Islamic Finance Events - Congress Conference Summit Seminar Workshop Forum

ADIB hosts regulatory compliance #forums for banks from #Sudan and #Iraq

Abu Dhabi Islamic Bank (ADIB) held forums on the international regulatory environment for banks from Sudan and Iraq to support their increasing integration into the global economy. The forums followed the lifting of the United States' longstanding sanctions against the government of Sudan on 12 October 2017. Andreas Meletiou, ADIB’s Head of Global Financial Institutions, said the seminars were equally important for transfer of knowledge and experiences, as well as for deepening networks. The two separate forums gathered around 50 bankers from each country to discuss the evolving international regulatory environment for financial institutions. They addressed issues such as Basel III and IFRS 9 requirements as well as anti-money laundering measures. ADIB, which has a large retail and corporate banking operation in its home market of the United Arab Emirates, also operates a wide international network, including Egypt, Iraq, Sudan and the United Kingdom.

#Workshop on #waqf management begins in Dhaka tomorrow

An international workshop on waqf management begins in Dhaka tomorrow. The event is jointly organized by the Islamic Research and Training Institute, Islami Bank Bangladesh and the Centre for Zakat Management. The workshop on the revival of waqf for socio-economic development will review the rules and regulations of waqf management in different countries. President Abdul Hamid is scheduled to inaugurate the event. Islami Bank Chairman Arastoo Khan stated that waqf could play a vital role in developing the country and there were many rich people in the country who want to donate for waqf. A total of 29,341 accountholders of Islami Bank has so far deposited Tk 104 crore under its waqf product called Cash Waqf.

Iranian Banks, #Fintechs Shine in #Iran Transaction #Exhibition

Banks, fintechs, financial solution vendors and startups were present in full force at the Third Iran Transaction Exhibition (ITE). The exhibition was inaugurated by Mohammad Morad Bayat, chief executive of FABA, a government-owned center for promotion of electronic banking. He said that 56 startup companies have taken part in this year’s event and that fintechs are not banks' enemies, as the future will be one of cooperation between the two. The Iranian Parliament also had a representative in the exhibition, who said the government has assigned a whole chapter specifically to electronic banking. Various payment systems, banking solutions, real-estate financial services and insurance facilitators were showcased at the exhibition.

IFSB #Engagement #Session with the #Indonesian Islamic Finance Stakeholders

The Islamic Financial Services Board (IFSB), Bank Indonesia and the Financial Services Authority of Indonesia (OJK) organised an Industry Engagement Session. The event was entitled "The Global Islamic Finance Industry and the IFSB" and took place on 2 October in Jakarta. Anwar Bashori, Head of Islamic Finance at Bank Indonesia, shared his optimism that there is strong potential for further growth of this sector in Indonesia. He also touched on the importance of Halal tourism and food industry, and the various challenges and opportunities related to Fintech. In the panel discussion Prof. Volker Nienhaus commented on the emerging trend which is expected to enhance financial inclusion through the greater use of fintech. Ahmad Buchori shared the current issues of Islamic finance in Indonesia. Dr. Rifki Ismal’s presentation focused on developing the Islamic social sector to enhance the Indonesian economy. The session ended with discussions between the participants, where the industry players reaffirmed the important role of regulators. There was a request for more platforms to address and discuss key issues and concerns of the Islamic finance players.

#Roundtable throws light on greater understanding of Islamic finance

Hamad Bin Khalifa University (HBKU) and the Qatar Financial Centre (QFC) jointly organised the event entitled Shariah Governance in a Globalized World. It featured over 50 experts comprising Shariah scholars, Islamic finance professionals, academics, practitioners and regulators. Issues regarding Islamic jurisprudence were discussed as well as contemporary best practices in the corporate governance of banks. Some participants offered proposals on reforming models of Shariah governance of Islamic banks. Dr Haitham Mohamed Al Salama, chief economic adviser at the QFC, said contributing and collaborating in the field of Islamic finance was a key goal for the QFC. He added that such events were part of QFC's strategy to develop a world-class international business sector in Qatar.

#China-#UAE moot on Islamic banking, finance explores int’l cooperation in support of #OBOR Initiative

The Dubai Center for Islamic Banking and Finance in Hamdan Bin Mohammed Smart University (HBMSU) concluded the 2nd China-UAE Conference on Islamic Banking and Finance. The two-day event focused on the objectives of the One Belt, One Road (OBOR) initiative, which aims to revitalize the Silk Road connecting Asia and Europe. The event was organized in cooperation with China Islamic Finance Club, ZhiShang Intercultural Communication, and Knowledge Partner Thomson Reuters. Talks focused on challenges and prospects for Islamic finance in achieving the goals of the ambitious Chinese initiative. The agenda comprised a series of panel discussions moderated by key international figures such as Prof. Baydoun; Mr. Gao Lin, Vice Director, Shenzhen Municipal Commission of Economy, Trade and Information Technology, and Dr. Adnan Chilwan, CEO of Dubai Islamic Bank.

IDB promotes connectivity for sustainable development

The Islamic Development Bank (IDB) Group organized an event on "Promoting Connectivity for Sustainable Development". The event was chaired by Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC) and the keynote speech was delivered by Aja Fatoumatta Jallow Tambajang, vice president of Gambia. The event provided an in-depth analysis of the IDB Group strategic objectives in financing infrastructure investments. The event was also an opportunity to bring together experts and exchange ideas on growth and connectivity among member countries. Sonbol stated that the IDB Group adopted a 10-year Strategy and one of its objectives is "Connectivity for Growth". The objective is to promote cooperation among member countries, both in terms of private sector and public-sector cooperation to enhance trade, investment, knowledge, and capacity development.

VEB to build bridge to Islamic world through Abu Dhabi, Iran and Bahrein

The 9th international economic summit is taking place in Tatarstan, Russia. The plenary session was dedicated to the discussion of partnership financing to develop relations between Russia and Organisations of Islamic Cooperation (OIC). Islamic Finance World Leader Ashruff Jamal was the moderator of the plenary session. Tatarstan's President Rustam Minnikhanov said Tatarstan was making its first steps in Islamic banking. One year ago Deputy Chairman of the Federation Council Evgeny Bushmin claimed the Bank of Russia and legislation were not ready to spread Islamic banking. In answer to that, Sberbank Deputy Chairman Oleg Ganeyev replied many questions are arising while implementing Islamic banking, but it is possible to work even within the acting Russian legislation. Vnesheconombank (VEB) Chairman Sergey Gorkov announced the appearance of VEB bank offices in Abu Dhabi, Iran and Bahrein.

Middle East WEF to focus on building jobs for young people

The World Economic Forum’s Middle East and North Africa meeting takes place this year at the Dead Sea in Jordan. The meeting’s formal programme has the theme: Enabling a Generational Transformation, and is based on three interrelated pillars: two long term and one urgent. The first long term pillar focuses on how to enable innovation and youth empowerment by using new technologies like bio-tech, nano-tech and artificial intelligence. These new technologies will continue to develop, so training people in these areas will be a long-term solution in creating new jobs for young people. The second pillar is about finding a framework for an inclusive economic transformation. The third and more urgent pillar is the search for how to best cope with the vast humanitarian crisis in the region. The common thread in all three strands is an optimism that anarchy and sectarian chaos can be defeated.

Islamic Development Bank 42nd #Annual #Meeting: Policymakers, experts urge more youth engagement in agriculture to fight unemployment, food insecurity

Leading international policymakers, experts and scientists have called for urgent action to engage more youth in agricultural production to tackle unemployment and food insecurity. More than 100 delegates from different countries gathered on the sidelines of the Islamic Development Bank (IDB) 42nd Annual Meeting in Jeddah, Saudi Arabia. Organized by the IDB and the International Center for Biosaline Agriculture (ICBA), the seminar looked at the challenges and problems facing rural young people. Participants agreed that the focus should be on resource-efficient technologies that work for young people and make agriculture a viable source of income. These technologies can include solar pumps, improved irrigation systems that use sensors to control water flows or automatically adjust fertilizer and pesticide application rates. Greenhouse and net-house technologies make high-value agricultural production possible.

Islamic Development Bank launches Innovation #Forum to empower youth

The week-long Innovation Forum hosted by the Islamic Development Bank brought together international experts as well as youth to discuss ways to foster an innovation culture. Experts agree that the major challenges of the IDB member countries include cultural barriers, lack of adequate investment in research and development and a low rate of graduates in scientific fields. Dr. Mimics Begivic, innovation specialist at the UNDP Regional Center for Europe and CIS, said that youth unemployment is a stubborn problem faced by countries that has both a direct and indirect cost on governments. Dr. Nabeel Koshak, president of Baha University, said that there remains a gap in funding to support SMEs in the Islamic world. In Saudi Arabia, the last five years have seen a boost in innovation. Dr. Koshak said the major obstacles for Saudi SMEs are the regulations, followed by competing and entering the market.

The IFSB and DFSA Organise Joint #Seminar on the Role of #Sukuk and Securitisation to Support New Financial Regulations

The Islamic Financial Services Board (IFSB) and the Dubai Financial Services Authority (DFSA) successfully organised a Joint Seminar themed "The Role of Sukuk and Securitisation to Support New Financial Regulations". Ian Johnston, Chief Executive of the DFSA welcomed the IFSB and the Joint Seminar’s participants. He discussed the need for the industry to think laterally to address the shortage of liquidity management tools at Islamic institutions. The panel offered insight into sukuk instruments and the Islamic capital market developments. A panelist mentioned that there is expected to be 70bn USD of new issuance during 2017; however this is not enough to keep up with the projected growth of the Islamic finance industry. To resolve the impediments, the industry needs more standardisation in terms of legal documentation and Shariah interpretations. The Joint Seminar ended with the panel emphasising the need for liquidity generation initiatives to be supported at the regulatory and government levels.

Leading #Scottish Islamic finance expert to speak at Responsible Finance & Investment #Summit

Graham Burnside, a consultant at Shepherd and Wedderburn, is to speak at the RFI conference in Zurich. The Responsible Finance & Investment Summit (RFI Summit) is a two-day event hosted by the RFI Foundation and the Swiss Arab Network. The event is aimed at building awareness of how the social and environmentally responsible investment and Islamic finance can create a positive impact. Mr Burnside is a founding member of the Islamic Finance Council UK (UKIFC), a Scottish-based not-for-profit specialist advisory established to promote ethical finance. In 2015, the UKIFC was recognised by Ethical Finance Innovation Challenge Awards (EFICA), winning the $100,000 Islamic Finance Industry Development Award. Mr Burnside has been invited to take part in the RFI Summit panel looking at financial inclusion and responsible finance.

Growing #demand for #fintech in #Islamic #finance

The IFSB sees growing demand for fintech within the Malaysian Islamic financial services system, because customers are looking for alternatives.
IFSB secretary-general Jaseem Ahmed said „demand for fintech within Islamic finance had increased following the global financial crisis“ and further that “There are tremendous opportunities for fintech within Islamic finance. In the aftermath of the global financial crisis, there has been a loss of confidence, so people are looking for alternatives,”
Jaseem added that commercial banks are really taking up fintech to reach out and improve the attractiveness of their products at a lower cost and also said that he expected sukuk issuance to continue remaining strong in Malaysia.
The IFSB event, which ends tomorrow, comprises forums that bring together key stakeholders of the Islamic financial services industry.

CEOs advocate collaboration to drive SDGs

Nigerian CEOs have hinged the achievement of Sustainable Development Goals (SDGs) on partnership by businesses. This was stated by CEO of the Sahara Group, Tonye Cole, who delivered a keynote address at the CEO roundtable organised by First Bank of Nigeria in Lagos. Adesola Adeduntan, managing director of FirstBank, said the bank had put in place an environmental, social and governance management system to drive responsible lending and its commitment to financial inclusion. The bank CEO noted that engagement through programmes included over 16 executive education programmes, organised 16 workshops and three international conferences. The bank also empowered over 3,000 Small and medium Enterprises (SMEs). He called on business leaders to consider such partnership for the enhancement of sustainable development.

Arab Regulators #Conference: Regional firms slow to adopt global corporate government standards

The Arab Regulators Conference, hosted by the Arab Monetary Fund, took place on 8-9 March in Abu Dhabi. The two-day conference was an opportunity for regulators to engage in an open dialogue on how to strengthen the development of corporate governance across the region. The conference was attended by over 160 delegates from 17 different countries from both the regulatory and the private sectors. Abdullatif Al Othman, Chairman of Saudi Arabian Industrial Investments (SAIIC) highlighted the importance of corporate governance. He urged attendees to adopt the highest international standards of corporate governance, to help move the region from frontier markets to emerging markets to developed markets. This year, board diversity and women’s role on the board were also widely discussed as were governance trends and best practices.

Can #responsible #investment integrate with Islamic finance?

The Responsible Finance & Investment (RFI) Summit 2017 has announced a series of Executive Sessions organized by the RFI Foundation and INCEIF, the Global University of Islamic finance. These sessions will introduce participants from all backgrounds to the connection between Islamic Finance and Responsible Finance. INCEIF President Daud Vicary Abdullah said the alignment between the guiding principles of Islamic finance and the Sustainable Development Goals (SDGs) was significant. Daud added that these interactive Executive Sessions would provide a platform for people working in responsible finance who do not realize the alignment of responsible investment with Islamic finance.

CIBAFI-IRTI meeting on March 22-23

The General Council for Islamic Banks and Financial Institutions (CIBAFI) and the Islamic Research and Training Institute (IRTI) are jointly organising the yearly meeting of the Directors of Operations and Investments of Islamic Financial Institutions (IFIs). The theme this year will be "Bringing Islamic Investment of IFIs to the Next Frontier" and is held between March 22-23 in Manama. Experts in Islamic Investments will gather to discuss the disruptive agendas of the Islamic investments and look into topics of Strategies in the Infrastructure and Project Finance; Private Banking Capabilities of IFIs; Direct Equity Investment of IFIs; Sustainability Criteria in Islamic Investment Framework among other significant topics.

Bank Nizwa continues to be hub for Islamic finance in #Oman with conclusion of IFN #Forum

Bank Nizwa in partnership with Islamic Finance News (IFN) successfully concluded the second ‘Islamic Finance News Forum’. Sharing his expertise in the IFN Debate was Bank Nizwa’s new CEO, Khalid Al Kayed, who discussed the challenges of standardization and increased regulation. The CEO also took part in the closed-door IFN Oman Dialogue session to openly discuss the benefits and concerns facing the Islamic Finance market. Other sessions at the forum looked into the legal and regulatory framework of Islamic Finance, the development of sustainable and efficient Islamic capital markets, capital market activity and economic development, and innovation in Islamic Finance.

Is #disruption by #FinTech a social good?

Support Disruption for Good (SDG) #Challenge will showcase breakthrough models that also have material social impact

Zurich, Switzerland, February 22, 2017 – The RFI Foundation, in partnership with the Swiss Finance + Technology Association, Finocracy and the Responsible Finance & Investment (RFI) Summit partners, launched the Support Disruption for Good (SDG) Challenge to find the most promising ethical, responsible or Islamic FinTech innovation and connect them to the leading institutions in the responsible finance industry.

The SDG Challenge opens today and will remain open until March 17. All applicants will be judged against a transparent set of criteria by an independent judging panel drawn from across the responsible finance and FinTech industry. During the review process judges will evaluate the ability of each entrant to effectively scale, contribute to financial inclusion, contribute to the UN Sustainable Development Goals while being financially sustainable.

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