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Conference day one, Tuesday 26 August
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7.30am | Registration and welcome refreshments
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8.15am | Welcome remarks by chairperson
Aly Khorshed, Islamic Finance Scholar
Elite Horizon Economic Consultancy, United Kingdom
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| Lead sponsor keynote address |
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8.30am | Keynote address: Fourth decade innovation
- Development of Islamic Finance during past 3 decades
- Potential realised during this period
- Demand for broader product range
- Innovative product development
Ahmed Moola, Managing Director
ABSA Islamic Banking, South Africa
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| GLOBAL ISLAMIC FINANCE AND INVESTMENT |
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9am | International keynote address: Identifying the competitive
advantages of Islamic banking in a non-Muslim country
- Current market place for Islamic retail products
- Setting up an Islamic retail bank
- Competing with conventional banks
- Innovative product development and successful Shariah compliant instruments
- Appealing and meeting both Muslim and non-Muslim community’s expectations
- Challenges and way forward
Hamza Farooqui, Group Chief Executive Officer
CII Holdings, South Africa
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9.30am | Analysing the value of Islamic banking and finance globally
- Successful drivers in growing the market to meet the explosive appetite of Islamic customers
- Operating a fully fledged Islamic bank with Islamic windows
- Setting industry standard to strengthen consumer and investor confidence
Shabir Chohan, Chief Executive Officer
Albaraka Bank, South Africa
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10am | U-turn
Things that keep you awake at night
You have voted for these topics! Your chosen speakers will now offer you real-time, spontaneous solutions and commentary on the issues that keep you awake at night. Bring your questions to this spontaneous discussion.
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10.05am | Morning refreshments
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10.30am | Operationalising an Islamic bank within a conventional bank
- Business model options
- Challenges – Shariah, technology, accounting, skills, training
- Lessons learned
- Opportunities realised
Nasima Sayeed-Mullah, Head of Operations
ABSA Islamic Banking, South Africa
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| SHARIAH COMPLIANCE: REGULATION AND STANDARDISATION |
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11am | Shariah scholar’s panel: On regulation and industry
standards
- Challenging role of Shariah approval in shaping Shariah compliant products
- Constraints and concerns faced by Islamic retail product providers
- Combining principles of Islamic law with taxation issues
- Developing acceptable and dynamic regulations for Shariah compliant products
- Shariah benchmarking – divergence vs harmonisation
- Do scholars hold a monopoly over Shariah?
- Pros and cons of having your own Shariah board
Panellists:
Ahmed Suliman, Shariah Advisor,Takafol South Africa, South Africa
Albaraka Bank Scholars, South Africa
Mufti Muhammad Ashraf Quraishi, Shariàh Supervisory Board Chairman, ABSA Islamic Banking
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| SUCCESSFUL SHARIAH COMPLIANT PRODUCT STRUCTURING |
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11.45am | Effective Shariah compliance framework
- Levels of the Shariah Supervisory Board
- Internal and external audit process
- Role and framework of internal Shariah team
- International standardisation
Moulana Shoayb Joosub, Head of Shariah
ABSA Islamic Banking, South Africa
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12.05pm | Presentation by the Official Luncheon Partner Thomson Reuters
Islamic Banking and Thomson Reuters
Busisa Jiya
Manager, Thomson Reuters, Africa
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12.15pm | Networking luncheon and prayer
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1.45pm | International case study: Resolving the complexities of
structuring a Shariah compliant product
- Basic contracts permitted in the Shariah and how they can be used to construct a structured product
- Trend towards complexity & more sophisticated Islamic products
- Is a move to standardised documentation inevitable?
Dr Aznan Hasan, Shariah Advisory Council
Bank Negara, Malaysia
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2.15pm | Opportunities for the institutional investor and non- Muslim investors – Islamic vs traditional products
- Gaining competitive edge with Islamic instruments
- Arbitraging pricing and spreads of Islamic products
- Islamic products as tools for portfolio protection and diversification
- Risk mitigation in Islamic investments
- Islamic investments as ethical alternatives
Dr Humayon Dar, Chief Executive Officer
BMB UK Ltd, United Kingdom
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2.45pm | Assessing major trends in the Sukuk and developments in the primary and secondary capital markets
- Who are the key players – global vs regionally?
- Reviewing common Sukuk structures and benchmarking
- What are the new innovations in structuring Sukuk?
- Meeting the demands for Sukuk among non-Muslim investors
- Challenges and solutions
Muhammed Kashif Khurshid, Manager Financial Services, Ernst & Young, South Africa
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3.15pm | Speed networking and afternoon refreshments
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3.45pm | Islamic structure and dynamics of takaful market –
opportunities in Africa
- Takafol vs. Insurance
- Current market trends
- Opportunities of Takafol in Africa and beyond
Uwaiz Jassat, Managing Director
Takafol South Africa, South Africa
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| CONVERGENCE BETWEEN ETHICAL AND ISLAMIC INVESTING |
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4.15pm | Panel discussion: Correlation between ethical investments, SRI funds, green funds and Shariah compliance
- Global trends – misconceptions and opportunities
- Role and responsibility of Shariah scholars
- Islamic microfinance
- Bridging SRI and Islamic finance
- Investment performance, pros, cons and opportunity costs
Moderator:
Isaac Fokuo, Principal
Botho Advisory Group, United States of America
Panellists:
Mohamed Bouya Ould Mohamed Fall
Head Shariah Development & Innovation Department
Abu Dhabi Islamic Bank, United Arab Emirates
Ashraf Mohammed, Portfolio Manager
STANLIB, South Africa
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5pm | Chairperson’s closing remarks and close of day one
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Conference day two, Wednesday 27 August
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8am | Welcome refreshments
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8.25am | Opening remarks by chairperson
Ahmed Moola, Managing Director
ABSA Islamic Banking, South Africa
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| REALISING THE POTENTIAL OF ISLAMIC FINANCE & INVESTMENT |
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9am | International keynote address: Where is the next wave of
consumer banking growth opportunity?
- The use of technology to differentiate product offering: channels for product delivery, develop customer centricity
- The use of centralised processing platforms to achieve efficient back office processes
- Shariah compliance to ensure total Islamic banking experience
Syed Tariq Hussain, Chief Executive Officer
Emirates Global Islamic Bank, Pakistan
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9.30am | International case study: Growth and development of Islamic insurance in Indonesia
- Overview of the insurance market in Indonesia
- Business in Islamic insurance
- The need for investors to open insurance and re-insurance
- Opportunities and challenges going forward
Jafril Khalil, Chief Executive Officer
Asuransi Syariah Mubarakah, Indonesia
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10am | Morning refreshments
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10.30am | Things that keep you awake at night
You have voted for these topics! Your chosen speakers will now offer you real-time, spontaneous solutions and commentary on the issues that keep you awake at night. Bring your questions to this spontaneous discussion.
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| ISLAMIC ASSET AND WEALTH MANAGEMENT |
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11am | Panel discussion: Capitalising on the increasing interest towards the Islamic funds industry
- Global Islamic fund market: a quickening pace & new potential?
- Identifying key trends in the Islamic funds industry & asset classes
- Islamic fund vs. a conventional fund
- Practical dimensions and a quantitative approach in setting up
- Islamic hedge funds, global equity funds, mutual funds and pension funds
- Customised investment strategies designed to meet the risk/reward profile of investors
Panellists:
Hubert Danso, Chairman, Africa-Investor, South Africa
Jahangir Aka, Managing Director, SEI, Middle East
Muhsin Jeena, Head Old Mutual SYmmETRY Islamic Solutions, Old Mutual, South Africa
Saliegh Salaam, Head of Equities, FutureGrowth Albaraka, South Africa
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11.45am | Identifying ingredients for success in wealth management,
private banking and Islamic funds
- Wealth and the consequences of its stipulated distribution criteria
- Relevance of “conventional” financial planning methodology
- Expanding the set through innovative products
- The role of estate planning
- Delivering effective client service
Nauman Ali, Islamic Solutions
ABSA Private Bank, South Africa
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12.15pm | Networking luncheon and prayer
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2pm | Are private equity investments and venture capital suitable for Shariah compliant investors?
- Meeting legal and regulatory requirements
- Ensuring a win-win situation with your Shariah board
Yusuf Suliman, Head of Shariah Department
Frater Asset Management, South Africa
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| NEXT GENERATION ISLAMIC FINANCIAL SOLUTIONS |
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2.15pm | Shariah requirements to enhance profits in real estate
investments
- Conventional vs. Shariah compliant REITs
- What are the differences and where are the opportunities?
- Risks vs. returns: compliant vs. conventional
- Identifying potential growth areas for Islamic real estate in South Africa
Session to be filled
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2.45pm | Can hedge funds ever be Islamic?
- Accommodate hedge fund structures within an Islamic model
- Can Islamic hedge funds use a short selling strategy?
- How can an Islamic fund achieve absolute return for investors?
- Could an Islamic fund compete with conventional hedge funds and attract non-Muslim capital?
Mohamed Bouya Ould Mohamed Fall
Head Shariah Development & Innovation Department
Abu Dhabi Islamic Bank, United Arab Emirates
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3.15pm | Afternoon refreshments
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| STEERING ISLAMIC FINANCE TOWARDS THE MAINSTREAM BANKING SECTOR |
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3.45pm | Marketing Shariah products through enhanced skills training
- The urgent review of skills training in Islamic finance and investment offering
- Global overview of skills training
- Consumer education and empowerment
- Emerging with an action plan
Ziyaad Mahomed, Founder and Chief Executive Officer
Islamic Finance Institute of Southern Africa (IFISA), South Africa
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| CORPORATE GOVERNANCE IN ISLAMIC FINANCE |
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4.15pm | Assessing risk management and optimal governance in Islamic finance
- What is corporate governance and who is involved?
- Principles of corporate governance
- Corporate governance in Islamic organisations
Hany Abou-El-Fotouh, First Vice President Corporate
Governance and Compliance Group Head
Arab Banking Corporation, Egypt
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| THE ROAD AHEAD - LOOKING INTO THE FUTURE OF ISLAMIC FINANCE |
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4.45pm | World Islamic guru panel discussion: Mapping the road to the future
- Outlook for the growth of global Shariah compliant market
- Is the Islamic financial industry adding value to or diluting the industry?
- Co-operation required between conventional, Islamic institutions and central bank
- Is there a need for uniformity on accounting standards?
- Demand and supply
- Cost of Islamic compliance
- Synchronising worldwide practices
Panellists:
Dr Aznan Hasan, Shariah Advisory Council
Bank Negara, Malaysia
Dr Humayon Dar, Chief Executive Officer
BMB UK Ltd, United Kingdom
Muhammed Kashif Khurshid, Offshore Consultant
Ernst & Young, South Africa
Hajara Adeola, Chief Executive Officer
Lotus Capital Limited, Nigeria
Hamza Farooqui, Group Chief Executive Officer
CII Holdings, South Africa
Taofiq Agbaje, Head of Investment Management & Research, Lotus Capital Limited, Nigeria
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5.15pm | Chairperson’s closing remarks and close of conference
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Masterclass I, Monday 25 August
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| Anti-Money Laundering (AML) in Islamic Finance,
Monday, 25 August 2008 |
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8.30am | Masterclass I
Registration for the masterclass will be at 08:30; the masterclass will commence at 09:00 and conclude at 17:00. Morning and afternoon refreshments, as well as lunch, are scheduled into the day’s proceedings.
Objective
The masterclass is specifically designed to offer an overview of AML in Islamic Finance, how to deal with the preparation of AML and regulatory examinations as well as best practices about tailoring an AML programme. This is an ideal opportunity to gain insight into successful strategies and solutions; particularly, on how to survive in this demanding regulatory environment.
Agenda
An overview of Anti-Money Laundering
- Definition of money laundering and terrorist financing
- Basic components of an AML compliance program
- Consequences to you and your institution
Developing an effective AML Programme – risk management and the need for internal control
- Components of a “risk-based” AML programme:
- Customer risk
- Business risk
- Geographic risk
- Structure of compliance function
- Policies and procedures
- Maintaining a dynamic Program
- Setting up risk rating
- High risk relationship
- Correspondent banking due diligence
- Charitable/NPOs Enhanced due diligence
- What do regulators expect
Suspicious transaction monitoring and detection and suspicious activities and transaction reports
- “Red flags” for suspicious activity?
- Automated monitoring or manual?
- When to file a report?
Customer acceptance policy and customer due diligence
- Technical CIP requirements
- KYC or customer due diligence – how much is enough?
- Higher-risk clients or customers:
- Politically exposed persons
- Entities with no transparent ownership structure
Case study
About your masterclass presenter
Hany Abou-El-Fotouh, FVP Corporate Governance and Compliance Group Head, Arab Banking Corporation, Egypt
First vice president and group head of corporate governance and compliance, ABC Bank, Egypt. He is a leading expert on money laundering and terrorist financing controls in the Middle East-North Africa region with extensive experience in regulatory compliance and corporate governance best practices. Founder of the Middle East Compliance Officers’ Forum, he has been honored for his work in promoting compliance awareness in the MENA region. Previously, he held top compliance positions in leading banks, such as HSBC Bank Egypt, Banque, Saudi Fransi, and Oman International Bank.
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Masterclass II, Monday 25 August
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| Islamic finance and investment banking in Africa, Monday, 25 August 2008 |
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8.30am | Masterclass II
Registration for the masterclass will be at 08:30; the masterclass will commence at 09:00 and conclude at 17:00. Morning and afternoon refreshments, as well as lunch, are scheduled into the day’s proceedings.
Objective
The masterclass will look at the current developments in Africa banking and finance and discuss the financial instruments used. The
masterclass will revisit the principles of Islamic finance, the religious background and legal foundations of Islamic finance while discussing
successful case studies and opportunities in Africa.
Agenda
- Understanding the new wave of Islamic finance and investment banking globally
- Overview of Islamic finance and investment banking in Africa and its impact on your organisation
- Founding principles of Islamic finance and investment banking
- Differences between Islamic and conventional banking
- Islamic banking product development
- Risk management and corporate governance in Islamic Banks – global and African perspectives
- Success stories
- Challenges facing Islamic finance and investment banking
- Way forward
About your masterclass presenter
Ziyaad Muhammad, Founder and Chief Executive Officer, Islamic Finance Institute of Southern Africa (IFISA)
Ziyaad Mahomed is the founder and CEO of Islamic Finance Institute of Southern Africa (IFISA), the only dedicated Islamic finance training institute on the African continent and has lectured widely throughout
South Africa.
Ziyaad served as National Marketing & Product Development Manager for Albaraka Bank South Africa. He has also been directly involved in the launching of a Shariah Compliant Unit Trust and Islamic Insurance
(Takafol) in South Africa. He holds academic qualification in commerce, strategy and Islamic Law. Ziyaad has authored the study material used for distance learning at the Institute including a booklet on Islamic Insurance and numerous works on mathematics, science and accounting. Ziyaad has frequently contributed to various newspapers and magazines for the last 5 years. He has also presented extensively on radio and international satellite channels on Islamic finance, local & international markets, banking issues and economics for many years.
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Masterclass III, Thursday 28 August
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| Islamic financial planning and wealth management, Thursday, 28 August 2008 |
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8.30am | Masterclass III
Registration for the masterclass will be at 08:30; the masterclass will commence at 09:00 and conclude at 17:00. Morning and afternoon refreshments, as well as lunch, are scheduled into the day’s proceedings.
Objective
Gain vital understanding and knowledge of the fundamentals of Shariah and Islamic Financial Planning. The masterclass will ensure that you are able to compare the conventional and Islamic Financial Planning, enabling in depth comprehension of this market.
Agenda
Fundamental concepts in Islamic financial planning and wealth management
Differences between wealth management concepts in Islam and the conventional system
- The Islamic objective of earning wealth in Islam
- Wealth accumulation and wealth generation
- Principles of Islamic financial planning
- The role of social responsibility in Islamic wealth management
- The concept of risk and return within the Shariah
- Role of Zakaah in Islamic wealth management
Investments, Unit Trusts and the Share Market
- Islamic investment methods
- The Shariah screening process for the selection of Share
Sukuks and contemporary investment instruments
- Understanding Islamic securities and conventional debt securities
- Understanding the basic structuring of a Sukuk
- A case study of a successful Sukuk
- The Shariah position on other equity instruments
Shariah boards and skills training
- Understanding the role of Shariah Boards
- Educating the sales team
- Informing the consumer market
About your masterclass presenter
Ziyaad Muhammad, Founder and Chief Executive Officer,Islamic Finance Institute of Southern Africa (IFISA)
Ziyaad Mahomed is the founder and CEO of Islamic Finance Institute of Southern Africa (IFISA), the only dedicated Islamic finance training institute on the African continent and has lectured widely throughout
South Africa.
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Dr Mohamad Nedal Alchaar
