Islamic Financial Services Board

IFSB Online Executive Programme - COVID-19 and Implications on Institutions offering Islamic Financial Services (IIFS)
2020-07-07 14:30 - 17:50 UTC | Kuala Lumpur, Kuala Lumpur, Malaysia, Malaysia
The COVID-19 pandemic has been an unprecedented and major disruptive event for the global economy. The measures taken to contain the pandemic has triggered a major global downturn, but the full impact and scale of risks facing the financial system remain uncertain as the situation evolves.

Along with the rest of the financial system, Institutions offering Islamic Financial Services (IIFS) are likely to face both immediate and future challenges. It raises number of pertinent questions for regulators supervising IIFS and for IIFS themselves regarding whether there are any Islamic finance specificities that create specific implications, risks or challenges which require a different regulatory or supervisory approach from that of conventional financial institutions. Additionally, while governments, central banks, regulators, and international organisations have moved rapidly to address the immediate effects of COVID-19, questions remain on how policy should continue to evolve to preserve financial stability and address the potential medium and longer term effects of COVID-19 on the financial system, and what these might be for the IIFS. 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.

• To discuss the impact of COVID-19 on the global financial system and global economy and its implications for the overall risk environment of IIFS
• To discuss the implications of COVID-19 for IIFS and identify specific risk factors that might arise in relation to specificities of IIFS
• To discuss the areas where regulatory responses may be needed to address the impact of COVID-19 to ensure the resilience and stability of IIFS and the various approaches that are being taken by different regulators

The details of the Executive Programe are as follow:

Date: 7 July 2020

Time: 14:30 – 17:50 (Malaysia time)

Venue: via web conference/webinar
*****This Executive Programme is free for all categories of IFSB members. For Non-Members a participation fee of USD100 will be applicable*****
For registration and enquiries, please email Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org

Impact and Consistency Assessment Programme (ICAP) ONLINE MEETING
2020-07-07 15:30 - 17:40 (Asia/Kuala_Lumpur) | MALAYSIA, Malaysia, Malaysia, Malaysia
1st TASK FORCE MEETING

Date
7 July 2020

Time
3:30 PM- 5:40 PM Kuala Lumpur Time

Venue
ONLINE

Event Snapshots

IFSB-FIS E-Workshop Series : Sukuk: Disclosures and Shariah Compliance Requirements (IFSB-19)
2020-07-16 16:30 - 17:30 UTC
Date
:
16 July 2020 (Thursday)

Time
:
4:30 – 5:30 pm (MYT)

Sector
:
Islamic Capital Market

Topics
:
Sukuk: Disclosures and Shariah Compliance Requirements (IFSB-19)

Overview

Sukuk is one of the fastest growing segment of Islamic Capital Market (ICM) and attracts global investors due to its unique structure and features.

With this e-workshop session, IFSB Secretariat would like to bring an understanding on Sukuk as an ICM instrument and its Shariah related requirements, as well as highlight the importance of adequate information which enables investors to make informed decisions, especially in Shariah-related areas. Moreover, facilitator at this session will provide core principles of Sukuk disclosures as a basis of sound regulation in order to develop ICM at greater levels of integrity and transparency.
**REGISTRATION IS OPEN TO MEMBERS ONLY**

5th Working Group Meeting on Core Principles for Islamic Finance Regulation (Takaful Segment)
2020-07-23 | Online (webinar), Kuala Lumpur, Malaysia
The 5th Working Group Meeting on Core Principles for Islamic Finance Regulation (Takaful Segment) is scheduled to be held as follow :

Date
23 July 2020

Time
3.00 PM (KL time)

Venue
Web-conference / webinar

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

IFSB Regulatory and Supervisory Authorities Forum on Covid-19
2020-07-28 08:00 - 17:00 UTC
IFSB REGULATORY AND SUPERVISORY AUTHORITIES FORUM ON COVID-19

28 July 2020

TITLE
:
COVID-19 AND THE ISLAMIC FINANCIAL SERVICES INDUSTRY: POLICY IMPLICATIONS AND REGULATORY CHALLENGES

Type
:
Online Forum

Target Audience
:
Member Regulatory and Supervisory Authorities (RSAs) of the IFSB

Duration
:
15:00 – 17:30 (MYT)

Program Overview
:
The outbreak of Covid-19 and the ensuing geographical lockdowns and movement restrictions in several jurisdictions have led governments and regulatory and supervisory authorities (RSAs) to introduce measures, conventional and non-conventional, to alleviate the resulting financial and economic impact on consumers as well as financial institutions. Policy responses targeted to the financial sector varied with the type of stress, structure of the financial system and resilience of its significant players.

The IFSB, through this forum and as the global prudential standard-setter for Islamic finance, aims to provide a platform for IFSB RSA members to explore and discuss the effectiveness of various policy interventions introduced to counter the (Islamic) financial-sector implications of COVID-19. The forum also aims to facilitate sharing of policy implementation experiences across jurisdictions, discuss their potential long-term impact on financial markets and institutions offering Islamic financial services (IIFS) and identify areas that may require further concern and coordination by the IFSB.

The IFSB Secretariat aims to utilise the outcomes of the forum in:

providing guidance to the global Islamic financial services industry through public statements,
ensuring ongoing standards address identified challenges and potential consequences of policy responses; and
setting the IFSB’s 2021 standard development and research agenda.

Objectives
:
The forum aims to:

Explore the effectiveness, implementation and challenges of international prudential and other financial policy measures (both conventional and Islamic) in response to COVID-19.
Deliberate on the potential medium-term and long-term consequences for IIFS, financial markets and consumers.
Identify any Islamic finance specific-issues that have emerged or are likely to emerge in the future due to the direct impact of the pandemic or as a consequence of policy actions taken to mitigate the impact of the crisis.
Share of policy implementation experiences across jurisdictions and identify policy areas that require further coordination and provision of guidance for the global Islamic financial services industry with regard to the impact of the pandemic
Identify potential areas for future IFSB standards and research

Programme Approach
:

The IFSB Secretary-General to chair the forum and direct the flow of discussion
Presentation/thoughts/issues from lead discussants representing Islamic banking, Islamic capital markets and Takaful, followed with presentations or discussions by experts representing RSAs and Rating Agencies.

Programme Outcomes
:

Results of the assessment of ongoing international policies and actions (both Islamic and conventional) in responding to the economic impacts of the pandemic.
Coordinated polices and guidance for the global Islamic financial services industry
Potential IFSB standards and research papers

Participation
:
Member RSAs of the IFSB and Rating Agencies

IFSB Regulatory and Supervisory Authorities Forum on Covid-19
2020-07-28 15:00 - 17:30 UTC | Online
IFSB REGULATORY AND SUPERVISORY AUTHORITIES FORUM ON COVID-19
28 July 2020

TITLE
:
COVID-19 AND THE ISLAMIC FINANCIAL SERVICES INDUSTRY: POLICY IMPLICATIONS AND REGULATORY CHALLENGES

Type
:
Online Forum

Target Audience
:
Member Regulatory and Supervisory Authorities (RSAs) of the IFSB

Duration
:
15:00 – 17:30 (MYT)

Program Overview
:

The outbreak of Covid-19 and the ensuing geographical lockdowns and movement restrictions in several jurisdictions have led governments and regulatory and supervisory authorities (RSAs) to introduce measures, conventional and non-conventional, to alleviate the resulting financial and economic impact on consumers as well as financial institutions. Policy responses targeted to the financial sector varied with the type of stress, structure of the financial system and resilience of its significant players.
The IFSB, through this forum and as the global prudential standard-setter for Islamic finance, aims to provide a platform for IFSB RSA members to explore and discuss the effectiveness of various policy interventions introduced to counter the (Islamic) financial-sector implications of COVID-19. The forum also aims to facilitate sharing of policy implementation experiences across jurisdictions, discuss their potential long-term impact on financial markets and institutions offering Islamic financial services (IIFS) and identify areas that may require further concern and coordination by the IFSB.
The IFSB Secretariat aims to utilise the outcomes of the forum in:

providing guidance to the global Islamic financial services industry through public statements,
ensuring ongoing standards address identified challenges and potential consequences of policy responses; and
setting the IFSB’s 2021 standard development and research agenda.

Objectives
:

The forum aims to:

Explore the effectiveness, implementation and challenges of international prudential and other financial policy measures (both conventional and Islamic) in response to COVID-19.
Deliberate on the potential medium-term and long-term consequences for IIFS, financial markets and consumers.
Identify any Islamic finance specific-issues that have emerged or are likely to emerge in the future due to the direct impact of the pandemic or as a consequence of policy actions taken to mitigate the impact of the crisis.
Share of policy implementation experiences across jurisdictions and identify policy areas that require further coordination and provision of guidance for the global Islamic financial services industry with regard to the impact of the pandemic
Identify potential areas for future IFSB standards and research

Programme Approach
:

The IFSB Secretary-General to chair the forum and direct the flow of discussion
Presentation/thoughts/issues from lead discussants representing Islamic banking, Islamic capital markets and Takaful, followed with presentations or discussions by experts representing RSAs and Rating Agencies.

Programme Outcomes
:

Results of the assessment of ongoing international policies and actions (both Islamic and conventional) in responding to the economic impacts of the pandemic.
Coordinated polices and guidance for the global Islamic financial services industry
Potential IFSB standards and research papers

Participation
:
Member RSAs of the IFSB and Rating Agencies

Event Snapshots

Programme – Event Session(s)

Date
Time
Topics

Day 1
28/07/2020
15:00 – 15:15
Opening Remarks

15:15 – 15:30
Overview of the Impact of Covid-19 on the Global Economy, Islamic Banking and Sukuk

15:30 – 15:45
The Impact of Covid-19 on Insurance and Takaful Sectors

15:45 – 17:15
Discussion: Covid-19 and the Islamic Financial Services Industry- Policy Implications and Regulatory Challenges

Downloadable Document(s)

Event Session(s) – PDF Format
Brochure

51st Meeting of the Technical Committee of the IFSB
2020-07-29 15:00 - 19:00 (Asia/Kuala_Lumpur) | Online
The 51st Meeting of the Technical Committee of the IFSB is scheduled to be held online as follows:

Date
29 July 2020

Time
3:00PM to 7:00PM (Malaysia time)

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

51st Meeting of the Technical Committee of the IFSB
2020-07-29 15:00 - 19:00 (Asia/Kuala_Lumpur) | Online
The 51st Meeting of the Technical Committee of the IFSB is scheduled to be held online as follows:

Date
29 July 2020

Time
3:00PM to 7:00PM (Malaysia time)

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

Event Snapshots

Launching of The Islamic Financial Services Industry Stability Report 2020 & IFSB Members and Industry Engagement Session (MIES) Via Online Platform
2020-08-06 15:30 - 17:30 UTC | Online
The Islamic Financial Services Board (IFSB) will release the eighth edition of its annual Islamic Financial Services Industry Stability Report 2020 highlighting important developments in the growth, stability and other aspects of the Islamic financial services industry (IFSI).

The IFSB’s IFSI Stability Report series, which was first launched in 2013, has become an important benchmark publication, providing an assessment of the growth, development and stability of the IFSI. The objectives of this flagship Report is anchored on the IFSB’s mandate to promote the development of a prudent and transparent Islamic financial services industry.

The launching will be also followed by the IFSB’s Members and Industry Engagement Session, which provides an interactive platform for communication between the IFSB member organisations, the bigger Islamic financial services industry stakeholders, and the IFSB Secretariat.

In this session, the IFSB will provide an expectation for the implications of COVID-19 on the global Islamic financial services industry to the audience, and followed by a panel discussion to allow greater interaction and exchange of views among the industry’s stakeholders – regulators and market players.

Date : 06 August 2020

Time : 15:30 – 17:30 (MYT)

Venue : ONLINE

Attendees: Open to IFSB Members & Selected Invitees only

For more details, please contact Mr Ahmed Barakat : ahmed.barakat@ifsb.org

Event Snapshots

Programme – Event Session(s)

Date
Time
Topics

Day 1
06/08/2020
15:30 – 15:35
Opening Remarks

15:35 – 15:50
Keynote Address
Launching of Stability Report

15:50 – 16:05
Presentation of Highlights of the Islamic Financial Services Industry Stability Report 2020

16:05 – 16:10
Launching of the IFSI Stability Report
Video Presentation

16:10 – 16:50
Islamic Finance Stability and Covid-19 Implications Moving Forward (Moderated Session)

16:50 – 17:25
Members – IFSB Q&A (Engagement) Session

Downloadable Document(s)

Event Session(s) – PDF Format

Launching of The Islamic Financial Services Industry Stability Report 2020 & IFSB Members and Industry Engagement Session (MIES) Via Online Platform
2020-08-06 15:30 - 17:30 UTC
The Islamic Financial Services Board (IFSB) will release the eighth edition of its annual Islamic Financial Services Industry Stability Report 2020 highlighting important developments in the growth, stability and other aspects of the Islamic financial services industry (IFSI).

The IFSB’s IFSI Stability Report series, which was first launched in 2013, has become an important benchmark publication, providing an assessment of the growth, development and stability of the IFSI. The objectives of this flagship Report is anchored on the IFSB’s mandate to promote the development of a prudent and transparent Islamic financial services industry.

The launching will be also followed by the IFSB’s Members and Industry Engagement Session, which provides an interactive platform for communication between the IFSB member organisations, the bigger Islamic financial services industry stakeholders, and the IFSB Secretariat.

In this session, the IFSB will provide an expectation for the implications of COVID-19 on the global Islamic financial services industry to the audience, and followed by a panel discussion to allow greater interaction and exchange of views among the industry’s stakeholders – regulators and market players.

Date : 06 August 2020

Time : 15:30 – 17:30 (MYT)

Venue : ONLINE

Attendees: Open to IFSB Members & Selected Invitees only

For more details, please contact Mr Ahmed Barakat : ahmed.barakat@ifsb.org

30th Arabic Editing Committee Meeting
2020-08-10 - 2020-08-14 | Online
The 30th Arabic Editing Committee Meeting is scheduled to be held as follows:

Date
10 – 12 August 2020

Time
2:00 pm – 7:00 pm (Malaysia time)

Venue
Online

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

30th Arabic Editing Committee Meeting
2020-08-10 14:00 - 19:00 (Asia/Kuala_Lumpur) | Online
The 30th Arabic Editing Committee Meeting is scheduled to be held as follows:

Date
10 – 12 August 2020

Time
2:00 pm – 7:00 pm (Malaysia time)

Venue
Online

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 : 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
