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The IFSB and IIFM to Organise High-Level Seminar on Accelerating Islamic Capital Market Development and Digitalisation

Date posted: 15 October 2020

15 October 2020, Kuala Lumpur, Malaysia – The IFSB and International Islamic Financial Market (IIFM) are organising a high-level seminar in conjunction with the Indonesia Shari’ah Economic Festival (ISEF) 2020, themed, “Accelerating Islamic Capital Market Development and Digitalisation”. The Seminar will be held virtually on 30 October 2020, 14:00 – 18:30 (Malaysia time).

The COVID-19 pandemic and the measures taken to prevent its spread have had increasingly significant impacts on the global economy and financial markets. As part of policy responses to the pandemic, majority of regulators have cut interest rates significantly that have created further incentives for investors to search for higher yield, leading to stretched valuations in some asset markets. Although accommodative conditions have mitigated the near-term downside risks to the global growth, they have also fuelled a further build-up of financial vulnerabilities.

Many IFSB and IIFM members had to take a range of extraordinary regulatory and supervisory measures to alleviate the impacts of COVID-19 on financial stability in their jurisdictions and to preserved the orderly functioning of financial markets. Indeed, the capital market development becomes important in preserving the financial markets with the robust governance and digitalisation becomes a new challenge in the capital market as one of the lesson learnts in the pandemic. In line with that development and challenge, the Islamic Capital Market (ICM) space is also considered by the regulators in the Islamic finance jurisdictions to function orderly in the financial market. Besides, ICM and particularly digitalised ICM are ensured to function as good intermediary for the real sector development that can help to fuel the economic growth particularly in the adverse economic conditions, as of today.  

This high level international seminar will be a timely platform for the stakeholders to discuss productively on how to address ICM development appropriately due to COVID-19 pandemic event and also rapid technological development. Particularly, ISEF is an international platform provided by Bank Indonesia to accelerate the Indonesia and international Islamic finance and economic innovative programs including ICM.  

The topics of the Seminar cover:

• Panel Discussion: ICM Advancement as a Catalyst for Islamic Financial Market and Real Sector Development to increase the roles of ICM in the midst of pandemic
• Digitalisation of ICM and Market Code of Conducts

More information of this high-level Seminar is available at www.ifsb.org. Please contact Ms. Noor Azmah Mohd Yusof (noor.azmah@ifsb.org) for further information.