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How to Regulate Islamic Financial Markets and - Central Banking

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The independent world forum for
central bankers and financial supervisors
Training course/seminar series 2012
How to Regulate Islamic
Financial Markets and Products
4-day intensive residential programme
11 – 14 September 2012
Christ’s College, Cambridge
Course chairman:
Aly Khorshid
Sharia Scholar and Consultant,
Academy UK
Series adviser:
Charles Goodhart, CBE
Professor Emeritus
London School of Economics
Financial Markets Group
Hosted by Central Banking Publications
Dear Delegate,
Since its inception just over four decades ago,
the modern Islamic finance industry has grown
rapidly. Today it is estimated to have assets under
management of over a trillion US dollars across
Islamic and non-Islamic countries. Steady growth,
however, will require a suitable regulatory
Coupled with this exponential growth has
been the development of new and innovative
products, such as sukuk, and, in recent years,
the emergence of a globalised and standardised
regulatory infrastructure including the
establishment of bodies such as the Islamic
Financial Services Board. However, due to
the nature of Islamic finance, regulators are
facing increasing challenges when licensing and
Moreover many observers feel that if special
consideration is not given, Islamic financial
infrastructure may be hindered in its ability to
maintain stability and achieve continuous growth.
This seminar equips regulatory specialists from
central banks and supervisory organisations with
the tools to tackle the key policy issues in an
effective regulatory framework. Delegates will
have the opportunity to hear from and question
those closely involved with emerging international
Key highlights include:
• N
ew developments in Islamic finance and
• Liquidity risk management
• Domestic and international Islamic financial
• Licensing and regulating Islamic banks in a dual
regulatory system
• G ood practice approaches from bank, a scholar
and regulatory perspectives
• A n Islamic bank’s perspective of being
The panel of expert speakers combines practical
regulatory experience as well as views from
private sector experts and academics, including:
• M
ehmet Asutay, Director, Durham Centre
for Islamic Economics and Finance
• S
ayd Farook, Global Head of Islamic Capital
Markets, Thomson Reuters
• K
hairul Nizam, Assistant Secretary General,
• J oëlle el Gemayel, Research Assistant to the
First Vice-Governor, Central Bank of Lebanon
• Rifki Ismal, Bank Researcher, Bank Indonesia
• A leksandar Devic, Head of Fund
Management, Qatar Islamic Bank
We are delighted to again welcome Aly
Khorshid, Director of Islamic Studies at
Academy UK and a serving Sharia board member
at numerous banks to perform the role of
The format, as more that 3,500 central bankers
can attest, encourages delegates to quiz
panellists, raise issues, and discuss solutions to
the specific challenges they face.
I look forward to welcoming you to Christ’s
College this year.
Yours sincerely,
Robert Pringle
Central Banking Publications
Tuesday 11 September
New developments in governance
How to Regulate Islamic
Financial Markets
and Products
Autumn 2012
Chairman’s opening remarks: challenges ahead for regulators of Islamic
Led by the chairman Aly Khorshid, Sharia Scholar and Consultant, Academy UK
This session sets the scene with a review of the key challenges confronting supervisors in their home
institutions and the latest international developments in relation to Islamic finance. Delegates will be
invited to give a brief account of their regulatory system and explain their most pressing regulatory
and supervisory challenges. This session is an opportunity for delegates to benefit from each other’s
expertise and experience in confronting common problems.
Overview of governance framework – new developments
Richard Tredgett, Lecturer, Partner, Allen & Overy
The Islamic financial market has grown rapidly over the past decade. As new products and instruments
emerge in this vibrant market, well-established corporate governance becomes vitally important for future
development. This session will provide an overview of new governance frameworks introduced across
several jurisdictions and analyse their advantages and disadvantages. Particular attention will be given to the
relationship between Islamic bank supervision, Pillar 2 of Basel II and the Islamic Financial Services Board
(IFSB) standards on supervisory standards.
Ethical issues and Islamic finance
Mehmet Austay, Director, Durham Centre for Islamic Economics and Finance
Islamic finance has grown significantly since its emergence in modern form in the 1960s. As a global
industry involving banking, insurance and capital markets, its reach extends beyond traditional Muslim
jurisdictions, and into the western world and the Asia Pacific region. The speaker, a leading scholar and
director in the development of Islamic finance, will chart the evolution of the sector, identifying recent
and long-term trends and significant developments his focus will be how to maintain and further and
enhance the ethical image of Islamic finance in the global market.
About the course chairman
Dr Aly Khorshid has been involved with financial institutions for over
two decades. Drawing on his knowledge of Islamic finance, he has advised
central banks and Islamic banks on regulatory approaches and corporate
governance. He has been active in structuring Islamic home purchase
schemes and Islamic capital market products. His first Shariah board
member role was with bank Al-Baraka, which was the first Islamic bank
in the UK. His roles included dealing with the UK treasury and Bank
of England. He now serves as a Shariah board member within several
Islamic institutions. He has PhD in Islamic studies and economics from the
University of Leeds, studied Fiqh and Shariah at Al-Azhar University in
Egypt and possesses a master’s degree in management.
Wednesday 12 September
Building a robust regulatory framework
Risks faced by Islamic banks: what are they and how do we deal with them?
Sayd Farook, Global Head of Islamic Capital Markets, Thomson Reuters
After the Dubai debt crisis, various structures were accused of being not – in fact – Sharia compliant.
Central banks and regulators have to comprehensively assess the risk profile of Islamic banks, and indeed
conventional banks with Islamic windows, to effectively supervise their products and mitigate systemic crisis.
In this session, the speaker will discuss the risk factors particularly associated with Islamic products and
institutions in the context of international standards for capital requirements.
Liquidity risk management: the new liquidity principles
Sayd Farook
The IFSB introduced new guiding principles on liquidity risk management in March 2012. This significant
development by the standard setter outlined important ingredients for supervisory frameworks to have to
monitor liquidity positions including contingency planning for institutions offering Islamic financial services
(IIFS). This session, the second led by a prominent expert in Islamic finance from Thomson Reuters, will look
at the implications and applications of these new principles. Delegates will be challenged to consider how
these will impact the supervisory architecture in their home jurisdictions.
The challenging and changing roles of the IFSB and AAOIFI
Khairul Nizam, Assistant Secretary General, AAOIFI
Underpinning regulation of Islamic finance today is a range of prudential and supervisory standards
developed by the IFSB and AAOIFI which have been likened to an Islamic finance Basel accord. In order to
maintain the rapid growth of Islamic finance industry and clear the way for a global market in the future,
AAOIFI outlined a sweeping review of its guidelines in April 2012. This will be the biggest shake-up in years
in the Islamic finance industry with wide ranging implications for markets and their overseers. In this session,
the speaker, who is closely involved in the review, will set out the thinking behind it. Group discussion will
consider the impact on consumers and providers of Islamic finance products.
Licensing and supervising Islamic banks in the dual regulatory system
Joelle el Gemayel, Assistant to First Vice Governor, Central Bank of Lebanon
The IFSB has outlined concerns that Islamic banking will not be given enough regulatory attention in dual
system states. How are such fears being addressed? Lebanon has made significant progress in promoting Islamic
banking and has authorised a number of institutions including the Lebanese Islamic Bank and Al Baraka Bank
since the central bank developed its regulatory framework for supervision in 2004. In this session, the speaker
will outline the approach the Central Bank of Lebanon has taken in implementing Islamic finance in a dual
regulatory system and how to overcome common licensing and regulatory challenges.
Panel discussion: towards a standardisation of Islamic financial products
Aly Khorshid and Sayd Farook
In contrast to conventional Western banking, the Islamic financial industry does not have a well-established
cross-border standard for a range of factors, from product design to market practice. This inconsistency
necessarily makes for disjointed markets as well as giving rise to inappropriate usage of Islamic financial
facilities, misunderstanding of Islamic financial instruments, and, more importantly, huge regulatory challenges
for reporting. This session, will make the case to encourage global collaboration, to set up sharia advisory
panels, and to conclude a master agreement for treasury placement (MATP).
How to Regulate Islamic
Financial Markets
and Products
Autumn 2012
Thursday 13 September
Implementing Islamic financial regulations
Regulating Sharia boards: potential challenges faced by regulators
Aly Khorshid
All Islamic banks have a sharia board which governs the products that they trade. The board is an integral part
of the corporate governance structure within an Islamic bank. Moreover, it is vitally important that central
banks and regulators understand how they function and the level of influence they have. It has been argued that
Sharia scholars and their differing interpretations across different banks can lead to a lack of harmonisation.
This can create problems within banks and more broadly for the regulatory framework. In this session, led by
the chairman, discussion will focus on how effective Sharia boards are within Islamic banks and what steps need
to be taken to ensure the harmonisation of Sharia interpretations across jurisdictions.
Regulatory challenges in new products: case studies from the sukuk market
Aleksandar Devic, Head of Fund Management, Qatar Islamic Bank
In the past 18 months there has been significant growth in the trading of Islamic financial products from the
Middle East and Far East jurisdictions to Europe. Most notably, Dubai has increased the trading of sukuk and
other products to France and Germany due to tax advantages in the respective countries. In this session,
the speaker, an expert from a prominent UK based Islamic asset manager will identify these challenges in
the context of sukuk as well as identifying new opportunities for growth in this emerging form of financial
intermediation in Europe. Group discussion will focus on supervisory approaches for central banks and
regulatory bodies for new Islamic product launches.
Panel discussion: what constitutes good practice supervision?
Rifki Ismal, Bank Researcher, Bank Indonesia
Aly Khorshid
Aleksandar Devic
In this session, delegates will be invited to pose questions to a panel of experts to address some of the
key challenges facing central banks regulating Islamic banks and windows. In this session, the speaker will
draw out lessons showing how taking a �broad’ regulatory view can create conditions for stable growth in
these markets.
The course has been extremely beneficial,
it has introduced new ideas and
reinforced old ones
A central bank delegate
This is a good seminar to discuss and share
our experiences and broaden your network
A central bank delegate
Friday 14 September
Global experiences: the future of Islamic finance
Islamic financial products in non-Islamic countries
Simon Archer, Professor, University of Reading
No one denies that Islamic finance is an opportunity.Yet, it presents a host of different considerations for
the regulated and the regulators. In this session the speaker will outline the challenges regulated banks
face and what regulators should take into consideration when undertaking supervision and surveillance.
Discussion will focus on how regulators from non-Islamic countries should approach the supervision of
their Islamic banks.
Lessons and action points
Led by Aly Khorshid
In this session, the chairman will review the key lessons from the presentations and discussions throughout the
course. Delegates will be asked to reflect on how the lessons learnt over the four days can be applied at their
home institutions and how emerging risks can best be managed.
The conference was valuable in bringing
us together and allowing networking in
highlighting issues of common concern
A central bank delegate
CBP training course/seminar series, Autumn 2012
Human Resources: Engaging People and Facilitating Performance
Communications and External Relations for Central Banks
Effective Oversight of Financial Market Infrastructures
Government Debt Management: New Trends and Challenges
Legal Risks and Good Governance for Central Banks
The Changing Framework of Monetary Policy Operations
Risk Management for Central Banks
New Challenges in Financial Market Supervision and Regulation
Financial Independence and Accountability for Central Banks
Maximising the Value of Economic Analysis and Forecasting for Central Banks
IT Governance for Central Banks
For detailed programmes and a fax-back registration form for each
of these key courses, please visit:
Booking details
How to book
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by government in furtherance of its
sovereign activities)
Please complete and return the
registration form overleaf to:
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4-day (3 nights) residential course
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The venue
Christ’s College is one of England’s
oldest university colleges and traces
its origins back to 1439 when it
was founded by William Byngham as
“God’s house” and adopted by King
Henry VI.
The college is conveniently
situated in the heart of Cambridge
surrounded by all the historical
sites, and is one hour by train from
About Central Banking Publications
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