In Association with

Borsa

28th & 29th May 2013
The Guildhall, London

About The IFN Europe Issuers & Investors Forum

Interest in Islamic finance amongst the European countries has increased tremendously, evidenced by the growing number of Shariah compliant funds and Sukuk listings. In Europe, the UK is currently the largest Islamic finance center, yet other countries stand to offer much to the realm of Islamic finance, all possessing individual strengths in terms of regulation, infrastructure, expertise and knowledge. Coupled with the opportunities Islamic finance has to offer to the region in terms of serving a growing Muslim population and increasing cross-border trade and investments with the Middle East, it is only a matter of time before Europe becomes a major industry player.

An Introduction

In a bid to diversify its economy, seek more transparent forms of financing, and increase trade and investments with the Middle East, Europe is fast opening up to the global phenomenon which is Islamic finance. Europe‘s growing Muslim population and established financial regulations and infrastructure are also essential elements already present in the economy to boost the growth of Islamic finance in the region.

With major financial centers such as Luxembourg and London already home to 51 Shariah compliant funds totaling to US$500 million in assets, and 16 listed Sukuk issuances amounting to US$5.5 billion, there is evidence of increased market interest and participation in these sectors. The UK is currently the largest Islamic finance center in Europe, with Islamic assets worth US$19 billion, held by its five full-fledged Shariah compliant banks. Gulf banks such as the Abu Dhabi Islamic Bank is also seeking an operational license in the country to extend its services to an increasingly interested customer base.

Countries such as France and Ireland have also begun seeking regulatory reforms to accommodate Islamic finance into the mainstream economy, already mulling over the prospects of creating regulations and tax regimes specific to Islamic financial products. Cross-border efforts with major Islamic finance players in Asia such as CIMB have also been ramped up in Ireland, with CIMB Principal choosing to launch its Islamic UCITs program in the country.

European countries stand to offer much to the realm of Islamic finance, all possessing individual strengths in terms of regulation, infrastructure, expertise and knowledge derived from a long financial history. Coupled with the opportunities Islamic finance has to offer to the region in terms of serving a growing Muslim population and increasing cross-border trade and investments with the Middle East, it is only a matter of time before Europe becomes a major industry player.

The 2013 IFN Europe Issuers & Investors Forum will take you around the continent and explore the growth opportunities for Islamic finance, the potential Islamic finance has in resuscitating the European economy via increased cross-border investments with the Gulf and Asia, and the challenges present on the regulatory and tax front.

Through a series of exclusive regulatory country presentations, practitioner-led round-table discussions, non-debatable power presentations, original case studies and sector focused side sessions, the IFN Europe Forum in 2013 will again be the key, must-attend industry event for issuers, investors, regulators and all financial intermediaries involved in the Islamic financial markets with the slightest interest in the European markets.

With the proper implementation of regulations, education and understanding of Islamic financial products, and the provision of sufficient infrastructure, the capital markets of Europe could most definitely benefit from an increased participation in the global Islamic finance market.

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Forum Agenda

Day 1: Issuers Day

Tuesday, 28th May 2013

08:00 – 09:00

Registration

09:00 – 09:15

Keynote Address: Islamic Finance as an Engine for Sustainable Economic Development

Michael Bennett, Head of Derivatives and Structured Finance, Capital Markets Department, World Bank

09:15 – 09:30

Chairperson's Introduction

Mohammed Amin, Islamic Finance Consultant

09:30 – 10:30

Session One: Outlook for the Islamic Capital Markets in Europe: Competing on a Global Scale

  • Identifying the key drivers for sustainable growth of Europe‘s Islamic financial services industry: regulatory stability, developing a domestic market, diversified investor base
  • Leveraging the unique strengths of key markets in developing a world class Islamic finance hub: the United Kingdom, Luxembourg, Turkey, Ireland
  • Building on efforts to pursue investment flows from the Middle East: how can regulators and market players facilitate further trade and investment flows from the Gulf
  • Assessing the prospects of a sovereign Sukuk for the UK – market readiness, political hurdles, impact on liquidity
  • Outlook for Europe‘s lucrative property market and its continued impact on driving Islamic investments
  • Is Europe‘s Islamic finance sector at the risk of over-reliance on Middle East asset ownership?

Panelists:

Harris Irfan, Managing Director, European Islamic Investment Bank
Mohamad Safri Shahul Hamid, Deputy Chief Executive Officer, CIMB Islamic
Neil Miller, Global Head of Islamic Finance, Linklaters
Stella Cox, Chief Executive Officer, DDCap

10:30 – 10:45

Presentation: Growth, Future Potential and Opportunities for Issuers in the United Kingdom‘s Islamic Finance Sector

Samer Hijazi, Director, Financial Services Practice, KPMG

10:45 – 11:15

Networking Break

11:15 – 12:00

Session Two: Islamic Capital Markets and Sukuk: Recent Developments in European Markets

  • Examining notable European issues in 2012 and why they succeeded: FWU US$55 million Sukuk, Republic of Turkey US$1.5 billion lease certificates
  • Discussing recent European issuances – examining deal size, structuring trends and innovation
  • Outlook for infrastructure and corporate Sukuk in the UK and addressing the crucial need to develop a domestic market for Sukuk issuances
  • Analysing Turkey‘s foray into the sovereign and corporate Sukuk market – key success factors and lessons learned
  • Emerging tax, legal and regulatory considerations for European issuers
  • Examining the practicalities of Sukuk listing on the various European exchanges

Moderator:

Rizwan Kanji, Partner, Islamic Finance and Debt Capital Markets, King & Spalding, Dubai

Panelists:

Farmida Bi, Partner, Norton Rose
Hitesh Asarpota, Director, Capital Markets & Structured Finance, Emirates NBD Capital
Dr Massoud Janekeh, Director and Head of Islamic Capital Markets, Bank of London and The Middle East

12:00 – 12:15

Case Study: FWU US$55 million Sukuk Ijarah

Sohail Jaffer, Deputy Chief Executive Officer, FWU Global Takaful Solutions

12:15 – 12:30

Country Presentation: Saudi Arabia‘s Equity Markets

Rami Sayegh, Head of International Sales, NCB Capital, Saudi Arabia

12:30 – 13:30

Lunch

13:30 – 14:30

Issuers Roundtable: Key Considerations for Corporate Issuers in Europe

  • Initiating the deal – what corporate treasurers need to know about issuing Islamically
  • The crucial role arrangers and legal counsel and clearing systems play in attracting potential issuers
  • Ensuring that issuers are made aware of the specific benefits and disadvantages of Shariah compliant issuances
  • Discussing recent European issuances – examining deal size and structuring trends
  • Specific challenges facing European issuers

Panelists:

Atif Hanif, Partner, Allen & Overy
Denis Noonan, Vice President, Business Strategy, Clearstream Banking
Matthew Sapte, Partner, Dentons
Mohammad Khan, Partner, PwC

14:30 – 15:15

Session Three: Islamic Asset, Infrastructure and Property Financing: Structures, Innovation and Regulations

  • Are Shariah compliant structures well suited to meet the needs of Europe‘s infrastructure projects: key considerations for issuers
  • Assessing the potential of emerging alternative asset classes in Europe
  • Addressing the growing demand for Shariah compliant corporate and trade finance products to plug the liquidity gap
  • Capitalising on the increasingly popular trend of syndicated financing of infrastructure projects
  • Outlook for Islamic asset finance in European markets and assessing the success of recent transactions

Panelists:

Ahmad Lutfi Abdull Mutalip, Head, Global Financial Services & Islamic Banking, Azmi & Associates, Malaysia
Asim Khan, Managing Director, Khalij Islamic
Jonathan Lawrence, Partner, K&L Gates
Ken Eglinton, Executive Director, Financial Services, Ernst & Young

15:15 – 15:45

Networking Break

15:45 – 16:30

Session Four: Real-Life Issues and Challenges facing Islamic Issuers in Europe

  • Factors hindering the growth of Sukuk issuance – domestic demand, lack of a lender of last resort – and steps to overcome them
  • Examining issues relating to fees, distribution, ratings, intermediaries, advisors and cost efficiency
  • Maturities, pricing and credit enhancement of Sukuk issues
  • Regulatory and tax issues relating to refinancing and restructuring of Sukuk deals
  • Impact of Basel III on European Islamic banks and issuers

Panelists:

Abradat Kamalpour, Partner, Ashurst LLP
Dr Adnan Aziz, Chief Executive Officer, Islamic Global Distribution Platform
Mansur Mannan, Executive Director, Dar Capital
Sheikh Bilal Khan, Shariah Scholar, Linklaters

16:30 – 16:45

Chairperson's Closing

Day 2: Investors Day

Wednesday, 29th May 2013

08:00 – 09:15

Registration

09:15 – 09:30

Chairperson's Introduction

Mohammed Amin, Islamic Finance Consultant

09:30 – 10:30

Session One: Laying the Groundwork for Sustainable Growth of Islamic Investments in Europe

  • Europe‘s role in facilitating cross border Islamic investments as a key to sustainable growth
  • Assessing Europe‘s readiness to challenge mature Islamic investment destinations such as Malaysia and the Middle East
  • Capitalising on the continued demand for real estate and property assets from the Gulf: what more can market players and regulators do to attract Middle Eastern investors
  • Focusing on emerging markets in the CIS and North Africa for growth and new deals
  • Building on the growing demand for ethical and socially responsible investment funds to grow domestic market share

Panelists:

David Testa, Chief Executive Officer, Armila Capital
Jawad Ali, Deputy Head of Islamic Finance Practice & Managing Partner, King & Spalding, Middle East
Nigel Denison, Director, Head of Markets and Wealth Management, Bank of London and The Middle East
Safdar Alam, Chief Executive Officer, Siyam Capital

10:30 – 11:00

Growth, Future Potential and Investment Opportunities in the UK‘s Shariah Compliant Real Estate Market

Philip Churchill, Founder Partner, 90 North Real Estate Partners

11:00 – 11:15

Future Outlook and Market Potential for Shariah Compliant Insurance Products for Europe‘s Islamic Real Estate and Property Sector

Richard Bishop, Chief Executive Officer, Cobalt Underwriting

11:15 – 11:45

Networking Break

11:45 – 12:30

Session Two: Assessing Emerging Opportunities and Trends in Islamic Funds and Investments

  • Capitalizing on Europe‘s position as a gateway between Gulf investment flows and emerging markets in North Africa and the CIS
  • Outlook for Islamic treasury and risk management products in European markets
  • Discussing the significance of UCITS funds and its role in driving the growth of Islamic investments in Europe
  • What do the current relaxed credit conditions mean for potential Islamic investors
  • Growth of Islamic private equity funds and exchange traded funds
  • Impact of the AIFM Directive on Islamic investments and funds

Panelists:

Dennis Cox, Chief Executive Officer, Risk Reward
Fawad Hussain, Director, Islamic Solutions, Royal Bank of Scotland
Gillian Walmsley, Head of Fixed Income Products, London Stock Exchange
Michael Orzano, Associate Director, Global Equity Indices, S&P Dow Jones Indices

12:30 – 12:45

Presentation 3: Settling Commercial Disputes With the KLRCA i-Arbitration Rules

Professor Sundra Rajoo, Director, KLRCA

12:45 – 13:45

Lunch

13:45 – 14:30

Country Roundtable: Future Outlook for Europe‘s Leading Islamic Investment Destinations

  • Key drivers behind Turkey‘s rapid development in the Islamic finance space
  • Assessing the key factors driving Luxembourg‘s success as a favored domicile for Middle East funds
  • Ireland‘s position in the Islamic funds space – competing with Luxembourg and the UK as an Islamic investment destination
  • Consolidating London‘s position as the key Islamic investment hub for Europe – future outlook of the UK real estate market, assessing the importance of a Sovereign Sukuk
  • Developments in Germany‘s Sukuk market and prospects for a full fledged Islamic financial institution
  • Prospects for Islamic finance in Russia and regulatory efforts to pursue Islamic investments

Panelists:

Bishr Shiblaq, Head, Dubai Representative Office, Arendt & Medernach and Member, Islamic Finance Task Force, Luxembourg for Finance
Dualta Counihan, Partner, Matheson, Ireland
Mohammad Farrukh Raza, Managing Director, IFAAS
Mike Rainey, Partner, Islamic Finance Practice, King & Spalding, London
Nusret Cetin, Senior Legal Counsel, Capital Markets Board of Turkey

14:30 – 14:45

Presentation 4: Outlook for Islamic Project Finance and Asset Finance Transactions in the GCC

Walid Sarieddine, Assistant General Manager and Head of Islamic Finance, Sumitomo Mitsui Banking Corporation Europe

14:45 – 15:30

Session Four: Sustainable Development of Europe‘s Shariah Compliant Real Estate Investment Sector

  • What market players need to do to ensure a sustainable flow of capital to support real estate transactions
  • Discussing the rise of alternative real estate asset classes in London‘s burgeoning property sector
  • Outlook for Islamic real estate funds and mezzanine finance structures
  • Assessing the outlook for real estate investments in emerging European markets
  • Specific challenges facing European investors seeking Shariah compliant property funds and investment options
  • Steps being taken to create a level playing field when compared with conventional debt

Moderator:

Nazneen Halim, Editor, Islamic Finance news

Panelists:

Naomi Heaton, Chief Executive, London Central Portfolio
Neill Gibson, Partner, Trowers & Hamlins
Safdar Alam, Chief Executive Officer, Siyam Capital

15:30 – 16:15

Session Five: Developing Europe as an Islamic Investment Destination: Opportunities and Challenges

  • Role of central banks and regulators to further develop Europe‘s potential in Islamic finance
  • Addressing liquidity risk issues facing European banks with regard to Islamic investments
  • Assessing the role of the Takaful industry in the mobilization of funds: outlook in European markets
  • Addressing global regulatory changes (Basel III, Dodd Frank, AIFMD) and what it means for Islamic asset and fund managers in Europe
  • What the future holds for Europe‘s Islamic investment sector – growth prospects, new markets and product trends

Moderator:

Lawrence Oliver, Director, Deputy Chief Executive Officer, DDCap

Panelists:

Alain Verbeken, Director, Cross-Border Tax, Deloitte Tax & Consulting
Eldred Buck, Managing Director, Cogito Solutions
Faisal Alshowaikh, Head of Islamic Financial Services, ABC International Bank
Habib Motani, Partner, Clifford Chance

16:15 – 16:30

Chairperson's Closing

Forum Speakers

  • Abradat Kamalpour, Partner, Ashurst LLP
  • Dr Adnan Aziz, Chief Executive Officer, Islamic Global Distribution Platform
  • Ahmad Lutfi Abdull Mutalip, Head, Global Financial Services & Islamic Banking, Azmi & Associates, Malaysia
  • Alain Verbeken, Director, Cross-Border Tax, Deloitte Tax & Consulting
  • Asim Khan, Managing Director, Khalij Islamic
  • Atif Hanif, Partner, Allen & Overy
  • Bishr Shiblaq, Head, Dubai Representative Office, Arendt & Medernach and Member, Islamic Finance Task Force, Luxembourg for Finance
  • David Testa, Chief Executive Officer, Armila Capital
  • Denis Noonan, Vice President, Business Strategy, Clearstream Banking
  • Dennis Cox, Chief Executive Officer, Risk Reward
  • Dualta Counihan, Partner, Matheson, Ireland
  • Eldred Buck, Managing Director, Cogito Solutions
  • Faisal Alshowaikh, Head of Islamic Financial Services, ABC International Bank
  • Farmida Bi, Partner, Norton Rose
  • Fawad Hussain, Director, Islamic Solutions, Royal Bank of Scotland
  • Gillian Walmsley, Head of Fixed Income Products, London Stock Exchange
  • Habib Motani, Partner, Clifford Chance
  • Harris Irfan, Managing Director, European Islamic Investment Bank
  • Hitesh Asarpota, Director, Capital Markets & Structured Finance, Emirates NBD Capital
  • Jawad Ali, Deputy Head of Islamic Finance Practice & Managing Partner, King & Spalding, Middle East
  • Jonathan Lawrence, Partner, K&L Gates
  • Ken Eglinton, Executive Director, Financial Services, Ernst & Young
  • Lawrence Oliver, Director, Deputy Chief Executive Officer, DDCap
  • Mansur Mannan, Executive Director, Dar Capital
  • Dr Massoud Janekeh, Director and Head of Islamic Capital Markets, Bank of London and The Middle East
  • Matthew Sapte, Partner, Dentons
  • Michael Bennett, Head of Derivatives and Structured Finance, Capital Markets Department, World Bank
  • Michael Orzano, Associate Director, Global Equity Indices, S&P Dow Jones Indices
  • Mike Rainey, Partner, Islamic Finance Practice, King & Spalding, London
  • Mohamad Safri Shahul Hamid, Deputy Chief Executive Officer, CIMB Islamic
  • Mohammad Farrukh Raza, Managing Director, IFAAS
  • Mohammad Khan, Partner, PwC
  • Mohammed Amin, Islamic Finance Consultant
  • Naomi Heaton, Chief Executive, London Central Portfolio
  • Nazneen Halim, Editor, Islamic Finance news
  • Neil Miller, Global Head of Islamic Finance, Linklaters
  • Neill Gibson, Partner, Trowers & Hamlins
  • Nigel Denison, Director, Head of Markets and Wealth Management, Bank of London and The Middle East
  • Nusret Cetin, Senior Legal Counsel, Capital Markets Board of Turkey
  • Philip Churchill, Founder Partner, 90 North Real Estate Partners
  • Rami Sayegh, Head of International Sales, NCB Capital, Saudi Arabia
  • Richard Bishop, Chief Executive Officer, Cobalt Underwriting
  • Rizwan Kanji, Partner, Islamic Finance and Debt Capital Markets, King & Spalding, Dubai
  • Safdar Alam, Chief Executive Officer, Siyam Capital
  • Samer Hijazi, Director, Financial Services Practice, KPMG
  • Sheikh Bilal Khan, Shariah Scholar, Linklaters
  • Sohail Jaffer, Deputy Chief Executive Officer, FWU Global Takaful Solutions
  • Stella Cox, Chief Executive Officer, DDCap
  • Professor Sundra Rajoo, Director, KLRCA
  • Walid Sarieddine, Assistant General Manager and Head of Islamic Finance, Sumitomo Mitsui Banking Corporation Europe

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Day 1: Issuers Day

Day 2: Investors Day

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, panelists 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.

TThe annual IFN Asia and IFN UK Forums are categorically recognized as their continent’s leading industry events since their inception in 2006 and 2007 respectively. The Dialogues series has also become an integral element of the REDmoney events series and have cemented their position as leading, must-attend, events. In 2022, we introduced the Islamic Sustainable Finance & Investment Forum, which was an enormous success, and will become a mainstay.

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REDmoney Events designs, organizes and hosts industry-leading conferences, forums, roadshows and seminars focusing on the Islamic financial markets across a global, regional and national level.

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