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  Event Detail

Category:Awareness Programme
Name:[EVE00260] IFSB-ISRA Shariah Roundtable: Financial Safety Nets: Striking a Balance between Shariah Requirements and the Soundness of the Islamic Financial System
Description:

 

The Shariah Roundtable is jointly organised by the IFSB and International Shariah Research Academy for Islamic Finance (ISRA). The theme will be Financial Safety Nets: Striking a Balance between Shariah Requirements and the Soundness of the Islamic Financial System.

The Roundtable will be held in Arabic languange with simultaneous translation.

The Roundtable is by INVITATION only. For queries, please contact the IFSB Secretariat, Mrs. Ida Shafinaz Ab. Malek at ida.shafinaz@ifsb.org

 

Start Date:05/11/2015End Date:05/11/2015
Venue Name:Forum, Level 1, Sasana Kijang
City:Kuala Lumpur
Country:MALAYSIA
Event Website: -
Registration:

  Event Snapshots

The IFSB and International Sharī`ah Research Academy for Islamic Finance (ISRA) jointly organised the IFSB-ISRA Sharī`ah Roundtable on 5 November 2015 in Kuala Lumpur, Malaysia.

Themed “Financial Safety Nets: Striking a Balance between Sharī`ah Requirements and the Soundness of the Islamic Financial System”, the Roundtable aimed to provide an avenue for intellectual discourse between the Sharī`ah scholars and other stakeholders of the industry on devising solutions for various components of financial safety net that are both practical and Sharī`ah-compliant.

The Roundtable began with opening speeches by Mr. Jaseem Ahmed, Secretary-General, IFSB and Prof. Dr. Mohamad Akram Laldin, Executive Director, ISRA, followed by a presentation on An Overview of the IFSB by Dr. Sherif Ayoub, Assistant Secretary-General, IFSB.

To set the tone for the Roundtable discussions, the IFSB presented two working papers on, i) Strengthening the Financial Safety Net: The Role of Sharī`ah-compliant Lender-of Last-Resort (SLOLR) Facilities as an Emergency Financing Mechanism and ii) Strengthening the Financial Safety Net: The Role and Mechanisms of Sharī`ah-compliant Deposit Insurance Schemes which corresponded to the two topics discussed. The presentations were delivered by Mr. Jamshaid Anwar Chattha, Chief Financial Analyst, Central Bank of Kuwait and Mr. Syed Faiq Najeeb, Member of the Secretariat, IFSB, respectively.

The Roundtable saw participations from Sharī`ah scholars as session chairs and speakers as well as participants. Among the Sharī`ah scholars who participated in the Roundtable were Sheikh Dr. Ali Muhyi Aldin Ali Al Quradaghi, Sheikh Prof. Dr. Mohamed Ali Elgari, Sheikh Dr. Nizam Yaquby and Sheikh Dr. Oni Sahrani.

Eleven chairpersons, speakers and discussants from among senior financial sector supervisors and Sharī`ah scholars discussed the following issues at the Roundtable:-

  • Lender of Last Resort Facilities – Structuring Sharī`ah-Compliant Instruments and Mechanisms
  • Sharī`ah-compliant Structures for a Deposit Insurance Scheme

Over 90 delegates among the IFSB member and non-member organisations – representatives from regulatory bodies, market players, international agencies as well as academia and students attended the Roundtable.

The papers presented at the Roundtable and ensuing discussions are planned to be published in a joint IFSB-ISRA publication in 2016.


  Programme - Event Session(s)

Date Time Topics
Day 1
05/11/2015
08:00 - 09:00 Registration
09:00 - 09:15 Opening Addresses
09:15 - 09:30 Overview of the IFSB
09:30 - 09:45 Presentation on Strengthening the Financial Safety Net: The Role of Shari`ah-compliant Lender-of Last-Resort (SLOLR) Facilities as an Emergency Financing Mechanism
09:45 - 12:40
Session 1 - Lender of Last Resort Facilities - Structuring Sharī`ah-Compliant Instruments and Mechanisms
  • This session will discuss the Sharī`ah-compliant instruments and mechanisms of the lender of last resort facilities that can allow the supervisory authorities to provide liquidity support to institutions offering Islamic financial services (IIFS) in normal and stressed times. The Session will also review the current Sharī`ah-compliant lender of last resort instruments that are being implemented in various jurisdictions, and discuss alternative mechanisms that can be introduced to increase the options available to the IIFS.
  • 12:40 - 14:00 Lunch and Prayers
    14:00 - 14:15 Presentation on Strengthening the Financial Safety Net: The Role and Mechanisms of Shari'ah-Compliant Deposit Insurance Schemes (SCDIS)
    14:15 - 16:40
    Session 2 - Sharī`ah-Compliant Structures for a Deposit Insurance Scheme
  • This session will examine the concept of deposit insurance and its relevance to the objective of protecting the fund providers of IIFS. The speakers will investigate the current and potential structures for devising a Sharī`ah-compliant deposit insurance scheme and relevant issues from legal and Sharī`ah perspectives.
  • 16:40 - 17:00 Coffee break
    17:00 - 17:30 Chairmen's Summary
    Disclaimer: Please be advised that the above mentioned agenda points are tentative and that the IFSB reserves the right to make any necessary amendments/changes to the programme without prior notification.

      Downloadable Document(s)

    *Note: Click Document Name to view/download document

    1.) Event Session(s) - PDF Format
    2.)   IFSB-ISRA Shariah Roundtable

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