIFS). Without a shadow of doubt, Sharī’ah governance plays a major role in charting the strategic direction of institutions be it when opportunities are abound or in the current environment where caution seems to be the prevailing theme.
The theme of this Executive Forum, Promoting Sound and Effective Sharī’ah Governance Practices, aims to address this strategic imperative by bringing together experienced practitioners, banking supervisors, and thought leaders of the Islamic financial services industry to participate in active discussions knowledge-sharing sessions. Participants are expected to have in depth discussions on a wide array of issues related to Sharī’ah governance, the growing demands of stakeholders for robust governance framework after global financial crisis and how Sharī’ah governance can meet the expectations of various stakeholders.
The best global practices of corporate and Sharī’ah governance will be presented, with suggestions for incorporation within organisations. This Executive Forum will also spotlight banking supervisors in ensuring that robust governance structures are in place. The Executive Forum is expected to shed light on the efforts towards promoting and enhancing the current corporate and Sharī’ah governance practices, to support the growth of the Islamic financial services industry.
The Executive Forum is a paying event. Special rates are offered to all member of the IFSB.
Enjoy group discount of 10% when you register 3 or more participants from the same organisation. (Not applicable to subsidiaries and affiliated companies)
For further queries, please email Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
05/10/2016
08:30 – 09:30
Morning Coffee and Registration

09:30 – 09:45
Opening and Welcoming Address

09:45 – 11:15
Session 1: The Essence of Shari’ah Governance: Exceeding Stakeholders Expectations Key global developments in Shari’ah governance Rising to the challenges of Shari’ah governance Ensuring robust Shari’ah governance in Islamic financial institutions

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

11:45 – 13:15
Session 2: Strategic Focus: Building optimal Shari’ah Governance Structures Top Management and the BOD: Optimal understanding and direction for Shari’ah Governance Shari’ah non-compliance risk: Holistic initiatives within Islamic financial institutions Shari’ah Auditing: A key Line of Defence in operationalising Shari’ah governance models

13:15 – 14:30
Lunch and Prayers

14:30 – 16:30
Session 3: Moderated Session: Aligning Objectives and Practices Towards Convergence: Corporate and Shari’ah Governance Shareholder vs. Stakeholder Protection: A strategic imperative Synchronising corporate and Shari’ah governance responsibilities Profiting from the integration of corporate and Shari’ah governance frameworks

16:30 – 17:00
Coffee break

Day 2
06/10/2016
08:30 – 09:30
Morning Coffee

09:30 – 11:00
Session 4: Managing Reputational Risk: Shari’ah governance and enhancing cross-border credibility Global practices and models of Shari’ah governance No One Size Fits All: Regulation vs. decentralisation Addressing the challenges in cross-border supervision

11:00 – 11:30
Coffee break

11:30 – 13:00
Session 5: Towards Greater Market Discipline: Shari’ah governance in enhancing disclosure for IIFS Preconditions for effective market discipline and improving disclosure for the IFSI Protecting the rights of PSIA and the role of the Shari’ah Board The supervisory challenges in promoting and enforcing market discipline and disclosure

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 6: Panel Discussion: Current practices in Shari’ah Governance: Lessons and take-away for enhancements Optimising the Shari’ah governance structure in Islamic banks Current practices in Shari’ah governance for the takāful industry Ensuring transparency and market discipline for Islamic capital markets

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

16:30 – 17:00
Coffee break

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

9th IFSB-INCEIF Executive Forum: Promoting Sound and Effective Shari’ah Governance Practices

World Bank-IFSB-Turkish Treasury Conference on Takaful : Realising the Value Proposition of the Takaful Industry for a Stable and Inclusive Financial System
2016-05-30 08:00 - 2016-05-31 17:00 | Renaissance Istanbul Polat Bosphorus Hotel, Istanbul, Turkey
This Conference was jointly organised by the Islamic Financial Services Board (IFSB), the World Bank and Undersecretariat of Treasury of the Republic of Turkey and supported by the Insurance Association of Turkey and Participation Insurance Association of Turkey on 30 & 31 May 2016, in Istanbul, Turkey.

This Conference aimed to provide a platform for global practitioners and stakeholders in Takāful industry to discuss selected emerging issues. It covered issues such as the recent outlook of the Takāful industry and its potential in enhancing risk coverage of households and corporates, as a tool for financial inclusion, as well as its role in supporting the growth of Islamic finance industry globally.

The Conference included discussions on the developments made in the legal, regulatory, and supervisory framework for Takāful and Retakāful sectors, focusing on the pre-requisites and governance of these sectors at national and international levels.

18 chairpersons and discussants who were senior financial sector supervisors and experts from international financial institutions participated as speakers who panelled the following sessions:

Global Overview of the Takāful Sector: Trends and Policy Developments
Regulatory Developments and Implications for the Industry – Contrasting the Various Approaches to Regulating Takāful
The Role of Microtakāful in Financial Inclusion
Risk Management and Governance in Takāful
Challenges in Developing the Retakāful Sector
Panel Discussion – Taking Takāful to the Next Level

The Conference saw the attendance of nearly 100 participants from government, regulatory and supervisory bodies, legal sector and higher learning institutions.

The Papers of this Conference are planned to be published in a joint IFSB-WB publication.

Programme – Event Session(s)

Date
Time
Topics

Day 1
30/05/2016
08:30 – 09:00
Reception and Registration

09:00 – 09:30
Opening and Welcoming Remarks

09:30 – 10:00
Keynote Addresses

10:00 – 10:30
Coffee Break

10:30 – 11:45
Session 1: Global Overview of the Takāful Sector: Trends and Policy Developments This session provides participants with an overview of the Takāful industry, worldwide growth trends and policy developments in various regions. Participants will be able to have a view of how the industry has evolved since Takāful started in 1970s as well as the various challenges faced by the new and matured Takāful markets. Participants of the conference will also get insights into how the industry contributes to the stability of financial system through its risk sharing features.

11:45 – 13:00
Session 2: Regulatory Developments and Implications for the Industry – Contrasting the Various Approaches to Regulating Takāful This session aims to exemplify how the evolving regulatory requirements of the global standard setting institutions are impacting the regulation of the industry. The challenges faced by the regulators in harmonising the standards of the conventional insurance and Takāful sector shall be illustrated. The session will also illuminate on the industry players’ perspective on meeting the evolving regulatory landscape and implications for their operations.

13:00 – 14:00
Luncheon

14:00 – 15:15
Session 3: The Role of Microtakāful in Financial Inclusion This session aims to highlight how Microtakāful contribute the availability of risk coverage products to the wider sections of society. Initiatives of various countries and institutions will be shared with the participants to provide a reflection on how the excluded sections of society benefit from the Sharī`ah compliant and affordable insurance products and services.

15:15 – 15:45
Coffee Break

15:45 – 17:00
Session 4: Risk Management and Governance in Takāful This session aims to provide the various governance structures that have been proven to be effective for jurisdictions in managing the risks in Takāful operation. Key elements of risk management will be shared with the participants to provide an enhanced understanding of how Takāful Operators are able to better equip themselves in managing the diverse risks.

Day 2
31/05/2016
08:30 – 09:00
Morning Coffee

09:00 – 10:15
Session 5: Challenges in Developing the Retakāful Sector This session draws upon the issues and challenges faced by the Retakāful sector in meeting the demands from the Takāful industry. The (lack of) regulation of Retakāful activities has thus far created misinterpretation on various aspects of Retakāful operation. This calls for the need to have a standardised supervising method of Retakāful activities, in addition to garnering best practices by the industry players. Participants will be able to get a view of what the IFSB has recommended in its latest standard on Retakāful, IFSB-18: Guiding Principles of Retakāful (Islamic Reinsurance).

10:15 – 10:45
Coffee Break

10:45 – 12:00
Session 6: Panel Discussion – Taking Takāful to the Next Level This final session gathers experienced Takāful industry players, regulators, and thought leaders to deliberate on the way forward for the Takāful industry. They will share their thoughts on Takāful outlook, underlying opportunities, and how the industry should brace itself for the development in the next 20 years.

12:00 – 12:15
Closing Remarks

12:15 – 14:00
End of Conference / Luncheon

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

Brochure

3.)

Renaissance Istanbul Polat Bosphorus Hotel – Form

Seminar on Islamic Finance - The Real Economy and the Financial Sector
2016-05-23 02:00 - 2016-05-24 02:00 | Aula Magna, at Maria de Molina St. # 11: IE Business School, Madrid, Spain, Madrid, Spain
For queries, please contact Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org
Event Snapshots

The IFSB organised the Seminar on Islamic Finance which was supported by Banco De España in collaboration IE Business School. The Seminar themed The Real Economy and Financial Sector was held on 24 May 2016, in Madrid, Spain. The Seminar is part of the IFSB European Forum Series.
The Opening Remarks were delivered by H.E. Luis M. Linde, Governor, Banco De España, Mr. Jaseem Ahmed, Secretary-General, IFSB and Mr. Guillermo de la Dehesa Romero, Chairman, IE Business School.
The Seminar was designed to encourage broad interaction among the delegates to explore the potential re-alignment of economic policy frameworks in a manner that strengthens the linkages between the real economy and the financial sector as well as offering some perspectives of Islamic finance principles, and financing modalities, which directly relate to the real sector from both the viewpoints of risk and return. The sessions discussed the following issues:

Panel Discussion – Islamic Finance: Legal and Regulatory Considerations
Sukūk – A Growing Alternative Asset Class to Fund the Real Sector
Equity-based Financing and its Effects on Macroeconomic Resilience
Banking the Unbanked: Enhancing Financial Inclusion using Risk-Sharing Instruments

The Seminar was attended by over 80 delegates, with a line-up of 15 chairpersons and speakers from among regulators, academics and Islamic financial sector experts and practitioners from among the European as well as global financial community.
An Introductory Seminar on Islamic Finance was also held on 23 May 2016. This half-day event aimed to provide a better understanding, especially to the local delegates, on Islamic Finance. Over 60 delegates attended the Introductory Seminar.
Programme – Event Session(s)

Date
Time
Topics

Day 1
23/05/2016
SEMINAR ON ISLAMIC FINANCE: AN INTRODUCTION

14:00 – 15:00
Registration and Networking

15:00 – 15:10
Welcoming Remarks

15:10 – 16:10
Session 1 – Islamic Finance: Facts and Figures Over the last decade, Islamic finance has gained much acceptance in the global arena with estimates indicating the presence of more than 600 Islamic financial institutions operating across nearly 70 countries. The industry has approximately USD2 trillion worth of assets having expanded from offering basic banking services in the 1990s to become a holistic financial sector offering Sharī`ah-compliant capital markets, asset management as well as insurance products and services. The stakeholders of the industry include both Muslim majority and non-Muslim majority jurisdictions as well global multilateral development banks and international organisations. In Europe, Islamic financial transactions are actively undertaken in some countries including in the United Kingdom, Luxembourg and Germany. This session aims to: Highlight the growth and development of the global Islamic financial services industry (IFSI) across diverse regions globally. Detail out the progress made in each of IFSI’s three main segments – Islamic banking, Islamic capital markets and Takāful (Islamic insurance). Discuss the regulatory developments in Islamic finance, and the role and work of the IFSB. Discuss the initiatives and prospects for Islamic finance in Europe.

16:15 – 17:15
Session 2 – Challenges and Opportunities for the Implementation of Islamic Finance in Spain Islamic finance provides a new and alternative source of funds for families, companies and public institutions. Although this system has originated from the Middle East and Asia, it is gaining traction globally during times when many are deliberating viable alternatives to the traditional financial systems in the Western countries. In Spain, a particular segment that experiences difficulty in steady availability of credit is the Small and Medium Enterprises (SMEs). Islamic finance principles propose a risk-sharing and equity-based financing mechanism that potentially provides a more viable modality for financing entrepreneurs, SMEs, as well as corporations and the whole society in general. Nonetheless, there will be challenges in the implementation of Islamic finance in Spain. This session aims to: Explore the value proposition for Islamic finance as an alternative financing modality for Spanish businesses Explain key features and models of Islamic finance Discuss the opportunities for Islamic finance in Spain, and its implementation challenges

17:15 – 00:00
Coffee Break and Networking

Day 2
24/05/2016
SEMINAR ON ISLAMIC FINANCE: THE REAL ECONOMY AND FINANCIAL SECTOR

08:30 – 09:30
Registration

09:30 – 10:00
Welcoming Remarks

10:00 – 10:30
Coffee break

10:30 – 11:45
Session 1: Panel Discussion – Islamic Finance: Legal and Regulatory Considerations The rapid growth of Islamic finance in recent years has spurred increasing interest in the subject including in Europe. Estimates indicate the size of Islamic finance assets in Europe range between $60 billion and $70 billion as of end-2014. Almost 40 banking institutions have Islamic banking operations across the European continent, while in the Islamic capital market segment, a total of 294 Islamic funds were domiciled in Europe (as of Sept 2014). Similarly, Sukūk has been used as a fund-raising instrument across the United Kingdom, Luxembourg, Germany and France with the former two having floated debut sovereign Sukūk in 2014. Fundamental to sustaining the growth of Islamic finance growth in Europe is, among other factors, an enabling environment with an appropriate regulatory and supervisory framework, and supporting legal basis, that provides for a level playing field. The scope and implementation of the needed legal and regulatory reforms can differ across jurisdictions but contain certain core elements that can draw from international core principles and standards with a view towards strengthening real sector linkages.

11:45 – 13:00
Session 2: Sukūk – A Growing Alternative Asset Class to Fund the Real Sector In the backdrop of global macroeconomic challenges and financial pressures in major markets, the fast expanding global pool of Sharī`ah-compliant capital has become an attractive source over the years for various sovereigns, government-related entities and corporates to tap into in order to meet their financing needs. In particular, Sukūk instruments have gained widespread acceptance among stakeholders as economically viable tools to achieve funding diversification and offer tailored financing (especially for infrastructure investments). In the past five years, global Sukūk outstanding has been the fastest expanding asset class in the Islamic financial services industry, achieving a compounded annual growth rate of more than 19% (2009-2014). Nonetheless, several key imperatives remain in order to expand the role of Sukūk in funding the real sector. Among these are reforms to taxation and the development of the legal and regulatory framework that accommodates the specificities of Sukūk; strengthening the market infrastructure to support the intricacies of Sukūk structures; supporting liquid and active secondary markets (e.g. by a regular Sovereign/Central Bank Sukūk programmes of different maturities to establish a benchmark yield curve); and other necessary considerations such as dispute resolution frameworks and Sukūk insolvency regimes.

13:00 – 14:00
Lunch

14:00 – 15:15
Session 3: Equity-based Financing and its Effects on Macroeconomic Resilience A series of recent studies, including some published as working papers by the IMF, have suggested that all crises of the past have been, at their core, debt crises, regardless of whether they were labelled as ‘currency’ or ‘banking’ crises. As such, some experts argue that an economic model based on equity-based principles where the rate of return to finance is derived directly from the rate of return to the real sector, produces a stable equilibrium and avoids the mismatches of maturities and values between assets and liabilities. In an economy that where equity-based financing is endemic (e.g., mortgage finance, corporate finance, etc.), as prices fluctuate in the real sector so do the value of financial assets; hence, assets and liabilities of economic agents vary in the same direction. The importance of this framework can be considered in light of the global financial crisis and its relationship to housing finance and macroprudential risks and their management.

15:15 – 15:45
Coffee table

15:45 – 17:00
Session 4: Banking the Unbanked: Enhancing Financial Inclusion using Risk-Sharing Instruments Enhancing financial inclusion is a common objective for many governments, central banks and international organizations based on evidence from research that suggests that financial inclusion plays an important role in poverty reduction, reducing income disparities and increasing economic growth. However, the formal financial sector often fails to adequately meet the needs of the perceived riskier borrowers of a particular society given their inability to furnish collateral; this category includes microfinance for the lower-income households, financing for small and medium enterprises, and micro-insurance to others. As a solution, some experts suggest that the use of risk-sharing contracts provide a viable alternative to debt-based financing for meeting the funding needs of the financially excluded segments. Currently, such risk-sharing models are beginning to be implemented by the informal financial sector consisting of NGOs, private-equity and crowdfunding platforms, and so on. As the scope of such financial models expand, policymakers may consider formalizing the use of risk-sharing contracts as an alternative to debt-based financing to enhance financial inclusion. This would critically require strong regulatory support, for instance, in removing regulatory and tax impediments to risk-sharing contracts and strengthening the overall financial inclusion market infrastructure (e.g. crowdfunding platforms, accommodative regulatory guidelines, etc.)

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

Hotel Reservation Form

IFSB Regulator's Forum : Islamic Finance in 2016 and Beyond: Challenges, Opportunities and Evolving Regulatory Focus
2016-05-10 08:30 - 16:00 | Conference Hall 2, LG2, Sasana Kijang, Bank Negara Malaysia, kuala lumpur, Malaysia
The IFSB will be organising the IFSB Regulator’s Forum, on 10 May 2016, in conjunction with the Global Islamic Finance Forum (GIFF 5.0) on which will be held on 10 – 12 May 2016, in Kuala Lumpur, Malaysia.

With the theme “Islamic Finance in 2016 and Beyond: Challenges, Opportunities and Evolving Regulatory Focus“, the IFSB Regulator’s Forum is designed to encourage broad interaction among the delegates to explore the implications on the Islamic financial services industry (IFSI) from the evolving global regulatory reform agenda. In the light of the current global macroeconomic conditions, the Forum seeks to raise awareness on the emerging challenges in the resilience and stability of the IFSI while discussing the regulators’ role in mitigating such vulnerabilities.

The Forum welcomes participants from regulatory and supervisory authorities, international organisations, multilateral development banks, institutions offering Islamic financial services (IIFS), academics and any other interested parties.

For participation and queries, please register online or email Mr. Ahmed Barakat at ahmed.barakat@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
10/05/2016
08:30 – 09:30
Registration & Networking

09:30 – 09:50
Welcoming Remarks

09:50 – 10:00
Special Presentation

10:00 – 11:15
Session 1: Panel Discussion on the Outlook and Opportunities of the Islamic Financial Services Industry (IFSI) in 2016 and Beyond: Sustaining IFSI Growth and Resilience Amid Challenges This session aims to highlight: Emerging risks to the global economy and knock-on effects on Islamic finance Macroprudential framework and policy tools for the enhanced supervision of Islamic financial institutions. Appropriate stress testing frameworks for Islamic finance Emerging issues in Islamic finance regulation i.e. anti-money laundering (AML) and consumer protection

11:15 – 12:30
Session 2 : Global Regulatory Reforms: The Islamic Finance Response This session aims to highlight: The global surveillance framework and Islamic finance Enhanced liquidity and capital buffer requirements and implications for Islamic finance National regulators’ experiences in developing prudential frameworks for the Islamic financial services industy (IFSI) Market players’ response to the evolving regulatory reforms Progress on developing Sharī`ah-compliant financial safety-nets

12:30 – 14:00
Networking Lunch End of Forum

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

Public Hearing of the IFSB Exposure Draft: Technical Note on Stress Testing for Institutions Offering Islamic Financial Services (IIFS)
2016-04-25 09:00 - 11:15 | Training Room 2.3 & 2.4, Sasana Kijang , Bank Negara Malaysia, Kuala Lumpur, Malaysia., Luala 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 IFSB Exposure Draft: Technical Note on Stress Testing for Institutions Offering Islamic Financial Services (IIFS)

For more information on the Public Hearing, please email to Ms. Nazarina Abdul Majid at nazarina@ifsb.org

Programme – Event Session(s)

Date
Time
Topics

Day 1
25/04/2016
IFSB EXPOSURE DRAFT:TECHNICAL NOTE ON STRESS TESTING FOR INSTITUTIONS OFFERING ISLAMIC FINANCIAL SERVICES (ED TN-2)

09:00 – 09:30
Registration

09:30 – 09:30
Opening Remarks by Assistant Secretary-General of the IFSB

09:35 – 10:30
Pesentation by the Project Manager

10:30 – 11:15
Questions and Answers

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

13th Islamic Financial Stability Forum : Consumer Protection in Islamic Finance
2016-04-12 03:00 - 17:00 | Cairo, Cairo, Egypt, Egypt
Programme – Event Session(s)

Date
Time
Topics

Day 1
12/04/2016
15:00 – 15:10
Chairman’s Remarks H.E. Tarek Hassan Ali Amer, Governor, The Central Bank of Egypt

15:10 – 16:10
Presentation on Consumer Protection in Islamic Finance Speaker: Professor Dr. Volker Nienhaus, Former President of the University of Marburg, Germany, and Consultant to the Islamic Financial Services Board Discussant: Ms. Nariman Abdulla Kamber Al Awadhi, Chief Manager, Consumer Protection Division, Banking Supervision Department, Central Bank of the United Arab Emirates Mr. Khairul Nizam, Chief Operating Officer, Finance Accreditation Agency, Malaysia

16:10 – 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

IFSB Annual Meetings 2016: 28th Meeting of the Council, 14th General Assembly of the Islamic Financial Services Board & Other Events (Seminar on Islamic Capital Market)
2016-04-10 08:30 - 2016-04-12 17:30 | Tutankhamun 1, JW Marriott Hotel, Cairo, Egypt, Cairo, Egypt
The IFSB Annual Meetings 2016 is hosted by the Central Bank of Egypt.

The 28th Meeting of the Council, 14th General Assembly of the IFSB, 13th Islamic Financial Stability Forum and Welcome Dinner is by invitation only. For more information on the meetings and dinner, please email the following Secretariat in charge:

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

2) 13th Islamic Financial Stability Forum: Ms. Yazmin Aziz (email: yazmin@ifsb.org)

The following Side Events will also be held in conjuction with the IFSB Annual Meetings 2016.

1) IFSB Seminar on Islamic Capital Markets: Mrs. Ida Shafinaz Ab. Malek (email: ida.shafinaz@ifsb.org)

2) 8th IFSB Public Lecture on Financial Policy and Stability: Mrs. Ida Shafinaz Ab. Malek (email: ida.shafinaz@ifsb.org)

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

Event Snapshots

The IFSB organised four Side Events in conjunction with the IFSB Annual Meetings 2016 on 10 – 12 April 2016 in Cairo, Egypt, hosted by Central Bank of Egypt.

The first event was a Seminar on Islamic Capital Market, held on 10 April 2016. Themed “Supporting Development through Sukūk: Prospects and Initiatives”, the Seminar aimed to provide an interactive environment enabling speakers and participants to explore the prospective role of Sukūk in social and economic development through the aforementioned roles. The Seminar offered perspectives of Sukūk that revolved around the key challenges.

Mr. Gamal Negm, Deputy Governor, Central Bank of Egypt and Mr. Jaseem Ahmed, Secretary General of the IFSB delivered the opening and welcoming speeches respectively. The keynote address was delivered by H.E. Sherif S. Samy, Chairman of the Egyptian Financial Supervisory Authority.

Fourteen chairpersons and speakers from among regulators and market players sector discussed the following issues at the Seminar:-

Development of the Sukūk Sector: Legal and Regulatory Considerations
Panel Discussion – Sukūk for Budgetary and Financial Sector Support: Structures and Country Examples
Sukūk for Infrastructure Financing: Prospects and Case Studies
Panel Discussion on Building Synergies for Sukūk Issuances

Over 100 delegates from 16 jurisdictions among the IFSB member and non-member organisations – representatives from market players, regulatory bodies, international agencies as well as academia and other interested parties from the public attended this Seminar.

On 11 April 2016, the IFSB organised its 8th Public Lecture on Financial Policy and Stability. The Lecture, delivered by Dr. Sami Al Suwailem, Head, Financial Product Development Center, Islamic Development Bank carried the theme, Morality, Rationality and Financial Stability.

Mr. Jaseem Ahmed and Mr. Tarek Fayed, Sub Governor, Central Bank of Egypt delivered the opening and welcoming speeches. The Lecture saw the attendance of 100 participants from among the IFSB members, regulatory and supervisory bodies, as well as the government, private, legal and educational sectors in Egypt.

The Public Lecture was followed by a Members and Industry Engagement Session which aimed to provide a platform for the IFSB members and greater financial community an insight and update into the work of the IFSB, its relevance to the development of the global industry, and the role the stakeholders (members and non-members) can play in this development.

The session was attended by 50 participants consisting of the IFSB members and the Egyptian local financial community, where Mr. Tarek Fayed delivered the Opening Remarks. The Opening Remarks was followed by a presentation titled, Global Outlook of Islamic Finance, by Mr. Jaseem Ahmed, Mr. Zahid Ur Rehman Khokher, Assistant Secretary-General of the IFSB also delivered a presentation titled, Stakeholders Engagement in Supporting the Sound Development of Islamic Financial Services Industry.

The 13th Islamic Financial Stability Forum was held on 12 April 2016, after the IFSB Council and General Assembly meetings. The topic of this year’s IFSF was Consumer Protection in Islamic Finance.

Professor Volker Nienhaus, Former President, University of Marburg, Germany, and IFSB Consultant was the speaker of the 13th IFSF and presented the topic, Consumer Protection in Islamic Finance. His presentation, which is based on an IFSB Working Paper series, Financial Consumer Protection in Islamic Finance stated that most of the issues in consumer protection covers both conventional and Islamic segments of the financial system. The discussants were Ms. Nariman Abdulla Kamber Al Awadhi, Chief Manager, Consumer Protection Unit, Central Bank of the United Arab Emirates and Mr. Khairul Nizam, Chief Operating Officer, Finance Accreditation Agency, Malaysia.

Programme – Event Session(s)

Date
Time
Topics

Day 1
10/04/2016
SEMINAR ON ISLAMIC CAPITAL MARKET (OPEN SESSION)

08:30 – 09:30
Registration

09:30 – 10:30
Welcoming Remarks and Keynote

10:30 – 11:00
Coffee break

11:00 – 12:15
Session 1: Development of the Sukūk Sector: Legal and Regulatory Considerations As one of the fastest growing segments of the Islamic financial services industry, the Sukūk market poses important legal and regulatory challenges. One of the most important legal issues of the Sukūk market is the different legal treatments for asset-based and asset-backed Sukūk structures and their effects on risks, particularly legal risk, that are endogenous to a particular Sukūk issuance. Furthermore, in view of the potential multi-national investor base and the global appeal of these instruments, the standardisation of the structures and processes along with the legal and tax treatment in different jurisdictions, the set-up of effective mechanisms for dispute resolution, and enforceability of the Sukūk contracts are also important issues that feature as determinants of the attractiveness of the instrument and jurisdiction. Apart from the legal issues, the provision of a sound regulatory and supervisory regime is critical in order to ensure that the Sukūk instruments comply with key consumer protection aspects as well as operate in an environment that limits the exposure to system-wide risks.

12:15 – 13:30
Session 2: Sukūk for Budgetary and Financial Sector Support: Structures and Country Examples Since the GFC, the share of Sukūk issued by sovereigns, quasi-sovereigns (Ministries/Central Banks, etc.) and government-related entities (GREs) has risen noticeably from 2009 onwards, accounting for more than two-thirds of issuances in the primary market. These funds have been raised to support a variety of state budgetary needs including to fund development expenditures, as well as to support a smooth functioning of the country’s Islamic financial system. Moreover, a steady supply of Sovereign/GRE Sukūk has had the complementary advantage of providing much-needed Sharī`ah-compliant investment avenues to various Takāful and Islamic fund management institutions. Furthermore, sovereign or quasi-sovereign Sukūk are eligible as high-quality liquid assets for regulatory purposes related to capital-adequacy and liquidity management by Islamic banks. These Sukūk also provide a pricing benchmark for other potential Sukūk issuers (Corporates) in the country. Given the interrelated advantages for a regular state-sponsored Sukūk programme, it is important to understand the developmental aspects and financial infrastructure dimensions which are critical to support such initiatives by a jurisdiction. In this regard, lessons can be learned from the experience of countries that already have regular sovereign-linked Sukūk issuance programmes in place.

13:30 – 14:30
Lunch and Prayers

14:30 – 15:45
Session 3: Sukūk for Infrastructure Financing: Prospects and Case Studies The global decline in the supply of syndicated bank loans and project financing by the banking sector for the infrastructure projects in the post-crisis era, mostly due to deleveraging and additional capital requirements, has widened the infrastructure funding gap in the context of expanding socio-economic needs and goals. In such an environment, Sukūk, with its tangible asset base, and appeal to a wide set of investors, can be an attractive form of financing that complements traditional financing. Indeed, appropriately structured Sukūk, with its risk sharing characteristics, may help to address key impediments to financing of infrastructure in the form of construction risk and equity concentration risk. In this respect, Asia with its rapidly growing population, the MENA region with its drive for upgrading its infrastructure services and Africa as an untapped market with acute infrastructure investment needs are the principal regions in which the potential Sukūk market is expanding.

15:45 – 16:15
Coffee break

16:15 – 17:30
Session 4: Panel Discussion on Building Synergies for Sukūk Issuances The panel will address the challenge and opportunities for Islamic finance, and in particular for Sukuk, in an environment in which commodity prices have fallen, budgets are in need of alternative financing sources, and new regulatory requirements come into place for active and deep financial markets under Basel III. The panel will seek to develop insights and proposals for both policy makers and the private sector from the perspective of development of Sukūk markets, and meeting the increased demand for Sukūk issuances. In particular, the panel will examine the potential for public-private synergies in the development of a Sukūk-friendly legal and regulatory framework, and for a sound supportive institutional structure, as well as for knowledge sharing and capacity development goals.

Day 2
11/04/2016
8TH IFSB PUBLIC LECTURE ON FINANCIAL POLICY AND STABILITY (OPEN SESSION)

08:30 – 09:30
Registration

09:30 – 09:45
Opening Remarks

09:45 – 11:00
Lecture – Morality, Rationality and Financial Stability

11:00 – 11:30
Coffee Break and Networking

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

20:00 – 22:00
Welcome Dinner (IFSB Members Organisation ONLY)

Day 3
12/04/2016
09:00 – 12:30
28th Meeting of the Council of the IFSB (Full and Council Members of the IFSB ONLY)

12:30 – 13:30
14th General Assembly (IFSB Members Organisation ONLY)

13:30 – 15:00
Lunch

15:00 – 16:30
13th Islamic Financial Stability Forum (For IFSB Council and Full members, Regulatory Authorities and International Organisations ONLY) Theme: Consumer Protection in Islamic Finance The 13th Islamic Financial Stability Forum will seek to examine and draw on experiences in developing consumer protection frameworks for Islamic Financial Services Industry and identifying opportunities and direction for future work in this critical areas. Speaker: Professor Dr. Volker Nienhaus, Consultant, Islamic Financial Services Board (IFSB)

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

Event Brochure

IFSB-FIS Workshop Series (Oman)
2016-03-28 08:00 - 2016-03-31 15:30 | Crowne Plaza Muscat, Oman, Muscat, Oman
This 4-day workshop is tailored for the regulatory and supervisory authorities and will cover the following IFSB Standards:

IFSB-15: Revised Capital Adequacy Standard for Institutions Offering only Islamic Financial Services (IIFS)
IFSB-16: Revised Guidance on Key Elements in the Supervisory Review Process of IIFS

Overall, this Workshop aims to:

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

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

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

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

Programme – Event Session(s)

Date
Time
Topics

Day 1
28/03/2016
08:00 – 08:30
Registration

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

09:00 – 10:30
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

10:30 – 11:00
Coffee Break

11:00 – 12:30
Session 2: IFSB-15: Revised Capital Adequacy Standard for IIFS Leverage Ratio Domestic Systemically Important Banks Case Study on Leverage Ratio Case Study on Countercyclical Buffer

12:30 – 13:30
Lunch and Prayer

13:30 – 15:30
Session 3: IFSB-15: Revised Capital Adequacy Standard for IIFS Credit Risk Weights for Various Counterparties Off-balance Sheet Exposures Exposures in Investments Made under Profit-Sharing Modes Past Due Receivables & Other Assets

Day 2
29/03/2016
08:30 – 10:00
Session 4: IFSB-15: Revised Capital Adequacy Standard for IIFS Credit Risk Mitigation Credit Risk Mitigation Techniques Commonly Used by IIFS Credit Risk Mitigation Approaches Recognition of Ratings by External Credit Assessment Institution

10:00 – 10:30
Coffee Break

10:30 – 12:00
Session 5: IFSB-15: Revised Capital Adequacy Standard for IIFS Understanding the Market Risk in Islamic Finance Policies and Procedures for Market risk Guidance on Valuation Practices Group Exercise

12:00 – 13:00
Lunch and Prayer

13:00 – 15:00
Session 6: IFSB-15: Revised Capital Adequacy Standard for IIFS Overview of Operational Risk Understanding Operational Risk in Islamic Finance Measuring Operational Risks Group Exercise

Day 3
30/03/2016
08:30 – 10:00
Session 7: IFSB-15: Revised Capital Adequacy Standard for IIFS Features of Sukūk and Securitisation in Sukūk Securitisation Process for Sukūk Role of IIFS in Sukūk Securitisation Credit Enhancement Mechanisms for Sukūk

10:00 – 10:30
Coffee Break

10:30 – 12:00
Session 8: IFSB-15: Revised Capital Adequacy Standard for IIFS Regulatory Capital for Sukūk in IIFS Capital Requirements for Sukūk Retained Securitisation Exposure Case Study

12:00 – 13:00
Lunch and Prayer

13:00 – 15:00
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

Day 4
31/03/2016
08:30 – 10:00
Session 10: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Supervisory Preconditions, Criteria and Approaches for Effective Supervision of IIFS Key Elements in the Supervisory Review Process of IIFS Regulatory Capital Requirements Treatment of Investment Account Holders (IAH) and Displaced Commercial Risk

10:00 – 10:30
Coffee Break

10:30 – 12:00
Session 11: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Internal Capital Adequacy Assessment Process Islamic Windows Operations Assessment of Additional Issues Supervisory Transparency and Accountability

12:00 – 13:00
Lunch and Prayer

13:00 – 15:00
Session 12: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS Corporate and Shariah Governance Transparency and Market Discipline Consolidated and Home-host Supervision Case Study

15:00 – 15:30
Closing & Certificate Giving Ceremony

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2nd IFSB Seminar On Legal Issues In Islamic Financial Services Industry
2016-03-14 09:00 - 2016-03-15 17:30 | The Landmark London Hotel, London, 222 Marylebone Rd, London NW1 6JQ, London, UK, United Kingdom
Theme: Towards an Effective Legal Framework for Islamic Finance: Asset Securitisation and Insolvency The 2nd Seminar on Legal Issues in the Islamic Financial Services Industry will focus on two subjects of immediate relevance, sukuk and insolvency. Experts in Shari`ah, law and industry will give presentation on these subjects as they grow increasingly important for the future of Islamic finance in general and the treasuries of Islamic financial institutions in particular.
Programme – Event Session(s)

Date
Time
Topics

Day 1
14/03/2006
09:00 – 09:45
Opening and Keynote

09:45 – 10:45
Session 1: A General Survey of Legal Issues in Islamic Finance The scope of Islamic banking laws The relationship of legal infrastructure to product development and risk management Islamic banks in takaful and capital markets Preconditions for effective bank supervision Sukuk structures and the capital markets Islamic bank insolvency and default The objectives of the conference The conduct of the conference

11:00 – 12:00
Session 2: Case Study 1: Sovereign and Inter-Governmental Organizations Sukuk Securitization Structure: Shari’ah Issues Legal Structure Market Acceptance Outcome

12:00 – 13:30
Session 3: Case Study 2: Sovereign and Inter-Governmental Organizations Sukuk – Analysis Syndication and Funding Credit Enhancement Rating Risk Secondary Market Potential Shari’ah-related Considerations Jurisdiction-related Considerations

15:00 – 16:00
Session 4: Case Study 1: Corporate Sukuk Securitization Structure: Shari’ah Issues Legal Structure Market Acceptance Outcome

16:15 – 17:30
Session 5: Case Study 2: Corporate Sukuk – Analysis Syndication and Funding Credit Enhancement Rating Risk Secondary Market Potential Shari’ah-related Considerations Jurisdiction-related Considerations

Day 2
15/03/2006
09:00 – 10:20
Session 6: The Future for Sukuk Expanding Enabling Legislation Dealing with Restrictions on Foreign Ownership Expanding Enabling Infrastucture: Trusts and SPVs Cross Border Issues Islamic Money Market Instruments and Liquidity Management Risk Management and Monetary Policy Product Innovation Ratings and Shari`ah Risk

10:45 – 12:00
Session 7: Insolvency in Islamic Financial Institutions: A Survey of Relevant Legislation GCC Islamic banks Eastern Islamic banks Western Islamic banks The concepts of iflas and hajr al-madin and their consequences Responsibilities of IFIs to investment account holders and equity owners Responsibilities of IFIs to debtors

14:30 – 16:00
Closing Session: Panel Discussion on Preconditions for Effective Supervision and Stability Key Conclusions of the Conference Components of an Effective Legal Framework for Islamic Finance Supervision, Risk Management, and International Standards

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

IFSB-FIS Workshop Series - Takaful (Nigeria)
2016-02-23 09:30 - 2016-02-25 16:30 | Chelsea Hotel, Mohammadu Buhari Way, Abuja, Nigeria, Abuja, Nigeria
This 3-day workshop is tailored for the Regulatory and Supervisory Authorities for the Takāful sector and will cover topics on introduction to Islamic finance and Takāful as well as the following IFSB Standards:

IFSB-8: Guiding Principles on Governance for Takāful Undertakings
IFSB-11: Standard on Solvency Requirements for Takāful Undertakings
IFSB-14: Standard on Risk Management for Takāful Undertakings

Overall, this Workshop aims to:

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

This Workshop is hosted by the National Insurance Commission (NAICOM) and participation in this Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at hamizi@ifsb.org.

Programme – Event Session(s)

Date
Time
Topics

Day 1
23/02/2016
09:30 – 09:30
Registration

09:30 – 09:45
Welcoming Remarks

09:45 – 11:00
Session 1: Introduction to Islamic Finance and Takāful (Islamic Insurance) Introduction to Takāful Takāful Models Issues Faced by Takāful Operators

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

11:30 – 13:00
Session 2: IFSB-8: Guiding Principles on Governance for Takāful Undertakings Why Governance for Takāful Undertakings? Reinforcement of Relevant Good Governance Practices A Balanced Approach for Fair Treatment

13:00 – 14:00
Lunch and Prayer

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

16:00 – 16:30
Coffee Break

Day 2
24/02/2016
09:00 – 09:30
Registration

09:30 – 11:00
Session 4: IFSB-11: Standard on Solvency Requirements for Takāful Undertakings Specificities of Solvency Requirements for Takāful Total Balance Sheet Approach Adequate Solvency Resources

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5: IFSB-11: Standard on Solvency Requirements for Takāful Undertakings Establish Solvency Control Levels Quality / Suitability of Solvency Resources Comprehensive Risk Management Framework

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6: IFSB-11: Standard on Solvency Requirements for Takāful Undertakings Supervisory Review of Risk Management Framework Public Disclosure of Solvency Information Case Studies

16:00 – 16:30
Coffee Break

Day 3
25/02/2016
09:00 – 09:30
Registration

09:30 – 11:00
Session 7: IFSB-14: Guiding Principle on Risk Management for Takāful Undertakings Specificities of Takāful Undertakings Relevant to Risk Management Ownership of Risk Fund Significant Risks of Particular Relevance to Takāful

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8: IFSB-14: Guiding Principle on Risk Management for Takāful Undertakings Significant Risks of Particular Relevance to Takāful (Cont’d) Enterprise Risk Management Risk Governance Framework

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9: IFSB-14: Guiding Principle on Risk Management for Takāful Undertakings Key elements in the supervisory review process of risk management for Takāful undertakings Systemic Risk Considerations Case Study

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

16:15 – 16:45
Coffee Break

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

IFSB-FIS Workshop Series - Banking (Nigeria)
2016-02-23 09:00 - 2016-02-26 16:15 | Chelsea Hotel Abuja, abuja, Nigeria
This 4-day workshop is tailored for the Regulatory and Supervisory Authorities and the market players for the banking sector. The workshop will discuss the following IFSB Standards:

IFSB-15: Revised Capital Adequacy Standard for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS)
IFSB-16: Revised Guidance on Key Elements in the Supervisory Review Process of IIFS

Overall, this Workshop aims to:

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

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

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

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

Programme – Event Session(s)

Date
Time
Topics

Day 1
23/02/2016
09:00 – 09:30
Registration

09:30 – 09:45
Opening Session

09:45 – 11:00
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

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

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

13:00 – 14:00
Lunch and Prayer

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

16:00 – 16:15
Coffee Break

Day 2
24/02/2016
09:00 – 09:30
Registration

09:30 – 11:00
Session 4: IFSB-15: Revised Capital Adequacy Standard for IIFS – Continued Credit Risk Mitigation Credit Risk Mitigation Techniques Commonly Used by IIFS Credit Risk Mitigation Approaches Recognition of Ratings by External Credit Assessment Institution

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5: IFSB-15: Revised Capital Adequacy Standard for IIFS – Continued Understanding Market Risk in Islamic Finance Policies and Procedures for the Management of Market risk Guidance on Valuation Practices Group Exercise

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6: IFSB-15: Revised Capital Adequacy Standard for IIFS – Continued Understanding Operational Risk in Islamic Finance Measuring Operational Risks Sharī`ah Non-compliance Risk Group Exercise

16:00 – 16:15
Coffee Break

Day 3
25/02/2016
09:00 – 09:30
Registration

09:30 – 11:00
Session 7: IFSB-15: Revised Capital Adequacy Standard for IIFS – Continued Current Regulatory Environment of Real Estate Activities Supervision of Real Estate Activities Features of Sukūk and Securitisation Securitisation Process for Sukūk Structuring

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8: IFSB-15: Revised Capital Adequacy Standard for IIFS – Continued Capital Requirements for Sukūk Holdings of Sukūk by IIFS (IIFS investor) Retained Securitisation Exposure (IIFS originator) Case Studies

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS – Continued Supervisory Preconditions, Criteria and Approaches for Effective Supervision of IIFS Key Elements in the Supervisory Review Process of IIFS Regulatory Capital Requirements Treatment of Investment Account Holders (IAH) and Displaced Commercial Risk

16:00 – 16:15
Coffee Break

Day 4
26/02/2016
08:00 – 08:30
Registration

08:30 – 10:00
Session 10: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS – Continued Internal Capital Adequacy Assessment Process Islamic Windows Operations Assessment of Additional Issues Supervisory Transparency and Accountability

10:00 – 10:30
Coffee Break

10:30 – 12:00
Session 11: IFSB-15: Revised Capital Adequacy Standard for IIFS – Continued Governance and Risk Management Transparency and Market Discipline Consolidated and Home-host Supervision Case Study

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

12:30 – 14:00
Lunch and Prayer

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

IFSB Industry Engagement Session: Global Outlook of Islamic Finance
2016-01-28 09:00 - 12:30 | Multi Purpose Hall, Level 3, Lanai Kijang, Bank Negara Malaysia, Malaysia
The IFSB Industry Engagement Session is an initiative by the Secretariat to provide an interactive platform for communication between the key players of the Islamic financial services industry (IFSI), from among the IFSB member and non-member organisations, and the IFSB Secretariat.

For any queries, please contact Mr. Ifran Tarmizi at ifran@ifsb.org

Programme – Event Session(s)

Date
Time
Topics

Day 1
28/01/2016
09:00 – 09:50
Networking Coffee

10:00 – 10:10
Opening Remarks

10:10 – 10:30
Global Outlook of Islamic Finance: Stabilty, Resilience and The Role of The IFSB

10:30 – 10:50
Stakeholders Engagement in Supporting The Islamic Financial Services Industry’s Sound Development

10:50 – 11:30
Interactive Session

11:30 – 12:30
Lunch

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

Roundtable Discussion : IFSB Exposure Draft on Guiding Principles for Retakaful (Islamic Reinsurance) and Meet the Members & Industry Engagement Session
2016-01-10 08:30 - 17:30 | InterContinental Regency Bahrain, Manama, Bahrain
The Roundtable Discussion : IFSB Exposure Draft on Guiding Principles for Retakāful (Islamic Reinsurance) was held on 10 January 2016, in Manama, Bahrain, which was hosted by the Central Bank of Bahrain.

The IFSB has issued an Exposure Draft, ED-18: Guiding Principles for Retakāful (Islamic Reinsurance) on 5 November 2015 for public consultation, aimed to provide the regulatory and supervisory authorities (RSAs) and market players of the Takāful industry guidance relating to Retakāful. ED-18 identifies and sets forth a set of basic principles and best practices pertaining to Retakāful activities of both Takāful and Retakāful Operators (TOs and RTOs).

This Roundtable aimed to invite greater engagement and garner feedback and comments from key industry stakeholders on the Exposure Draft prior to its final submission to the IFSB Council.

The Roundtable also saw active involvement from the key industry stakeholders, acted as chairperson and speakers for the Roundtable as well as 28 registered participants from among the IFSB member and non-member organisations.

Programme – Event Session(s)

Date
Time
Topics

Day 1
10/01/2016
IFSB MEET THE MEMBERS AND INDUSTRY ENGAGEMENT SESSION

(VENUE: AMBASSADOR ROOM (MEZZANINE FLOOR)

ROUNDTABLE DISCUSSION : IFSB EXPOSURE DRAFT ON GUIDING PRINCIPLES FOR RETAKāFUL (ISLAMIC REINSURANCE)

VENUE : AL RIFAA BALLROOM (GROUND FLOOR)

08:30 – 09:00
Registration

09:00 – 10:10
IFSB MEET THE MEMBERS AND INDUSTRY ENGAGEMENT SESSION

10:10 – 10:30
Coffee Break & Networking Session

10:30 – 15:30
ROUNDTABLE DISCUSSION : IFSB EXPOSURE DRAFT ON GUIDING PRINCIPLES FOR RETAKĀFUL (ISLAMIC REINSURANCE)

10:30 – 10:45
Opening Remarks

10:45 – 11:10
Presentation on the Exposure Draft of the Guiding Principles for Retakāful

11:10 – 11:30
Session 1: Understanding Retakāful and Its Underlying Contracts (Introduction to Retakāful, the Concept and the Principal Structures) Introduction to Retakāful, the Concept and the Principal Structures

11:30 – 11:50
Session 1: Understanding Retakāful and Its Underlying Contracts (Retakāful Core Principles, Categorisation, and Special Issues) Retakāful Core Principles, Categorisation, and Special Issues

11:50 – 11:30
Session 1: Understanding Retakāful and Its Underlying Contracts Open Discussion

12:30 – 13:30
Lunch & Prayers

13:30 – 13:50
Session 2: The Guiding Principles for Retakāful (Principle I: Governance of Retakāful Undertakings & Principle II: Compliance with Sharī`ah Principles) Principle I: Governance of Retakāful Undertakings Principle II: Compliance with Sharī`ah Principles

13:50 – 14:10
Session 2: The Guiding Principles for Retakāful (Principle III: Prudential Framework, Principle IV: Transparency and Disclosure & Principle V: Supervisory Principle III: Prudential Framework Principle IV: Transparency and Disclosure Principle V: Supervisory

14:10 – 14:50
Session 2: The Guiding Principles for Retakāful Open Discussion

14:50 – 15:00
Chairman’s Summary

15:00 – 15:30
Coffee Break End of Roundtable Discussion

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

12th Islamic Financial Stability Forum :Promoting Consistency in the Implementation of Prudential Standards
2015-12-08 14:30 - 16:30 | Jeddah, Jeddah, Saudi Arabia, Saudi Arabia
The IFSB organised its 12th Islamic Financial Stability Forum (12th IFSF) on 8 December 2015, in Jeddah, Saudi Arabia.

The 12th IFSF was held in conjunction with the 27th Council Meeting of the IFSB, hosted by the Islamic Development Bank.

Programme – Event Session(s)

Date
Time
Topics

Day 1
08/12/2015
14:30 – 14:40
Chairman’s Remarks H.E. Agus D.W. Martowardojo, Governor, Bank Indonesia

14:40 – 15:40
Presentation on Promoting Consistency in the Implementation of Prudential Standards Speaker: Mr. Marc Farag, Member of Basel Committee on Banking Supervision Secretariat (MPhil), Basel Committee on Banking Supervision Discussants: 1. Mr. Mohd Zabidi Md Nor, Director of Prudential Policy Department, Bank Negara Malaysia 2. Mr. Suliman Aljabrin, Banking Supervisor, Saudi Arabian Monetary Agency

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

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

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

27th Meeting of the Council of the IFSB (For Full Members only) and 12th Islamic Financial Stability Forum (by invitation only)
2015-12-08 09:30 - 16:30 | –, Bali, Indonesia
The 27th Meeting of the Council of the IFSB and 12th Islamic Financial Stability Forum are hosted by the Islamic Development Bank.

These meetings are by invitation only. For more information on the meetings, please email the following Secretariat in charge:

1) Council Meeting – Ms. Nur Khairun Nissa Md Zawawi, email : khairun.nissa@ifsb.org

2) Islamic Financial Stability Forum – Ms. Yazmin Aziz, email : yazmin@ifsb.org

Programme – Event Session(s)

Date
Time
Topics

Day 1
08/12/2015
09:30 – 13:00
27th Meeting of the Council of the IFSB

14:30 – 16:30
12th Islamic Financial Stability Forum Theme: Promoting Consistency in the Implementation of Prudential Standards The Islamic Finance and Global Financial Stability Report (IFSB-IRTI, 2010), drew attention to the importance of not only accelerating effective implementation of prudential standards to promote and enhance the soundness and stability of the Islamic financial services industry, but also to contributing towards the consistent development of Islamic finance across jurisdictions. The Core Principles for Islamic Financial Regulation for the banking segment (CPIFR) issued by the IFSB in April 2015 has facilitated a step towards this harmonisation and consistency in the implementation of prudential frameworks across countries, by providing a framework for assessment of the regulatory and supervisory framework of the banking sector. The IFSB’s current strategy focuses on promoting the implementation through workshops under the Facilitating the Implementation of Standards (FIS) Initiatives and Implementation Surveys, both of which have contributed substantially towards enhancing the IFSB’s ability to assist RSAs seeking to strengthen their regulatory and supervisory framework for Islamic finance. The IFSB efforts are in line with the practice of other global standard-setting bodies, who are taking steps to not only track the implementation of their standards, but to also review the consistency in such implementation across various jurisdictions. The Basel Committee on Banking Supervision (BCBS), for example, adopted a Regulatory Consistency Assessment Programme (RCAP) in 2012, noting the importance of consistency in the adoption and implementation of prudential standards in enhancing the resilience of the banking system, improving public confidence in prudential ratios and developing a transparent regulatory environment that promotes a level playing field. The programme is a central element of the BCBS’s continuous efforts to monitor the implementation and timely adoption of the Basel III standards, ensuring consistency of the adopted regulations, as well as evaluating the quality and comparability of regulatory outcomes. The RCAP promotes consistent adoption of the Basel framework by helping member jurisdictions identify domestic regulations that are not in line with the letter and spirit of the relevant Basel standards, weigh the materiality of any such deviations and undertake reforms where necessary. The European Banking Authority (EBA), also works to ensure effective and consistent implementation of prudential regulation and supervision in EU countries. It introduced a European Single Rulebook in banking for the purpose of providing a set of harmonised prudential rules for financial institutions throughout the EU, to ensure uniform application of its rules across Member States which serves to close any regulatory loopholes that may arise from differences in prudential frameworks. The EBA thus plays an important role in promoting convergence of supervisory practices in the EU banking sector by identifying any material differences in the practices and formulate necessary policy solutions to enhance convergence between banks. The IMF Staff Discussion Note on Islamic Finance (May 2015) has observed that in Islamic finance jurisdictions, the application of standards is not uniform across countries, which brings to the fore concerns that it may encourage growth in a manner that gives rise to systemic vulnerabilities. It also underlined the importance of seeking greater harmonisation, both across and within countries, through better implementation of existing standards for Sharī`ah governance. Against this background, a natural step forward in furthering the current implementation programme of the IFSB to focus on greater consistency in the adoption of its standards for regulation and supervision of institutions offering Islamic financial services. The 12th Islamic Financial Stability Forum will seek to examine the experiences of the other international agencies to promote and assess the consistency of the implementation of prudential standards, and identify opportunities and direction for future work in the Islamic Financial Services Industry to encourage consistency across Islamic finance jurisdictions.

14:30 – 14:40
Chairman’s Remarks

14:40 – 15:00
Presentation on Promoting Consistency in the Implementation of Prudential Standards Speaker: Mr. Marc Farag, Member of Basel Committee on Banking Supervision Secretariat, Basel Committee on Banking Supervision

15:00 – 15:40
Discussion Discussants: Mr. Mohd Zabidi Md Nor, Director of Prudential Policy Department, Bank Negara Malaysia Mr. Suliman Aljabrin, Banking Supervisor, Saudi Arabian Monetary Agency

15:40 – 16:00
Q&A Session

16:00 – 16:30
Coffee Break & Networking

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

IFSB-INCEIF Executive Forum - Resilience and Stability of the Islamic Financial Services Industry: Opportunities and Challenges Ahead
2015-12-01 00:00 - 2015-12-02 00:00
Against the backdrop of the slow global economic recovery in the past years, and continued turmoil in the financial markets, the 8th IFSB-INCEIF Executive Forum focuses on key issues affecting the Islamic Financial Services Industry’s (IFSI) stability along with the strategic approaches needed to ensure that the IFSI is able to achieve a level of resilience that withstands the impact of financial turbulence.
The theme of the 8th edition of the IFSB-INCEIF Executive Forum series – “Resilience and Stability of the Islamic Financial Services Industry: Opportunities and Challenges Ahead” – intends to discuss this important topic that affects not only national economies and financial institutions, but also ordinary investors and tax payers. More specifically, the forum aims to cover the following areas:

Updates on the trends and developments in the various segments of the industry – Islamic banking, Islamic capital markets as well as Takāful;
Initiatives undertaken by the regulators and international standard setting organisations to further strengthen the resilience and stability of the financial institutions and markets; and
Emerging issues in the stability of the IFSI, including among others: consumer protection, Sharī’ah-compliant safety nets and cross-border linkages.

This 8th Edition of the IFSB-INCEIF Executive Forum will serve as a platform for discussion (through panel sessions, group discussion, and practical case studies) between the participants and the speakers who are global leaders from amongst market players, regulators and academia.
The two full-day Forum will be divided into seven sessions, which are:

Development of the Global IFSI
Effective Macro-prudential Policies
Strengthening Protection of the Financial Sector
Sharī’ah-compliant Lender of Last Resort (LOLR)
Takāful: Unlocking the Potential and Supporting Stability
Islamic Capital Markets (ICM): Achieving a Rigorous and Robust Regulatory Framework; and
Panel Discussion on Fostering Global Linkages and Cross-border Potentials Towards Enhancing Resilience and Stability

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

Mr. Takashi Hamano, Assistant Commissioner for International Affairs, Financial Services Agency, Japan
Dr. Magda Elsayed Kandil, Chief Economist, Research and Statistics Department, Central Bank of United Arab Emirates
Ms. Che Zakiah Che Din, Director, Financial Conglomerate Supervision Department, Bank Negara Malaysia
Mr. Rafiz Azuan Abdullah, Executive General Manager, Malaysia Deposit Insurance Corporation
Mr. Ritesh Maheshwari, Managing Director & Lead Analytical Manager, Financial Services Ratings, Standard & Poor’s Ratings Services, Singapore
Mr. Shamsun Anwar Hussain, Managing Director, Business Management Office, CIMB Islamic Bank, Malaysia
Assoc. Prof. Dr. Younes Soualhi, Chairman, Sharī`ah Committee, HSBC Amanah Malaysia Berhad, Malaysia
Tuan Syed Alwi Mohd Sultan, Executive Vice President, Corporate Services, Bank Muamalat Malaysia Berhad
Mr. Hassan Scott Odierno, Partner, Actuarial Partners Consulting Sdn Bhd, Malaysia
Mr. Syed Faiq Najeeb, Member of the Secretariat, Technical and Research, Islamic Financial Services Board, Malaysia

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

Date
Time
Topics

Day 1
01/12/2015
08:30 – 09:30
Morning Coffee and Registration

09:30 – 09:45
Opening and Welcoming Remarks

09:45 – 11:00
Developments in the Global Islamic Financial Services Industry (IFSI) towards Promoting Financial Stability Overview of the development of the Islamic Financial Services Industry Future prospects and current challenges Policy recommendations to enhance growth and stability

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

11:30 – 13:00
Financial Stability Framework: Motivations for Effective Macro-prudential Policies Emerging Practices, Initiatives and Trends in the Macro-prudential Policies of institutions offering Islamic financial services (IIFS) Systemic Risks and Countercyclical Issues: A Need for Additional Policies Capital Buffers and Leverage Ratio of IIFS: Fundamental Factors in Financial Stability

13:00 – 14:00
Lunch and Prayers

14:00 – 15:30
Safety Nets: Strengthening Protection of the Financial Sector The Rights of Profit-sharing Investment Account (PSIA) Holders under the Sharī`ah-compliant Deposit Insurance Preserving Rights of the Consumers and Policy-holders via Sharī`ah-compliant Deposit Insurance Schemes: Contemporary Issues and Challenges Promoting Sound Crisis Management Policies and Procedures

15:30 – 16:00
Coffee Break

16:00 – 17:30
Sharī’ah-compliant Lender of Last Resort (LOLR): The Role of Central Banks and Monetary Authorities Main Impediments to the Development of Infrastructure and Instruments for Sharī’ah-compliant LOLR Facilities and Emergency Financing Mechanisms Required Criteria of Instruments for Use in Sharī’ah-compliant LOLR Facilities Cross-border Sharī’ah-compliant LOLR facilities

Day 2
02/12/2015
08:30 – 09:30
Morning Coffee

09:30 – 11:00
Takāful: Unlocking the Potential and Supporting Stability Takāful Industry Perception and Penetration Challenges Utilising MicroTakāful Coverage for Social Protection The Way Forward for Growth, Investment and Regulation in the Takāful sector

11:00 – 11:30
Coffee Break

11:30 – 13:00
Islamic Capital Markets (ICM): Achieving a Rigorous and Robust Regulatory Framework Interlinkages Between Global Financial Market and ICM Enhancing the Current Legal and Regulatory Frameworks for ICM Promoting Confidence and Soundness in the ICM: Policy Implication

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Panel Discussion on Fostering Global Linkages and Cross-border Potentials Towards Enhancing Resilience and Stability Home and Host Supervision and Cross-border Resolutions A Need for a Robust Supervision of Global Cross-border ICM Instruments Integrating Cross-border Takāful Business

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 – 8th IFSB-INCEIF Executive Forum

3.)

Hotel – Hilton Kuala Lumpur – Rates

4.)

Hotel – Lanai Kijang – Rates

5.)

Hotel Majestic Kuala Lumpur – Rates and Reservation Form

6.)

JW Marriott Kuala Lumpur – Rates and Reservation Form

7.)

Pacific Regency Hotel & Suites – Rates

The IFSB Public Hearing on Exposure Draft 18 - Guiding Principles for Retakaful (Islamic Reinsurance)
2015-11-30 09:00 - 11:00 | Training Room 3.3 & 3.4, Sasana Kijang , Bank Negara Malaysia, Kuala Lumpur, Malaysia., 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 Exposure Draft 18 – Guiding Principles for Retakaful (Islamic Reinsurance).

For more information on the Public Hearing, please email to Ms. Nazarina Abdul Majid at nazarina@ifsb.org

Programme – Event Session(s)

Date
Time
Topics

Day 1
30/11/2015
09:00 – 09:30
Registration

09:30 – 09:35
Opening Remarks by Assistant Secretary – General of the IFSB

09:35 – 10:25
Presentation by the Project Manager

10:25 – 11:00
Questions and Answers

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

IFSB-FIS Workshop on IFSB Standards for Regulatory and Supervisory Authorities for the Banking Sector
2015-11-16 09:00 - 2015-11-20 16:15 | Training Room 3.1 & 3.2, Sasana Kijang, Bank Negara Malaysia, Kuala Lumpur, Malaysia
This 5-day Workshop is tailored for the Regulatory and Supervisory Authorities for the banking sector. The major focus of the Workshop will be on the most recent Guiding Principles which address the new global regulatory requirements for the supervisory review process and for liquidity management. The workshop will discuss the following IFSB Standards:

IFSB-16 : Revised Guidance on Key Elements In The Supervisory Review Process of IIFS
GN-6 : Guidance Note on Quantitative Measures for Liquidity Risk Management in IIFS
IFSB-10 : Guiding Principles on Sharī`ah Governance Systems for IIFS

Overall, this Workshop aims to:

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

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

Programme – Event Session(s)

Date
Time
Topics

Day 1
16/11/2015

IFSB-16: REVISED GUIDANCE ON KEY ELEMENTS IN THE SUPERVISORY REVIEW PROCESS

09:00 – 09:30
Registration

09:30 – 09:45
Opening Session

09:45 – 11:15
Session 1: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Necessary Preconditions for Effective Supervision Criteria for Classifying the Institution as an IIFS or Window Additional Considerations in the Issuance of an IIFS License Supervisory Approaches in the Supervision of IIFS

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

11:30 – 13:00
Session 2: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Regulatory Capital Requirements Guidance on the Slotting Method Treatment of IAH and Displaced Commercial Risk Advanced Approaches and Supervisory Discretion

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 3: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Internal Capital Adequacy Assessment Process (ICAAP) ICAAP Framework for IIFS Supervisory Review Process in ICAAP Case Study

16:00 – 16:15
Coffee Break

Day 2
17/11/2015

IFSB-16: REVISED GUIDANCE ON KEY ELEMENTS IN THE SUPERVISORY REVIEW PROCESS

09:30 – 11:00
Session 4: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Governance and Risk Management Sharī`ah Governance Risk Management and Risk Management Process Enterprise-wide Risk Management Framework

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 5: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Related Party Transactions Risk Management Framework for Securitisation Supervisory Review for Securitisation and Specificities of IIFS SPEs and Key Considerations in the Supervisory Review Process Case Study

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 6: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Transparency and Market Discipline Consolidated and Cross-sector Supervision Home-host Cooperation and Structures of Cooperation Case Study

16:00 – 16:15
Coffee Break

Day 3
18/11/2015

IFSB-16: REVISED GUIDANCE ON KEY ELEMENTS IN THE SUPERVISORY REVIEW PROCESS

09:30 – 11:00
Session 7: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Internal Controls of the Islamic Window Operations Regulatory Capital Requirement for the Islamic Window Operations Disclosure Requirements for the Islamic Window Operations Case Study

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 8: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Supervisory Review for Credit Concentration Risk Concentration Limits for Real Estate Investment Assessment of Rate of Return Risk in the Banking Book Counterparty Credit Risk Case Study

13:00 – 14:00
Lunch and Prayer

14:00 – 16:00
Session 9: IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process Liquidity Risk Management and Supervision Sound Stress Testing Practices Sharī`ah-compliant Hedging Techniques Supervisory Transparency and Accountability

16:00 – 16:15
Coffee Break

Day 4
19/11/2015

GN-6: GUIDANCE NOTE ON QUANTITATIVE MEASURES FOR LIQUIDITY RISK MANAGEMENT

09:30 – 11:00
Session 10: GN-6: Guidance Note on Quantitative Measures for Liquidity Risk Management Application of the LCR in IIFS Definition and Categorisation of High Quality Liquid Assets (HQLA) Operational Considerations for HQLA Infrastructure Issues in the Availability of Sharī`ah-compliant HQLA

11:00 – 11:30
Coffee Break

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

13:00 – 14:00
Lunch and Prayer

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

16:00 – 16:15
Coffee Break

Day 5
20/11/2015
IFSB-10: GUIDING PRINCIPLES ON SHARī`AH GOVERNANCE SYSTEM AND SPECIAL SESSION ON THE GLOBAL DEVELOPMENT

09:30 – 10:30
Session 13: 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 Case Study

10:30 – 10:45
Coffee Break

10:45 – 12:00
Session 14: Special Session on Recent Developments in Supervisory Review Process Framework and Liquidity Risk Management at the Global Level

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

12:15 – 14:30
Lunch and Prayer

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

Hotel – Hilton Kuala Lumpur – Rates

3.)

Hotel – JW Marriott Kuala Lumpur – Rates and Reservation Form

4.)

Hotel – Lanai Kijang – Rates and Reservation Form

5.)

Hotel Majestic Kuala Lumpur – Rates and Reservation Form

IFSB - IMF Seminar on Islamic Finance
2015-11-10 - 2015-11-12 | IMF Headquarters, Washington D.C., United States
This Seminar on Islamic Finance is coorganised by the IFSB and the International Monetary Fund (IMF).

Participation in this Seminar is by Invitation only.

For queries, please contact the IFSB Secretariat: Ms Yazmin Aziz at yazmin@ifsb.org.

IFSB-ISRA Shariah Roundtable: Financial Safety Nets: Striking a Balance between Shariah Requirements and the Soundness of the Islamic Financial System
2015-11-05 08:00 - 17:30 | Forum, Level 1, Sasana Kijang, kUALA LUMPUR, Malaysia
The Shariah Roundtable is jointly organised by the IFSB and International Shariah Research Academy for Islamic Finance (ISRA). The theme will be Financial Safety Nets: Striking a Balance between Shariah Requirements and the Soundness of the Islamic Financial System.

The Roundtable will be held in Arabic languange with simultaneous translation.

The Roundtable is by INVITATION only. For queries, please contact the IFSB Secretariat, Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org

Event Snapshots

The IFSB and International Sharī`ah Research Academy for Islamic Finance (ISRA) jointly organised the IFSB-ISRA Sharī`ah Roundtable on 5 November 2015 in Kuala Lumpur, Malaysia.

Themed “Financial Safety Nets: Striking a Balance between Sharī`ah Requirements and the Soundness of the Islamic Financial System”, the Roundtable aimed to provide an avenue for intellectual discourse between the Sharī`ah scholars and other stakeholders of the industry on devising solutions for various components of financial safety net that are both practical and Sharī`ah-compliant.

The Roundtable began with opening speeches by Mr. Jaseem Ahmed, Secretary-General, IFSB and Prof. Dr. Mohamad Akram Laldin, Executive Director, ISRA, followed by a presentation on An Overview of the IFSB by Dr. Sherif Ayoub, Assistant Secretary-General, IFSB.

To set the tone for the Roundtable discussions, the IFSB presented two working papers on, i) Strengthening the Financial Safety Net: The Role of Sharī`ah-compliant Lender-of Last-Resort (SLOLR) Facilities as an Emergency Financing Mechanism and ii) Strengthening the Financial Safety Net: The Role and Mechanisms of Sharī`ah-compliant Deposit Insurance Schemes which corresponded to the two topics discussed. The presentations were delivered by Mr. Jamshaid Anwar Chattha, Chief Financial Analyst, Central Bank of Kuwait and Mr. Syed Faiq Najeeb, Member of the Secretariat, IFSB, respectively.

The Roundtable saw participations from Sharī`ah scholars as session chairs and speakers as well as participants. Among the Sharī`ah scholars who participated in the Roundtable were Sheikh Dr. Ali Muhyi Aldin Ali Al Quradaghi, Sheikh Prof. Dr. Mohamed Ali Elgari, Sheikh Dr. Nizam Yaquby and Sheikh Dr. Oni Sahrani.

Eleven chairpersons, speakers and discussants from among senior financial sector supervisors and Sharī`ah scholars discussed the following issues at the Roundtable:-

Lender of Last Resort Facilities – Structuring Sharī`ah-Compliant Instruments and Mechanisms
Sharī`ah-compliant Structures for a Deposit Insurance Scheme

Over 90 delegates among the IFSB member and non-member organisations – representatives from regulatory bodies, market players, international agencies as well as academia and students attended the Roundtable.

The papers presented at the Roundtable and ensuing discussions are planned to be published in a joint IFSB-ISRA publication in 2016.

Programme – Event Session(s)

Date
Time
Topics

Day 1
05/11/2015
08:00 – 09:00
Registration

09:00 – 09:15
Opening Addresses

09:15 – 09:30
Overview of the IFSB

09:30 – 09:45
Presentation on Strengthening the Financial Safety Net: The Role of Shari`ah-compliant Lender-of Last-Resort (SLOLR) Facilities as an Emergency Financing Mechanism

09:45 – 12:40
Session 1 – Lender of Last Resort Facilities – Structuring Sharī`ah-Compliant Instruments and Mechanisms This session will discuss the Sharī`ah-compliant instruments and mechanisms of the lender of last resort facilities that can allow the supervisory authorities to provide liquidity support to institutions offering Islamic financial services (IIFS) in normal and stressed times. The Session will also review the current Sharī`ah-compliant lender of last resort instruments that are being implemented in various jurisdictions, and discuss alternative mechanisms that can be introduced to increase the options available to the IIFS.

12:40 – 14:00
Lunch and Prayers

14:00 – 14:15
Presentation on Strengthening the Financial Safety Net: The Role and Mechanisms of Shari’ah-Compliant Deposit Insurance Schemes (SCDIS)

14:15 – 16:40
Session 2 – Sharī`ah-Compliant Structures for a Deposit Insurance Scheme This session will examine the concept of deposit insurance and its relevance to the objective of protecting the fund providers of IIFS. The speakers will investigate the current and potential structures for devising a Sharī`ah-compliant deposit insurance scheme and relevant issues from legal and Sharī`ah perspectives.

16:40 – 17:00
Coffee break

17:00 – 17:30
Chairmen’s Summary

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

IFSB-ISRA Shariah Roundtable

IFSB-FIS Workshop on IFSB Standards for Regulatory and Supervisory Authorities for the Islamic Capital Market and Takaful Sectors
2015-10-19 09:00 - 2015-10-21 16:15 | Conference Hall 1.1 and 1.2, 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. 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.

More information will be uploaded in due course.

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
19/10/2015
09:00 – 09:30
Morning Coffee & Registration

09:30 – 09:45
Opening & Welcoming Address

09:45 – 11:15
ICM 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
Takāful 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
ICM 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
Takāful Session 2: IFSB-11: Standard on Solvency Requirements for Takāful Undertakings Specificities of Solvency Requirements for Takāful Valuation of Assets and Liabilities Total Balance Sheet Approach

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
ICM 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
Takāful Session 3: 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

16:00 – 16:15
Coffee Break

Day 2
20/10/2015
09:30 – 11:00
ICM 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
Takāful Session 4: 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

11:00 – 11:30
Coffee Break

11:30 – 13:00
ICM 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
Takāful Session 5: 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

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
ICM Session 6: Strategies and Policies for Developing a Vibrant ICM: Sharing of Country Experiences

14:00 – 16:00
Takāful Session 6: Strategies and Policies for Developing a Robust Takāful Industry: Sharing of Country Experiences

16:00 – 16:15
Coffee Break

Day 3
21/10/2015
09:30 – 11:00
Session 7: IFSB-10: Sharī`ah Governance System 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 8: IFSB-10: Sharī`ah Governance System 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) Case Studies

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 9: IFSB-10: Sharī`ah Governance System Operating Procedures of the Sharī`ah Board Basic Professional Ethics and Conduct for Members of the Sharī`ah Board 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

2.)

Hotel – Hilton Kuala Lumpur – Rates

3.)

Hotel – JW Marriott Kuala Lumpur – Rates and Reservation Form

4.)

Hotel – Lanai Kijang – Rates

5.)

Hotel Majestic Kuala Lumpur – Rates and Reservation Form

IFSB-BIBF Islamic Finance Executive Programme: Towards a Vibrant Islamic Capital Market: Opportunities and Challenges
2015-10-05 08:30 - 2015-10-06 17:30 | Grand Ambassador Suite III, The Diplomat Radisson Blu Hotel, MANAMA, Bahrain
The recent decade has witnessed the accelerated development of the Islamic capital market industry, particularly of the global Sukūk market which is providing a unique platform for fostering greater international economic and financial linkages. The 2nd edition IFSB-BIBF Islamic Finance Executive Programme with the theme “Towards a Vibrant Islamic Capital Market: Opportunities and Challenges” will focus on key areas that are expected to be catalysts in driving the Islamic capital market into the next phase of growth and development from the perspectives of the market practitioners, regulators and academia.
This Islamic Finance Executive Programme aims to promote an informed analysis and understanding of Islamic capital markets through discussions of topical and contemporary issues as well as of prospects and challenges relating to Islamic capital market products and services. The sessions will include analysis and deliberations on current trends and developments of Islamic capital markets as well as a focus on key innovations in Sukūk structures such as perpetual Sukūk, and prospects for cross-border Sukūk.
Participants will be exposed to issues related to the development of new markets, Islamic Collective Investment Schemes (ICIS), Sharī`ah-compliant hedging, as well as the role of the regulatory and supervisory authorities in ensuring market integrity, transparency and protection of investors.
To date, the following speakers are confirmed to speak at the Islamic Finance Executive Programme:

Mr. Farid Abderrezak, Vice President Structurer, BNP Paribas, Bahrain
Mr. Hani Almandeel, Director, Marketing & Business Development, Bahrain Bourse
Mr. Ijlal A. Alvi, CEO, International Islamic Financial Market, Bahrain
Mr. Andri Aidham Badri, Partner, Kadir Andri & Partners, Malaysia
Dr. Mohammed Burhan Arbouna, Executive Vice President, Head of Shari`ah Compliance, Al Salam Bank, Bahrain
Mr. Bernard Barbour, Head of Legal, Compliance & Sharia’a Affairs, QInvest, Qatar
Mr. Lilian Le Falher, Executive Manager, Treasury, FI’s & Capital Markets, KFH Bahrain
Mr. Badlisyah Abdul Ghani, President, Chartered Institute of Islamic Finance Professional (CIIF), Former CEO, CIMB Islamic, Malaysia
Mr. Hani Redha, Former Head of the Centre for Islamic Finance, BIBF, Bahrain

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

Date
Time
Topics

Day 1
05/10/2015
08:30 – 09:30
Welcome Coffee and Registration

09:30 – 09:45
Welcoming Remarks

09:45 – 11:00
Session 1: Development of the Islamic Capital Market (ICM): Progress and Trends Overview of the Current Trends in the ICM Enhancing the Development of the ICM Infrastructure Recognising the Potential of the ICM

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

11:30 – 13:00
Session 2: Innovative Sukūk Structures: A New Path for the Growth of ICM Perpetual Sukūk: A Modern Initiative for Equity-based Capital Prospects for Cross-border Sukūk Sukūk Advancements Proposed in the IFSB-15

13:00 – 14:00
Lunch and Prayers

14:00 – 15:30
Session 3: Sharī`ah-compliant Hedging Instruments: Addressing the Market Risk Management Needs of the Industry Hedging as a Risk Management Technique in the Islamic Financial Services Industry Sharī`ah -compliant Hedging Strategies and Tools Regulatory Views on Sharī`ah -compliant Hedging

15:30 – 16:00
Coffee Break

16:00 – 17:30
Session 4: Islamic Real Estate Investment Trusts (I-REITs): An Emerging Asset Class for Wealth Management Analysing the Performance of I-REITs : Lessons learnt Examining the Outlook for I-REITs in Key Regions The Need for an Adequate Regulatory Framework for I-REITs

Day 2
06/10/2015
08:30 – 09:30
Welcome Coffee and Registration

09:30 – 11:00
Session 5: Islamic Collective Investment Schemes (ICIS): Promoting Strong Foundations Opportunities in ICIS: New Markets and Forecasts Current Challenges in the Development of ICIS Strengthening the Regulatory Framework for ICIS

11:00 – 11:30
Coffee Break

11:30 – 13:00
Session 6: The Role of Human Capital Development in ICM Evolution

13:00 – 14:00
Lunch and Prayers

14:00 – 16:00
Session 7: Panel Discussion on Building a Vibrant Islamic Capital Market: Key Issues and Challenges Examining the Resilience of the Current ICM Infrastructures Enhancing the Current Legal Framework for the ICM Strengthening the Sharī`ah Framework of ICM

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

16:15 – 16:45
Coffee Break

Downloadable Document(s)

1.)

Event Session(s) – PDF Format

2.)

Brochure – 2nd IFSB-BIBF Islamic Finance Executive Programme

3.)

Registration Form
