9 MAY 2024

EVENT DAY 2 :

09:30 – 16:00

Exhibition

Welcome Coffee

09:00 – 09:30

09:30 – 10:40

Session 3

Deepening the IFSI through Digital Financial Inclusion: Opportunities and Considerations for Policymakers

This session aims to explore the confluence of financial inclusion and digital financial services within the Islamic financial services industry (IFSI). It will tackle various aspects, including operational, regulatory, and technological trends and challenges. Additionally, the session will examine innovative strategies for expanding the reach of Islamic social finance and discuss the regulatory aspects related to the governance and monitoring of financial data.

This session aims to highlight the following:

• operational, supervisory, and regulatory trends and challenges in deepening the IFSI through digital financial inclusion and experiences in establishing regulatory sandboxes

• innovative approaches and adoption of technologies in providing Islamic social finance to the underserved and unbanked, and the opportunities for Islamic Fintech to enhance the potential of Islamic social finance platforms like Zakat, Sadaqat, Waqf etc.

• regulatory issues in financial data governance and monitoring in digital financial inclusion in the IFSI

Discussion Questions:

• What are the specific regulatory mechanisms and supervisory frameworks that may be effective in nurturing digital financial inclusion within the IFSI as well as the prevailing gap and challenges?

• How can regulators strike a balance between innovation and promoting inclusive finance and risk management?

• What are the current opportunities and challenges faced in the development and growth of the digital financial services that improve financial inclusion?

Chairman/Moderator:

Mrs. Aminath Amany,
Acting Assistant Secretary-General, Research and Standard Development,
IFSB

Panelists:

Dr. Rifki Ismal,
Director, Islamic Economics and Finance (DEKS) Department,
Bank Indonesia

Mr. Ijlal Ahmed Alvi,
Chief Executive Officer,
International Islamic Financial Market (IIFM) (Online)

Dr. Sutan Emir Hidayat,
National Committee for Islamic Economy & Finance,
Indonesia (Online)

Coffee break and Networking

10:40 – 11:00

11:00 – 12:10

Session 4: Panel Discussion

Innovation and Structural Changes in the Islamic Finance Industry: Regulating New Risks

The Islamic finance industry finds itself at a pivotal juncture of innovation and transformation in a rapidly evolving global financial landscape. In an era where fintech advancements, digitalisation, and sustainability take centre stage, the Islamic finance sector is undergoing fundamental changes that are redefining its traditional practices. These transformations not only offer promising growth prospects but also introduce a range of new risks that call for effective regulation and oversight. This panel discussion aims to delve into the unique dynamics of this evolving landscape, aiming to understand how emerging trends and structural shifts are impacting the industry and how regulatory bodies can successfully navigate these uncharted waters to uphold stability and ensure adherence to Shari'ah principles.

This session aims to highlight the following:

• new and emerging risks arising from digital innovation, including crypto assets, DeFI markets, and financial technologies for Islamic finance, and the regulatory and supervisory challenges;

• considerations for policy-makers due to the structural changes in the industry due to digital innovation and managing potential risks, including operational and cyber risks, investor protection issues etc.;

• the implications for the financial stability of the IFSI due to greater interconnectedness and cross-border activities.
  
  

Discussion Questions:

• how are emerging technologies going to affect the traditional practices of Islamic finance?

• what are the financial stability and regulatory implications of the structural changes in the global financial system due to technological innovation?

• how should regulators approach the management of associated risks while encouraging innovation?
  
  

Chairman/Moderator:

Mr. Peter Casey,
IFSB Consultant

Panelists:

H.E. Abdirahman M. Abdullahi,
Governor,
Central Bank of Somalia

Mr. Mohammad Shahriar Siddiqui,
Director and Head, Banking Regulation and Policy Department,
Bangladesh Bank

Dr. Walid Hegazy,
Deputy Chairman,
Board of Ethics of the Accounting and Auditing Organization for Financial Institutions (AAOIFI)

Prayer and Lunch

12:10 – 13:30

13:30 – 14:40

Session 5: Panel Discussion

Financing Alternatives in the Islamic FinTech Market: Prospects, Opportunities and Regulatory Perspectives

As the Islamic fintech market experiences rapid growth and diversification, it becomes essential to explore the multifaceted landscape of financing alternatives it offers. This panel discussion intends to look at the prospects and opportunities that Islamic fintech presents, while also examining the regulatory challenges and considerations that must accompany this transformative wave. Through insightful discussions, the session aims to gain a comprehensive understanding of the potential, constraints, and regulatory strategies shaping the future of Islamic fintech.

This session aims to highlight the following:

• new models and developments in Shari’ah-compliant alternative financing mechanisms in the FinTech market (e.g. BNPL etc.);

• challenges and issues faced by market players in the development and growth of Shari’ah-compliant alternative financing mechanisms;

• expected future trends and considerations for alternative financing solutions in the Islamic FinTech market.
  
  

Discussion Questions:

• what are the key trends and opportunities for Shari’ah-compliant alternative finance mechanisms in the industry?

• what are challenges faced by the market in terms of further development of alternative financing mechanisms and how can growth be facilitated?

• what are potential regulatory considerations and potential risks that need to be addressed by regulators?
  
  

Chairman/Moderator:

Dr. Abideen Adeyemi Adewale,
Acting Assistant Secretary-General, Standard Implementation,
IFSB

Panelists:

Mr. Yahya Rehman,
Associate Manager, Islamic Development Bank Institute,
IsDB Group

Mr. Yusof Sidek,
Deputy Chief Information Officer,
Bank Islam Brunei Darussalam Berhad (BIBD)

Mr. Umar Munshi,
Co-Founder and Group Managing Director,
Ethis Group

14:40 – 15:50

Session 6: Panel Discussion

Strengthening the Resilience of the IFSI in a Changing World: The Way Forward

In an ever-evolving global financial landscape, ensuring the resilience of the IFSI stands as a critical imperative. As economic, geopolitical, and technological shifts continue to reshape the world, the IFSI faces both opportunities and challenges. This panel discussion brings to the forefront a discussion on the strategies and policy initiatives that will help strengthen the resilience of the Islamic finance industry as a part of the overall global financial system, in the context of dynamic global transformations that affect the financial system. This dialogue aims to chart a course forward, one that preserves the principles of Islamic finance while navigating the complexities of a changing world.

This session aims to highlight the following:

• The role of the IFSB and other international Islamic standard-setting organisations and international bodies in ensuring the resilience of the IFSI in an evolving global environment

• Roles and policy direction for regulatory authorities in the IFSI in a rapidly changing financial sector landscape due to financial innovation and structural changes in the industry

• Roles of market players in the IFSI in a changing and innovative world

Discussion Questions:

• In what ways can the IFSI adapt to the evolving global economic landscape while maintaining its adherence to Shariah principles and ethical finance?

• What are the key areas of focus for policy makers and global standard setters to ensure the resilience of the global IFSI?

• What role does international collaboration and coordination play in strengthening the IFSI's global presence and resilience, particularly in the context of increasing cross-border transactions and investments?
  
  

Chairman/Moderator:

Dr. Walid Hegazy,
Deputy Chairman,
Board of Ethics of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)

Panelists:

Dr. Sami Al-Suwailem,
Acting Director General, Islamic Development Bank Institute,
IsDB Group

Mr. Saud Al Busaidi,
General Manager, Supervision Directorate,
Central Bank of Oman

Dr. Mohammed Zougari Laghrari,
Head of Research and Relation, Banking Supervision Directorate,
Bank Al-Maghrib

15:50 – 16:00

Closing Address

Mr. Awang Mardini bin Haji Eddie,
Assistant Managing Director, Monetary Operations, Development and International,
Brunei Darussalam Central Bank

Coffee break

End of Day 2: Summit 2024

Disclaimer
Please be advised that the agenda mentioned above points are tentative and that the IFSB reserve the right to make any necessary amendments/changes to the programme without prior notification.