The Islamic Financial Services Board (IFSB) and the Asian Development Bank (ADB) will jointly organise a Conference on Islamic Finance for Asia: Development, Prospects and Inclusive Growth and a Roundtable Session for Regulators on 4 – 5 November 2013 in Manila, Philippines.
This Conference aims to create greater awareness of the opportunities brought about by Islamic finance to the region. The Conference will explore issues related to further developing Islamic finance, its current state of progress and challenges, while also seeking to create greater opportunities for interaction and cooperation among the members of IFSB and ADB. Participation for the Conference is open to all industry stakeholders.
The Conference will examine the experiences of selected Asian countries in Islamic finance, with focus on the regulatory requirements and other pre-conditions needed to establish and sustain the industry’s orderly development. It will also seek to identify the benefits Islamic finance can bring to the respective countries. The sessions and discussions will draw upon the perspectives of market opportunities and challenges, global and national regulatory requirements, and facilitation of cross-border investment flows.
Topics to be discussed at the Conference include:
- Islamic Finance for Asia: Innovation, Inclusion and Growth
- Islamic Finance: Stability, Resilience and Regulatory Issues
- Islamic Banking: Financial Inclusion as a Core Concept
- Islamic Capital Market: The Role of Sukuk for Development
- Implementation of the IFSB Standards
- Panel Discussion on the Way Forward – A Roadmap for Asia
Among confirmed speakers of the Conference are:
- Jaseem Ahmed, Secretary-General, Islamic Financial Services Board
- Dr. Ishrat Hussain, Dean and Director, Institute of Business Administration, Pakistan and Former Governor, State Bank ofPakistan
- Stephen P. Groff, Vice President Operations 2, Asian Development Bank
- Bruce Davis, Vice-President, Administration and Corporate Management, Asian Development Bank
- Zahid ur Rehman Khokher, Assistant Secretary-General, IFSB
- Zamir Iqbal, Lead Investment Officer, The World Bank
- Saleem Ullah, Director, Islamic Banking Department, State Bank of Pakistan
- Baljeet Kaur Grewal, Managing Director and Vice Chairman KFH Research, Malaysia
- Mohammad Abdul Mannan, Managing Director, Islami Bank Bangladesh Limited
- Richard Thomas OBE, Chief Representative, Gatehouse Bank Malaysia
- Mohd Sani Mohd Ismail, Financial Sector Economist, Asian Development Bank
- Prof. Simon Archer, Visiting Professor, ICMA Centre, University of Reading, United Kingdom
Following the Conference, a Roundtable Session for Regulators will be organised with the aim to provide a unique opportunity for regulators to discuss and share their experiences, issues and challenges in developing an Islamic finance regulatory regime and in supervising the Islamic financial services industry. This Roundtable will be particularly relevant to policy makers and others who are in the process of developing a regulatory regime for Islamic financial services in their respective jurisdictions. Among the issues to be discussed at the Roundtable are the legal and regulatory issues for Islamic finance post-crisis and the role of governments and private sectors in undertaking initiatives for Islamic finance. Participation in the Roundtable is by invitation only.
The Conference is one of the joint activities following a Memorandum of Understanding (MOU) to facilitate international cooperation between IFSB and ADB which was signed in October 2012. ADB and IFSB are also jointly implementing a regional technical assistance to help improve access to Islamic finance in Afghanistan, Bangladesh, Indonesia, and Pakistan with a $750,000 technical assistance (TA) grant, approved by ADB in October 2012.
The TA grant will be used, amongst others, to develop an e-module platform to build capacities on prudential standards developed by IFSB. The TA grant is funded by the Government of Luxembourg’s Financial Sector Development Partnership Fund and the Republic ofKorea e-Asia and Knowledge Partnership Fund, both to be administered by ADB.
Interested participants are welcome to register their attendance to the Conference at www.ifsb.org. Please contact Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org for further information on both events.
About the Islamic Financial Services Board (IFSB)
The IFSB is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors. The IFSB also conducts research and coordinates initiatives on industry-related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders. Towards this end, the IFSB works closely with relevant international, regional and national organisations, research/educational institutions and market players.
The members of the IFSB comprise regulatory and supervisory authorities, international inter-governmental organisations and market players, professional firms and industry associations.
For more information about the IFSB, please visit www.ifsb.org.
About Asian Development Bank
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, it is owned by 67 members – 48 from the region. In 2012, ADB assistance totaled $21.6 billion, including cofinancing of $8.3 billion.
*This article was published by Zawya.com. Read the original article here.