Islamic Finance Events - Congress Conference Summit Seminar Workshop Forum

#Innovation in #Islamic #finance

Although Malaysia is a leader in Islamic finance research, very few of the research papers published have translated into feasible innovations, until recently. To help push the sector forward and bring the research and ideas to fruition, International Centre for Education in Islamic Finance, with the support of Bank Negara Malaysia, the Association of Islamic Banking Institutions Malaysia and the Malaysian Takaful Association, recently held the Islamic Finance InnoFest 2016. For this festival, INCEIF accepted idea submissions from all over the world, including Japan, Australia and Pakistan, to promote inclusiveness.

“We believe that to really push for innovation, we cannot be stuck in a silo. That is why it is not limited to only Malaysians,” says Associate Professor Dr Baharom Abdul Hamid, director at INCEIF’s Centre of Research and Publication and InnoFest chairman.

Would-be #entrepreneurs #rise up #to the #challenge at #Abu #Dhabi #fintech #hackathon

The fintech event, held earlier this month, was organised by GlassQube and Startup Weekend, a global movement coordinated by TechStars and supported by Google for Entrepreneurs, with the support of Abu Dhabi Global Market, Abu Dhabi’s financial free zone and financial regulator, and Temenos, a global financial software vendor. It brought together more than 100 developers, designers and aspiring entrepreneurs – many of are at university and some still at school – and challenged them to build a functional minimum viable product.
"We took those products and judged them based on their technical aspects, their commercial viability, how thoughtful those teams were about what is the actual potential of these products and services to find a market," says Bernard Lee, GlassQube’s chief executive and a co-founder.
"What’s important here is that it’s not just an idea. It is how do we take this idea and how do we actually convert it into something that is real? Something that shows how a consumer base can potentially interact with this particular application."

#DIEDC to #update #Islamic #Economy #Strategy

The participants discussed the outcomes of a workshop held on 8 December outlining the strategic goals and future objectives for Islamic economy and also examined steps forward for the Centre and its partners in developing initiatives and programme implementation mechanisms.
His Excellency Sultan bin Saeed Al Mansoori emphasised that in order to realise the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to position Dubai as the capital of Islamic economy, DIEDC needs to continually adapt its Islamic economy strategy to reflect emerging trends across the sector’s dynamic pillars.

Urgent need for #training to support growth of Islamic finance: SAMA chief

With the growing demand for Islamic finance, the need for specially-educated professionals in the field becomes crucial. Ahmed Alkholifey, chairman of Saudi Arabian Monetary Authority (SAMA) elaborated this idea in his keynote speech on the second day of the 23rd World Islamic Banking Conference. As an attempt to tackle the lack of human capital in Islamic banking industry, the Bahrain Institute of Banking and Finance (BIBF) attempts to train individuals on the field providing degrees that combine theory and practice. Ahmed A. Hameed Al-Shaikh, deputy director of BIBF, said one of the most popular courses was Advanced Diploma in Islamic Finance (ADIF), which gives a general yet intensive overview of Islamic finance. Education provided at BIBF is tailored to cater to each group of students as needed.

#Sukuk crucial to diversifying investments: CMA vice chair

Mohammed Al-Quwaiz, vice chairman of the #Saudi Capital Market Authority (CMA), underscored the importance of Sukuk and debt instruments for investors. He made the remarks during the opening of Sukuk Conference with the theme of "Sukuk Market: Challenges and opportunities" in Riyadh. The two-day event was organized by CMA in collaboration with the World Bank. Al-Quwaiz noted that Sukuk and debt markets represent important options to provide funding for various projects and facilities. The conference covers the elements of Sukuk markets, the dynamics of Sukuk markets, ways to create an effective environment for Sukuk market, regulatory issues and corporate governance in Sukuk market, and the role of debt markets in economic growth. The conference is discussing the challenges in Saudi Arabia in particular and in the GCC states in general.

Spotlight on #careers of #women in #Islamic #finance

Next week’s influential World Islamic Banking Conference in Bahrain will see a lot of interesting and highly relevant keynotes, debates and panels, but also a premiere that highlights a phenomenon not yet clearly studied in the industry: The role of women in Islamic finance and the opportunities that arise for them.
Simply Sharia Human Capital, a London-based recruitment and training center solely dedicated to Islamic finance, at the conference will unveil a report called “Women in Islamic Finance & Islamic Economy: Unlocking Talent,” one of the rare studies that actually look into roles, careers and achievements of women in the Islamic finance industry, and the job opportunities it holds for female career seekers from an educational perspective.

#Conference on challenges in #sukuk markets

The Sukuk Conference organized by the Saudi Capital Market Authority (CMA) in collaboration with the World Bank will be held on Dec. 6, 2016. Government officials and representatives from the World Bank and the private sector will participate in the conference. The conference sessions will include topics such as: elements of sukuk markets, dynamics of sukuk markets, establishment of an effective environment for sukuk market, regulatory issues in the sukuk market and the role of debt markets in economic growth. The CMA aims to encourage the issuance of debt instruments and also to promote the economic development of the Kingdom within the 2030 Vision.

Growth in Islamic finance industry necessitates regulation advancement

Organised jointly by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the Central Bank of Bahrain (CBB) and the World Bank Group, the 11th AAOIFI-World Bank Conference has started on Monday. CBB Governor Rasheed Al Maraj said in his keynote address that the CBB would introduce a set of new regulations for the Islamic Financial Industry. He added that the industry also needs to invest in the training of the human capital in addition to working on succession planning. Participants discussed the challenges, opportunities and development of Islamic finance in the changing economic climate. The main take away of the day was about the future prospects, innovation, differentiation between the capitalism and the Islamic finance as a whole.

Ethics key to sustainable businesses — ADIB CEO

The UNEP Finance Initiative Global Roundtable 2016 was held at the Grand Hyatt Hotel in Dubai. The panel of Islamic bankers and investors highlighted that the heart of sustainability lies in ethical business practices such as those espoused by Islamic financing. The experts mentioned that most Islamic institutions were under increasing pressure to integrate environmental impact and sustainability into their decision-making process. CEO of Abu Dhabi Islamic Bank, Tirad Al Mahmoud, said ethics themselves were the answer to everything. He added that financial regulators often failed to properly apply incentives and disincentives, and suggested ethical investments could be rewarded by discounts on capital. Panellist Nida Raza, Director of Advisory Services at the Islamic Centre for Development of the Private Sector, said she believed Islamic finance bodies must become more inclusive.

Islamic financing principles panacea to recession - Experts

#Nigerian experts on Islamic finance met in Sokoto to discuss economic solutions, expressing the opinion that Islamic financing principles are the only alternative to end the current recession. The conference was organized by the Department of Management Science of Usman Danfodiyo University, Sokoto and ran under the theme "Management of Nigerian economy: Issues and Perspective in Islam". Lead presenter Dr. Ahmadu Bello Dogarawa said applying Islamic principles in corporate governance would go a long way in addressing Nigeria’s challenges. In his keynote address, Governor Aminu Waziri Tambuwal said Islamic finance was no more peripheral to conventional finances as it was being operated in 75 countries, including western nations.

Wahed Invest CEO Discusses the Impact of Robo-Advisors in Islamic Finance at Harvard University's Islamic Finance #Conference

The 2016 HUMA Islamic Finance Conference was held at Harvard University on October 14 and 15 on the role of Islamic finance in sustainable development goals. CEO of Wahed Invest, Mr. Junaid Wahedna spoke about the future of the industry and the impact of Robo-advising on Islamic financing and sustainable development goals. He said that Wahed Invest brings the latest technology into the world of ethical financing and the feedback from attendees was extremely encouraging. The two-day event included sessions to discuss the functions of Islamic finance, while also critically probing the institutional constraints and the product limitations that may challenge the Islamic finance industry in making a meaningful impact.

Five finalists pitch their innovations to support Islamic digital economy

The 'Innovation 4 Impact' Competition took centre stage at the 2016 Global Islamic Economy Summit (GIES 2016) as one of the Summit’s special programs. The competition is organised by Dubai Silicon Oasis Authority (DSOA), and the Dubai Islamic Economy Development Centre (DIEDC), in strategic partnership with Thomson Reuters. Five distinguished finalists from around the world presented a five-minute pitch towards supporting Islamic digital economy, followed by a seven-minute Q&A from a panel of expert judges. The winner, selected through the votes of the jury and the audience, is announced on October 12. The five finalists are: Alem Health, represented by Aschkan Abdul Malek from Singapore; Divine Connect, represented by Mohamed Pazhoor from USA; iGrow, represented by Muhaimin Iqbal from Indonesia; Intuition Intelligence Inc., represented Arif Ansari from USA and Kwn Education, represented by Hala AlTurki from UAE.

Islamic finance key to fill funding gaps in sustainable development

The third plenary session of the first day of the Global Islamic Economy Summit 2016 examined whether blended finance is the answer to funding sustainable development. The session explored the role of wealthy Muslim governments, sovereign wealth funds and Islamic financial institutions in achieving sustainable development goals within a realistic timeframe. Dr. Mohammed Yousef Al Hashel, Governor of the Central Bank of Kuwait, examined whether the sheer scale of sustainable development goals (SDGs) was responsible for a funding gap, as well as the best ways to address such obstacles. Investments in SDGs are not attractive to investors, he said, adding that the very nature of Islamic economy may offer a solution to these challenges. According to Dr Al Hashel, we need to progress from Shariah-compliant products to a Shariah-based system that doesn’t just mimic traditional banking, but rather innovates and creates new products and solutions.

The World Bank-IFSB High-Level Seminar on Islamic Finance Attracts Large and Enthusiastic Audience

More than 100 participants participated in the World Bank-Islamic Financial Services Board (IFSB) High-Level Seminar on Islamic Finance and the Sustainable Development Goals (SDGs) on October 6. The Seminar was highlighted by a keynote address by his Royal Highness Muhammadu Sanusi II, the Emir of Kano and former Governor of the Central Bank of Nigeria. The Emir stressed the potential of Islamic finance to mobilise much needed capital to achieve the SDGs. Ms. Arunma Oteh, the Vice President and Treasurer of the World Bank, similarly stressed the importance of Islamic finance as an agent for financial inclusion and for mobilising private investment in infrastructure. The panel discussion examined how countries are increasingly using Islamic finance to support developmental goals, and innovative sukuk structures supporting both physical and social infrastructure.

MICROFINANCE EVENT: Executive #Forum: Financial Inclusion and Islamic Finance, November 11-16, 2016, Kuala Lumpur, #Malaysia

The Financial Inclusion and Islamic Finance Forum is scheduled to take place in Kuala Lumpur between the 11th and 16th of November. The event is hosted by the IFSB, a Malaysia-based standard-setting organization that issues guiding principles for banking, capital markets and the insurance sectors. The other host is the International Centre for Education in Islamic Finance, a university also based in Malaysia and centered around the Islamic finance industry. The standard fees to attend are USD 1,200 if registering by November 2, 2016, and USD 1,500 if registering after.

Noor Bank to support arts and design component of Global Islamic Economy #Summit 2016

Noor Bank has committed its support to the art and design exhibition at the Global Islamic Economy Summit (GIES 2016). GIES 2016 is scheduled between 11-12 October at the Madinat Jumeirah Hotel in Dubai and is under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum. The summit is anticipated to convene more than 2,000 policymakers to discuss key developments of the Islamic economy sector. Speaking on the bank’s participation in GIES 2016, Hussain Al Qemzi, CEO of Noor Bank, said that this event deeply resonated with Noor Bank’s core values. Noor Bank is looking forward to showcasing the exhibition which features signature art works of this year’s emerging artists alongside established names in the field.

#OIC celebrates 47th #anniversary in Istanbul

The 47th anniversary of the Organization of Islamic Cooperation (OIC) was celebrated on Saturday in Istanbul. The event was organized by the Research Center for Islamic History, Art and Culture (IRCICA). Halit Eren, general director of IRCICA, said the organization had two main goals, one to restore Islamic cultural heritage in Muslim regions in war and the other to struggle with radicalism. Eren said the OIC works on projects to restore the historical structure in the walled city of Jerusalem and in war-torn Syria. OIC General Secretary Iyad bin Ameen Madani was the main speaker of the organization. In his speech, Madani said the OIC made important steps in social, cultural, economic, technologic and educative domains.

MICROFINANCE EVENT: Islamic #Microfinance #Summit, September 26-27, 2016, Dubai, United Arab Emirates

The Islamic Microfinance Summit takes place on September 26-27, 2016 in Dubai and is organized by Uniglobal, a Prague-based provider of workshops and conferences. The theme of this conference is "raising awareness and ensuring compliant and targeted product development to aid poverty alleviation." Its goal is to promote Islamic microfinance, particularly to the international donor community.

#Indonesian #fintech event IFFC 2016 is set to champion financial inclusion

Indonesia is all set to host the Indonesia Fintech Festival & Conference 2016 (IFFC 2016). The event is organised by Indonesia Financial Services Authority (OJK) in association with Indonesian Chamber of Commerce and Industry (KADIN) and will be held in Tangerang from August 29 to 30. IFFC 2016 will focus on several issues related to fintech, including financial inclusion. A series of workshops and conferences for fintech players will be conducted. Also, a startup competition will take place as part of the event. Indonesia’s President Joko Widodo and Queen Maxima of the Netherlands will be special guests. According to the organising committee, up to 2,000 tickets have been sold so far.

CIBAFI technical #workshops schedule announced

The General Council for Islamic Banks and Financial Institutions (CIBAFI) has announced the schedule of its Technical Workshops on Product Development for Islamic Financial Institutions (IFIs). The workshops will start on August 30 and will be organized in Bahrain, Saudi Arabia and Sudan. The three-day Technical Workshops aim to provide participants with hands on technical knowledge and skills pertaining to product development, with a focus on Islamic financial services. CIBAFI, as the voice of the industry, aims to provide platforms such as these to develop human capital and bring industry professionals together.

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