Islamic Finance Events - Congress Conference Summit Seminar Workshop Forum

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.

Int'l Islamic economic conf. opens in Doha

The 10th International Conference on Islamic Economics and Finance (ICIEF), themed "Institutional Aspects of Economic, Monetary and Financial Reforms," opened at Qatar National Convention Center on Monday. The agenda topics include, inter alia; Shariah solutions for liquidity problems in Islamic banks, especially after Basel III; the need for a central Shariah board in each central bank: the pros and the cons; evaluating the role of fiqh academies for the development of the Islamic financial industry, and whether the industry is influenced by their decisions and research; and 'taqlid' and 'ijtihad' - challenges facing fatwa issuance in Islamic finance.

Mohammed meets scholars attending Islamic Economic Forum

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, received an elite group of professors and scholars in the presence of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai. The scholars are attending the Islamic Economic FIQH Forum, which kicked off earlier today at the Dubai World Trade Centre. The event will conclude on Tuesday. Sheikh Mohammed and the scholars exchanged views on the importance of Islamic economy in banking, trade and financial transactions.The forum will focus on instilling Islamic jurisprudence in these transactions. It will issue resolutions on the Islamic economy.

AAOIFI holds 14th Annual Sharia Conference

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) will hold, under the auspices of the Central Bank of Bahrain, the 14th edition of its Annual Shari’a Conference on March 22-23 in Bahrain. The conference will be held in 7 sessions to discuss topics relating to application of Shari’a to international Islamic finance products, services and practices as well as continuing innovation of Islamic finance to support further growth and expansion. Following the conference, AAOIFI will hold training sessions for its Certified Shari’a Adviser and Auditor (CSAA) and Certified Islamic Professional Accountant (CIPA) qualification programs from 24 to 27 March 2015.

Egypt’s Sisi Closes Economic Summit With Call for More Investment

In a speech marking the end of a three-day economic conference, Egypt's president Abdel Fattah Al Sisi reiterated his commitment to peace and growth as he sought more investments from the international community, after receiving commitments worth billions of dollars. Egypt signed investment deals worth more than $138 billion on the first two days of the conference, while its Arab Gulf neighbors—Saudi Arabia, Kuwait and the United Arab Emirates—pledged another $12 billion to help stabilize its economy. But Mr. Sisi, in his concluding remarks, said his country would need a lot more, as much as $300 billion over the coming years, to make its economy strong enough to give its vast population a genuine chance to prosper.

SEDCO hosts Second Financial Dignity Summit at KAU

In celebration of Global Money Week (GMW), SEDCO Holding Group is organizing the Second Financial Dignity Summit under the theme — Money and business — on March 17, in King Abdulaziz University (KAU). The summit will encompass several activities around financial dignity to raise awareness about saving and budgeting. The week-long summit has already simultaneously begun on March 10, during GMW. The summit agenda includes presentations by local successful entrepreneurs. During the summit, 5 shortlisted candidates for the Riyali Young Entrepreneurs’ award will be presenting their projects for a chance to win a substantial financial prize.

The 12th IFSB Summit will be held in Rixos Almaty, Kazakhstan

The 12th IFSB Summit will be hosted by The National Bank of Kazakhstan. The theme of this year’s Summit is «Core Principles for Islamic Finance: Integrating with the Global Regulatory Framework». The 12th IFSB Summit will focus on the major development in the supervision and monitoring approach to the Islamic financial services industry. In particular, various sessions in the Summit will address the role of the Core Principles in enhancing the regulatory consistency and resilience of the Islamic financial services industry as well as enabling the necessary frameworks and pre-conditions for the assessment of regulatory and supervisory regimes.

The Ministry of Finance hosts the first UAE-Luxembourg Council for Islamic Finance Cooperation meeting

The Ministry of Finance (MoF) hosted the first UAE-Luxembourg Council for Islamic Finance Cooperation meeting in Dubai yesterday. The meeting was attended by a number of prominent economic and financial institutions from both countries. UAE members of the council include MoF , the Central Bank, UAE University, Dubai Islamic Economy Development Centre, World Trade Center Abu Dhabi, Dubai Chamber, Etihad Airways, Al Hilal Bank, Sharjah Islamic Bank and Abu Dhabi Islamic Bank. Luxembourg's representativesinclude the Ministry of Finance, Luxembourg Bankers' Association, Association of the Luxembourg Fund Industry and the University of Luxembourg.

Sénégal, le sukuk de 100 milliards de f CFA primé à Kuala Lumpur

L'Etat du Sénégal a été retenu par un jury composé de banquiers, de journalistes, de professeurs d’universités, de spécialistes de la Finance islamique, à l'issue d'une table ronde, mi-janvier 2015 à Kuala Lumpur, en Malaisie. La réunion de janvier dernier en Malaisie vient de décerner un satisfecit à l'Etat du Sénégal. Après son émission obligataire islamique sur le marché international d'un montant de 100 milliards de f CFA (premier du genre au sud du Sahara), menée par la BIS (Banque islamique du Sénégal) et arrangée par Citibank Dubaï et ICD, la signature du portefeuille de l'Etat prend ainsi de la voilure auprès des investisseurs et prêteurs "halal".

10th Durham Islamic Finance Summer School - 24-28th August 2015

Why an Islamic Finance training programme?

The Islamic banking and finance (IBF) sector has experienced substantial and unprecedented growth in recent years: growing at a rate of 10-15% per year. Today, more than 500 IBF institutions are operating worldwide, which are claimed to manage assets worth no less than $1.2 trillion, while the assets held in IBF institutions were only less than $10 billion in 1985. In Malaysia the IBF institutions are planned to capture the 25% of the market share, in terms of assets owned, by 2012, while it is expected that Islamic finance will be the mainstream finance in the Gulf region in the next decade.

Such immense growth has brought Islamic finance to the attention of the international banking and finance community, prompting the major banks to set up Islamic financial windows to take advantage of demand for Shari'ah compliant finance.

The dispute resolution conundrum of the islamic finance industry

The International Islamic Banking and Finance Law Conference took place in Kuala Lumpur, Malaysia, February 4-5, 2015. The conference hosted many high profile speakers including the CEO of CIMB Islamic Bank, Badlisyah Abdul Ghani, who stressed the point that everyone now working in Islamic finance should make a strong effort to learn or further develop their skills in Shari’ah. Camille Paldi, FAAIF CEO, noted that it is imperative for the Islamic Finance industry to develop a unique dispute resolution system tailored for Islamic finance. In addition, Paldi suggests that it might be wise to form a global Islamic finance bankruptcy court to handle the world’s sukuk defaults.

The new date for the Kazan Sukuk Conference 2015

The date for the Kazan Sukuk Conference has been shifted to Thursday, April 9, 2015. The location of the conference will remain the same, the 5-star Mirage Hotel in Kazan, Tatarstan, Russia. This change was made according to the desire of participants and speakers of the Conference. The Conference brings together over 100 representatives of the Russian government, regulators, business entities and international sukuk market players to discuss sukuk structures and their application, jurisdictions and platforms for sukuk issuances, investment projects and underlying asset pools, regulation and Sharia issues. To get more information about the event please visit: www.kazansukuk.ru.

Tunisia: World Social Forum from 24/3 to 28/3

For the second time after the 2013 edition, Tunisia has been chosen to host the World Social Forum. The forum will be held from March 24 to March 28 at the Farhat-Hached university campus in the capital Tunis. The organizational committee for the 2015 forum, under the head of Tunisia's social and economic rights forum, Abderrahmane Hedhili, said that civil society would be mobilized for the event as it was in 2013.

12th IFSB Summit theme announced by Islamic Financial Services Board

The theme of the 12th IFSB Summit underscores the recognition that while there are significant benefits to Islamic finance from the processes of growth and international integration that is underway, there are corresponding challenges in building up the regulatory, supervisory and surveillance capabilities in order to contain vulnerability to cross border volatility and contagion. In particular, many regulatory authorities involved in the regulation and supervision of the Islamic financial services industry face challenges in identifying the applicable principles and benchmarks for assessing the gaps in their existing structures.

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