19th October 2022, Manama
#IFNBAHRAIN2022
WE ARE GOING LIVE IN
LIMITED / EXCLUSIVE SEATING
About The Dialogues
Islamic finance is deeply rooted in the Middle East, a region that continues to shape the modern Islamic finance industry globally. Commanding the lion’s share of global Islamic banking and finance assets and wielding enormous influence in the industry, the Middle East has always been an integral part of IFN.
Covering the region since 2004 and organizing industry-leading events in the Middle East since 2008, IFN returns to the region in 2022 with a series of high-level, closed-door, unique events combining its globally recognized gatherings with the much sought-after and acclaimed Dialogues.
Taking on a new design and following the hugely successful IFN Thought Leadership Dialogues in Dubai and the IFN KSA Dialogues in Riyadh, both in June 2022, both of which received overwhelmingly positive feedback from speakers and delegates, we now bring you the IFN Bahrain Dialogues.
The IFN Bahrain Dialogues is a series of extended discussions among leading regulators and the industry’s elite, gathered to discuss and identify the sector’s most pressing issues as well as emerging opportunities.
Seated around a round table, with selected observers, each 12-person Dialogue will run for approximately 2½ hours.
WHAT THEY SAID
The efforts of IFN in bringing together sustainable elements in Islamic finance and in driving the panel discussion toward blitz-scaling the current efforts in Islamic finance were truly commendable. Over the course of the entire session, the focus was on identifying a common sustainability playbook in the existing Shariah compliant Islamic financial structure. During this session, we discussed the significance of regulators, market players and the trends influencing the implementation of ESG pillars for Islamic finance. Panel discussions concluded with discussions on strategies for driving and converging sustainability to Shariah compliant Islamic finance structures in the future.
The panel discussion on Islamic sustainable and responsible investing brought together a good blend of stakeholders from various aspects of the industry including Islamic finance, sustainable investing, ESG advisory, insurance, banking, legal and projects. This made the discussion very interesting and insightful, bringing different perspectives to the table.
This prestigious event carried out interesting discussions on the Islamic finance landscape in Saudi Arabia and provided business networking opportunities for industry stakeholders. The analytical insights shared by the panelists into the development, growth and challenges of its constituent sectors, including Islamic banking, Islamic capital markets, Waqf and Islamic fintech are thought-provoking. I congratulate the organizers for successfully hosting this event in the globally largest Islamic finance industry by asset size.
We enjoyed participation from lawyers, bankers, regulators and clients at IFN Dialogue Riyadh. The quality was impressive, thanks to the good reputation and skills of the organizers. Over time, these events make a difference; our industry adapts and changes because our professional community stays more coherent because of these events.
IFN has done it again. Getting together Islamic finance influencers to assure the free flow of ideas and information. This is how innovations in our field are born. Bringing in the financiers from GCC, Europe and Southeast Asia is a great recipe for the effective distribution of intellectual products. Kudos to the organizers for a perfectly assembled event
An Introduction to 2022
2022 – READY TO REBOOT
The past two years have been difficult for many. For the first time in almost a century, the world ground to a halt, meaning minimal physical interaction, and a shuddering halt to B2B events as we knew them.
At REDmoney, we went online, building a new platform allowing us to deliver virtual events to our readers and followers around the world. And, although OnAir events don’t allow for face-to-face meetings and that personal interaction we all enjoy, there’s very much a place for them moving forwards, and this is recognized through the IFN OnAir Roadshow visiting a series of key markets in 2022.
However, with the opening of core markets and people returning to offices, we’re delighted to announce our 2022 physical Forum line-up too.
And, with our exclusive OnAir platform and the REDmoney.live portal, all physical forums will also be aired live to a global audience. This means larger audiences and greater participation, which is great news for all involved.
We begin with our coveted Awards Ceremonies in Dubai and Kuala Lumpur, serving their respective markets, followed by events in Nigeria, United Arab Emirates, United Kingdom, Malaysia, Indonesia, Oman, and Saudi Arabia.
#IFNFORUMS2022
Dialogues Agenda
9.10 – 9.20
Welcome Address
Adnan Yousif, Chairman, Bahrain Association of Banks
9.20 – 9.30
Keynote Address
9.30 – 11.30
Dialogue One: Global Islamic Capital Markets, Infrastructure Finance and Private Equity
- Bahrain’s Bahrain Economic Vision 2030 and the opportunities on offer for Islamic finance.
- Inflation, a rising interest rate environment and the implications for potential issuers of Islamic capital market products and Islamic facilities in Bahrain and the region.
- How do Islamic facilities present viable funding options for asset-heavy industries such as transport, and oil and gas?
- How are Islamic finance structures funding projects and infrastructure in Bahrain?
- The role of private capital in the Islamic finance markets in Bahrain.
- Beyond listed Sukuk: what are the opportunities presented by the private placement market?
- What options do hybrid or combination Sukuk offer issuers?
- How do Tier 1 and Tier 2 Sukuk offer financial institutions a flexible, efficient and user-friendly way of satisfying regulatory capital requirements, and what do perpetual Sukuk structures offer such issuers?
- Developing the global Sukuk and Islamic financing market: regulation, hedging, risk and liquidity management instruments.
- With the demise of LIBOR, is SOFR a good alternative for the Islamic finance market in Bahrain?
- The evolution of Shariah compliant fund and collective investment schemes: ETFs, Sukuk, leasing and trade finance funds.
- The outlook for Shariah compliant direct real estate investment and private equity in Bahrain and the region.
- The role of technology and marketplace financing in Islamic finance in Bahrain.
Husain Alkhaja, GCC Regional Director, DDCAP
Ijlal Alvi, CEO, International Islamic Financial Market
Mohamed Al Shehab, Vice President, Corporate Finance and Investor Relations, nogaholding
Mohammed Paracha, Head of Middle East, Norton Rose Fulbright
Omar Mustafa Ansari, Secretary General, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
11.30 – 12.00
Coffee and Networking
12.00 – 14.00
Dialogue Two: Islamic Sustainable and Responsible Investing in Bahrain
- Opportunity knocks: the exciting prospects for Islamic sustainable finance and investment in Bahrain and the region.
- Important considerations in the development of efficacious Islamic sustainable investment products.
- Understanding the structure and benefits of transition, sustainable and sustainability-linked investment products.
- Islamic sustainable funding options available to asset-heavy industries in Bahrain and the region.
- Managing important sustainable investment regulatory, reporting and disclosure requirements for issuers and investors.
- Fit for purpose: measuring the long-term benefit of green and sustainable financial investments and avoiding the issue of greenwashing.
- Stress-testing credit and investment portfolios for climate risk, and the role of regulators.
- With ESG and sustainability continuing to grow in Islamic capital markets issuance, when will we see the measurement of impact?
- Are sufficient issuers engaging with independent, third parties to measure green, sustainable and social credentials?
- Are tax environments in the GCC less conducive toward green issuances?
- Where does technology play a role in Islamic sustainable finance and investment in Bahrain?
Rizwan Malik, Head – Standards Implementation & Strategic Developments, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
Dialogues Keynote
Adnan Yousif
Chairman, Bahrain Association of BanksDialogues Speaker
Husain Alkhaja
GCC Regional Director, DDCAPHusain Abdulwahed Alkhaja is the GCC regional director and director of DDCAP.
Husain is a vastly experienced banker who has been working within the Islamic financial marketplace for the past 30 years for various highly regarded regional and international financial institutions. Most recently, he held senior executive positions within MFAI (Jersey), a wholly-owned subsidiary of DMI Group. This followed his tenure as COO of CMA-licensed investment company Gulf Investors Asset Management Company.
Having started his career in banking in Bahrain, Husain was appointed the regional director and head of GCC and Islamic banking at Societe Generale where he was based in Dubai. Prior to returning to Bahrain as CEO of Investment Dar Bank, Husain was the general manager of ADNIF, the Islamic subsidiary of National Bank of Abu Dhabi.
Ijlal Alvi
CEO, International Islamic Financial MarketIjlal Ahmed Alvi has extensive experience in the financial services industry with regional and international financial institutions spanning more than three decades in the areas of treasury, capital markets, strategic planning and Islamic finance standardization.
For the last 16-plus years, as CEO of the International Islamic Financial Market (IIFM), he has overseen the development and publication of global Shariah compliant financial documentation and product confirmation standards as well as related guidelines for the Islamic financial services industry.
Ijlal has been influential in the IIFM’s collaborative efforts by signing MoUs with various international development bodies, multilateral entities and trade associations. Some of these collaborations have resulted in the publication of a number of joint global standards.
Ijlal has been part of a number of international steering committees, task forces and working groups of various multilateral development organizations focused on the development of the Islamic financial services industry. He is a regular speaker at international conferences and also contributes articles in various international and Islamic finance publications.
Mohamed Al Shehab
Vice President, Corporate Finance and Investor Relations, nogaholdingMohamed currently holds the role of Vice President, Corporate Finance and Investor Relations at the Oil and Gas Holding Company B.S.C. (c) nogaholding, where he is responsible for securing funding for capital and investment opportunities. Mohamed’s role also includes setting and executing the financing strategy for the Group, as well as evaluating future investment opportunities in line with the group’s sustainability strategy and maintaining investor relations for nogaholding portfolio companies. Mohamed is also involved in the corporate and ESG strategy for the group, and leads the risk management function at nogaholding.
Mohammed Paracha
Head of Middle East, Norton Rose FulbrightMohammed Paracha is a banking and finance lawyer based in Dubai. He is the head of the Middle East, as well as the head of Norton Rose Fulbright’s Islamic finance practice for the Middle East and Africa.
Mohammed has been active in the Middle East for nearly 20 years, having worked in Norton Rose Fulbright’s London and Bahrain offices before moving to Dubai in 2011. He became the head of Norton Rose Fulbright’s Middle East practice in January 2021.
Mohammed’s practice focuses on all types of Islamic finance covering a wide range of asset types, investment classes and industrial sectors. With a background in asset and project finance, Mohammed advises on Shariah compliant asset finance, trade finance, real estate finance and project financings. He also advises on the structuring of Islamically acceptable investment funds and has advised on the establishment of new Islamic financial institutions in various countries. Mohammed has strong relationships with many of the internationally renowned Shariah scholars and is a regular speaker at conferences and seminars on Islamic finance topics.
Mohammed is recommended as a leader in his field by Chambers and Partners, The Legal 500, Acritas and IFLR.
Omar Mustafa Ansari
Secretary-General, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)Omar Mustafa Ansari is working at AAOIFI — a global Islamic finance standard-setter — as its secretary-general. Previously, he was a partner (assurance) and head of Islamic finance (Pakistan and Afghanistan) at Ernst & Young (EY) Ford Rhodes Sidat Hyder — a member firm of EY. He is a fellow member of the Institute of Chartered Accountants of Pakistan (ICAP).
At AAOIFI, Omar is responsible primarily for leading the process of development of accounting, auditing, governance and ethics standards for the global Islamic finance industry, besides managing the overall affairs of the institution as the organization’s head.
Omar’s key areas of expertise include assurance and advisory services to Islamic financial institutions, including Islamic accounting advisory, audits, Shariah audits, corporate finance advisory, structuring of Shariah compliant transactions, accountancy and financial reporting, Islamic finance training, financial modeling, risk management and development and review of manuals and systems.
Omar is a member (ex-chairman) of ICAP’s committee responsible for development of Islamic financial accounting standards for Pakistan and also a member of the insurance committee leading the accounting regulations development for Takaful.
Rizwan Malik
Head – Standards Implementation and Strategic Developments, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)Dr Rizwan Malik has over 10 years of experience in investment allocation, advisory, research, strategy and business development. Presently, he heads the standards implementation and strategic developments department at AAOIFI — a global Islamic finance standard-setter within the Islamic finance industry+. He is an associate editor of peer-reviewed technical bulletin Journal for Islamic Finance Accountancy and a member of the working group for a standard on investment funds at AAOIFI.
Dr Rizwan previously headed the Strategic Planning and Development Team at the Muscat National Development and Investment Company (ASAAS) based in Muscat, Oman — a semi-government institution set up by the sovereign wealth fund of Oman and a number of government pension funds to assist the government in diversifying its revenue streams. Prior to joining ASAAS, Dr Rizwan was the head of business development and strategy at Edbiz Consulting in London for six years, where he advised banks and financial institutions and regulatory and multilateral institutions and led various Islamic finance advisory and research-related projects globally.
Dr Rizwan is a member of the working groups for a new standard titled ‘Core Principles for Islamic Finance Regulation’ at the IFSB as well as ‘Islamic Finance National Accounts’ — a joint-initiative of the IMF and the UN. He has contributed to various conferences and events around the world and has written book chapters and articles in international publications. Dr Rizwan holds a Bachelor’s degree from Heriot-Watt University, a Master of Science degree in banking and finance and a PhD from Kingston University London. His post-doctoral research focused on Islamic capital markets with an exclusive focus on equity investments.
Advisory Board
Dr Gulnar Mull
Assistant Professor, University of Technology BahrainDr. Gulnar is one of the most distinguished academician with a vast experience in academia, the private sector and the banking industry. Dr. Gulnar is the head of the Finance department and also a specialist in Islamic banking at the University of Technology, Bahrain. With almost more than ten years of extensive experience at the University disseminating the knowledge of Sharī’ah and Islamic finance at the graduate and postgraduate levels through teaching, publishing innovative research, examining doctoral dissertations, editing refereed journals, participating in fixing standards on Sharī’ah issues for Islamic financial institutions, and counseling Muslim communities. I have successfully built a dynamic and motivated professional with a proven record of generating and building relationships, managing the projects I was assigned, from concept to completion, designing educational strategies, and coaching individuals to success. I possess the required expertise in building cross-functional teams, demonstrating exceptional communication skills, and making critical decisions during challenges. I am an adaptable and transformational leader with an ability to work independently. I am a highly passionate, competitive, and creative individual. My hobbies are what have developed my ambitious and disciplined nature. My goal is to add value to the spaces where I thrive in.
Dialogues Partners
MULTILATERAL STRATEGIC PARTNERS
The Islamic Corporation for the Development of the Private Sector (ICD)
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is part of the Islamic Development Bank (IDB) Group.
The ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to governments and private companies and encouraging cross-border investments.
The ICD has an authorized capital of US$4 billion. Currently, the shareholders of the ICD are the IDB (50%), 53 Islamic countries (30%) and five public financial institutions (20%).
ICD mandate and objectives
The ICD fosters sustainable economic growth in its 53 member countries by:
- Financing private sector investment
- Mobilizing capital in the international financial markets, and
- Providing advisory services to business and governments.
The ICD selects the financing projects based on their contribution to economic development considering factors such as job creation, Islamic finance development, contribution to exports, etc. The ICD also provides advisory services to governments and private sector groups on policies designed to encourage the establishment, expansion and modernization of private enterprises, the development of capital markets, best management practices and to enhance the role of the market economy. The ICD operates to complement the activities of the IDB in member countries.
The ICD is rated ‘AA/FQ’ by Fitch Ratings, ‘Aa3/P-1’ by Moody’s Investors Service and ‘A+’ by Standard & Poor’s.
FOR MORE INFORMATION
Tel: (966-12) 6361400; (966-12) 6441644
Fax: (966-12) 644 4427
Email: [email protected]
Website: www.icd-ps.org
The Islamic Corporation for The Insurance Of Investment And Export Credit (ICIEC)
Established 26 years ago in 1994 as a multilateral institution and a member of the Islamic Development Bank Group, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) was tasked to promote cross-border trade and foreign direct investments in its member countries.
The ICIEC’s mission is to make trade and investment between member countries and the world more secure through the Shariah compliant risk mitigation tool. Its vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in member countries.
The ICIEC is the only multilateral export credit and investment insurance corporation in the world that provides Shariah-compliant insurance and reinsurance solutions.
Today, the ICIEC supports trade and investment flows in 47 member countries spanning across Europe, Asia, the Middle East and Africa. Its target clients are corporates (both exporters and investors), banks and financial institutions as well as export credit agencies and insurers.
International Islamic Trade Finance Corporation
The International Islamic Trade Finance Corporation (ITFC) is a member of the IDB Group. It was established with the purpose of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of the people across the world. The ITFC commenced operations in January 2008 and has since consolidated all trade finance businesses that used to be handled by various windows within the IDB Group. Earning an ‘A1’ rating from Moody’s Investors Service reflects the ITFC’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.
Since 2008, the ITFC has provided more than US$40.2 billion of trade financing to OIC member countries, making it the leading provider of trade solutions for the needs of OIC member countries. With a mission of being a catalyst for trade development among OIC member countries and beyond, the ITFC helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.
Contact us at:
Twitter: @ITFCCORP
Facebook: @ITFCCORP
Linkedin: International Islamic Trade Finance Corporation (ITFC)
Tel: +966 12 646 8337
Fax: +966 12 637 1064
E-mail: [email protected]
Website: http://www.itfc-idb.org/en
IsDB Group Business Forum (THIQAH)
The Islamic Development Bank Group Business Forum (THIQAH) is the window of the IsDB Group that facilitates contact and coordination between entities concerned of the IsDB Group and private sector firms and related institutions in IsDB Group member countries. The main objective of THIQAH is to establish a unique platform for effective dialogue, cooperation and inclusive partnership for business leaders committed to partnering in promising investment opportunities. Through facilitation and catalyst roles, THIQAH will be leveraging the IsDB Group’s resources to offer necessary services and confidence to investors and to establish strategic partnerships with the leaders of the private sector. The primary focus will be on maximizing cross-border investment among member countries to be supported by IsDB Group’s financial products and services. (www.idbgbf.org)
PARTNERS
DDCAP Group
Founded in 1998 and headquartered in London, with an office in Dubai and a presence in both Saudi Arabia and Malaysia, DDCAP is a leading provider of asset facilitation services and financial technology and system solutions across a diverse range of Shariah compliant products, asset classes and instruments in both the primary and secondary markets. DDCAP’s wholly-owned subsidiaries include DD&Co and DDGI. DDCAP has an extensive track record within the Islamic finance industry, employing over 35 professionals with broad and complementary skill sets drawn from diverse financial industry backgrounds, focused principally on providing service to Islamic financial market participants around the world. DDCAP has its own Shariah supervisory board comprising esteemed Shariah scholars from Saudi Arabia, Malaysia and Kuwait. DDCAP’s multi-award-winning Shariah compliant ETHOS Asset Facilitation Platform is a bespoke, real-time trade and post-trade services platform providing 24-hour coverage, enabling clients worldwide to purchase from a diverse asset inventory, including commodities, via a secure, web-based portal.
IdealRatings
IdealRatings was incorporated in 2006 in San Francisco with a corporate objective to provide SRI/ESG and Shariah compliant solutions to ethical investors and enable them to identify such instruments across different asset classes in the global market. IdealRatings serves clients in over 30 countries with a range of capital market solutions including:
- Equities – A web-based platform covering over 40,000 stocks, where fund managers can screen equities using different, custom-built ESG/SRI/Responsible Investments and Shariah rulebooks or guidelines. This solution caters to different purification calculation methodologies with a comprehensive set of reports for fund managers to manage their portfolio.
- REITs – Global coverage of all listed REITs that could be screened in accordance with different standard Shariah rulebooks or guidelines.
- Indexes – Co-branded and jointly marketed by FTSE-Russell Indexes and a separate series with Thomson Reuters for the global markets, designed for fund management and investment benchmarking. In addition, IdealRatings is able to provide custom-built indexes for the fund management industry.
- Sukuk – A unique solution which includes the global Sukuk and a pioneering Sukuk-screening solution that enables fund managers to customize their Sukuk selection in accordance to their Shariah rulebook, guidelines or investment preference, and
- Brokerage – The solution provides broking houses the ability to screen global equity markets, a technical analysis of the markets and equities, buy/sell/hold recommendations and purification amounts.
STANDARDS AND KNOWLEDGE PARTNER
CONSULTANCY PARTNER
Redmoney Consulting
Launched in April 2021, Redmoney Consulting is a new and highly focused advisory firm focusing on global Islamic, Ethical, Responsible and Sustainable Finance. Redmoney Consulting is a logical extension of REDmoney Group, the Islamic finance industry’s leading media house with a truly global audience. In addition to Islamic finance, the Group has steadily increased its coverage of the green and sustainable finance sector as the two markets continue to converge. Redmoney Consulting provides an expansive service allowing its consultants to provide advisory and consulting services at the highest level for the most discerning of clients.
STANDARDS AND KNOWLEDGE PARTNER
CONSULTANCY PARTNER
Redmoney Consulting
Launched in April 2021, Redmoney Consulting is a new and highly focused advisory firm focusing on global Islamic, Ethical, Responsible and Sustainable Finance. Redmoney Consulting is a logical extension of REDmoney Group, the Islamic finance industry’s leading media house with a truly global audience. In addition to Islamic finance, the Group has steadily increased its coverage of the green and sustainable finance sector as the two markets continue to converge. Redmoney Consulting provides an expansive service allowing its consultants to provide advisory and consulting services at the highest level for the most discerning of clients.
In The News
IFN Monthly Review: July — New Islamic banks in the market
This past month in the global Islamic banking industry has seen a spate of new Islamic banks planning and making...
Bahraini oil and gas company refinances Islamic facility into sustainability-linked transaction
The Bahraini state-owned Oil and Gas Holding Company, also known as nogaholding, has successfully refinanced…
Bahrain welcomes first green Sukuk worth US$900 million; lists on London Stock Exchange
Bahrain has joined green/sustainable Sukuk issuers, notably Indonesia and Malaysia and corporates from…
Rising fuel prices and recovering economy bode well for Bahrain’s Islamic banks
Outpacing the growth of its conventional peers, Bahrain’s Shariah banking sector, which accounts for almost…
The Previous IFN Dialogues
About REDmoney Events
REDmoney events designs, organizes and hosts industry-leading conferences, forums, roadshows, seminars and dialogues focusing on the Islamic financial markets across a global, regional and national level. Leveraging an exceptional network of the industry’s elite and supported by the expertise of the REDmoney publishing and seminars divisions, REDmoney Events are able to provide access to a unique array of influential speakers, panellists and participants from a cross-section of the global industry to debate the most significant issues affecting the Shariah compliant financial markets.
REDmoney events are differentiated by their complimentary yet qualified attendance structure, ensuring the highest quality of both delegates and contributors. Comprehensive and cutting-edge, attendance ensures exclusive access to the leaders in their field across all sectors and markets.
The annual IFN Asia Forum has been the biggest event in the industry since its inception in 2006, attracting over 1,000 delegates annually. An annual line-up of Forums are also conducted across emerging markets and key jurisdictions. Included under REDmoney Events are the IFN Awards Ceremonies, which take place annually in Dubai and Kuala Lumpur, and attract more than 800 industry leaders.
For any inquiries contact us
Our team will be glad to answer any questions you may have about this event.
