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IFSB programmes to facilitate the development of the Islamic financial services industry     
Press Release > 2019

The IFSB and AMERC of IOSCO to Organise Joint High-Level Seminar Hosted by SCA on Development of Ṣukūk Markets in the Middle East and Africa Growth Potential and Policy Considerations

Date posted: 10 September 2019

Kuala Lumpur, 10 September 2019 – The Islamic Financial Services Board (IFSB) and Africa / Middle-East Regional Committee (AMERC) of IOSCO are jointly organising a High-Level Seminar, themed, “Development of Ṣukūk Markets in the Middle East and Africa: Growth Potential and Policy Considerations” on 26 September 2019 in Abu Dhabi, United Arab Emirates (UAE). The joint seminar will be hosted by the Securities and Commodities Authority UAE, in collaboration with Dubai Islamic Economy Development Centre (DIEDC), Gulf Bond and Ṣukūk Association (GBSA) and S&P Global Ratings.

The one-day joint high-level Seminar aims to examine the recent developments and future potential of ṣukūk markets in the Middle East and Africa region, and to identify areas where further development is needed to bolster the growth and effective utilisation of Islamic finance in realising the developmental objectives of the region. The Seminar will also discuss relevant aspects in strengthening the regulatory environment, including issues related to investor protection and financial stability and strengthening the overall growth and resilience of the region’s capital markets, taking into consideration the specificities and differences of ṣukūk from their conventional counterparts.

The Secretary-General of the IFSB, Dr Bello Lawal Danbatta, said in his statement, “the IFSB is pleased to announce this important high-level seminar, which is a joint effort between the IFSB and IOSCO´s Africa and Middle-East Regional Committee and hosted by Securities and Commodities Authority (SCA). The aim of this Seminar is to bring together standard setters, regulators and key industry players to discuss and share knowledge and experiences to identify the various issues and ultimately the way forward in tackling ṣukūk market development issues in the region. Importantly, the joint seminar also seeks to address the common objectives of the IFSB and IOSCO by focusing on investor protection and stability considerations in the development and growth of these markets in order to identify critical areas for future work”.

The CEO of the Securities and Commodities Authority, UAE in his statement said, “the Islamic Finance Industry is set to flourish further as the International Monetary Fund (IMF) approved a plan to incorporate Islamic finance into its financial sector assessments. GCC is expected to be one of the key drivers in the expansion of global sukuk industry and SCA is very pleased to host this high-level seminar in United Arab Emirates (UAE) which is now gaining a prominent position as a regional and global hub for Sukuk issuance. The seminar comes in light of the Islamic Capital Market Strategy that SCA announced earlier. We look forward to welcoming all the delegates to this seminar to share their views and making it a learning experience for all”

The topics to be covered in the Seminar includes the following:

  • Islamic Finance and Ṣukūk - Key Concepts, Global Significance and Outlook
  • Ṣukūk in Addressing Developmental Goals: Prospects and Challenges
  • Technological Innovation and its Potential for Growth of the Islamic Capital Market
  • Strengthening Legal and Regulatory Frameworks to Enhance Investor Protection and Stability of Ṣukūk Markets: Key Policy Aspects and Way Forward

Regulatory and supervisory authorities involved in development and supervision of ICM and market players which are offering sukūk /ICM products and services, as well as academicians and other interested stakeholders are encouraged to participate in this Seminar. Interested participants may register online at: https://www.ifsb.org/event_detail.php?e_id=376. Participation in this Seminar is free.

For more information of the Seminar and to register, please visit www.ifsb.org or contact Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org.

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