Autoriti Monetari Brunei Darussalam to Host the IFSB’s 6th Legal Seminar

Kuala Lumpur, 25 February 2014 – The Islamic Financial Services Board (IFSB) is pleased to announce that the 6^th IFSB Seminar on Legal Issues in the Islamic Financial Services Industry (IFSI), themed, Innovation in Sukūk Securitisation and Islamic Hedging Instruments: Developments and Challenges will be held on 25 March 2014 in Bandar Seri Begawan, Brunei Darussalam. This Seminar will be held in conjunction with the IFSB Annual Meetings and Side Events 2014, hosted by the Autoriti Monetari Brunei Darussalam (AMBD).

This Seminar is a part of the IFSB seminar series on legal issues, and aims to create awareness on the emerging legal issues, developments and challenges in securitisation and Islamic hedging instruments.

The Islamic financial services industry has developed significantly over the past decade in terms of sophistication in product structures and development of risk management tools, including hedging products. Islamic capital markets have also grown with the emergence of securitisation transactions predominantly driven by Sukūk markets, with Islamic hedging instruments also demonstrating an emerging trend. Coupled with the issuance of some international standards for Islamic hedging instruments in recent years, the Islamic hedging market faces new challenges in the wake of global regulatory reforms related to the requirements of central counterparties and exchange traded transactions.

A noteworthy feature of the developments in asset securitisation and hedging instruments in Islamic finance is the progress on the issuance of new laws and statutes dealing with Islamic capital markets. The current innovations of these instruments necessitate a focus on accompanying changes in legal systems and enhanced Sharī`ah compliance reviews in order to reduce uncertainty and boost flexibility in the product offering. The approaches to structuring and offering Islamic products vary significantly across jurisdictions depending on their governing laws. The challenge for these legal systems in different jurisdictions is to act in an accommodative and flexible way so that this process of innovation and improvements can be facilitated, while maintaining compliance with Sharī`ah rules and principles.

Topics of discussion for the Seminar include:

• Asset securitisation and Sukūk structuring
• Growth of Islamic hedging instruments: Legal issues and challenges
• Role of institutional and central Sharī`ah Boards in structuring of Sukūk and Islamic hedging instruments

Confirmed chairpersons and speakers include:

1. Jaseem Ahmed, Secretary-General, IFSB
2. Rosdi Amin Yaakub, Deputy Managing Director (Monetary & Corporate Services and Development), Autoriti Monetari Brunei Darussalam
3. Shamlan Al Sawalehi, Judge, Dubai International Financial Centre Courts. UAE
4. Dr Bashir Umar Aliyu, Advisor to the Governor, Central Bank of Nigeria
5. Muhd Jamil Abas bin Abdul ‘Ali @ James Chiew, Legal Adviser, Abrahams, Davidson & Co., Brunei
6. Yeo Wico, Partner, Allen & Gledhill LLP, Singapore
7. Habib Motani, Partner, Clifford Chance LLP, United Kingdom
8. Dr Peter Werner, Senior Director, International Swaps & Derivatives Association, United Kingdom
9. Syed Alwi bin Syed Abdillah Alkaff, Assistant General Manager, Corporate Finance and Advisory , Bank Islam Brunei Darussalam, Brunei Darussalam
10. Assoc. Prof. Dr. Abu Umar Faruq Ahmad, Senior Researcher, International Shariah Research Academy, Malaysia

The IFSB is inviting all its member organisations to participate in the Seminar, which is also open to the financial community in Brunei and neighbouring countries. Participation is free of charge.

Among other events which will be held during the IFSB Annual Meetings and Side Events 2014 are:

26 March 2014

• 6^th IFSB Public Lecture on Financial Policy and Stability (Open to IFSB members and Public)
• IFSB Meet the Members Session (for IFSB Members only)

27 March 2014

• 12^th General Assembly (for IFSB Members only)
• 24^th Council Meeting (for IFSB Council Members only)
• 9^th Islamic Financial Stability Forum (for IFSB Council Members and supervisory authorities)

For more information of these events and to register, please visit www.ifsb.org.