The Future of Tokenised Islamic Financial Markets
From Issuance to Settlement. From Treasury to Investment. Preparing Islamic Finance for the Tokenised EconomyDate: 3rd December 2026
Venue: Kuala Lumpur
One-day Multi-speaker Seminar
WHY THIS PROGRAM?
Tokenisation is rapidly emerging as one of the most significant developments in financial market infrastructure, with the potential to reshape capital markets, treasury operations and investment management. As regulators, financial institutions and technology providers accelerate the adoption of digital market infrastructure, Islamic finance has a unique opportunity to leverage tokenisation to enhance efficiency, transparency, liquidity and market accessibility while remaining firmly grounded in Shariah principles.
This one-day, multi-speaker executive seminar brings together regulators, market practitioners, legal experts, technology providers and Shariah specialists to explore the practical application of tokenisation across Islamic capital markets and treasury. Through a combination of strategic discussion and real-world case studies, delegates will examine developments in tokenised Sukuk, digital securities, settlement, liquidity management, custody, governance, regulation and operational infrastructure. The programme is designed to move beyond theory, providing participants with a practical understanding of how tokenised financial markets are evolving, the challenges institutions must address, and the opportunities available as the next generation of Islamic financial markets takes shape.
Learning Outcomes
-
By the end of the seminar, delegates will be able to:
- Understand the technologies, market infrastructure and regulatory developments underpinning tokenised financial markets and their relevance to Islamic finance.
- Evaluate the opportunities presented by tokenisation across Sukuk, investment management, treasury, settlement and liquidity management.
- Identify the legal, regulatory, operational, risk management and Shariah governance considerations associated with implementing tokenised financial market solutions.
- Develop a practical roadmap for how their institution can prepare for the transition towards tokenised Islamic financial markets.
AGENDA
This opening session sets the scene for the day, exploring why tokenisation has become one of the most significant developments in financial market infrastructure. We examine the global momentum behind tokenised assets, the role of distributed ledger technology, stablecoins and programmable money, and why Islamic finance is uniquely positioned to benefit from greater transparency, efficiency and asset-backed structures.
Assoc. Prof. Dr. Mohamed Eskandar Shah Mohd Rasid, Chief Executive Officer, ISRA Consulting, INCEIF University
An introduction to the technologies, terminology and market developments underpinning tokenised financial markets. We distinguish tokenisation from cryptocurrencies, explain permissioned versus public networks, digital securities, smart contracts and digital custody, and explore how financial market infrastructure is evolving.
Discussion points:
- What exactly is tokenisation?
- Blockchain without the hype
- Smart contracts explained
- Permissioned versus public networks
- Digital securities
- Stablecoins and tokenised deposits
- CBDCs and wholesale settlement
- Current global initiatives
Rafiza Ghazali, Chief Financial Officer, Fasset
As tokenised markets move from concept to implementation, robust legal and regulatory foundations will determine the pace of adoption. We examine Malaysia's evolving regulatory landscape, including Bank Negara Malaysia's Digital Asset Innovation Hub and relevant Securities Commission Malaysia initiatives, alongside the legal issues surrounding ownership, custody, digital securities, smart contracts and cross-border transactions. The discussion also considers how tokenisation may reshape the structure of financial markets, exploring the future roles of banks, exchanges, custodians and technology providers, and what effective governance looks like in a programmable financial system.
Discussion points:
- Securities Commission Malaysia initiatives
- Bank Negara Malaysia's Digital Asset Innovation Hub
- Ownership and legal title
- Smart contracts and enforceability
- Custody and safekeeping
- Digital securities regulation
- Cross-border legal recognition
- AML/CFT obligations
- Who owns the tokenised financial market?
- Future roles of banks, exchanges, custodians and technology providers
Ridza Abdullah, Managing Partner, Messrs Mohamed Ridza & Co
As tokenisation moves beyond capital markets, treasury functions may undergo fundamental change. We examine how tokenised deposits, wholesale CBDCs, programmable payments and real-time settlement could transform liquidity management, collateral mobilisation, interbank markets and treasury operations.
Discussion points:
- Treasury transformation
- Tokenised deposits
- Liquidity optimisation
- Collateral management
- Repo markets
- Intraday liquidity
- Cross-border payments
- Atomic settlement
- 24/7 financial markets
Sylvia Wong, Regional Head, GWB - Treasury & Markets (Sales) and Financial Institutions, CIMB
A practical walk-through of a tokenised Sukuk transaction, from asset selection and structuring through legal documentation, Shariah review, token issuance, investor onboarding, settlement and redemption. Delegates gain an end-to-end understanding of what implementation looks like in practice.
Ong Johnson, Partner & Head of Technology Practice Group, HHQ
Lo Khai Yi, Partner, HHQ
How tokenisation could reshape Sukuk markets, Islamic investment products and capital formation. The discussion considers issuance, distribution, secondary market trading, fractional ownership and cross-border investment, alongside practical case studies from around the world.
Discussion points:
- Tokenised Sukuk
- Fractional ownership
- Digital issuance
- Secondary market liquidity
- Cross-border distribution
- Retail participation
- Asset tokenisation
- Investment funds and real-world assets
Tokenisation introduces new forms of operational, legal and technology risk while reinforcing the need for robust governance. We examine cyber resilience, smart contract risk, operational controls, Shariah governance, audit requirements and compliance frameworks that can support trust in tokenised Islamic financial markets.
Discussion points:
- Operational risk
- Smart contract risk
- Cybersecurity
- Technology resilience
- Regulatory compliance
- Shariah governance
- Internal controls
- Audit and assurance
- Governance frameworks
Professor Dr Aznan Hasan, Chairman, Shariah Advisory Council, Securities Commission Malaysia
Tokenisation changes far more than issuance. This session examines the operational infrastructure required to support tokenised financial markets, from settlement and custody through registrars, transfer agents, interoperability and lifecycle management.
Discussion points:
- Settlement models
- Digital custody
- Registrars
- Transfer agents
- Wallet infrastructure
- Market interoperability
- Corporate actions
- Lifecycle management
- Operational resilience
The closing discussion brings together regulators, financial institutions, technology providers, legal experts and market practitioners to explore the strategic decisions that will shape the next generation of Islamic financial markets. Looking beyond technology, the panel considers what market infrastructure, regulation, collaboration and investment are needed to move from pilot projects to institutional-scale adoption.
Discussion points:
- What will tokenised Islamic financial markets look like by 2035?
- What should banks be doing today?
- Which products are likely to scale first?
- How should regulators encourage innovation while maintaining market integrity?
- What infrastructure remains missing?
- Where should Malaysia lead, and where should it collaborate internationally?
- What are the biggest misconceptions about tokenisation?
- What does success look like over the next five years?
WHO SHOULD ATTEND?
- This seminar is designed for professionals involved in the development, regulation, operation and oversight of Islamic financial markets, including:
- Central banks and financial regulators
- Securities commissions and stock exchanges
- Islamic and conventional banks
- Treasury, liquidity and ALM professionals
- Capital markets and investment banking teams
- Sukuk originators, issuers and arrangers
- Asset managers and institutional investors
- Takaful and ReTakaful operators
- Custodians, trustees and market infrastructure providers
- Fintech and digital asset solution providers
- Legal advisers and law firms
- Shariah scholars and Shariah committee members
- Risk, compliance and internal audit professionals
- Operations, settlement and custody specialists
- Financial market consultants and advisers
REGISTRATION
FEE
Fee per participant: RM2,600/US$750
Please note that the Ringgit price is applicable to Malaysia-domiciled participants only. Discounts are available for group bookings. Please contact us for more details.

Send me Details
IN-HOUSE/GROUP TRAINING
If you are looking for an in-house training program or wish to send a group to an existing public program, kindly please contact Andrew Tebbutt at [email protected] or +603 2162 7802.
Learn More
Contact us
EXPERT FACILITATORS

Professor Dr Aznan Hasan
Chairman, Shariah Advisory Council, Securities Commission Malaysia View profile
Sylvia Wong
Regional Head, GWB - Treasury & Markets (Sales) and Financial Institutions, CIMB View profile



