Islamic Investment And Finance Forum 2011 Summit Day: Emerging And Frontier Markets For Islamic Finance Monday, 24 October 2011 09.00
Turkey Stakeholder Panel: Is Turkey Set To Become An International Financial Centre, And If So, What Does This Mean For Istanbul As An Emerging Islamic Finance Hub? What recent developments in Turkey’s legislative framework will facilitate the growth of Islamic finance in turkey? How fast is the participation banking sector growing in Turkey, and what will be the next steps in its development? Why hasn’t the participation banking sector grown faster despite the majority muslim population? How can the participation banks and the Central Bank work together to improve liquidity management options? What ambitions does the Turkish government have to develop the Islamic asset management sector, and how open will the market be to international competition? Does the Turkish administration have plans to issue sovereign sukuk in the near term? What impact will Turkey’s membership of the International Islamic Liquidity Management Corporation (IILM) have on the development of its participation banking sector? When will Turkish corporates start to access Islamic capital markets? What will deal sizes, tenors and yields look like? What kinds of investment are Turkish investors looking for now, and how can participation investment products meet these needs? Ibrahim Turhan, Deputy Governor, Central Bank of Turkey, Turkey Cenk Yavuz, Head of Treasury, Bank Asya, Turkey Michael Davey, Director Turkey, European Bank for Reconstruction and Development, Turkey Onur Takmak, CEO, Rhea Asset Management, Turkey
10.00
Turkey - Market Snapshot: Economic, Political and Demographic Fundamentals Transformation of global economic growth – developed countries to emerging markets: Role and position of Turkey Political stability and macroeconomic success Young population: Great potential for development Serkan Ozcan, Chief Economist, Vakif Bank, Turkey
10.45
What are the next steps for the development of the participation banking sector in Turkey and what does this mean for the role of Istanbul as an Islamic finance hub? Fahrettin Yahsi, General Manager, Al Baraka Turk Participation Bank, Turkey (TURKISH LANGUAGE PRESENTATION)
11.15
Networking And Refreshment Break
11.45
CIS Countries Stakeholder Panel: Are Governments In The CIS Countries Supportive Of Islamic Finance Principles, And Will They Actively Develop The Infrastructure Needed To Develop An Islamic Finance Industry? What makes a market ripe for the development of Islamic finance: Are the simple demographics of a high muslim population enough? Will Gulf investments in Islamic financial institutions in the CIS pay off: Is there robust potential for growth here or are these investments a shot in the dark? What will be the benefits for CIS governments and corporates of developing an Islamic finance industry? What types of Islamic finance transactions will come first? Is there an investment mentality among CIS populations and how does this translate to potential for Islamic investment appetite? Will Kazakhstan’s upcoming Presidency of the Organisation of the Islamic Conference spark developments in Islamic banking infrastructure and regulation in Kazakhstan and other CIS countries? Khaled Al Aboodi, CEO, Islamic Corporation for the Development of the Private Sector, KSA Alisher Ali, Managing Partner, Silk Road Management, Mongolia Emil Gasymov, General Director, CJSC Tatarstan International Investment Company, Russian Federation
12.45
In Depth: Market Briefings for Kazakhstan, Azerbaijan And The CIS Countries Alisher Ali, Managing Partner, Silk Road Management, Mongolia
13.45 15.00
Lunch And Networking Break African Hotspots Stakeholder Panel: Is Africa Really The Next Big Thing In Islamic Finance: What Is The Potential For Developing Islamic Finance In African Markets? How will the islamic finance and investment market develop in Egypt post regime change? The cart before the horse: does the conventional banking industry need to achieve higher levels of penetration before an Islamic finance market will start to develop? Can Islamic banking principles be a catalyst to bring unbanked masses into the banking population?
What developments are needed in corporate governance and transparency before Islamic finance will progress? Will Islamic capital markets see African governments issuing sukuk over the coming five years: will investor interest be sufficient to makes these issues successful? Bashir Umar, Special Advisor to the Governor – Non Interest Banking, Central Bank of Nigeria, Nigeria Ebrahim Patel, CEO, FNB Islamic Finance, South Africa Kazim O. Yusuf, Director, Kord Capital, Nigeria Talha Salih Yayla, Head of International Legal Issues, Bank Asya and Board Member, Tamweel Africa Holding, Turkey 16.00
Close of Summit Day
Forum Day One - Tuesday, 25 October 2011 08.30
Morning Plenary Opening Remarks From The Chairman Rushdi Siddiqui, Global Head of Islamic Finance, Thomson Reuters, USA
08.45
The Role Of Islamic Finance In Promoting Global Market Stability Mehmet Simsek, Finance Minister, Turkey
09.15
CENTRAL BANK GOVERNORS ROUNDTABLE: The Impact of Regulatory Development and Reform On The Growth Of Islamic Investment And Finance Control vs facilitation: What is the ideal role for a central bank with a mandate to support the growth of Islamic finance? Starting out: What are the first steps frontier markets need to take to open their market up to Islamic banking and investment? Which stock exchanges are leading the way with efficient trading processes and value for money operating costs? Do Central Banks have a role to play in supporting and enforcing the standards set by IFSB, IIFM and AAOIFI? How will recent changes in the Turkish regulatory framework make it easier for Turkish corporates to issue sukuk? Ibrahim Turhan, Deputy Governor, Central Bank of Turkey, Turkey H.E. Mohammed Said Shahin, Deputy Governor, Central Bank of Jordan, Jordan Professor Njuguna Ndung’u, Governor, Central Bank of Kenya, Kenya Dr Kingsley Moghalu, Deputy Governor – Financial System Stability, Central Bank of Nigeria, Nigeria Inayat Hussain, Executive Director, Banking Policy & Regulation Group, State Bank of Pakistan, Pakistan
10.15
KEYNOTE ADDRESS: The Prudential Framework Of The Islamic Financial Services Board Jaseem Ahmed, Secretary General, Islamic Financial Services Board, Malaysia
11.00
Networking And Refreshment Break
11.30
Global Islamic Capital Markets Outlook 2011-2014: Reaching The US$1 Trillion Mark And Beyond What recent developments are driving demand for Islamic investments among institutional investors? Which geographies will see the biggest volume of corporate issuances in the coming two years? How active will retail investors in majority muslim markets be in shariah compliant investing? Is it getting easier to raise shariah money and what are the near term predictions? Will the GCC see a revival in sukuk post global financial crisis? Islamic debt or equity: Is the industry seeing a shift away from sukuk as the default Islamic capital markets product? Moving up a gear: What are the implications for inward investment of future changes in country categorisation for the UAE and Qatar? Khalid Al Bassam, Chairman, Bahrain Islamic Bank, Bahrain Mohamad Safri Shahul Hamid, Deputy CEO, CIMB Islamic, Malaysia Hasan Bilgrami, CEO, Bank Islami, Pakistan
12.15
International Expansion By Pure Play Islamic Banks – Where Are The Leading Islamic Banks Building Their Businesses And What Does That Say About Where The Next Big Islamic Finance Markets Will Be? What impact have GCC investments in Turkish participation banks had on the development of participation banking in Turkey? Which emerging and frontier markets hold the most potential for established Islamic banks looking to expand their geographic reach? What key criteria need to be in place in new markets to make them attractive targets for the international expansion of Islamic banks?
How important is the international expansion of Islamic banks to the development of real scale in the Islamic banking sector? Which growth models work best for Islamic banks – organic growth or acquisition? Mohammed Jamil Berro, CEO, Al Hilal Bank, UAE 13.00
“Quick Connect” Networking
13.00
Lunch And Networking Break
14.30
15.15
Islamic Funds
Sukuk
Islamic Fund Structuring That Meets The Requirements Of The Faith And Ethics Conscious Investor Whilst Maintaining Portability And Distribution Appeal Why is it so difficult to penetrate the Islamic funds market? How can Islamic funds be structured so as to maximise their cross border portability? Which Islamic fund structures have yielded the best risk adjusted returns over the last twelve months? How dynamic are Islamic equities indices, what drives changes in their make-up and what impact can this have on fund performance? What recent fatwas are influencing the development of new Islamic funds? Mohieddine Kronfol, CIO-Fixed Income/Sukuk – LAM/MENA, Franklin Templeton, UAE Mohammed Shaheed Khan, Executive Director – Head of Structuring, Ithraa Capital, KSA Tariq Al Rifai, Director Islamic Market Indexes, Dow Jones Indexes, UAE
Racing Towards A Revival: When Will Sovereign And Corporate Sukuk Issuances Pick Up? Will there be a revival of sukuk issuances across the GCC, and will the market see a greater variety of issuers come to market? Is corporate spending starting to go up again after the frugality of the last two years? Is it becoming easier for corporates to raise shariah money? How can corporates persuade buyers of their credibility, and to what extent do they need to in today’s limited market? What impact will new issuances have on the wider Islamic capital markets universe? Moderator: Saad Rahman, Executive Director Islamic Banking, Credit Agricole - CIB, Bahrain
Islamic Real Estate Funds: How Are Islamic Real Estate Funds Faring In Today’s Real Estate Markets? Are Islamic real estate funds attractive to the faith conscious investor and do Islamic real estate funds gain more traction among investors than other asset classes? How has the market for Islamic real estate funds responded post global financial crisis? How important are Islamic real estate funds for kickstarting demand for Islamic finance products in frontier markets? How can Islamic real estate funds support the drive for property development in frontier markets?
What Have Sukuk Deal Makers Learned Post Global Financial Crisis And How Will This Impact The Shape Of New Deals To Come? What are the market expectations of sukuk deal size over the next two to three years? How will prices compare to conventional bonds of similar tenor? How will sukuk be benchmarked? Are yields equivalent to the risk/return trade off? What types of sukuk structures will be used going forward and how will emerging structures improve risk management?
Moderator: Samer Solh, Managing Director, Amwal Asset Management, Qatar Nael Mustafa, Executive Director & Head of Real Estate MENA & India, Arcapita Bank, Bahrain
Mohamad Safri Shahul Hamid, Deputy CEO, CIMB Islamic, Malaysia Ahmed Saad, Deputy CEO, Sharjah Islamic Bank, UAE Ramiz Moukarim, Head of Debt Capital Markets, Qatar Islamic Bank, Qatar
Ramiz Moukarim, Head of Debt Capital Markets, Qatar Islamic Bank, Qatar Faiz Nassim, Head of Financial Institutions and Structured Finance, Q Invest, Qatar
Nigel Denison, Executive Director and Head of Markets, Bank of London and the Middle East, UK Kamran Khan, Managing Partner, Prosperitus Capital Partners, UK
16.00
Networking And Refreshment Break
16.30
Extended Session Shariah Scholar Perspective: New Product Development For Islamic Funds - A Vital Tool For Catalysing Industry Growth Or An Exercise In Replicating Conventional Products? Understanding the basics of structuring
Spotlight On Turkey: Turkish Corporate Sukuk - On The Horizon Or Still Some Way To Go? What will drive Turkish corporates to come to Islamic capital markets, and when will they start to come? Is the legal framework fully set up for corporate sukuk issuances in Turkey or is there more to be done?
shariah compliant funds Exploring recent fatwas and their impact on the future structure of islamic funds Will increased standardisation in Islamic products stimulate or destroy Islamic investment opportunities? Innovation or camouflage: Which approach to new product development is most likely to appeal to shariah mandated investors? Will reduced variability in shariah compliant funds significantly increase their cross border portability? Dr Mohd Daud Bakar, Shariah Scholar and Managing Director, Amanie Islamic Finance Consultancy and Education, UAE
17.15
What are the advantages for Turkish companies of issuing sukuk rather than conventional bonds? What sukuk deal sizes can the market expect in the next two to three years? How much appetite is there among GCC and Malaysian investors for Turkish corporate sukuk?
Moderator: Faiz Nassim, Head of Financial Institutions and Structured Finance, Q Invest, Qatar
Cenk Yavuz, Head of Treasury, Bank Asya, Turkey Yavuz Yeter, Group Manager, Investment Banking & Treasury Product Development Departments, Kuwait Turkish Participation Bank, Turkey Ayhan Keser, Assistant General Manager – Treasury and Financial Institutions, Al Baraka Turk Participation Bank, Turkey
Large Scale Infrastructure Projects: The Key To Accessing Gulf Finance And Kickstarting The Sukuk Markets In Frontier Economies? Why don’t more large scale infrastructure projects across MENA have an Islamic financing tranche? Are infrastructure projects and Islamic financing structures ideally suited? How attractive are state sponsored infrastructure projects to Islamic private equity investors? Moderator: Faiz Nassim, Head of Financial Institutions and Structured Finance, Q Invest, Qatar Michael Davey, Director Turkey, European Bank for Reconstruction and Development, Turkey Oscar Silva, CEO, Global Banking Corporation, Bahrain Ersagun Simsek, Head of Project Finance Department, Bank Asya, Turkey
18.00
Close of Forum Day One
Forum Day Two Wednesday, 26 October 2011 09.00
Islamic Funds
Islamic Investment
Islamic Fund Distribution: Going It Alone Or Partnering Up – The Logistical And Compliance Benefits And Risks Of Fund Distribution Models How much value can a third party fund distributor add? What are the key benefits to working with a third party distributor? How much control should you hand over to a third party distributor? What makes a successful distribution partnership? Measuring a potential distribution partner for counter party risk: What can go wrong? Should fund managers be geographically situated close to their investments and what advantages does this bring? Gul Khan, Global Head of Wealth Management, HSBC Amanah, UAE
Islamic Asset Management: New Sources Of Shariah Compliant Investment Mandates – Where Will They Come From? How crucial is a “mutual funds mentality” to developing a broad and vibrant asset management, and Islamic asset management, sector? Are there lessons to be learned from the Malaysian Islamic asset management experience, and can these lessons feasibly be applied in MENA markets? Why do Islamic funds typically fail to reach the scale of their conventional counterparts and what is the impact on the development of the Islamic asset management industry? In-house or third party asset management: what can external asset managers achieve that in-house investment managers of institutional investors can’t? Moderator: Emad Mansour, CEO, Qatar First Investment Bank, Qatar Samer Solh, Managing Director, Amwal Asset Management, Qatar Mohammed Shaheed Khan, Executive Director – Head of Structuring, Ithraa Capital, KSA
09.45
Islamic Fund Administration: Bringing Best Practice Corporate Governance Standards To Islamic Fund Administration In MENA How much value can be gained from outsourcing the custody of Islamic funds? The comfort factor: How important is third party custody of shariah compliant funds to retail and institutional investors? How much risk can using third party fund administrators expose fund managers to? How much do MENA markets need to do to catch up with Europe, the US and Asia in corporate governance standards for fund administration and custody?
Islamic Private Equity: New Trends And Changing Appetites for Islamic Private Equity Investing Post Global Financial Crisis Is there a growing appetite for Islamic private equity in the Middle East post global financial crisis? Is it getting easier to raise Islamic money and what impact would this have on the private equity market? Is the focus starting to move away from asset revaluations and restructuring and back to value creation? Where are the good quality Islamic private equity opportunities starting to emerge? Moderator: Oscar Silva, CEO, Global Banking Corporation, Bahrain Peter Paul Pardi, Executive Director Investment Placement, Arcapita, Bahrain Emad Mansour, CEO, Qatar First Investment Bank, Qatar Onur Takmak, CEO, Rhea Asset Management, Turkey
10.30
Networking And Refreshment Break
11.00
ETFs: How Is The Advent Of Islamic Exchange Traded Funds Impacting The Islamic Finance Industry? Do Islamic ETFs plug a gap in the market for shariah compliant investment instruments? Where are the investment inflows coming from, and what is driving growth? How are Islamic ETFs performing? Tariq Al Rifai, Director Islamic Market Indexes, Dow Jones Indexes, UAE
Islamic Trade Finance: Land Of Opportunity – A New Growth Area For Islamic Finance? What trends is the industry seeing in the use of shariah compliant instruments for financing trade? How important is Islamic finance as a tool for developing intra-trade among OIC member countries? What does the future hold for shariah compliant trade finance funds?
11.45
Takaful Update: Different Roles For Takaful Products In More Mature Islamic Finance Hubs Vs Nascent Islamic Finance Markets Are takaful products increasingly being used as a wealth management tool by faith based investors? How are takaful distribution channels developing in Malaysia and MENA? How important are takaful offerings to the establishment of new Islamic retail markets?
What Is The State Of The Islamic Syndicated Loan Market And Where Will New Business Come From? Will Islamic syndicated loan volumes increase during the next twelve months? How have Islamic syndicated loan structures developed over recent months? Why should a corporate choose Islamic syndicated loans vs sukuk to raise capital, and can they be used together?
Special Focus Sessions
Dr Saleh Malaikah, Vice Chairman and CEO, Salama Islamic Arab Insurance Company, UAE Dato Mohammed Hassan Kamil, Group Managing Director, Syarikat Takaful Malaysia Berhad, Malaysia Dr Abdul Rahman, Former CEO, Allianz Takaful – Bahrain, Bahrain Sohail Jaffer, Group Partner, FWU Group, Luxembourg Pervaiz Ahmed, CEO, Pak Qatar Family Takaful Company, Pakistan
12.30
Moderator: Saad Rahman, Executive Director Islamic Banking, Credit Agricole - CIB, Bahrain Saadat Yaqub Bajwa, Head Financial Institutions, Syndications and Debt Capital Markets, Noor Islamic Bank, UAE
Lunch And Networking Break
Closing Plenary 13.45
Institutional Investor Perspective: A Perspective On Shariah Compliant Investing From The National Employment Savings Trust, A UK Multi Employer Defined Contribution Pension Scheme What are the key investment criteria for institutional investors Trustee based Pension Schemes? What have been the main challenges encountered by NEST in seeking suitable Shariah compliant pooled investment vehicles? Is there a current trend towards wealth preservation, achieving a new balance of risk and return in pensions saving? Do Islamic investments warrant their own asset class – or should they be ever-more structured to offer similar risk-return and liquidity profiles as conventional assets?
Understanding pension saving in the UK: What is the appetite for pension products amongst the UK’s Muslim population? How will auto-enrolment stimulate the appetite for Shariah compliant pension products? Paul Todd, Head of Investment Policy, National Employment Savings Trust, UK 14.15
Institutional Investor Perspective: Demand, Drivers And Due Diligence – Emerging Investment Priorities For Global And Regional Institutional Investors And Which Asset Classes Are Finding Favour What are the key investment criteria for institutional investors? How have institutional investors’ appetites for risk changed since the global financial crisis and what role can Islamic investments play in meeting investor needs? Are Takaful investment portfolios sufficiently diversified to manage risk effectively in today’s market? How have HNW and family office investment appetites changed in KSA since 2008? What performance benefits can be gained by mandating Islamic investments among sovereign wealth funds? Is there a current trend towards wealth preservation among investors in MENA and what impact is this having on demand for Islamic paper? Do Islamic investments warrant their own asset class? Why are so few institutional investors actively handing out mandates for shariah compliant asset management? Nor' Azamin Salleh, CEO, Mayban Investment Management, Malaysia
14.45
Does Islamic Finance have A.I.R. (Authenticity, Innovation and Reach)? Delinking from oil and conventional benchmarks Making Islamic Finance conventionally efficient Sovereign Wealth Funds (part of Islamic equity capital market) over an Islamic Mega Bank Rushdi Siddiqui, Global Head of Islamic Finance, Thomson Reuters, USA
15.30
Close of Islamic Investment and Finance Forum