IFSB-FIS E-Workshop Series : Islamic Collective Investment Schemes (ICIS): Disclosures and Shariah Compliance Requirements (IFSB-19)
2020-08-13, 2020-08-13 16:30 - 17:30 UTC | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
Date
:
13 August 2020 (Thursday)

Time
:
4:30 – 5:30 PM (MYT)

Sector
:
Islamic Capital Market

Topics
:
Islamic Collective Investment Schemes (ICIS): Disclosures and Shariah Compliance Requirements (IFSB-19)

Background about ICIS
Shariah Complient Requirements
ICIS Disclosures

Overview

Islamic mutual funds, Islamic investment funds, Islamic real estate investment trusts – these are all (depending on jurisdiction) types of Shariah compliant collective investment schemes or Islamic Collective Investment Schemes (ICIS). ICIS can play an important role, channelling resources to the securities markets and offering Shariah-sensitive investors a means to achieve diversified exposure to Shariah compliant investment opportunities.

This e-workshop session brings information on what makes ICIS disclosure on Shariah governance and compliance sufficient to allow a Shariah-sensitive investors to make an informed investment decision.

Within this e-workshop facilitator will focus on background information on ICIS, Shariah-related and Operations-related disclosures and other general principles.
***REGISTRATION OPEN TO MEMBERS ONLY***

IFSB CEO’s Forum
2020-08-26 | Online
The unprecedented contractions experienced by economies due to measures implemented to contain the COVID-19 pandemic are likely to also have implications for the Islamic financial services industry (IFSI). Many Islamic financial institutions have had to make significant adjustments to adapt to the new environment. The growth rate of the financial sector is also likely to be affected because of the significant shock to the economy. It is essential in this circumstances, for institutions offering Islamic financial services (IIFS) to effectively address the financial and operational challenges posed by the COVID-19 pandemic, ensure resilience and support the recovery of the economy.

There are also many new opportunities for IIFS in the post-COVID-19 environment, including digitalisation as well as a greater role for Islamic social finance instruments among other things, providing an opportunity to unlock the long-term potential of the IFSI.

The forum aims to bring together industry leaders across the globe to discuss the challenges as well as the opportunities created by the COVID-19 pandemic, strengthening the resilience of the IFSI and the way forward post-COVID-19.

Mr. Ahmed Barakat (tel: +603 9195 1441, email: ahmed.barakat@ifsb.org) is the person in charge of the membership affairs at the IFSB, and he would be pleased to respond to any further enquiries.

***REGISTRATION OPEN FOR MEMBERS ONLY***

Event Snapshots

Programme – Event Session(s)

Date
Time
Topics

Day 1
26/08/2020
15:30 – 15:40
Opening Remarks – Dr Bello Lawal Danbatta, Secretary-General of the IFSB
Highlights on the IFSB initiatives in response of COVID-19 developments

15:40 – 16:40
Panel Discussion: COVID-19 and Implications for IIFS

What has been the economic implications of the COVID-19 pandemic on the performance of the IIFS?
What are the specific issues and risk exposures of IIFS due to COVID-19?
What are the major challenges and risks taht need to be addressed to strengthen the resilience of IIFS?
What are the opportunities and way forward for IIFS in the post COVID-19 environment?

16:40 – 17:40
Session 1: Implications on COVID-19 on IIFS

17:40 – 18:00
Session 2: Post COVID-19 Opportunities for IIFS

Downloadable Document(s)

Event Session(s) – PDF Format

IFSB CEO’s Forum
2020-08-26
The unprecedented contractions experienced by economies due to measures implemented to contain the COVID-19 pandemic are likely to also have implications for the Islamic financial services industry (IFSI). Many Islamic financial institutions have had to make significant adjustments to adapt to the new environment. The growth rate of the financial sector is also likely to be affected because of the significant shock to the economy. It is essential in this circumstances, for institutions offering Islamic financial services (IIFS) to effectively address the financial and operational challenges posed by the COVID-19 pandemic, ensure resilience and support the recovery of the economy.

There are also many new opportunities for IIFS in the post-COVID-19 environment, including digitalisation as well as a greater role for Islamic social finance instruments among other things, providing an opportunity to unlock the long-term potential of the IFSI.
The forum aims to bring together industry leaders across the globe to discuss the challenges as well as the opportunities created by the COVID-19 pandemic, strengthening the resilience of the IFSI and the way forward post-COVID-19.

Mr. Ahmed Barakat (tel: +603 9195 1441, email: ahmed.barakat@ifsb.org) is the person in charge of the membership affairs at the IFSB, and he would be pleased to respond to any further enquiries.

***REGISTRATION OPEN FOR MEMBERS ONLY***

1st Working Group Meeting on Revised Solvency Requirements for Takaful Undertakings
2020-08-27 | Online (webinar), Kuala Lumpur, Malaysia
The 1st Working Group Meeting on Revised Solvency Requirements for Takaful Undertakings is scheduled to be held as follow :

Date
27 August 2020

Time
2.30 PM (GMT +8.00, KL time)

Venue
Web-conference / webinar

Participation in the meeting is by INVITATION only. For more information, please email to fadhila@ifsb.org.

Event Snapshots

1st Working Group Meeting on Revised Solvency Requirements for Takaful Undertakings
2020-08-27 | Online (webinar), Kuala Lumpur, Malaysia
The 1st Working Group Meeting on Revised Solvency Requirements for Takaful Undertakings is scheduled to be held as follow :

Date
27 August 2020

Time
2.30 PM (GMT +8.00, KL time)

Venue
Web-conference / webinar

Participation in the meeting is by INVITATION only. For more information, please email to fadhila@ifsb.org.

14th Meeting of the Task Force on Prudential and Structural Islamic Financial Indicators (PSIFIs)
2020-09-03 14:30 - 19:00 UTC | Online
The 14th Meeting of the Task Force on Prudential and Structural Islamic Financial Indicators (PSIFIs) is scheduled to be held via online as follows:

Date
3 September 2020 (Thursday)

Time
2:30 pm – 7:00 pm (GMT +8.00, Kuala Lumpur Time)

Venue
Zoom

Participation in the meeting is by INVITATION only. The registration link will be provided to Task Force members via email. For more information, please email to khairun.nissa@ifsb.org

Event Snapshots

1st Task Force Meeting of Technical Note on Shariah-compliant Liquidity Management Tools
2020-09-07 | Online (webinar), Kuala Lumpur, Malaysia
The 1st Task Force Meeting of Technical Note on Shariah-compliant Liquidity Management Tools is scheduled to be held as follow :

Date
7 September 2020

Time
3.00 PM (GMT +8.00, KL time)

Venue
Multipurpose Hall 2.01, Asian Institute of Chartered Bankers (AICB), Kuala Lumpur, Malaysia

Date : 7 September 2020

Time : 3.00 PM (GMT +8.00, KL time)

Venue : Web-conference / webinar

Participation in the meeting is by INVITATION only. For more information, please email to fadhila@ifsb.org.

Event Snapshots

WB - IFSB Seminar on Financial Inclusion
2020-10-07 09:00 - 23:30 UTC
Maximising Islamic Finance for Financial Inclusion

It is estimated that about 1.7 billion people, accounting for one-third of the world’s adult population, have no access to formal financial services and most of them live in developing countries. According to Findex, 72% of Organization of Islamic Cooperation (OIC) countries’ population is unbanked, which is considerably higher than the global average.

Considering that financial inclusion is necessary to rebuild economies after COVID-19, it is crucial that there is greater access and liquidity support to financial services. Although the industry has experienced substantial growth over the past two decades, there is a new potential to substantially expand access to Islamic financial services through the use of innovative, FinTech-based solutions and even including the Islamic social finance.

Against this background, the session of the Sustainable and Inclusive Finance Forum will explore the use of Islamic finance schemes, instruments and regulations to support financial inclusion, thereby contributing to the fight against poverty and fostering shared prosperity including the impacts of Covid-19 to the less developed economies. It will explore policy, regulatory and institutional elements required for the sustainable use of Islamic finance to expand access to financial services.

The Webinar will be delivered in collaboration with the World Bank.

Click here to register.

Event Snapshots

Programme – Event Session(s)

Date
Time
Topics

Day 1
07/10/2020
09:00 – 09:25
Opening Remarks

09:25 – 09:35
Keynote Address and Launching of the World Bank Reports on Islamic Finance: Islamic Finance and Financial Inclusion in Malaysia

09:35 – 11:00
Leveraging Islamic Fintech to Improve Financial Inclusion

Islamic finance: A catalyst for Financial Inclusion
Maximising Islamic Fintech for Financial Inclusion
The Role of Regulators in Strengthening Financial Inclusion

11:25 – 11:30
Q&A Session

Downloadable Document(s)

Event Session(s) – PDF Format

3rd Working Group Meeting on Core Principles for Islamic Finance Regulation (Financial Market Infrastructures)
2020-10-13 | Online (webinar), Kuala Lumpur, Malaysia
The 3rd Meeting of Working Group on Core Principles for Islamic Finance Regulation (Financial Market Infrastructures) is scheduled to held as follow :

Date
13 October 2020

Time
2.00 PM (KL time)

Venue
via web conference / webinar

Participation in the meeting is by INVITATION only. For more information please email to: fadhila@ifsb.org

Event Snapshots

7th Meeting of the Working Group on Revised Capital Adequacy Standard for the Islamic Banking Sector
2020-10-14 | Online (webinar), Kuala Lumpur, Malaysia
The 7th Meeting of the Working Group on Revised Capital Adequacy Standard for the Islamic Banking Sector is scheduled to be held as follow:

Date
14 October 2020

Time
2.00 PM (KL time)

Venue
via web conference / webinar

Participation in the meeting is by INVITATION only. For more information please email to: fadhila@ifsb.org

Event Snapshots

IFSB-FIS E-Workshop Series : IFSB-8: Guiding Principles on Governance for Takaful Undertakings
2020-10-15 16:30 - 17:30 UTC | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
Date : 15 October 2020 (Thursday)
Time : 4:30 – 5:30 pm (MYT)
Sector : Takaful
Topics : IFSB-8: Guiding Principles on Governance for Takaful Undertakings

Overview

Takaful as an Islamic counterpart of conventional insurance and important segment of the Islamic financial services industry experiences undergoing rapid development on a global scale. Would it be correct for Takaful companies to apply existing internationally recognised frameworks, codes or standards on corporate governance issued for conventional insurance? If so, how specificities of Islamic insurance supposed to be addressed?

To answer these questions, IFSB invites you to attend e-Workshop on Guiding Principles on Governance for Takaful Undertakings. Session will clarify the need for a governance in Islamic insurance, will bring you an understanding on whether mentioned conventional frameworks and standards can be adapted and reinforced. Apart from that session’s facilitator will reveal procedures for a proper Takaful disclosure, so that Takaful Undertakings can stand on a level playing field with their conventional counterparts.

***REGISTRATION IS OPEN FOR MEMBERS ONLY***

Event Snapshots

IFSB Executive Programme on ICM & Takaful - COVID-19 and Implications for the Islamic Capital Markets and Takaful Sectors
2020-10-20 | Online
The COVID-19 crisis has resulted in an extraordinary supply and demand shock to the global economy with far reaching consequences, including implications for the financial markets and insurance sectors. The uncertainties resulting from COVID-19 are also likely to remain for the foreseeable future.

The initial impact of the COVID-19 outbreak on the capital markets was acute. It resulted in sharp price adjustments across both the fixed-income and equity markets, capital outflows and a liquidity crunch across global financial markets. As the pandemic continues to evolve, it also presents both immediate and future challenges for the rest of the financial system, including takaful and retakaful institutions, among others.

While the policy responses to address the immediate effects of COVID-19 on the financial system has been swift, further assessment is needed on how policies should continue to evolve to preserve financial stability and address the potential medium- and longer-term effects of COVID-19, and in particular, whether there are any Islamic finance specific risks, challenges or opportunities for players in the Islamic capital markets and the takaful sector. This executive programme aims to try and answer some of these crucial questions and to encourage discussion, debate and sharing of country challenges, experiences and policy approaches, focusing particularly on the Islamic capital market and takaful sectors.

The objectives of this programme are:

to discuss the impact of COVID-19 on the Islamic capital markets and its implications for the stability and resilience of the financial system
to discuss the implications of COVID-19 for takaful institutions and identify specific risk factors that might arise in relation to specificities of Islamic finance
to discuss the areas where regulatory responses may be needed to address the impact of COVID-19 to ensure the resilience and stability of takaful institutions and Islamic capital markets.

*****This Executive Programme is free for all categories of IFSB members. For Non-Members a participation fee of USD100 will be applicable*****

Event Snapshots

Programme – Event Session(s)

Date
Time
Topics

Day 1
20/10/2020
14:30 – 14:40
Opening Remarks

14:40 – 16:05
Session 1: Implications of COVID-19 on Islamic Capital Markets

What has been the global impact of COVID-19 on Islamic capital markets?
How might it affect sovereign and corporate sukuk issuances?
What are the implications for stability and resilience of Islamic capital markets?
What are the implications for liquidity management for the Shar??ah-compliant asset management industry?
What has been the impact of volatility in equity markets for Shar??ah screening, particularly on financial screening ratios?
What are the various policy actions and regulatory measures that have been taken by regulators to mitigate the impact of COVID-19 on Islamic capital market stability and to protect investors?

16:05 – 17:30
Session 2: Covid-19 and Impact on Takaful and Retakaful Institutions

What has been the implications of COVID-19 on the performance of takaful and retakaful Institutions?
What are the operational, market and credit risk exposures for takaful and retakaful Institutions due to COVID-19?
What are the appropriate risk management measures for takaful and retakaful Institutions in responding to COVID-19 implications?
What are the regulatory treatments that have been undertaken by regulatory and supervisory authorities to ensure takafulsector stability in the short-term?
What are potential vulnerabilities that might arise in the medium or long-term for takaful and retakaful institutions as a result of COVID-19 and how might regulatory policies address these?

Downloadable Document(s)

Event Session(s) – PDF Format

14th IFSB-INCEIF Executive Programme - Measures to Create Resilience for the Islamic Finance Industry During and Post-Crisis: Regulator’s Perspectives
2020-10-22 | Online
The COVID-19-induced global recession has been an unprecedented and unique crisis for the financial system, as a completely exogenous crisis originating from outside of the financial system. The unique crisis also presented the need for unique policy responses which makes it pertinent to examine how the financial system has responded during the crisis to manage it, and how it might move forward after the crisis to ensure economic and financial system recovery, stability, resilience and growth. It is also imperative to look at the gaps in the current regulatory system that become apparent during the crisis and which requires attention by standard-setters and regulators going forward.

To identify the common gaps and shortcomings of the financial regulatory frameworks and approaches in preventing the financial industry from a crisis
To discuss and elaborate policy measures and actions that need to be taken by regulators in order to maintain the financial system stability and create resilience of the financial industry during a crisis.
To understand steps to be taken in sustaining both financial institutions and the economic development of the country post-crisis

Event Snapshots

Programme – Event Session(s)

Date
Time
Topics

Day 1
22/10/2020
14:30 – 14:40
Opening Remarks

14:40 – 15:25
Measures to Create Resilience for the Islamic Finance Industry During and Post-Crisis: Regulator’s PerspectivesAt the end of the session, participants will be able to identify best practices and steps that need to be taken in enhancing regulatory frameworksfor crisis management in protecting the financial industry amid crisis.

What enhancements in the regulatory frameworks may be considered for financial regulation to effectively address crises?
Are the current regulatory regimes for crisis management adequately equipped to handle severe stress scenarios and non-economic sources of crisis?
How adaptable is the regulatory framework to new or unique crises?
Are there appropriate coordination and integrative mechanisms among regulators for crisis management?

15:25 – 15:30
Break

15:30 – 16:15
Session 2: Regulators’ Responses to CrisisAt the end of the session, the participants would be able to understand what policy measures and actions need to be taken by regulators in order to ensure economic and financial system stability and create resilience of the financial industry during a crisis.

What are the regulatory policy measures and programs/actions adopted by the regulatory authorities to address Covid-19 impacts on the Islamic financial sector?
How have regulators dealt with crisis preparedness to ensure the safety-net of Islamic financial institutions?
What are the priorities for regulatory authorities in managing the soundness of Islamic financial institutions during the crisis?
Are there material differences between the Islamic banking sector and its conventional counterparts in dealing with and recovering from the crisis?

16:15 – 16:20
Break

16:20 – 17:05
Session 3: Sustainability of Financial Institutions Post Crisis At the end of the session, the participants would be able to understand steps to be taken in sustaining both financial institutions and the economic development of the country post crisis.

What are the strategies for ensuring continued sustainability of Islamic financial institutions post crisis?
What is the way forward for Islamic financial institutions post crisis in the midst of Banking 4.0?
What are the required actions for Islamic financial institutions to channel back their liquidity to the real sector as part of the economic recovery measures of the country?
What are the roles of Islamic social finance to sustain economic recovery in line with the Sustainable Development Goals (SDGs)?

Downloadable Document(s)

Event Session(s) – PDF Format

IFSB & IIFM High-Level Seminar in conjunction with Indonesia Shariah Economic Festival 2020 - Accelerating Islamic Capital Market Development and Digitalization
2020-10-30 14:30 - 18:30 UTC | Online
The COVID-19 pandemic and the measures taken to prevent its spread have had an increasingly significant impact on the global economy and the global financial markets. As part of policy responses to the pandemic, regulators have cut interest rates significantly that have created further incentives for investors to search for higher yield, leading to stretched valuations in some asset markets. Although accommodative conditions have helped contain near-term downside risks to the global growth, they have also fuelled a further build-up of financial vulnerabilities.

Many IFSB and IIFM members have had to take a range of extraordinary regulatory and supervisory measures to alleviate the impact of COVID-19 on financial stability in their jurisdictions and preserve the orderly functioning of financial markets. Capital market development becomes important in preserving the financial markets with the robust governance. In line with that development, Islamic Capital Market (ICM) space is also considered by the regulators in the Islamic finance jurisdictions to function orderly in the financial market. Besides, ICM is ensured to function as a good intermediary for the real sector development that can help to fuel the economic growth.

Against that backdrop, due to the pandemic, the rapid technological development in ICM space is taking place to develop a more inclusive, innovative and efficient capital market. Some government authorities have streamlined the ICM in their national agenda to deepen the Islamic financial market through innovative ICM product development by embracing technology particularly fintech throughdigitalization. Additionally, while governments, central banks, regulators, and international organizations have moved rapidly to address the immediate effects of COVID-19, questions remain on how policies on ICM governance and digitalisation should continue to evolve to preserve well-functioned financial market. Hence, this high level international seminar will be a timely platform for the stakeholders to discuss productively on how to address ICM development appropriately due to COVID-19 pandemic event and also rapid technological development.

For registration, please click here.

Event Snapshots

Programme – Event Session(s)

Date
Time
Topics

Day 1
30/10/2020
14:30 – 15:00
Opening Remarks

15:00 – 15:30
Keynote Address

15:30 – 17:00
Session 1 – Panel Discussion: ICM Advancement as a Catalyst for Islamic Financial Market and Real Sector Development to increase the roles of ICM in the midst of pandemic

Key highlights of the global macroeconomic environments and Islamic financial market current conditions as the ecosystem for ICM.
Exploring the new benchmark rate for pricing the Islamic securities.
Unlocking opportunities for ICM to advance with innovative products and regulations that supports Islamic financial market and real sector development with a robust governance.

17:15 – 18:30
Session 2 – Digitalisation of ICM and Market Code of Conducts

Current state of the art technology of the ICM.
The importance of embracing digitalization to spur the growth of ICM.
Smart contract in advancing the Islamic capital market development.

Downloadable Document(s)

Event Session(s) – PDF Format

52nd Meeting of the Technical Committee of the IFSB
2020-11-02 15:00 - 20:00 (Asia/Kuala_Lumpur) | Online
The 52nd Meeting of the Technical Committee of the IFSB is scheduled to be held online as follows:

Date
2 November 2020

Time
15:00 to 20:00 (Malaysia time)

Participation in the meeting is by INVITATION only. For more information please email to: khairun.nissa@ifsb.org

Event Snapshots

IFSB-FIS E-Workshop Series : Regulatory Capital for Islamic Banks
2020-11-09 16:30 - 18:30 UTC
Date: 9 November 2020 (Monday)
Time: 4:30 – 6:30 pm (MYT)
Sector: Islamic banking
Topic: Regulatory Capital for Islamic Banks
Overview

In this e-workshop session, the IFSB will be discussing banks regulatory capital, by addressing the specificities of Islamic banking operations and business activities. Regulatory capital requirements were introduced as a prudential measure with the aim of ensuring that risk exposures of a financial institution are adequately supported by high-quality capital that absorbs losses on a going concern basis. This ensures that financial institutions meet their obligations on an ongoing basis as they fall due, while also maintaining the confidence of customers, depositors, creditors and other stakeholders in their dealings with the institution and thereby promoting the resilience and stability of financial systems around the world.

Subsequent enhancements to regulatory capital requirements also sought to further protect depositors and other creditors in a gone concern situation by providing an additional cushion of loss-absorbing capital. The basic regulatory capital requirement ensures that financial institutions maintain a minimum capital adequacy ratio at all times. The CAR is a measurement of a financial institution’s available regulatory capital expressed as a percentage of its total risk-weighted assets.

We will be taking the participants, in more the details and in a simplified manner, the tiers and components of regulatory capital for Islamic banks, essential eligibility criteria for inclusion in the regulatory capital as well as the necessary regulatory adjustment to the capital that will make its quantification more conservative so that the capital is available at all times to absorb losses.

***REGISTRATION IS OPEN FOR MEMBERS ONLY***

Event Snapshots

4th Meeting of the Executive Committee of the IFSB
2020-11-12 15:30 - 18:30 (Asia/Kuala_Lumpur) | Online
The 4th Meeting of the Executive Committee of the IFSB is scheduled to be held online as follows:

Date
12 November 2020

Time
5:30 to 18:30 (Malaysia time)

Participation in the meeting is by INVITATION only. For more information please email to: khairun.nissa@ifsb.org

Event Snapshots

IFSB-FIS E-Workshop Series : IFSB-14: Standard on Risk Management for Takaful Undertakings
2020-11-28 16:30 - 17:30 UTC | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
Date : 28 October 2020 (Wednesday)
Time : 4:30 – 5:30 pm (MYT)
Sector : Takaful
Topics : IFSB-14: Standard on Risk Management for Takaful Undertakings

Overview

IFSB published a few standards dedicated to Islamic insurance industry as an effort to guide the industry towards a stable and sound financial environment. This IFSB-14 Standard is intended to establish minimum standards in the area of risk management, for the direction and guidance of Takaful Operators as well as insurance/Takaful supervisors.

This session will discuss how management of risks inherent in the Takaful Undertakings should be implemented in order to bring the Takaful industry to the desired level of effective supervision and regulation, at par with the conventional insurance industry, which always subject to the requirements of Shariah principles.

The central focus of this discussion will be given to the specific characteristics of a Takaful Undertakings (TU). Facilitator will help you to understand the fundamental difference of TU from conventional insurers in terms of ownership of the insurance risk, as well as enterprise risk management framework.

***REGISTRATION IS OPEN TO MEMBERS ONLY***

Event Snapshots

4th JWG Meeting on Shariah Governance Framework for Institutions Offering Islamic Financial Services (RSGF)
2020-11-30 | Online (webinar), Kuala Lumpur, Malaysia
The 4th Joint Working Group Meeting on Revised Shari’ah Governance Framework Standard is scheduled to be held as follow :

Date
30 November 2020

Time
3.00 PM (GMT +8.00, KL time)

Venue
Online (webinar)

Participation in the meeting is by INVITATION only. For more information please email to: fadhila@ifsb.org

Event Snapshots

2nd Innovation Forum - Digital Transformation of Islamic Finance and other Innovative Solutions for Post-COVID-19 Recovery
2020-11-30 | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
The 2nd IFSB innovation forum sets the stage to enable the most creative minds in the Islamic financial services industry to showcase their pre-developed or conceptualised products, instruments, services, mobile applications, digital platforms and other offerings which exhibit an element of innovation and forward-looking creativity to deal with and respond to the new global reality, particularly focusing on digital and business transformation and other innovative initiatives that will improve the resilience of the Islamic finance industry and accelerate its growth during the post-COVID-19 recovery.

This Forum, which is conducted as a regular biennial series, is an effort by the IFSB to bring together the Islamic finance stakeholders to focus on the promotion and development of innovative Islamic finance solutions, vital to create the competitive edge needed to sustain the Islamic financial services industry going forward. This is in-line with the IFSB’s Articles of Agreement 4(d) which puts one of the objective of the IFSB as ‘”to enhance and coordinate initiatives to develop instruments and procedures for efficient operations and risk management”.

The Forum targets regulators, policy makers, Islamic financial institutions, start-ups and FinTechs, academic and research institutions, financial services providers, legal practitioners, Sharīʿah advisors and other interested stakeholders to enable an enriched discussion on enhancing the culture of innovative thinking and development in the Islamic financial services industry. The audience will be able to interact with the presenters showcasing their innovative solutions and also discuss strategies for the widespread adoption and implementation of such solutions in different jurisdictional settings for the greater benefit of the industry.

The 2nd Innovation Forum will feature invited organisations to showcase their products.The presentations and product showcasing will be followed by expert discussions by selected regulators and academics on how these innovative solutions can improve efficiency and risk management in the Islamic financial services industry.

This Forum is open for All. For registration and enquiries, please email Ms. Noor Azmah Mohd Yusof at noor.azmah@ifsb.org

Event Snapshots

Programme – Event Session(s)

Date
Time
Topics

Day 1
30/11/2020
15:30 – 15:45
Opening Remarks

15:45 – 18:30
Digital Transformation of Islamic Finance and other Innovative Solutions for Post-Covid-19 Recovery

Downloadable Documents

Event Session(s) – PDF Format

2nd Extraordinary Meeting of the Technical Committee
2020-12-01 16:00 - 18:30 UTC | Online
The 2nd Extraordinary Meeting of the Technical Committee of the IFSB is scheduled to be held online as follows:

Date
1 December 2020

Time
16:00 – 18:30 (Kuala Lumpur, Malaysia time)

Participation in the meeting is by INVITATION only. For more information please email to: khairun.nissa@ifsb.org

Event Snapshots

2nd Working Group Meeting on Revised Solvency Requirements for Takaful Undertakings
2020-12-03 | Online
The 2nd Working Group Meeting on Revised Solvency Requirements for Takaful Undertakings is scheduled to be held as follow :

Date
3 December 2020

Time
2.30 PM (GMT +8.00, KL time)

Venue
Web-conference / webinar

Participation in the meeting is by INVITATION only. For more information, please email to fadhila@ifsb.org.

Event Snapshots

37th Islamic Financial Services Board (IFSB) Council Meeting
2020-12-10 | Online
The 37th Islamic Financial Services Board (IFSB) Council Meeting is scheduled to be held via online on Thursday, 10 December 2020.

This meeting is a closed session and participation is by invitation ONLY.

If you have any enquiries regarding the meeting, please contact Ms. Nissa at khairun.nissa@ifsb.org and Mrs. Ida Shafinaz at ida.shafinaz@ifsb.org. More information will be posted on this page in the weeks ahead.

Please stay safe and well during this challenging time.

Event Snapshots

Roundtable on Takaful
2020-12-14 | Online
Event Snapshots

21st Islamic Financial Stability Forum - The Implications of COVID-19 on the Stability of Islamic Financial Services Industry
2020-12-16 | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
The IFSF provides opportunity to renowned IFSI leaders, decision markers and regulators to offer diverse perspectives as well as exchange ideas with industry stakeholders across different segments of the IFSI on related regulatory and policy initiatives and issues. This 21st IFSF involves a session of panel discussion that focuses on the COVID-19 related issues and their implication for the stability and resilience of the IFSI. Further, it also attempts to have forward looking policy to prevent the potential and unprecedented crisis and industry responses facing the current and future crisis.

The COVID-19 pandemic no doubt exerts significant pressures on both the regulatory and supervisory authorities (RSAs) as well as supervised firms including the institutions offering Islamic financial services (IIFS). This is especially in terms of coping with the dynamics of the consequences of the pandemic depending on its effects and duration, as well as adapting supervisory approaches and working practice respectively toward the apparent, anticipated, and obscure risks that may result due to contraction in the real economy to which the IFSI is highly exposed.

In addition, it is likely that the need to urgently address the matters arising from the outbreak of COVID-19 may have subsumed attention to other wider issues relating to how the IFSI complements the achievement of the sustainable development goals including the social development. These developments will obviously put both the stability and resilience of the IFSI to test in the later part of 2020 and perhaps beyond. The specific issues relating to these broad concerns are amongst the focus of the panel discussion session of this 21st IFSF besides the prospect of Islamic finance taken into account the lesson learnt from the pandemic.

Event Snapshots

Programme – Event Session(s)

Date
Time
Topics

Day 1
16/12/2020
14:30 – 14:40
Opening Remarks

14:40 – 16:00
Panel Discussion on Assessing the effectiveness of regulatory and supervisory response to maintain financial stability upon the impact of COVID-19 and way ahead

In many jurisdictions, recommendations have been offered on the use of regulatory buffers, the need to preserve compliance with international standards, and promote international and inter-organisational coordination. A few have also looked at these issues with focus on the specificities of Islamic financial services such as balance sheet components, relatively smaller size of the IFSI in many jurisdictions, and the state of the economy of countries where Islamic finance is practiced.

While the effect of the first wave of the pandemic is starting to manifest, especially as various fiscal, monetary and other stimulus introduced by the various governments are being relaxed, the impact of the second wave of COVID-19 is also likely to take effect in the coming months. Not only might there be a significant increase in credit risk due to financing delinquencies, market liquidity might also be strained, and asset markets might be disrupted. Moreover, the indispensability of digitalising financial services due to social distancing as a new normal to flatten the curve of the pandemic also presents technology-related risks that might result from staff remote access to financial network as well as outsourcing of cloud services for instance to third-parties.

Also, the abruptness and pervasiveness of the COVID-19 pandemic and the responses it elicited might also have impacted on the requisite attention needed on other wider issues including for instance, climate change and financial inclusion which are also considered important to the IFSI. While these challenges affect the entire financial system in a jurisdiction, their implications for the IFSI might also present peculiar effects given the specificities of Islamic finance.

Discussion Points:

What is the effect of the prudential regulatory and supervisory policy response to COVID-19to maintain financial stability of IFSI in general?
Are various stimulus packages introduced stimulating new spending and preventing job losses quickly enough as desired especially to the households and SMEs to which the Islamic banks are highly exposed?
Are there any unexpected prudential consequences peculiar to the specificities of the IFSI that have emerged from the crisis and what are their implications?
How can the Islamic banks deal with regulatory capital treatment of ECLs given that IFRS-9 did not specify such treatment for profit and loss sharing contract, for instance?
What are the peculiar impediments and risks to the digital transformation of the IFSI as necessitated by COVID-19? Are there legacy infrastructure, human capital or capital budgeting constraints, for instance?
How effective is the coordination and communication among various regulators and supervisors of Islamic finance segments in response to COVID-19?
What factors should the regulatory and supervisory authorities consider to be of utmost importance, as countries where Islamic finance is practiced gradually ease the lockdown?
What are the forward looking policy to be pursued taken into account the lesson learnt from pandemic?
To what extent has the focus on the effect of the pandemic subsumed attention on other wider issues and initiatives that are pertinent to Islamic finance such as financial inclusion, climate change, etc?

·

16:00 – 16:15
Q&A Session

32nd Arabic Editing Committee Meeting
2021-02-02 14:00 - 18:00 (Asia/Kuala_Lumpur) | Online
The 32nd Arabic Editing Committee Meeting is scheduled to be held as follows:

Date
2 – 4 February and 6 – 10 February 2021

Time
2:00 pm – 6:00 pm (Malaysia time)

Venue
Online

Participation in the meeting is by INVITATION only. For more information please email to: khairun.nissa@ifsb.org

IFSB-FIS E-Workshop Series - IFSB-17: Core Principles for Islamic Finance Regulations (CPIFR Related to Prudential Regulations and Requirements for IIFS)
2021-02-15 16:30 - 18:30 UTC | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
Date : 15 February 2021 (Monday)
Time : 4:30 – 6:30 pm (MYT)
Sector : Islamic banking
Topic : IFSB-17: Core Principles for Islamic Finance Regulation (CPIFR Related to Prudential Regulations and Requirements for IIFS)

Overview

The main objective of the Core Principles for Islamic Finance Regulations – CPIFR is to provide a foundation for regulatory and supervisory authorities to regulate Islamic financial services industry with consideration the specificities of the IIFS in the banking segment and the lessons learned from the financial crisis, and complementing the existing international standards, principally the BCBS’s Core Principles for Effective Banking Supervision (Basel Core Principles, or BCPs).

In this online FIS Workshop IFSB will address three CPIFR, covering Transactions with related parties, Treatment of Investment account holders (IAHs) and Islamic windows operations.

FIS Workshop facilitator will discuss how core principles requirements help to prevent abuses arising in transactions with related parties and to take measures on the risk of conflict of interest. During the session participants will get understanding on regulatory treatment, governance and disclosures, capital adequacy and associated risk-absorbency features related to IAH’s. Moreover Islamic windows operations, their permitted forms, supervisory review process will be also covered.

The facilitator will also share with some Case studies and open floor to Q&A to bring more interactivity to the session.

***REGISTRATION IS OPEN FOR MEMBERS ONLY***

IFSB-FIS E-Workshop Series - IFSB-16: Supervisory Review Process (Governance and Risk Management)
2021-02-18 16:30 - 18:30 UTC | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
Date : 18 February 2021 (Thursday)
Time : 4:30 – 6:30 pm (MYT)
Sector : Islamic banking
Topic : IFSB-16: Supervisory Review Process (Governance and Risk Management)

Overview

A core element of any supervisory review process is to assess financial institutions’ governance decision structures and processes. At the same time supervisory review process must not only ensure that financial institution have adequate capital to support all their business risks, but also stimulate them to develop and use better risk management and techniques within their risk management processes.

When it comes to the institutions offering Islamic financial services there should be additional requirements in order to address elements that are specific to Islamic finance, including risk characteristics and issues relating to Shariah compliance.

Within this session IFSB will address relevant corporate governance issues as well as supervisory implications related to the Shariah governance. Since the risk culture in IIFS is a very complex topic, facilitator will also cover principles of risk management in IIFS and various categories of risk that IIFS face in their operations.

We believe this FIS workshop will be particularly beneficial due to case studies that will be discussed with the participants.

***REGISTRATION IS OPEN FOR MEMBERS ONLY***

IFSB-FIS E-Workshop Series - IFSB-3: Corporate Governance for IIFS
2021-02-25 16:30 - 18:30 UTC | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
Date : 25 February 2021 (Thursday)
Time : 4:30 – 6:30 pm (MYT)
Sector : Islamic banking
Topic : IFSB-3: Corporate Governance for IIFS

Overview

Despite a very rapid development of Islamic finance worldwide, it should not be forgotten that in many countries Islamic financial services industry is still in its infancy. To be able to successfully meet all challenges that Islamic finance services industry faces, it needs to have comprehensive regulation and supervision, risk management and corporate governance frameworks.

With this e-workshop session, IFSB Secretariat would like to address one of the most crucial aspects of IIFS – a Corporate Governance.

Our facilitator will introduce you to guiding principles of prudential requirement in the area of Corporate Governance. IFSB’s Guiding Principles are designed to facilitate IIFS in identifying areas where appropriate governance structures and processes are required, and to recommend best practices in addressing these issues.

During the session you will get understanding on issues of Corporate Governance specific to IIFS, the General Governance Approach from IFSB-3 standards perspective and how IIFS shall acknowledge rights of Investment Account Holders.

The session will also clarify how compliance with Shariah rules and principles and Transparency of financial reporting are integral part of Corporate Governance for IIFS.

***REGISTRATION IS OPEN FOR MEMBERS ONLY***
