IFSB-FIS Workshop Series (Jordan) : IFSB-1, IFSB-3, IFSB-5, IFSB-10 and GN-4.

Institute of Banking Studies Amman, Jordan

This workshop is hosted by the Central Bank of Jordan and supported by the Institute of Banking Studies (IBS). This workshop will address the following IFSB Standards and Guidance Note: -IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS) -IFSB-3: Guiding Principles on Corporate Governance for Institutions offering only Islamic Financial Services (Excluding Islamic Insurance (Takâful) Institutions and Islamic Mutual Funds -IFSB-5: Guidance on Key Elements in the Supervisory Review Process of Institutions offering Islamic Financial Services (excluding Islamic Insurance (Takâful) Institutions and Islamic Mutual Funds) -IFSB-10: Guiding Principles on Sharîah Governance Systems for Institutions offering Islamic Financial Services -GN-4: Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio for Institutions (other than Insurance Institutions) offering only Islamic Financial Services Participation in the Workshop is by INVITATION only. For more information on the Workshop, please email to Ms. Yazmin Aziz at [email protected]. Programme - Event Session(s) Date Time Topics Day 1 17/10/2011 WORKSHOP ON ISLAMIC FINANCE : CONCEPTS, CONTRACTS AND RISK IMPLICATIONS FOR IIFS BY MR. JAMSHAID ANWAR CHATTHA WORKSHOP ON IFSB-1 : GUIDING PRINCIPLES OF RISK MANAGEMENT FOR INSTITUTIONS OFFERING ISLAMIC FINANCIAL SERVICES (IIFS) BY MR. JAMSHAID ANWAR CHATTHA 09:00 - 09:30 Registration 09:30 - 09:45 Opening Session Mr. Abdelilah Belatik, Assistant Secretary-General, Islamic Financial Services Board H.E. Khouloud Saqqaf, Deputy Governor, Central Bank of Jordan 09:45 - 11:00 Session 1 Islamic Finance: Concepts, Contracts and Risk Implications for IIFS 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 2 IFSB-1 : Guiding Principles of Risk Management for Institutions Offering Islamic Financial Services (IIFS) -Focus on Credit Risk -Focus on Equity Risk -Focus on Operational Risk Case Study & Discussion : -Case Study – 1: Managing Shari’ah Non-Compliance and Legal Risk in IIFS 13:00 - 14:00 Lunch 14:00 - 16:00 Session 3 IFSB-1 : Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS) : -Focus on Market Risk -Focus on Liquidity Risk -Focus on Rate of Return Risk Case Studies & Discussion : -Case Study – 2: Financial Distress and Failure of Non-IIFS -Case Study – 3: Failure of an IIFS : A Risk Management Perspective Special Session on Recent Developments in Risk Management Practices and Recent Financial Crisis Day 2 18/10/2011 WORKSHOP ON IFSB-3 : GUIDING PRINCIPLES ON CORPORATE GOVERNANCE FOR INSTITUTIONS OFFERING ONLY ISLAMIC FINANCIAL SERVICES (EXCLUDING ISLAMIC INSURANCE (TAKÂFUL) INSTITUTIONS AND ISLAMIC MUTUAL FUNDS BY MR. ABOZER MAJZOUB WORKSHOP ON IFSB-10 : GUIDING PRINCIPLES ON SHARÎAH GOVERNANCE SYSTEMS FOR INSTITUTIONS OFFERING ISLAMIC FINANCIAL SERVICES BY MR. ABDELILAH BELATIK 09:30 - 11:00 Session 4 IFSB-3 : Guiding Principles on Corporate Governance for Institutions offering only Islamic Financial Services (Excluding Islamic Insurance (Takâful) Institutions and Islamic Mutual Funds : -Overview of Corporate Governance -Understanding the Motivating Factors -Defining ‘Corporate Governance’ (CG) and ‘Stakeholders’ in the Context of IIFS -Corporate Governance (CG) Issues Specific to IIFS -An Insight of the IFSB Guiding Principles of CG for IIFS -Recommendations of the IFSB-3 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 5 IFSB-3 : Guiding Principles on Corporate Governance for Institutions offering only Islamic Financial Services (Excluding Islamic Insurance (Takâful) Institutions and Islamic Mutual Funds : Case Studies & Discussion : -Case Study – 1 -Case Study – 2 13:00 - 14:00 Lunch 14:00 - 16:00 Session 6 IFSB-10 : Guiding Principles on Sharîah Governance Systems for Institutions offering Islamic Financial Services : -Overview of Sharîah Governance Systems -General Approach to Sharîah Governance Systems -Criteria for Sound Sharîah Governance Systems -Case Study & Discussion Day 3 19/10/2011 WORKSHOP ON GN-4 : GUIDANCE NOTE IN CONNECTION WITH THE IFSB CAPITAL ADEQUACY STANDARD: THE DETERMINATION OF ALPHA IN THE CAPITAL ADEQUACY RATIO FOR INSTITUTIONS (OTHER THAN INSURANCE INSTITUTIONS) OFFERING ONLY ISLAMIC FINANCIAL SERVICES BY MR. JAMSHAID ANWAR CHATTHA WORKSHOP ON IFSB-5 : GUIDANCE ON KEY ELEMENTS IN THE SUPERVISORY REVIEW PROCESS FOR IIFS (EXCLUDING ISLAMIC INSURANCE (TAKÂFUL) INSTITUTIONS AND ISLAMIC MUTUAL FUNDS) BY MR. ABOZER MAJZOUB 09:30 - 11:00 Session 7 GN-4 : Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio for Institutions (other than Insurance Institutions) offering only Islamic Financial Services. Case Study & Discussion : -Case Study – 1: Calculation and Determination of Alpha for CAR 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 8 IFSB-5 : Guidance on Key Elements in the Supervisory Review Process for IIFS (excluding Islamic Insurance (Takâful) Institutions and Islamic Mutual Funds): -Infrastructure for Effective Supervision -Regulatory Capital Requirements -Treatment of IAH -Risk Management and Corporate Governance (RM, CG, Audit and Compliance) -Related Party Transactions 13:00 - 14:00 Lunch 14:00 - 16:00 Session 9 IFSB-5 : Guidance on Key Elements in the Supervisory Review Process of Institutions offering Islamic Financial Services (excluding Islamic Insurance (Takâful) Institutions and Islamic Mutual Funds) : -Disclosure to Promote Transparency and Market Discipline -Consolidated and Home-host Supervision -Window Operations -Real Estate Investments -Case Analysis – 1 & Discussion -Case Analysis – 2 & Discussion 16:00 - 16:30 Closing Ceremony Dr. Riyad Hindawi, Manager, Institute of Banking Studies, Jordan Downloadable Document(s) 1.) Event Session(s) - PDF Format

IFSB-FIS Workshop Series (Morocco) : Workshops on Risk Management, Supervisory Review Process and Capital Adequacy for Sukûk

Bank Al-Maghrib Casablanca, Morocco

This IFSB-FIS Workshop is hosted by Bank Al-Maghrib, Morocco. This Workshop will address the following IFSB Standards and Guidance Note: IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS) IFSB-5: Guidance on Key Elements in the Supervisory Review Process of Institutions offering Islamic Financial Services (excluding Islamic Insurance (Takâful) Institutions and Islamic Mutual Funds IFSB-7: Capital Adequacy Requirements for Sukûk, Securitisations and Real Estate investment GN-2: Guidance Note in Connection with the Risk Management and Capital Adequacy Standards: Commodity Murâbahah Transactions Participation in the Workshop is by INVITATION only. For more information on the Workshop, please email to Ms. Yazmin Aziz at [email protected]. Programme - Event Session(s) Date Time Topics Day 1 31/10/2011 WORKSHOP ON ISLAMIC FINANCE : CONCEPT, CONTRACT AND RISK IMPLICATIONS FOR INSTITUTIONS (OTHER THAN INSURANCE INSTITUTIONS) OFFERING ONLY ISLAMIC FINANCIAL SERVICES (IIFS) WORKSHOP ON IFSB-1 : GUIDING PRINCIPLES OF RISK MANAGEMENT FOR INSTITUTIONS (OTHER THAN INSURANCE INSTITUTIONS) OFFERING ONLY ISLAMIC FINANCIAL SERVICES (IIFS) 09:00 - 09:30 Registration 09:30 - 09:45 Opening Session Mr. Abdelilah Belatik, Assistant Secretary-General, Islamic Financial Services Board Mr. Abderrahim Bouazza, Head of Banking Supervision Department, Bank Al Maghrib 09:45 - 11:00 Session 1 : Islamic Finance: Concepts, Contracts, and Risk Implications on IIFS Concepts, Contracts and Application for: -Sale and Lease Based; -Equity-Based and -Sukuk and Islamic Collective Investment Schemes (ICIS) Risk Implications on IIFS 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 2 : IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS) -Focus on Credit Risk -Focus on Equity Risk -Focus on Operational Risk 13:00 - 14:00 Lunch & Prayer 14:00 - 16:00 Session 3 : IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS) -Focus on Market Risk -Focus on Liquidity Risk -Focus on Rate of Return Risk -Case Study 1 & Discussion : Failure of an IIFS-A: Risk Management Perspective Day 2 01/11/2011 WORKSHOP ON GN-2 : GUIDING NOTE IN CONNECTION WITH THE RISK MANAGEMENT AND CAPITAL ADEQUACY STANDARDS: COMMODITY MURABAHAH TRANSACTIONS WORKSHOP ON IFSB-7 : CAPIRAL ADEQUACY REQUIREMENTS FOR SUKUK, SECURITISATION AND REAL ESTATE INVESTMENT 09:30 - 11:00 Session 4 : GN-2: Guidance Note in Connection with the Risk Management and Capital Adequacy Standards: Commodity Murâbahah Transactions -Case Study 1: Commodity Murâbahah Transactions and Failure of an IIFS 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 5 : IFSB-7: Capital Adequacy Requirements for Sukuk, Securitization and Real Estate Investment 13:00 - 14:00 Lunch & Prayer 14:00 - 16:00 Session 6 : IFSB-7: Capital Adequacy Requirements for Sukuk, Securitization and Real Estate Investment (cont.) Case Studies & Discussion Day 3 02/11/2011 WORKSHOP ON IFSB-5 : GUIDANCE ON KEY ELEMENTS IN THE SUPERVISORY REVIEW PROCESS OD INSTITUTIONS OFFERING ISLAMIC FINANCIAL SERVICES (EXCLUDING ISLAMIC INSURANCE (TAKAFUL) INSTITUTIONS AND ISLAMIC MUTUAL FUNDS) OPEN SESSION ON PRUDENTIAL AND REGULATORY FRAMEWORK FOR ISLAMIC FINANCE 09:30 - 11:00 Session 7 : Prudential and Regulatory Framework for IIFS Overview of the Regulatory Framework for IIFS IFSB-5: Guidance on Key Elements in the Supervisory Review Process of Institutions offering Islamic Financial Services (excluding Islamic Insurance (Takâful) Institutions and Islamic Mutual Funds) -Necessary Conditions for Effective Supervision -Consolidated Home-Host Supervision -Supervisory Issues in Islamic Windows 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 8 : Prudential and Regulatory Framework for IIFS (cont.) 13:00 - 14:00 Lunch & Prayer 14:00 - 16:00 Session 9 : Open Session on Prudential and Regulatory Framework for Islamic Finance 16:00 - 16:30 Closing Ceremony Mr. Abderrahim Bouazza, Head of Banking Supervision Department, Bank Al Maghrib Downloadable Document(s) 1.) Event Session(s) - PDF Format

The IFSB Public Hearing on Exposure Drafts 12 and 13

Sasana Kijang, Bank Negara Malaysia Kuala Lumpur, Malaysia

The Workshop will cover the followings: 1) Exposure Draft 12: Guiding Principles on Liquidity Risk Management for Institutions offering Islamic Financial Services (excluding Islamic Insurance (Takaful) Institutions and Islamic Collective Investment Schemes) 2) Exposure Draft 13: Guiding Principles on Stress Testing for Institutions offering Islamic Financial Services (other than Islamic Insurance (Takaful) Institutions and Islamic Collective Investment Schemes) For more information on the Public Hearing, please email to Ms. Ismawaty Ismail at [email protected]. Programme - Event Session(s) Date Time Topics Day 1 16/11/2011 09:00 - 09:30 Registration 09:30 - 10:00 Presentation on Exposure Draft - 12: Guiding Principles on Liquidity Risk Management for Institutions offering Islamic Financial Services (excluding Islamic Insurance (Takaful) Institutions and Islamic Collective Investment Schemes) 10:00 - 10:30 Question and Answer 10:30 - 11:00 Presentation on Exposure Draft - 13: Guiding Principles on Stress Testing for Institutions offering Islamic Financial Services (other than Islamic Insurance (Takaful) Institutions and Islamic Collective Investment Schemes) 11:00 - 11:30 Question and Answer Downloadable Document(s) 1.) Event Session(s) - PDF Format

4th Islamic Financial Stability Forum : Strengthening Financial Safety Nets: Sharī`ah Compliant Lender of last Resort (LOLR) Facilities and Emergency Financing Mechanisms and Deposit Insurance

Kuala Lumpur Kuala Lumpur, Malaysia, Malaysia

The IFSB organised its 4th Islamic Financial Stability Forum (4th IFSF) on 17 November 2011 in Kuala Lumpur, Malaysia. The 4th IFSF was held in conjunction with the 19th Council Meeting of the IFSB. Programme - Event Session(s) Date Time Topics Day 1 17/11/2011 14:30 - 14:40 Opening Remarks H.E. Mohammed Said Shahin, Governor, Central Bank of Jordan 14:40 - 15:20 Session 1: The role of central banks and monetary authorities in the development of adequate infrastructure and instruments for Sharī`ah-compliant Lender of Last Resort (LOLR) facilities and emergency financing mechanisms Main impediments to the development of infrastructure and instruments for Sharī`ah-compliant LOLR facilities and emergency financing mechanisms; Required characteristics of instruments for use in Sharī`ah-compliant LOLR facilities; Cross-border Sharī`ah-compliant LOLR facilities and the need for coordination among regulatory and supervisory authorities. Speaker: H.E. Dr Halim Alamsyah, Deputy Governor, Bank Indonesia Discussant: Ms Claire Louis McGuire, Senior Financial Sector Specialist, Financial and Private Sector Development Unit, The World Bank 15:20 - 16:00 Session 2: The implementation of Sharī`ah compliant deposit insurance schemes for Islamic financial services industry Appropriate models for Sharī`ah-compliant Deposit Insurance Schemes; Governance issues in Sharī`ah-compliant Deposit Insurance Schemes; Regulatory, legal and Sharī`ah issues related to Sharī`ah-compliant Deposit Insurance Schemes. Speaker: Mr Md Khairuddin Bin Hj Arshad, Chief Operating Officer, Malaysia Deposit Insurance Corporation Discussant: Dr. Abdel Gadir Mohammed Salih, General Manager, Bank Deposit Security Fund Sudan Downloadable Document(s) 1.) Event Session(s) - PDF Format

IFSB-FIS Workshop on IFSB Standards for Regulatory and Supervisory Authorities of the IFSB Member Countries

Training Room 2.1 & 2.2, Sasana Kijang, Bank Negara Malaysia Kuala Lumpur, Malaysia

Participation in the Workshop is by INVITATION only. This workshop will address the following IFSB Standards and Guidance Notes: -IFSB-1 : Risk Management -IFSB-2 : Capital Adequacy -IFSB-3: Corporate Governance -IFSB-4: Transparency and Market Discipline -IFSB-5: Supervisory Review Process -IFSB-7: Capital Adequacy Requirements for Sukûk & Securitisations and Real Estate Investments -IFSB-10: Sharîah Governance Systems -GN-1: Guidance Note In Connection with the Capital Adequacy Standard: Recognition of Ratings by External Credit Assessment Institutions (ECAIs) on Shari`ah-Compliant Financial Instruments -GN-2: Guidance Note in Connection with the Risk Management and Capital Adequacy Standards: Commodity Murâbahah Transactions -GN-3: Guidance Note on the Practice of Smoothing the Profits Payout to Investment Account Holders -GN-4: Guidance Note In Connection with the Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio For more information on the Workshop, please email to Ms. Yazmin Aziz at [email protected] Programme - Event Session(s) Date Time Topics Day 1 21/11/2011 ISLAMIC FINANCE : CONCEPT & CONTRACTS AND RISKS IMPLICATION FOR IIFS IFSB-1 : GUIDING PRINCIPLES OF RISK MANAGEMENT FOR INSTITUTIONS (OTHER THAN INSURANCE INSTITUTIONS) OFFERING ONLY ISLAMIC FINANCIAL SERVICES 09:00 - 09:30 Registration 09:30 - 09:50 Opening Session 09:50 - 11:15 Session 1 Islamic Finance : Concept & Contracts and Risks Implication for IIFS 11:15 - 11:30 Coffee Break 11:30 - 13:00 Session 2 IFSB-1 : Guiding Principles of Risk Management for Institutions (Other than Insurance Institutions) Offering only Islamic Financial Services • Focus on Credit Risk & Supervisory Perspective • Focus on Equity Risk & Supervisory Perspective • Focus on Operational Risk & Supervisory Perspective 13:00 - 14:00 Lunch & Prayer 14:00 - 15:00 Session 3 IFSB-1 : Guiding Principles of Risk Management for Institutions (Other than Insurance Institutions) Offering only Islamic Financial Services (cont.) • Focus on Market Risk & Supervisory Perspective • Focus on Liquidity Risk & Supervisory Perspective • Focus on Rate of Return Risk & Supervisory Perspective 15:00 - 15:30 Coffee Break 15:30 - 17:00 Session 4 Intensive Case Study 1 and Discussions : Managing Shari’ah Non-Compliance and Legal Risk in IIFS Intensive Case Study 2 and Discussions : Failure of an IIFS :A Risk Management Perspective Sharing experiences on Risk Management Practices in the IFSB member Countries Day 2 22/11/2011 IFSB-2 : CAPITAL ADEQUACY STANDARD FOR INSTITUTIONS (OTHER THAN INSURANCE INSTITUTIONS) OFFERING ONLY ISLAMIC FINANCIAL SERVICES (IIFS) GN-2: GUIDANCE NOTE IN CONNECTION WITH THE RISK MANAGEMENT AND CAPITAL ADEQUACY STANDARDS: COMMODITY MURÂBAHAH TRANSACTIONS 09:30 - 11:00 Session 5 Why do we need for capital regulations? Why international framework such as of BCBS (Basel) on Capital adequacy is not applicable to IIFS? How does IFSB Capital Adequacy framework differ with Basel framework in terms of Numerator (i.e. eligible capital) and Denominator (i.e. Credit risk, Market risk, and Operational risk)? IFSB-2 : Capital Adequacy Standard for Institutions (other than Insurance Institutions) Offering only Islamic Financial Services (IIFS) • Overview of Capital Adequacy Standard • Capital Adequacy Formulas 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 6 Measurement of Capital Adequacy Requirements for Credit Risk • Credit Risk Mitigation • Examples • Group Exercise 13:00 - 14:00 Lunch & Prayer 14:00 - 15:30 Session 7 Measurement of Capital Adequacy Requirements for Market Risk • Examples • Group Exercise • Group Discussion on Regulatory Approaches for Applying Risk Weights on Profit Sharing Modes 15:30 - 16:00 Coffee Break 16:00 - 17:00 Session 8 Measurement of Capital Adequacy Requirements for Operational Risk • Individual Exercise Capital Requirements for Islamic Financing Contracts GN-2 : Guidance Note in Connection with the Risk Management and Capital Adequacy Standards: Commodity Murâbahah Transactions Day 3 23/11/2011 GN-4 : GUIDANCE NOTE IN CONNECTION WITH THE CAPITAL ADEQUACY STANDARD: THE DETERMINATION OF ALPHA IN THE CAPITAL ADEQUACY RATIO GN-1 : GUIDANCE NOTE IN CONNECTION WITH THE CAPITAL ADEQUACY STANDARD: RECOGNITION OF RATINGS BY EXTERNAL CREDIT ASSESSMENT INSTITUTIONS (ECAIS) ON SHARÎ'AH-COMPLIANT FINANCIAL INSTRUMENTS IFSB-7 : CAPITAL ADEQUACY REQUIREMENTS FOR SUKÛK & SECURITISATIONS AND REAL ESTATE INVESTMENTS 09:30 - 11:00 Session 9 GN-4: Guidance Note In Connection with the Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio • Case Study & Discussion : The Determination of Alpha and Displaced Commercial Risk 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 10 Comprehensive Case Study & Discussion on IFSB-2 : Capital Adequacy for IIFS GN-1: Guidance Note in Connection with the Capital Adequacy Standard: Recognition of Ratings by External Credit Assessment Institutions (ECAIs) on Sharî'ah-Compliant Financial Instruments Sharing Experiences on Capital Adequacy Requirements in the IFSB Member Countries 13:00 - 14:00 Lunch & Prayer 14:00 - 15:30 Session 11 IFSB-7 : Capital Adequacy Requirements for Sukûk & Securitisations and Real Estate Investments 15:30 - 16:00 Coffee Break 16:00 - 17:00 Session 12 IFSB-7 : Capital Adequacy Requirements for Sukûk & Securitisations and Real Estate (cont.) Case Study & Discussion Day 4 24/11/2011 IFSB-3 : GUIDING PRINCIPLES ON CORPORATE GOVERNANCE FOR INSTITUTIONS OFFERING ONLY ISLAMIC FINANCIAL SERVICES (EXCLUDING ISLAMIC INSURANCE (TAKAFUL) INSTITUTIONS AND ISLAMIC MUTUAL FUNDS IFSB-10 : GUIDING PRINCIPLES ON SHARIAH GOVERNANCE SYSTEMS FOR INSTITUTIONS OFFERING ISLAMIC FINANCIAL SERVICES GN-3 : GUIDANCE NOTE ON THE PRACTICE OF SMOOTHING THE PROFITS PAYOUT TO INVESTMENT ACCOUNT HOLDERS 09:30 - 11:00 Session 13 IFSB-3 : Guiding Principles on Corporate Governance for Institutions Offering Only Islamic Financial Services (Excluding Islamic Insurance (Takaful) Institutions and Islamic Mutual Funds • Overview of Corporate Governance • Recommended Best Practices on Corporate Governance for the IIFS 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 14 Recommended Best Practices on Corporate Governance for the IIFS (cont.) GN-3 : Guidance Note on the Practice of Smoothing the Profits Payout to Investment Account Holders Case Studies on IFSB-3 13:00 - 14:00 Lunch & Prayer 14:00 - 16:00 Session 15 IFSB-10 : Guiding Principles On Shariah Governance Systems For Institutions Offering Islamic Financial Services • Overview of Shari’ah Governance Systems • General Approach to Shari’ah Governance Systems Criteria for Sound Shari’ah Governance Systems Case Studies Sharing Experiences on Corporate Governance & Shari’ah Governance for IIFS in the IFSB Member Countries 16:00 - 16:30 Coffee Break Day 5 25/11/2011 IFSB-4 : DISCLOSURES TO PROMOTE TRANSPARENCY AND MARKET DISCIPLINE FOR

IFSB Roundtable Discussion on Standard on Solvency Requirements for Takāful (Islamic Insurance) Undertakings

Kings Court Room, Cinnamon Lakeside Hotel Colombo, Sri Lanka

Since the IFSB-11: Standard on Solvency Requirements for Takāful (Islamic Insurance) Undertakings was published in December 2010, the Standard has received various feedback from the public with regards to its applicability to the existing Takāful operators (TO). Many TOs have the impression that the IFSB did not address the pertinent issues with regards to the fungibility of the Shareholders’ Fund and the Participants’ Funds. The Global Takāful Group (GTG) has expressed its wish to be heard. This IFSB Roundtable Discussion is hoped to assist the GTG understand better the true intention of the document. This Roundtable Discussion is supported by Prudential HK Limited and Amana Takaful and participation is by Invitation Only. For more information, please email to Ms. Yazmin Aziz at [email protected]. Programme - Event Session(s) Date Time Topics Day 1 23/11/2011 13:30 - 15:00 Session 1 Overview of the 7 Key Features of IFSB-11 Issues to be discussed: -Takāful versus Insurance -Earmarked Qarḍ -Solvency by Funds 15:00 - 15:30 Coffee Break & Networking 15:30 - 17:30 Session 2 IFSB’s Viewpoint on Solvency Requirements for Takāful Issues to be discussed: -Imposition of Qarḍ -Artificial Deficit of Funds  Downloadable Document(s) 1.) Event Session(s) - PDF Format

Roundtable on Regulating Institutions Offering Islamic Financial Services (IIFS): Risk Management Lessons Learned from the Crisis

Al Ghazal 2, The Ritz-Carlton Bahrain Hotel & Spa Manama, Bahrain

This IFSB Roundtable is hosted by the Central Bank of Bahrain and supported by Deloitte IFKC. Many financial sector and regulatory practices have contributed to the recent financial crisis, but foremost among these were important failures in risk management practices and processes, as well as weaknesses in many parts of the financial services sector. This Roundtable aims to shed light on the current practices of risk management in the institutions offering Islamic financial services (IIFS) and how regulatory and supervisory authorities can benefit in reshaping the regulation for the Islamic financial services industry (IFSI). The Roundtable aims to benefit professionals involved in risk management specifically in the Islamic banking sector. Participation is by invitation only. Programme - Event Session(s) Date Time Topics Day 1 13/12/2011 08:30 - 09:30 Registration 09:30 - 11:00 Session 1: Current state of the risk management in the IIFS New emerging products and services creating new levels of risk and complexities Concentration or excessive leveraging in various IIFS portfolios Key risk management lessons learned by the IIFS from the crisis and potential challenges 11:00 - 11:30 Coffee and Networking Break 11:30 - 13:00 Session 2: Regulatory aspects of risk management IIFS cross-sectoral exposures and concern for supervisory authorities Systemic risk management Sharī`ah non-compliance and legal risks identifying and regulating systemic risk enterprise risk management for systemic risk Implications of the evolving risks facing the IFSI to supervisory authorities Incentives, risk management, governance and transparency Will better transparency improve financial stability? 13:00 - 14:00 Lunch and End of Roundtable Downloadable Document(s) 1.) Event Session(s) - PDF Format 2.) Speakers Profile

The IFSB Public Hearing on Exposure Drafts 12 and 13

Al-Ghazal 1 Room, The Ritz-Carlton, Bahrain Hotel & Spa Manama, Bahrain

The Public Hearing will cover the followings: 1) Exposure Draft 12: Guiding Principles on Liquidity Risk Management for Institutions offering Islamic Financial Services (excluding Islamic Insurance (Takaful) Institutions and Islamic Collective Investment Schemes) 2) Exposure Draft 13: Guiding Principles on Stress Testing for Institutions offering Islamic Financial Services (other than Islamic Insurance (Takaful) Institutions and Islamic Collective Investment Schemes) For more information on the Public Hearing, please email to Ms. Ismawaty Ismail at [email protected]. Programme - Event Session(s) Date Time Topics Day 1 14/12/2011 09:00 - 09:30 Registration 09:30 - 10:00 Presentation on Exposure Draft - 12: Guiding Principles on Liquidity Risk Management for Institutions offering Islamic Financial Services (excluding Islamic Insurance (Takaful) Institutions and Islamic Collective Investment Schemes) 10:00 - 10:30 Question and Answer 10:30 - 11:00 Presentation on Exposure Draft - 13: Guiding Principles on Stress Testing for Institutions offering Islamic Financial Services (other than Islamic Insurance (Takaful) Institutions and Islamic Collective Investment Schemes) 11:00 - 11:30 Question and Answer Downloadable Document(s) 1.) Event Session(s) - PDF Format

Seminar on Emerging Shari`ah Issues in Regulatory Capital and Risk Management in Islamic Banking

Songket Hall 2, Level 4, Rizqun International Hotel, Gadong Bandar Sri Begawan, Brunei Darussalam

This IFSB Seminar is hosted by the Autoriti Monetari Brunei Darussalam and supported by the Centre for Islamic Banking, Finance and Management, Brunei Darussalam. This one and a half-day seminar aims to discuss Shari`ah issues emerging from the regulatory capital requirement for institutions offering Islamic financial services in light of international regulatory developments such as Basel III. In this respect, the Seminar will examine current issues relating to the utilisation of funding, sources of funds and market practices on the management of risks, and their impacts to the capital regulatory requirement. For more information on the Seminar, please email to Ms. Puteri at [email protected] Programme - Event Session(s) Date Time Topics Day 1 17/01/2012 08:30 - 09:30 Registration 09:30 - 10:30 Opening and Welcoming Remarks 10:30 - 11:00 Coffee break & Networking 11:00 - 12:30 Session 1 : Regulatory Capital This session aims to address relevant Sharī`ah issues in stipulating the regulatory capital for Islamic banks, especially in the backdrop of international regulatory developments such as Basel III. 12:30 - 14:00 Lunch and Prayers 14:00 - 15:30 Session 2: Credit and Equity Investment Risks This session will discuss the pertinent Sharī`ah and prudential issues in managing credit risk by Islamic banks 15:30 - 17:00 Session 3: Market and Operational Risks This session will examine current and emerging market practices as well as regulatory considerations in the management of market and operational risks by Islamic banks Day 2 18/01/2012 09:30 - 10:00 Morning Coffee and Networking 10:00 - 11:30 Session 4: Profit-Sharing Investment Accounts (PSIA) and Sharī`ah-compliant Deposits This session aims to highlight Sharī`ah and regulatory considerations arising out of PSIA and other types of deposit schemes offered by Islamic banks 11:30 - 13:00 Session 5: Panel Discussion on Contemporary Sharī`ah Issues in Light of the Rapid Industry Development and Dynamic Regulatory Framework 13:00 - 14:30 Lunch END OF SEMINAR Downloadable Document(s) 1.) Event Session(s) - PDF Format

Workshop on Islamic Finance

Room CIV (2nd floor Eurotower), European Central Bank Frankfurt, Germany

This Workshop is hosted by the European Central Bank and participation in this Workshop is by Invitation only. For more information, please email to Ms. Yazmin Aziz at [email protected] Programme - Event Session(s) Date Time Topics Day 1 26/01/2012 14:00 - 14:30 Registration 14:30 - 14:50 Opening & Keynote Session 14:50 - 15:40 Session 1 : Overview of Islamic Finance: Banking, Capital Markets and Takāful in the run-up to the crisis 15:40 - 16:00 Coffee and Networking Break 16:00 - 17:00 Session 2: Empirical Evidence on the Impact of Islamic Banking on Financial Stability 17:00 - 17:40 Session 3: Islamic Finance and the Financial Crisis : Lessons for the Interaction with Traditional Western Finance 17:40 - 18:00 Coffee & Networking Downloadable Document(s) 1.) Event Session(s) - PDF Format 2.) Hotels In Frankfurt

IFSB FIS Workshop Series (Maldives) : IFSB-6, IFSB-7, IFSB-9 and IFSB-10

Islamic Centre Hall, Ministry of Islamic Affairs Male, Maldives

This Workshop has been postponed to a later date. Programme - Event Session(s) Date Time Topics Day 1 22/02/2012 09:00 - 09:30 Registration 09:30 - 09:50 Opening Session 09:50 - 11:15 Session 1: Introduction to Islamic Capital Market Concept and contracts in Islamic Finance Overview of key Islamic capital market products - Sukūk - Sharī`ah compliant stocks and indexes - Islamic collective investment schemes 11:15 - 11:30 Coffee Break 11:30 - 13:00 Session 2: IFSB-7: Capital Adequacy Requirements for Sukūk, Securitisation and Real Estate Investment Overview of prudential issues in sukūk instruments 13:00 - 14:00 Lunch & Prayer 14:00 - 15:30 Session 3: IFSB-7: Capital Adequacy Requirements for Sukūk, Securitisation and Real Estate Investment Prudential issues in sukūk instruments (case study) 15:30 - 16:00 Coffee Break 16:00 - 17:00 Session 4: IFSB-6: Guiding Principles on Governance for Islamic Collective Investment Schemes Day 2 23/02/2012 09:30 - 11:00 Session 5: IFSB-6: Guiding Principles on Governance for Islamic Collective Investment Schemes Recommended best practices and case studies 11:00 - 11:30 Coffee Break 11:30 - 13:00 Session 6: IFSB-9: Guiding Principles on Conduct of Business for Institutions Offering Islamic Financial Services 13:00 - 14:00 Lunch & Prayer 14:00 - 15:30 Session 7: IFSB-10: Guiding Principles on Sharī`ah Governance System for Institutions Offering Islamic Financial Services 15:30 - 16:00 Coffee Break 16:00 - 17:00 Session 8: IFSB-10: Guiding Principles on Sharī`ah Governance System for Institutions Offering Islamic Financial Services Case studies 17:00 - 17:30 Closing Ceremony Downloadable Document(s) 1.) Event Session(s) - PDF Format

IFSB-FIS Workshops on the IFSB Standards for Institutions offering Islamic Financial Services

Meeting Room 2, Level 4, Lanai Kijang, Bank Negara Malaysia kuala lumpur, Malaysia

This Workshop is hosted by Bank Negara Malaysia. This Workshop will address the following IFSB Standards and Guidance Principles: IFSB-3: Guiding Principles on Corporate Governance for Institutions Offering only Islamic Financial Services (Excluding Islamic Insurance (Takāful) Institutions and Islamic Mutual Funds IFSB-4: Disclosures to Promote Transparency and Market Discipline for Institutions Offering Islamic Financial Services (excluding Islamic Insurance (Takāful) Institutions and Islamic Mutual Funds) IFSB-9: Guiding Principles on Conduct of Business for Institutions Offering Islamic Financial Services IFSB-10: Guiding Principles on Sharī`ah Governance Systems for Institutions Offering Islamic Financial Services Participation in the Workshop is by INVITATION only. For more information on the Workshop, please email to Ms. Yazmin Aziz at [email protected]. Programme - Event Session(s) Date Time Topics Day 1 07/03/2012 09:00 - 09:30 Registration 09:30 - 09:45 Welcoming Remark 09:45 - 11:00 Session 1 - IFSB-3: Guiding Principles on Corporate Governance for Institutions Offering only Islamic Financial Services (Excluding Islamic Insurance (Takāful) Institutions and Islamic Mutual Funds) (IIFS) Overview of IFSB-3: Guiding Principles on Corporate Governance for IIFS Understanding the motivating factors Defining ‘corporate governance’ and ‘stakeholders’ in the context of IIFS Corporate governance issues specific to IIFS 11:00 - 11:15 Coffee Break 11:15 - 13:00 Session 2 - IFSB-3: Guiding Principles on Corporate Governance for Institutions Offering only Islamic Financial Services (Excluding Islamic Insurance (Takāful) Institutions and Islamic Mutual Funds) (IIFS) Recommendations of IFSB-3: Guiding Principles on Corporate Governance for IIFS Case Studies on IFSB-3: Guiding Principles on Corporate Governance for IIFS 13:00 - 14:00 Lunch & Prayer 14:00 - 15:30 Session 3 - IFSB-10: Guiding Principles on Sharī`ah Governance Systems for Institutions offering Islamic Financial Services (IIFS) Overview of IFSB-10: Sharī`ah Governance Systems for IIFS General Approach to Sharī`ah Governance Systems for IIFS Criteria for sound Sharī`ah Governance Systems for IIFS 15:30 - 15:45 Coffee Break 15:45 - 17:00 Session 4 - IFSB-10: Guiding Principles on Sharī`ah Governance Systems for Institutions Offering Islamic Financial Services (IIFS) Case Studies on IFSB-10: Guiding Principles on Sharī`ah Governance Systems for IIFS Day 2 08/03/2012 09:30 - 11:00 Session 5 - IFSB-4: Disclosures to Promote Transparency and Market Discipline for Institutions offering Islamic Financial Services (excluding Islamic Insurance (Takāful) Institutions and Islamic Mutual Funds) (IIFS) Overview of IFSB-4: Disclosures to Promote Transparency and Market Discipline (TMD) for IIFS IFSB-4 Necessary Conditions for Effective TMD IFSB-4 Recommended Disclosures for IIFS 11:00 - 11:15 Coffee Break 11:15 - 13:00 Session 6 - IFSB-4: Disclosures to Promote Transparency and Market Discipline for Institutions offering Islamic Financial Services (excluding Islamic Insurance (Takāful) Institutions and Islamic Mutual Funds) (IIFS) IFSB-4 Recommended Disclosures for IIFS (Cont’d) IFSB-4 Implementation Issues and Challenges Case Studies on IFSB-4: Disclosures to Promote TMD for IIFS 13:00 - 14:00 Lunch & Prayer 14:00 - 15:30 Session 7 - IFSB-9: Guiding Principles on Conduct of Business for Institutions Offering Islamic Financial Services (IIFS) An Insight into IFSB-9: Guiding Principles on Conduct of Business for IIFS 15:30 - 15:45 Coffee Break 15:45 - 17:00 Session 8 - IFSB-9: Guiding Principles on Conduct of Business for Institutions Offering Islamic Financial Services (IIFS) Case Studies on IFSB-9: Guiding Principles on Conduct of Business for IIFS 17:00 - 17:15 Closing Ceremony Downloadable Document(s) 1.) Event Session(s) - PDF Format