
9th October 2023
Sari Pacific Jakarta Autograph Collection
#IFNINDO2023
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About The Dialogues
Long referred to as the sleeping giant of Islamic finance, Indonesia is asleep no more and is blazing the trail for Shariah compliant finance and economy.
The world’s most populous Muslim nation is aggressively harnessing its latent potential, with an impressive top-down approach rivaling the most sophisticated Islamic finance markets, mobilizing resources at a rate not seen anywhere else. With the President of the Republic at the helm of the National Islamic Finance Committee, numerous new policies and measures have been introduced to catapult itself to become a global center for Islamic finance and Halal economy.
Armed with a clear vision, robust measures, detailed multi-pronged and comprehensive Islamic economic masterplan, Indonesia has catapulted itself to the global stage with significant progress, and it has only touched the tip of the iceberg.
The introduction of pioneering instruments such as cash Waqf Sukuk and digital retail Sukuk as well as the tripartite merger of state-owned banks which culminated in an Islamic megabank, Bank Syariah Indonesia, are a few examples of how the Republic is breaking barriers to take its place on the global Islamic finance stage.
After 14 years of hosting the IFN Indonesia Forum, IFN is excited to bring the exalted IFN Dialogues Series to Jakarta in 2023. The high-level IFN Indonesia Dialogues will adopt a targeted approach to identify gaps and opportunities in the market to determine best way forward for Indonesia to further internationalize its capabilities with the help of local leaders and international experts.
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
IFN Dialogues – An introduction
An Overview
Since REDmoney events’s inception in 2006, we have always been at the cutting edge, delivering timely events in a format suited best to each market and sector.
IFN Dialogues were first introduced in Luxembourg in 2014. Since then, we have developed the concept and are delighted to bring this format to the more mature and developed markets, which prefer in-depth discussion and debate over the more traditional forum format.
IFN Dialogues offer an independent and impartial platform for the identification and resolution of specific issues, challenges and opportunities facing the industry through a high-level discussion designed to determine the potential development of a particular country, sector or asset class.
Format
IFN Dialogues are all about the high-level discussions among the extended expert panel, which is why they are seated around a table facing each other.
With the carefully curated discussion points, the aim is to cover as much as possible in the two hours allotted.
Each Dialogue begins with an introduction, reviewing what has changed since the last event, the current state of the market and key areas of interest, bringing everyone up to speed.
The Program
For each Dialogue, an advisory board comprising industry-leading practitioners and regulators is assembled to offer advice on content, speakers, flow and format.
Dialogue panelists are then invited to contribute toward the final program, ensuring we cover the most pertinent topics.
Chatham House Rules
To ensure openness among panelists, IFN Dialogues are run strictly under Chatham House Rules, meaning no video recordings, no media presence and no attribution in the Post-Event Report.
Panelists
Considering the program, a diverse expert panel is built, including industry regulators and associations, ensuring a truly holistic discussion.
Observers
Senior industry participants are invited to observe the Dialogues, on the condition they register first and meet our strict attendance criteria. There is no fee to attend.
Observer Participation
With a carefully curated discussion program; an expert panel in place to identify, discuss and resolve specific issues facing the industry; and limited time, we do not have time for audience participation.
Those attending can post questions when registering, complete a question card during the Dialogue, or seek time with the panelists during one of the networking sessions during the day.
Post-Event Report
Each IFN Dialogue will be complemented by an exclusive follow-up Post-Event Report, published in conjunction with all supporting partners and distributed to the global IFN database, ensuring event partners reach not just those in attendance, but tens of thousands around the world.
However, with Chatham House rules in place, no comments or quotes will be attributed.
#IFNDIALOGUES2023
Dialogues Agenda
9.15 – 9.20
Welcome Address
9.20 – 9.30
Keynote Address
Dr Suminto Sastrosuwito, Director General of Risk Management and Financing, Ministry of Finance/Deputy Secretary General IAEI
9.30 – 11.15
Dialogue One: Driving Indonesia’s Economy - The Role of Islamic Financial Markets
- What is a realistic assessment of today’s Shariah compliant capital and financial markets in Indonesia?
- How does the domestic regulatory environment allow for the growth of the Indonesian Islamic capital markets?
- Could amendments be made to capital markets regulations, or could more be done by regulators? If so, what form would this evolution take?
- Are Indonesia’s Shariah compliant financial institutions in a favorable position in terms of liquidity and ongoing projects?
- Developing the Islamic capital market in Indonesia: increasing market depth and liquidity, driving product innovation, and widening the investor base
- Funding routes for Indonesian corporates: Islamic capital markets versus bank funding
- How can Shariah compliant structures be further applied to the funding of projects and infrastructure in Indonesia?
- How can Shariah compliant transition, sustainable and sustainability linked finance and investment products be further incorporated into the Indonesian market?
- Are current tax and operational cost incentives sufficient to develop and grow a sustainable Islamic capital market? Which regulatory frameworks have been successful in the development of such schemes?
- How do we continue to develop the process of measuring impact from green and sustainable issuance? What tools are available for issuers and investors for this purpose?
Ahsan Ali, Managing Director and Head, Islamic Origination, Standard Chartered Saadiq
Dr Ali Fallahi, Country Economist, Regional Indonesian Hub, Islamic Development Bank
Bazari Azhar Azizi, Principal Analyst Islamic Capital Market, Directorate of Islamic Financial Services, National Committee for Islamic Economy and Finance
Dien Sukmarini, Division Head of Islamic Capital Market Policy Development, Islamic Capital Market Directorate, Otoritas Jasa Keuangan – The Financial Services Authority of Indonesia
Dwi Irianti Hadiningdyah, Director of Islamic Financing, Directorate General of Budget Financing and Risk Management, Ministry of Finance
Elias Moubarak, Partner, Trowers & Hamlins
Ezra Nazula, Chief Investment Officer, Fixed Income, PT Manulife Aset Manajemen Indonesia
Dr Fadlul Imansyah, CEO, Badan Pengelola Keuangan Haji
Irwan Abdalloh, Head of Islamic Capital Market Division, Indonesia Stock Exchange
11.15 – 11:45
Coffee
11.45 – 14.00
Dialogue Two: Achieving National Objectives through Shariah Banking and the Halal Economy - Innovation, Transformation and Digitalization
- How do we continue to develop financial architecture as a platform for the creation and support of new Islamic financial services and Halal Economy focused businesses in Indonesia?
- How does the domestic prudential banking regulatory environment allow for the growth of the Indonesian Shariah banking sector?
- How are Indonesia’s Shariah banks positioned in terms of liquidity and asset growth?
- What other funding options are open to Indonesian Islamic banks, and what liquidity management tools are available?
- How is digitalization transforming Islamic financial services and helping Halal Economy focused businesses in Indonesia?
- The new equilibrium for Islamic digital finance: transforming CX/UX, reducing cost, and delivering profitability
- Is it feasible to require Islamic banks in Indonesia to incorporate ESG frameworks as part of a wider Shariah banking philosophy?
- How can Shariah compliant banking be applied to social impact initiatives in Indonesia, such as financial inclusion, education, housing, health, culture and well-being?
- What represents an effective ecosystem for the development of the Halal economy in Indonesia?
- What regulatory environment is conducive for the growth of Halal ecosystems, infrastructure and value and supply chains?
- Where do Shariah compliant corporate, trade finance, forex, treasury and investment products play a role in the financing and development of the Halal economy?
- How are Islamic financial institutions positioning themselves to serve the corporate and SME sector, and what programs and initiatives are in place?
Bung Aldilla, Head of Sharia Consumer, CIMB Niaga
Erwin Noekman, Executive Director, Asosiasi Asuransi Syariah Indonesia (Indonesian Takaful Association)
Farouk Abdullah Alwyni, Chairman, Center for Islamic Studies in Finance, Economics, and Development (CISFED) and Vice Rector, Binawan University
Hakan Ozyon, CEO, Hejaz Financial Services
Dr Lisa Listiana, Founder, Waqf Center for Indonesian Development in Studies
Lusiana Saleh, Head of Digital Banking, Branchless and Partnership, CIMB Niaga
Associate Professor Dr Murniati Mukhlisin, Founder, Tazkia Halal Center
Dr Sutan Emir Hidayat, Director of Islamic Economy Supporting Ecosystem, National Committee for Islamic Economy and Finance
14.00
Luncheon
Dialogues Keynote

Dr Suminto Sastrosuwito
Director General of Risk Management and Financing, Ministry of Finance/Deputy Secretary General IAEIDialogues Speakers

Ahsan Ali
Managing Director and Head, Islamic Origination, Standard Chartered Saadiq
Dr Ali Fallahi
Country Economist, Regional Indonesian Hub, Islamic Development Bank
Bazari Azhar Azizi
Principal Analyst Islamic Capital Market, Directorate of Islamic Financial Services, National Committee for Islamic Economy and Finance
Bung Aldilla
Head of Sharia Consumer, CIMB Niaga
Dien Sukmarini
Division Head of Islamic Capital Market Policy Development, Islamic Capital Market Directorate, Otoritas Jasa Keuangan - The Financial Services Authority of Indonesia
Dwi Irianti Hadiningdyah
Director of Islamic Financing, Directorate General of Budget Financing and Risk Management, Ministry of Finance
Elias Moubarak
Partner, Trowers & Hamlins
Erwin Noekman
Executive Director, Asosiasi Asuransi Syariah Indonesia (Indonesian Takaful Association)
Ezra Nazula
Chief Investment Officer, Fixed Income, PT Manulife Aset Manajemen Indonesia
Dr. Fadlul Imansyah
CEO, Badan Pengelola Keuangan Haji
Farouk Abdullah Alwyni
Chairman, Center for Islamic Studies in Finance, Economics, and Development (CISFED) and Vice Rector, Binawan University
Hakan Ozyon
CEO, Hejaz Financial Services
Irwan Abdalloh
Head of Islamic Capital Market Division, Indonesia Stock Exchange
Dr Lisa Listiana
Founder, Waqf Center for Indonesian Development in Studies
Lusiana Saleh
Head of Digital Banking, Branchless and Partnership, CIMB Niaga
Associate Professor Dr Murniati Mukhlisin
Founder, Tazkia Halal Center
Dr Sutan Emir Hidayat
Director of the Islamic Economy Supporting Ecosystem, the National Committee for Islamic Economy and Finance (KNEKS)Advisory Board

Afdhal Aliasar
Director of Halal Product Industry, National Islamic Economics and Finance Committee (KNEKS)
Ariff Sultan
Regional Director (APAC), IdealRatings
Herwin Bustaman
Head, Shariah Banking, Permata Bank Syariah
Irwan Abdalloh
Head of Islamic Capital Market Division, Indonesia Stock Exchange
Dr Sutan Emir Hidayat
Director of the Islamic Economy Supporting Ecosystem, the National Committee for Islamic Economy and Finance (KNEKS)In The News

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The Previous IFN Indonesia Forum
IFN Indonesia Forum 2022
This was the IFN 14th IFN Indonesia Forum.
Leveraging on our strong Indonesian ties and firm regulatory support built over a decade, the IFN Indonesia Forum was a high-level congregation of international and local stakeholders tackling the most pressing issues of Shariah finance through engaging discussions.
There was no denying Indonesia’s Islamic finance potential. The opportunities its 225 million-strong Muslim population – the largest in the world – created along with the Republic’s strong Shariah affinity were immense. Walking the talk, the Indonesian government had effectively mobilized resources, including a raft of regulations, to propel itself to become a global hub for the Halal economy and Islamic finance.
Armed with a clear vision, robust measures, detailed multi-pronged and comprehensive Halal economy masterplan, Indonesia had catapulted itself to the global stage with significant progress, and it had only touched the tip of the iceberg. The economic giant continued to harness its latent Islamic finance potential and the prospects were brighter than ever.
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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