Disclosure Requirements for Islamic Capital Market Products (Sukūk and Islamic Collective Investment Schemes): The IFSB to Organise a Roundtable to Discuss Draft Standard

8 November 2016, Kuala Lumpur – The Islamic Financial Services Board (IFSB) is organising a “Roundtable on Disclosure Requirements for Islamic Capital Market Products (Sukūk and Islamic Collective Investment Schemes)” on 30 November 2016 in Kuala Lumpur, Malaysia.

All in all, the Roundtable aims to discuss the issues contained in the recently issued IFSB Exposure Draft of Guiding Principles On Disclosure Requirements for Islamic Capital Market Products (Sukūk and Islamic Collective Investment Schemes) (ED-19).

ED-19 categorises and sets forth a set of general principles that are common to the disclosure of both sukūk and Islamic Collective Investment Schemes (ICIS), as well as specific principles applicable to each sector. The draft document was issued by the IFSB on 31 October 2016 for a two-month public consultation period. The objectives of ED-19 include:

1. provide a basis for Regulatory and Supervisory Authorities (RSAs) to set rules and guidance on disclosure requirements for Islamic Capital Market (ICM) products, specifically for sukūk and ICIS;
2. outline a basis for RSAs to assess the adequacy of the disclosure frameworks specified by other organisations;
3. provide a comprehensive disclosure framework for participants in the ICM sector; and
4. create harmonisation of regulation and practice in the ICM, and thus to facilitate cross-border offerings.

The Roundtable discussion on ED-19 aims to invite greater engagement, and garner feedback, from key industry stakeholders on the Exposure Draft prior to its final submission to the IFSB Council in April 2017 for adoption.

The Opening Remarks of the Roundtable will be delivered by Mr. Jaseem Ahmed, Secretary-General of the IFSB. The Introduction of the Roundtable will be delivered by its Chairman, Mr. Zainal Izlan Zainal Abidin, Executive Director, Securities Commission, Malaysia. It will be followed by a presentation on ED-19 by Mrs. Dian Dannira Skymmar, Member of the Secretariat, Technical and Research, IFSB.

Among confirmed speakers participating in the Roundtable Sessions are:

• Mr. Sardjito, Deputy Commissioner of Capital Market Supervision, Financial Services Authority, Indonesia
• Mr. Madzlan Hussain, Partner and Head, Islamic Financial Services Practice, Zaid Ibrahim & Co., Malaysia
• Mr. Hissam Kamal Hassan, Research Fellow, International Shari’ah Research Academy for Islamic Finance (ISRA), Malaysia
• Mr. Peter Casey, Former Director, Dubai Financial Services Authority, UAE, and IFSB Consultant
• Mr. Hooman Sabeti-Rahmati, Parthian Capital Market & Investment Advisors, Tehran, and IFSB Consultant

This Roundtable is open to ICM industry players, regulatory and supervisory authorities and industry experts in Islamic finance. In line with the IFSB due process on the development of Standards and Guiding Principles, the IFSB will also organise a Public Hearing on ED-19 on 13 December 2016 in Cairo, Egypt.

For queries on the Roundtable, please contact the IFSB Secretariat, Ms. Yazmin Aziz at [email protected]. For more information and registration, please visit www.ifsb.org.