Islamic Finance Events - Congress Conference Summit Seminar Workshop Forum

Islamic Finance Forum to be held in Abidjan 17-18 September 2015

The Islamic Corporation for the Development of the Private Sector and the Government of Cote d’Ivoire are co-hosting the Islamic Finance Forum on 17-18 September 2015. The event aims at stimulating development of the local and international market of Islamic finance in Africa and particularly in Côte d’Ivoire in line with government’s National Development Plan 2016-2020 and to explore cross border trades between international investors and African nations through opportunities made available through Islamic finance. This invitation-only event is designed for the benefit of local and international market players to explore the development opportunities in Islamic finance both in the Cote d’Ivoire, locally and regionally.

KazanSummit 2015 / TATNEFT became the golden partner of KazanSummit 2015

KazanSummit 2015, the 7th International Economic Summit of Russia and OIC countries, will be held in in Kazan, Russia on June 15-16, 2015. The international partner of KazanSummit 2015 is the Islamic Development Bank. Within the framework of KazanSummit 2015, the Russian-Arab Business Council will organize an event called «Business dialogue Russia– the Arabic world. New stage of interaction: trade, suborders, investment, and finance». TATNEFT became the golden partner of KazanSummit 2015. Find more information on the website http://www.kazansummit.com/

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The lack of equity finance - really a problem of moral hazard?

Michael Gassner, Editor of IslamicFinance.de presented on the 3ème Congrès International de la Finance Islamique “Les Banques Islamiques et le Financement des Entreprises: Pratiques et enjeux théoriques” en Marrakech, 25/26 Mai 2015.

The presentation discussed that exponential growth of debt in Islamic finance is ruled out, nevertheless, debt and equity finance exists. The specific significance of equity finance (musharaka, mudaraba) lies in need for solid debt/equity ratio, as Muslims shall never die being in debt. Still Islamic banks barely provide any equity finance and the reason often given are moral hazard costs. This is denied as debt as well as equity has specific moral hazard problems, and if anything, even conventional banks would offer a mixture of debt and equity. Rather the assumed reason appears to be in the regulation (capital weight) and taxation (interest deductibility), which makes equity financing from a bank 2-4 times at least more expensive than debt finance, and thus not worth being offered.

The attached presentation is in French.

Halal Expo 2015 opens in Moscow

The Crocus-Expo Center in Moscow has opened Moscow Halal Expo 2015. Over 200 halal companies from Russia and other countries will be presenting their products until May 23. The main theme of the exposition this year will be growth and development of national manufacturers and international commercial and investment relations with the Islamic world. Food, fashion, tourism, financial and medical companies are taking part in Halal Expo this year. Madina Kalimullina, the director of the exposition, explained that one of the main goals of the Halal Expo was to demonstrate development of the halal market in Russia.

Moz to host annual meeting of Islamic Development Bank

Mozambique will next month host the annual meeting of the Jeddah-based Islamic Development Bank (IDB), an event which is expected to be attended by 700 delegates. It will take place on 8 and 11 next June. Eduardo Macuà¡cua, Deputy Executive Director of the Confederation of Economic Associations of Mozambique (CTA) said that the private sector in coordination with the Government, through the Investment Promotion Centre, is already preparing to not only participate in meeting but also, and above all, present projects and business opportunities that the country offers, and perhaps form partnerships. To this end, the CTA is organizing the Private Sector Forum on 8 June, which discusses the role of the private sector in the development of the IDB member countries, particularly those in Africa.

Upcoming IFSB Summit buoyed by encouraging new developments

As Islamic finance regulators and thought leaders converge on the commercial capital of Kazakhstan, Almaty, for the 12th Annual Summit of the Islamic Financial Services Board (IFSB), the world of Islamic finance is buoyed by a series of encouraging developments in the weeks leading up to the Summit. The Summit is scheduled to be held on 20-21 May 2015. The transformational impact of the Islamic finance industry can only be truly enhanced inter alia if the requisite infrastructure is in place. As such, issues relating to ‘Core Principles for Islamic Finance: Integrating with the Global Regulatory Framework,’ the Summit theme, is pertinent and follows the adoption last month by the IFSB of a new Standard on Core Principles for Islamic Finance Regulation (CPIFR)(Banking Segment) (IFSB-17).

UAE’s Masdar Institute to celebrate 5th Commencement Ceremony on 26 May

Under the patronage of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Masdar Institute will be organizing the fifth commencement ceremony for the Class of 2015. His Highness Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs, will give the keynote address at the ceremony that will be held on 26 May at Emirates Palace in Abu Dhabi. More than 100 students from 36 countries including the UAE, are expected to receive their Master’s degrees across nine academic programs. Masdar Institute will also be celebrating the commencement of its first PhD graduates in Interdisciplinary Engineering at the ceremony. As of September 2014, the total number of enrolled students was 491, including 148 PhD students.

Tenmou announces formation of MENA Angel Investors Network (MAIN) at mena angel investors summit 2015

More than 200 angel investors, start-ups from the MENA region and members of the local media gathered in Bahrain for the commencement of the second MENA Angel Investors Summit 2015. The event was organised by Tenmou, Bahrain's First 'Business Angels, in strategic partnership with the Economic Development Board (EDB). 45 fast-growth start-ups from Bahrain, Saudi Arabia, UAE, Lebanon, Morocco, Palestine, Egypt, and Jordan presented their business pitches to the angel investors in attendance in hopes of procuring more funding to take their businesses to the next level. The highlight of the summit was the launch of the region's first networking association, the MENA Angel Investor Network (MAIN).

Waqf Fund holds its 8th Roundtable Discussion on Venture Capital

The Waqf Fund held its 8th Roundtable Discussion on "Venture Capital - Building the Next Phase of Economic Development in Bahrain". The half-day session was attended by a group of 39 senior professionals. Some of the key takeaways from the Roundtable are as follows: Venture capital is an important industry. An ecosystem is needed to create a vibrant venture capital industry. There is a strong case for the government to kick start the venture capital industry. A change of mindset is required among capital owners of the region. The conclusions reached and recommendations provided by the Roundtable Discussion will be compiled by the Waqf Fund for further consideration of the relevant authorities.

Linar Yakupov: «Welcome to the main economic interaction platform of Russia and OIC countries – KazanSummit 2015»

"Islamic Finance for Constructive Global Trade and Investment" is the main theme of the VII International economic summit of Russia and member countries of the Organisation of Islamic Cooperation (OIC) – KazanSummit 2015, which will be held on June 15-16th in the third capital city of Russia – Kazan. The observer status of OIC that the Russian Federation received in 2005 provides the base for the improving interrelations between Russia and OIC member countries. Hence KazanSummit is the main platform for developing relations between Russian regions and OIC member countries that takes an economic cooperation to the international scene.

The Gulf Bond and Sukuk Association Discusses Role Of Fixed Income Market at World Green Economy Summit

The Gulf Bond and Sukuk Association (GBSA), the trade association representing the Arabian Gulf fixed income market, moderated a panel at the World Green Energy Summit in Dubai titled 'The Race for Green Finance/Green Funds and Bonds.' The session connected senior figures from government institutions with global energy players and highlighted the need for financial innovation in green energy funding. Panelists included Abdul Nasser Abbas, Senior Director of Treasury at Dubai Electricity and Water Authority (DEWA), Annette Eberhard, CEO of Denmark's Export Credit Fund, Sean Kidney, CEO of Climate Bonds, Jarett Carson, Managing Director of EnerTech Capital, and Ben Cotton, Partner at Earth Capital Partners.

CBB, SCW hold first "Women in Finance" roundtable

The Central Bank of Bahrain (CBB) in cooperation with the Supreme Council for Women (SCW) hosted a roundtable discussion on the "Challenges Facing Women in Reaching Positions of Authority in the Financial Sector" on the 29th of April 2015. The session brought together leading female figures from the industry to share their experiences and insights into the obstacles that remain for women in climbing the corporate ladder. The roundtable was the first in a series campaign of activities to celebrate and promote the role of "Women in the Financial and Banking Sector" which leads to the main conference on November 30th 2015 under the theme ‘Women in Finance and Banking’.

BNP Paribas - INCEIF Centre for Islamic Wealth Management (CIWM) and Labuan International Business and Financial Centre (Labuan IBFC) Host Second Islamic Wealth Management Symposium 2015

The BNP Paribas - INCEIF Centre for Islamic Wealth Management (CIWM) and Labuan International Business and Financial Centre (Labuan IBFC) held their 2nd annual Islamic Wealth Management Symposium on 28 April 2015 in Kuala Lumpur, aimed at raising national awareness of Islamic wealth management, particularly Islamic trusts and foundations. The Symposium also marked the public unveiling of Labuan IBFC's international waqf foundation, the first Islamic foundation designed with the international market in mind. The Symposium attracted more than 150 delegates. A total of 12 speakers and panelists ranging from regulators, Islamic scholars, academics and industry practitioners, convened to discuss Islamic wealth management.

Turkish deputy PM promotes Islamic finance at IMF meeting

Turkey, as the chair of G20 group, promotes Islamic finance because it offers additional financial instruments with less uncertainty and shared risks, according to the country’s deputy prime minister Ali Babacan. His comments were made during a panel discussion at the annual spring meetings of the IMF and World Bank Group in Washington. Islamic finance is safer, according to Babacan, who cited the 2000 and 2009 financial crises. Also for regulation purposes, macro credential purposes, it is considered as a less risky kind of financing means, he added. The more countries develop stronger legal frameworks to support Islamic finance, the more attention the system would get as issuers and investors who are sensitive to Islamic rules participate in the structure.

Upcoming 12th IFSB Summit Gathers Momentum as Council Approves Adoption of Core Principles for Islamic Finance Regulation

The Islamic Financial Services Board (IFSB), the prudential and supervisory standard-setting body for the estimated US2.3 trillion global Islamic finance industry, convenes its 12th Annual Summit on 19 - 21 May 2015 at the Rixos Almaty in Kazakhstan. The Summit, which is hosted by the National Bank of Kazakhstan, could not have a more pertinent theme: 'Core Principles for Islamic Finance: Integrating with the Global Regulatory Framework.' Indeed, the Council of the IFSB at its 26th Meeting, held in Jakarta, Indonesia in early April, approved the adoption of a new Standard on Core Principles for Islamic Finance Regulation (CPIFR)(Banking Segment), known as IFSB-17.

Istanbul to host G20/OECD Corporate Governance Forum

Representatives from G20 and OECD countries will meet in Istanbul on Friday to discuss how companies can avoid too much risk. The G20/OECD Corporate Governance Forum will consider sound corporate organization, safer financial markets, and well-regulated financial systems in emerging markets. The Forum will also address issues of systemic importance to sustainable private sector growth, including the institutionalisation of growth companies and capital market development in emerging market economies. Turkish Deputy Prime Minister Ali Babacan, a key figure responsible for the economy is scheduled to make the opening speech at the event.

Advancing Global Solidarity at the Tunis World Social Forum and Beyond

The World Social Forum continues to be the pivotal global venue for left and progressive forces to advance struggles and create internationalist alliances to make another world possible. Tunisia, which provided the spark for the Arab Spring, hosted its second WSF from 24-28 March in its capital Tunis. Tunisia has unfortunately seen an increment in terrorist attacks and, according to estimates, is the largest source of recruits to the Islamic State (IS). Tunisia’s rate of unemployment is at its highest since the 2011 revolution with a huge percentage being educated youth.

IFSB Seminar Discusses Financial Inclusion and Islamic Finance

The Islamic Financial Services Board (IFSB) successfully organised a 'Seminar on Enhancing Financial Inclusion through Islamic Finance' on 31 March 2015 in Jakarta, Indonesia. This Seminar is organised in conjunction with the IFSB Annual Meetings and Side Events 2015. The one-day Seminar aimed to explore the role of Islamic finance in supporting financial inclusion, the building blocks necessary for the development and promotion of access to finance to the uncovered population and key success factors and challenges in promoting financial inclusion for greater shared prosperity, financial stability and economic growth. The Seminar was followed by the IFSB's 8th Public Lecture on Financial Policy and Stability on 1 April 2015.

Waqf fund hosts eighth shari'a scholar session with Dr. Akram Laldin

Bahrain-based Waqf Fund hosted its eighth Shari'a Scholar session with Islamic finance scholar Professor Dr. Akram Laldin from Malaysia. Dr. Laldin serves on several Shari'a Boards including Bank Negara Malaysia's Shari'a Advisory Council, AAOIFI and a number of Islamic financial institutions in Malaysia and globally. The topic under discussion was "The Challenges of Achieving Shari'a Compliance in Islamic Finance". Dr. Laldin made a presentation on the key challenges in Shari'a compliance and narrated a number of real life cases from his experience as a Shari'a Board member. This was followed by an interactive session during which the participants asked questions and gave their comments.

World Social Forum concludes in Tunisia

The 13th World Social Forum (WSF) came to a close after discussing a range of political, social and cultural issues, notably the phenomenon of terrorism and its impacts on democracy. The attendees delivered a message of peace and solidarity from Tunisia's National Bardo Museum, the site of a recent deadly attack. The four-day gathering was held under the slogan of "Together to pursue the revolution of rights and dignity." It gathered representatives of over 5,000 national and multi-national NGOs, including worker, peasant and feminist movements, from 121 countries.

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