The Islamic Finance Frontiers: Building The Blocks Of Islamic Financial Institutions Ecosystem In Africa

Jul 2019

9:30 am - 5:15 pm

Securities Commission Malaysia

The Islamic Finance Frontiers:
Building The Blocks Of Islamic Financial Institutions Ecosystem In Africa

The Islamic Finance market is where Shariah-compliant services and financial assets are managed and transacted. It works in parallel to the conventional market. The underlying principles that govern such transactions are mutual risk and profit sharing between parties, the assurance of fairness for all and that transactions are based on an underlying business activity or asset. The Shariãh market is also an ideal marketplace to promote responsible finance, social enterprise and the financial inclusion agenda.

In Malaysia Islamic banking, the Islamic capital market and takaful is built on a strong and comprehensive Islamic financial system with a robust regulatory regime and legal framework. Malaysia remains one of the leading global hubs for Islamic finance.

Programme Delivery

Programme Objective

This workshop aims to present a holistic understanding of the Islamic financial services industry eco-system. Participants will gain practical insights into the development and framework of Islamic banking, Takaful, Islamic Capital Market (ICM) products and services, new growth areas and innovations, Islamic microfinance, waqf, fintech and ICM talent development strategies. More importantly, the main highlight of the workshop will be site visits to successful business models that showcase practical synergies between the Islamic Financial Services Industry and other facets of the business and social communities to foster learning and networking opportunities.

Learning Outcomes

By the end of this programme, participants will be able to:

describe recent developments in Islamic finance globally
gain insights into key issues and challenges in the banking and capital market
discuss the principles for Shariãh governance framework and its institutional governance
Leverage regional and international working partners to increase and strengthen domestic opportunities
explain the legal and regulatory framework that supports the development of Islamic finance
Identify the dynamics of the Islamic banking and Takaful industry and the various products it offers
Familiarization with the different Sukuk structures, operational procedures and appreciate the growth of the global Sukuk market
recognise the features of Shariãh-compliant stocks, the various screening methodologies including key aspects of Islamic fund management
review recent developments of ICM products and services, potential growth areas and innovations
Identify opportunities in Islamic fintech and Alternative Market Based Financing that are available in the Islamic financial and capital market industry
reflect on Islamic microfinance and Waqf and its financial inclusiveness and social impact
consider talent development strategies, initiatives and development challenges

Methodology
Interactive presentations, panel discussions, question-and-answer sessions, case studies and site visits.

Target Audience

Countries

African countries

Industries

Stockbroking companies, commercial banks, investment banks, Islamic banks, insurance and takaful companies, fund managers, legal and accounting firms and advisory companies, relevant regulatory agencies and shariah advisers.

Programme Outline

Day 1

9.00 – 9.15 am	Welcome Remarks and Ice Breaking
9.15 – 10.30 am	Session 1: Islamic Finance – Growth, Development and Outlook This session will provide a brief economic outlook and focuses on the recent developments in Islamic finance globally. It will also look into issues and challenges cutting across banking, insurance and capital market sector in various jurisdictions. Topics to be covered include: Components and key features, value proposition of Islamic finance Recent global development Enablers and barriers to Islamic finance development Regional collaboration in cross-border transactions Identifying gaps and/or impediments to market and product development The different approaches adopted in various jurisdictions in Islamic finance development Harmonisation, standardisation & mutual recognition of Shariãh standards for cross-border activities *Speaker: En. Wan Abdul Rahim Abdul Kamil, Consultant, Islamic Capital Market, Securities Commission Malaysia*
10.30 am – 11.00 am	Coffee Break
11.00am – 12.30pm	Session 2: Legal and Regulatory Framework for Islamic Finance in Malaysia This session will provide understanding of the different legal and regulatory framework approaches taken in supporting the development of the Malaysian Islamic finance industry. Topics to be covered include: Modelling the legal framework Benchmarking against global regulatory standards Regulatory framework in selected jurisdictions Dispute resolution mechanism Issues, challenges and opportunities *Speaker: Dr. Mohd Johan Lee, Managing Partner, J. Lee & Associates*
12.30 pm – 2.00 pm	Lunch
2.00 pm – 3.30 pm	Session 3: Islamic Banking and Takaful This session provides fundamental understanding from the Islamic banking and Takaful industry perspectives. The session will shed light on how the handshakes between Islamic banks and Takaful operators have improved social infrastructure and the living standards of the people via various banking and insurance products using relevant case studies. Topics to be covered include: Introduction to Islamic financial system Islamic banking operation Islamic banks and Public Private initiatives (Case Studies on Transportation/Construction Sector) Issues and challenges steering Islamic banking for the future Overview of Takaful Shariãh and legal aspects in Takaful business Case study – Pension/Health Scheme in Malaysia *Speaker: Wan Zamri Wan Ismail, Consultant, First International Consulting, Malaysia*
3.30 pm – 4.00 pm	Coffee Break
4.00pm – 5.00pm	Session 4: FinTech Applications in the Islamic Financial Industry This session will share latest developments in the Alternative Market Based Financing and how they are influencing the growth and development of ICM products and services offerings and improving participation and inclusion. Topics to be covered: Overview of the fintech ecosystem Digital market and innovations in Equity CrowdFunding (ECF) and Peer to Peer Lending (P2P). Highlights of Islamic fintech-based entrepreneurs and start-ups Unbundling opportunities for Islamic Financial Institutions in Cryptos and Blockchain (sharing sessions/ case studies) *Speaker: Umar Munshi, Founder, Ethis Group CEO, EthisCrowd Managing Director, Ethis Ventures Malaysia Chairman, Islamic Fintech Alliance*
5.00 pm – 5.15 pm	Day debrief

Day 2

9.00am – 10.30am	Session 5: ICM Products and Services – Sukuk This session will provide fundamental understanding on sukuk growth and how it has continued to support the growth of strategic sectors of the economy. The session will highlight Malaysia milestones in comparison to the global sukuk market. The session will also examine the various sukuk structures using relevant case studies. Topics to be covered include: Introduction to sukuk and its classification Sukuk structures and their practical aspects Development of sukuk market ecosystem including market infrastructure i.e. commodity trading platform Shariãh and practical issues arising from different sukuk structures Innovation in sukuk e.g. Perpetual, Hybrid, Sustainable and Responsible Investing (SRI) Case study *Speaker: En. Zairulnizad Shahrim, Principal Officer of AmIslamic Funds Management Sdn Bhd (AIFM).*
10.30 am – 11.00 am	Coffee Break
11.00am – 12.30pm	Session 6: ICM Products and Services – Equity, Fund Management and Other Investment Products This session will discuss the features of Shariãh-compliant stocks and the expansion of capacities around the various Islamic Financial Institutions within the Islamic Capital Market. The session will also look at the key aspects of Islamic fund management. Topics to be covered include: Introduction to Islamic equity market Shariãh screening process: Methods and criteria applied Development of the Islamic fund management industry Case Study on i-REITS and the development of the Health Sector in Malaysia Case Study on Islamic unit trust and development Personal Financing. *Speaker: En. Ahmad Mukarrami Ab Mumin, Head, Shariah Division at RHB Islamic Bank Berhad (TBC)*
12.30 pm – 2.00 pm	Lunch
2.00 pm – 3.30 pm	Session 7: New Growth Areas in Islamic Markets This session will provide insights into the new potential market and how it is improving the nation’s social economics structure, as well as facilitating financial inclusion of the erstwhile unbankable section of the society. Topics to be covered: Innovation in products and services e.g. Islamic crowd funding, Islamic venture capital Recent Developments in Waqf and Microfinance Case studies from Malaysia, Bangladesh and Indonesia Islamic wealth management and planning Green sukuk, SRI Integration of microfinance in banking business model for SME *Speaker:* *Dr. Aminu Sikiru, Principal Consultant and Independent Director, Summit Innovative Technology Sdn. Bhd*
3.30 pm – 4.00 pm	Coffee Break
4.00pm – 5.00pm	Session 8: Interactive Participants’ Session This session is designed as an interactive platform where participants are divided into groups and each group is expected to discuss the issues, challenges and opportunities in the development of Islamic finance. Areas to be covered are: Organisational set-up Development of ICM ecosystem Dealing with legal, regulatory and talent requirements Cross-border issues and opportunities *Facilitator: Mr. Sivalingam Navaratnam, Director, Securities Industry Development Corporation (SIDC)*
5.00 pm – 5.15 pm	Day debrief

Day 3

9.00 am – 12.45 pm	Session 9: Site Visit to SP Setia
12.30 pm – 2.00 pm	Lunch
2.00 pm – 4.00 pm	Session 10: Site visit to a sukuk advisor/issuer (TBC)
4.00pm – 5.00pm	Session 11: Workshop Debrief This session will summarise the salient points and highlight the key takeaways and recommendations presented during the workshop. Key takeaways from the 3 days sessions Participants’ feedback on the workshop and recommendations for development and enhancement to be applied in their countries *Facilitator: Mr. Sivalingam Navaratnam, Director, Securities Industry Development Corporation (SIDC)*
5.00 pm	End of Programme

Contact Us

To find out more, please contact:

Farah Zita:

+603 6204 8040
Farahzita@sidc.com.my

Nor Effendi Othman:

+603 6204 8982
effendio@sidc.com.my

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