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 IAEIDr Suminto has been appointed as Director General of Budget Financing and Risk Management since November 2022. Formerly, he held position as Assistant Finance Minister for Financial Sector Policy. Prior to his recent position, he experienced as Assistant Finance Minister for Macro Economy and International Finance, Assistant Finance Minister for Government Expenditure, Director for Islamic financing, A/g Director of Loan and Grant, Deputy Director for Debt Strategy and Portfolio, and Deputy Director of Center for Policy Analysis and Harmonization (Deputy Chief of Staff).
He acted as G20 Finance Deputy (2019-2021); Executive Director of Asian Infrastructure Investment Bank (AIIB) representing Constituency 11 (2019-2021); and IFAD (International Fund for Agricultural Development) Governor of Indonesia as well as Chairman of IFAD Governing Council Bureau (2019-2021).
He also acted as Secretary of Financial System Stability Committee Plenary and Steering Commitee at Financial Stability Board/FSB. Currently, he sits at Board in some agencies, including Indonesia Eximbank and National Social Security Council.
He holds a Masters degree in Development Finance from Hiroshima University, and a Ph.D degree in Economic Development from Ritsumeikan Asia Pacific University, both in Japan.
Dialogues Speakers
Ahsan Ali
Managing Director and Head, Islamic Origination, Standard Chartered SaadiqAhsan Ali is responsible for the global Islamic corporate and institutional banking business at Standard Chartered Bank (SCB). Since joining SCB in March 2004, he has built this business from inception and has led several award-winning and industry-defining transactions. Ahsan has over 24 years of experience in the financial services industry, of which the last 14 have been in Islamic banking.
Ahsan holds an MBA from the Indian Institute of Management, Calcutta and a degree in mechanical engineering from the Indian Institute of Technology, Delhi, in addition to a CFA [chartered financial analyst] designation.
Dr Ali Fallahi
Country Economist, Regional Indonesian Hub, Islamic Development BankCurrently, Dr Ali Fallahi is a country economist at the IsDB, based in the regional hub of Jakarta, who helps the bank develop a Country Partnership Strategy (MCPS) and programs in some member countries including MCPS Indonesia (MCPS 2022–25).
With 20 years of experience working with the IsDB in different positions, he joined the IsDB headquarters (Jeddah/Saudi Arabia) in 2015 as a country program manager and contributed to managing and enhancing the country portfolio, identifying areas of investment and recommending financing programs based on the countries’ priorities.
Dr Ali also served as an IsDB field representative in Iran for six years and had a successful stint in facilitating and solving problems of various projects including Waqf projects.
Beginning his career as a researcher in economic integration, Dr Ali was a senior expert at the Ministry of Finance and Economic Affairs, and also a lecturer.
Dr Ali contributed to several forums and conferences as a main speaker including the WIEF- SEACO Foundation Roundtable in Dhaka/Bangladesh and the 4th Indonesian Shariah Economic Festival in Surabaya/Indonesia.
Bazari Azhar Azizi
Principal Analyst Islamic Capital Market, Directorate of Islamic Financial Services, National Committee for Islamic Economy and FinanceBazari Azhar Azizi is currently working as the principal analyst of the Islamic capital market at the National Committee for Islamic Economy and Finance. He previously worked in Shariah business development at MNC Sekuritas Indonesia, was a Shariah executive at Zicolaw Indonesia and a research fellow at the Central Bank of Indonesia. In the meantime, he also acts as a Shariah financial specialist at Bagus Enrico and Partners.
Bazari is actively engaged with the development of the Islamic capital market program in Indonesia and has attended several international conferences related to the Islamic finance industry, such as the 5th Mediterranean Islamic Finance Forum, in Barcelona, Spain; and the 4th International Islamic Economics and Finance Congress, in Istanbul, Turkey; among others. He also published some articles related to Islamic finance and the capital market in IFN, the Jakarta Post and Republika.
Bazari obtained his Master’s degree in Islamic finance from the University of Durham in the UK, where he won the Best Academic Performance award. He was also recognized as the best graduate at Tazkia Institute, Indonesia, where he earned his Bachelor’s degree in Islamic economics.
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 IndonesiaDien Sukmarini is a division head of Islamic capital market (ICM) policy development at the Indonesia Financial Services Authority. Dien has been involved in ICM development for more than a decade. Dealing with ICM development from regulator side has led her to have experience in conducting research, establishing roadmaps, drafting regulations, building institutional relations and delivering seminars and workshops.
Dien led the establishment of the Islamic Capital Market Roadmap 2015–2019 and Islamic Finance Development Roadmap 2017–2019. Additionally, Dien was the lead author of some publications related to ICM such as ‘Sukuk Handbook’ and ‘Directory of Indonesia Islamic Finance’. Dien is enthusiastic about new issues in ICM development. Last year, Dien led research on an Islamic–ESG index and corporate green Sukuk. Currently, Dien is responsible for a project on social ICM product development and the establishment of guidance for SMEs to get funding in the ICM.
Dwi Irianti Hadiningdyah
Director of Islamic Financing, Directorate General of Budget Financing and Risk Management, Ministry of FinanceDwi Irianti Hadiningdyah works as Directorate of Islamic Finance and ex officio as President Director of Perusahaan Penerbit SBSN Indonesia (Special Purpose Vehicle), Ibu Dwi was a Member of legal drafting team of Law on Government Islamic Securities/Sukuk Negara, Law on Islamic Banking, and Law on Financial Services Authority of Indonesia. Other than that position, she currently serves as Head of Education and Socialization of the Association of Indonesian Islamic Economists (IAEI) and used to be Supervisory Board of Center for HR Development, Electricity, New, Renewable Energy, and Energy Conservation at the Ministry of Energy and Mineral Resources and Head of DPP Sukuk Development Division of the Association of Indonesian Islamic Economists (IAEI).
Elias Moubarak
Partner, Trowers & HamlinsElias is a Partner in Trowers & Hamlins’ and currently heads the Banking and Finance practice in Kuala Lumpur.
Elias has broad experience in both the conventional and Islamic finance spheres. This encompasses representing the full spectrum of stakeholders on a range of banking and finance transactions including project financings and real estate financings as well as capital market issuances.
Erwin Noekman
Executive Director, Asosiasi Asuransi Syariah Indonesia (Indonesian Takaful Association)
Ezra Nazula
Chief Investment Officer, Fixed Income, PT Manulife Aset Manajemen IndonesiaEzra has been work for Manlife Aset Manajemen Indonesia (MAMI) for more than 15 years. He has more than 22 years of experience in the financial industry. Ezra started his career in the financial industry as a Fund Accountant at Chase Global Funds in Boston and moved back to Indonesia in 2000, where he joined Panin Securities and HSBC Indonesia before joined MAMI for the first time in January 2003. In 2007, Ezra left MAMI with last position as a Senior Portfolio Manager, and joined AIA Financial Indonesia as Head of Investment Division. Having more than four years at AIA Financial Indonesia, he joined MAMI on November 2011.
His expertise in managing of fixed income portfolio has been recognized by the industry. For the period 2012-2022, Ezra was awarded the “Most Astute Investor in Asian Local Currency Bonds” and period 2012-2016 the “Most Astute Investor in Asian G3 Bonds” from the Asset, a leading regional financial publication based in Hong Kong. In 2017, He was also awarded the Stars of Excellence by Manulife Global.
He holds a Master of Business Administration degree from Northeastern University, Boston and Investment Manager Representative license since 15 February 2005 from the Financial Services Authority.
Dr. Fadlul Imansyah
CEO, Badan Pengelola Keuangan HajiFadlul Imansyah is the Chief of Executive Board of Indonesian Hajj Fund Management Agency (BPKH) since 2022. He holds Master’s and Bachelor’s degrees in Management from the University of Indonesia. He is also currently pursuing a Doctor of Philosophy (Ph.D.) degree in Public Health. Fadlul Imansyah is a Certified Islamic Financial Professional from INCEIF Malaysia since 2016 and has a remarkable career spanning over 24 years in the financial industry for both private and governmental sectors. Prior to his current position, he started his career in the financial industry in 1999 and later served as a Deputy Director of Treasury and Investment at the Government Social Security Agency in Healthcare from 2017-2019 and continued his career as Director of Sharia & Fixed Income at Principal Asset Management Indonesia from 2019 to 2022 and Chief Investment Officer at Avrist Asset Management in 2022. Throughout his career, he is also a lecturer at the Faculty of Economics, University of Indonesia, until now.
Farouk Abdullah Alwyni
Chairman, Center for Islamic Studies in Finance, Economics, and Development (CISFED) and Vice Rector, Binawan UniversityFarouk Abdullah Alwyni is both an Islamic finance practitioner and a lecturer. He spent most of his Islamic finance career in the Jeddah-based IsDB headquarters handling IsDB trade finance operations in many Asian and CIS countries (1998–2007). Prior to running Alwyni International Consulting in 2012, Farouk was a member of the executive management of Al-Ijarah Indonesia Finance (a multi-finance company owned jointly by Bank Muamalat Indonesia (BMI) and Gulf-based Islamic financial institutions) and BMI. He was also one of the country correspondents for Kuala Lumpur based-Islamic Finance news (2012–17), and continue to contribute articles to IFN until now.
Farouk has been on London-based Chartered Institute for Securities and Investment’s Authorized Training Partner list since 2012 and Chartered Institute of Management Accountants (also London-based)’s Islamic Finance Associate list since 2018. He has also been on the 2016, 2017 and 2018 lists of ISLAMICA 500 — a collection of individuals considered influential in the development of the Islamic economy. Farouk speaks and writes about finance, economics and development in a variety of events and publications. He also now serves in the advisory board of the Central Board of Indonesian Association of Islamic Economists. Farouk was an MP candidate in 2019 Indonesia’s legislative election for the House of Representatives of the Republic of Indonesia. Starting in June 2022, he has been assigned as the vice-rector of Jakarta-based, health-focused Binawan University.
Hakan Ozyon
CEO, Hejaz Financial ServicesHakan is a seasoned business expert known for leading innovative strategies and nurturing talent. His dedication to excellence has enabled him to optimize all aspects of business management. He’s adept at unlocking potential, promoting growth, and increasing revenue. Hakan has deep ties in both the Islamic and broader Australian communities, enhancing business operations and setting corporate goals. With over 30 years in business, he is a strategic visionary with a knack for building relationships, particularly in competitive areas. His role as CEO involves setting strategic paths and forming financial alliances. Notably, he has spent a decade transforming visions into pioneering Islamic financial services. Respected globally for his business acumen, Hakan is also a Director at the Islamic Bank Australia.
Irwan Abdalloh
Head of Islamic Capital Market Division, Indonesia Stock ExchangeHe has been working at the Indonesia Stock Exchange since 2000 and began to focus on developing the Islamic capital market since 2010. Currently, he is head of Islamic capital market at the Indonesia Stock Exchange and also member of Islamic capital market committee at the National Sharia Board of Indonesia. In addition, he is also as a vice chairman of the Islamic capital market commitee at the Islamic Economy Society, member of Islamic capital market committee at the Islamic Economics Expert Association, and member of sharia stock selection committee. He is an originator of Sharia Capital Market School, an integrated training on stock investment in the Islamic capital market; the Indonesia Sharia Stocks Index (ISSI), an islamic stock composite index; the Sharia Online Trading System (SOTS), the world’s first sharia compliant online trading platform for retail investors, and the tradable sharia stocks zakat and the tradable sharia stocks waqf. He was the first Indonesian to receive the Cambridge Islamic Finance Leadership Award 2017 from Cambridge IFLP headquartered in London, England, and Upcoming Personality in Global Islamic Finance (Islamic Capital Market) 2020 from Global Islamic Finance Award (GIFA). In 2022, he also has been chosen from GIFA to receive GIFA Advocacy Award (Islamic Capital Market). He is active as speaker about the Indonesian islamic capital market and also a post-graduate lecturer in Islamic capital market courses at several universities in Indonesia. He is also actively writing articles about the Islamic capital market and a regular contributor in the Islamic Finance News as a country correspondent since 2018. He is an author of two books about Islamic Capital market written in Indonesian.
Dr Lisa Listiana
Founder, Waqf Center for Indonesian Development in StudiesDr Lisa Listiana is the founder of Waqf Center for Indonesian Development and Studies (WaCIDS) and Falah Financial. She is currently a lecturer at Faculty of Economics and Business Universitas Indonesia, a postdoctoral researcher at National Research and Innovation Agency (BRIN), and a coordinator of Green Waqf Project. She pursued PhD program at IIUM Institute of Islamic Banking and Finance (IIiBF) with full scholarship from Indonesia Endowment Fund for Education (LPDP). She has strong passion and research interest on waqf, and presented papers related to waqf and Islamic finance in national and international conferences. She was the Best Talent of LPDP 2017. Some of her papers related to waqf and Islamic finance are awarded as Best Paper in 4th Annual Islamic Finance Conference (AIFC), Hajj Financial Management Agency (BPKH) Call for Paper 2018, Shariah Economic and Finance Forum (FREKS) Call for Paper 2018. She holds master’s degree in accounting from Universitas Indonesia with full scholarship from the same sponsor. Previously, she worked as accountant for four years in ExxonMobil and auditor in Ernst and Young.
Lusiana Saleh
Head of Digital Banking, Branchless and Partnership, CIMB NiagaShe has been Head of Digital Banking, Brancless & Partnership since November 2022, after previously serving as Group Head of Branchless Banking Business Development since 2017. She has held several key positions at CIMB Niaga since 2012, including E-Channel & ATM Development Head, Branch & Branchless Banking Channel Management Head, and E-Channel Strategic New Wave Marketing Head. She previously had careers at ANZ Bank Singapore and Indonesia, Old Republic, and Jeco Plastic Manufacturing in the United States. Purdue University awarded her a Bachelor of Science in Engineering
Associate Professor Dr Murniati Mukhlisin
Founder, Tazkia Halal CenterMurniati Mukhlisin earned her degrees in Islamic accounting from International Islamic University of Malaysia (undergraduate), University of Indonesia (postgraduate) and University of Glasgow in the UK (doctoral). She was awarded with distinguished scholarships to support her studies.
Murniati has working experience in banking, financial and information technology services. Murniati then started her career as a lecturer in Islamic accounting and finance in 2002 and she is currently Islamic accounting-certified. She sits on the editorial advisory board for the Emerald Journal of Islamic Accounting and Business Research – UK, Journal of Muamalat and Islamic Finance Research – Malaysia and Turkish Journal of Islamic Economics.
For research, Murniati works on critical perspectives of research in the areas of financial reporting, Islamic accounting, Islamic banking and finance and Islamic financial literacy. Murniati is currently a rector at Tazkia Islamic University College, Bogor, Indonesia.
Murniati is also a public speaker and motivator. Together with her husband, Dr Luqyan Tamanni, M.Ec, CFP, Murniati authored an inspirational book called ‘Sakinah Finance’ that concerns Islamic family finance. She is also an active columnist in national and international media such as Republika, Majalah MySharing, Islampos, Suara Islam, Hidayatullah, Majalah Gontor, detik.com, Kompas, IFN news and ISFIRE-UK. Her research papers and activities are available at https://tazkia.ac.id/dosen/assoc-prof-dr-murniati-mukhlisin-m-acc/ and https://www.sakinahfinance.com/.
Dr Sutan Emir Hidayat
Director of the Islamic Economy Supporting Ecosystem, the National Committee for Islamic Economy and Finance (KNEKS)Dr Sutan Emir Hidayat is currently the director of the Islamic Economy Supporting Ecosystem at the National Committee for Islamic Economy and Finance, the Republic of Indonesia. During 2019–20, he was the director of education and research at the National Committee for Islamic Finance.
Prior to that, Dr Sutan was an associate professor and the head of the Business School at the University College of Bahrain. He is actively engaged with academic research in his field and has presented several research papers at reputable international conferences such as the 11th Harvard University Forum on Islamic Finance at Harvard Law School, Massachusetts, in the US; and the Gulf Research Meeting at the University of Cambridge in the UK, among others. He was listed in leading advisory firm for Islamic markets ISFIN’s directory named Islamica 500 as one of the top 500 influential personalities on a global scale in 2015, 2016, 2017, 2018, 2019 and 2020. Dr Sutan obtained both his MBA and PhD in Islamic banking and finance from the International Islamic University Malaysia.
Advisory Board
Afdhal Aliasar
Director of Halal Product Industry, National Islamic Economics and Finance Committee (KNEKS)Afdhal Aliasar is an Islamic Economy and Finance practitioner who is also an Islamic Philanthropist. He is now a Director of Halal Product Industry in the National Committee of Islamic Economy and Finance of the Republic of Indonesia (KNEKS).
After accomplishing his degree from the Faculty of Engineering in Universitas Indonesia on 1997, he started his professional career in the banking industry by joining Executive Management Training at Bank Niaga where he engaged in various fields involving HR, Operations, Product Development, and Mutual Funds Management on Investment Services Group. Later on, he continued his career joining Citibank N.A., responsible for Global Transaction Services Business while also pursuing a Master’s Degree on Strategic Management at Prasetiya Mulya Business School. He was entrusted to establishing a subsidiary, Citigroup Securities Indonesia in the Citigroup Global Market, and lastly served as Vice President, Head of Operations Indonesia. In 2011, he was entrusted to reactivate the Nomura’s securities business and served as the Vice President, Head of Operations of Nomura Asia Ex-Japan before retiring from the investment and capital market industry in 2016.
His interest in Islamic finance and Islamic economy made him pursue the industry by continuing to explore knowledge and expertise in various places, including INCEIF Malaysia, Durham University UK and Islamic Finance Qualification/IFQ – Chartered Institute of Securities and Investment/CISI, UK. In 2016, Afdhal established PT. Pengelola Aset Islami Indonesia, and as a founding director he directly takes part in various Islamic economy development and Islamic business projects that are directly associated to real economy sector. Afdhal pioneered the productive waqf scheme that is applied to business assets which foster the sustainability of its business and benefits. The business focuses on healthcare and agriculture sector, etc.
Ariff Sultan
Regional Director (APAC), IdealRatingsAriff Sultan joined IdealRatings in 2012 and is based in Singapore. He is responsible for Asian sales and operations. Prior to IdealRatings, Ariff was the regional director for Russell Indexes and the business development director for Dow Jones Indices where he developed their conventional and Shariah index businesses in the Asian markets. He has 17 years of sales experience in financial and banking software where he worked with the leading financial software vendors including Callatay & Wouters, Fair Isaac, London Bridge Group and Misys. Prior to his sales career, Ariff was a software developer and project manager for financial software applications with Deloitte and Touché and subsequently with OCBC Bank in Singapore. Ariff has a Master of Business (Information Technology) degree from RMIT University in Melbourne and also attained the Diploma in Islamic Banking and Finance from International Islamic University Malaysia.
Herwin Bustaman
Head, Shariah Banking, Permata Bank SyariahIrwan Abdalloh
Head of Islamic Capital Market Division, Indonesia Stock ExchangeHe has been working at the Indonesia Stock Exchange since 2000 and began to focus on developing the Islamic capital market since 2010. Currently, he is head of Islamic capital market at the Indonesia Stock Exchange and also member of Islamic capital market committee at the National Sharia Board of Indonesia. In addition, he is also as a vice chairman of the Islamic capital market commitee at the Islamic Economy Society, member of Islamic capital market committee at the Islamic Economics Expert Association, and member of sharia stock selection committee. He is an originator of Sharia Capital Market School, an integrated training on stock investment in the Islamic capital market; the Indonesia Sharia Stocks Index (ISSI), an islamic stock composite index; the Sharia Online Trading System (SOTS), the world’s first sharia compliant online trading platform for retail investors, and the tradable sharia stocks zakat and the tradable sharia stocks waqf. He was the first Indonesian to receive the Cambridge Islamic Finance Leadership Award 2017 from Cambridge IFLP headquartered in London, England, and Upcoming Personality in Global Islamic Finance (Islamic Capital Market) 2020 from Global Islamic Finance Award (GIFA). In 2022, he also has been chosen from GIFA to receive GIFA Advocacy Award (Islamic Capital Market). He is active as speaker about the Indonesian islamic capital market and also a post-graduate lecturer in Islamic capital market courses at several universities in Indonesia. He is also actively writing articles about the Islamic capital market and a regular contributor in the Islamic Finance News as a country correspondent since 2018. He is an author of two books about Islamic Capital market written in Indonesian.
Dr Sutan Emir Hidayat
Director of the Islamic Economy Supporting Ecosystem, the National Committee for Islamic Economy and Finance (KNEKS)Dr Sutan Emir Hidayat is currently the director of the Islamic Economy Supporting Ecosystem at the National Committee for Islamic Economy and Finance, the Republic of Indonesia. During 2019–20, he was the director of education and research at the National Committee for Islamic Finance.
Prior to that, Dr Sutan was an associate professor and the head of the Business School at the University College of Bahrain. He is actively engaged with academic research in his field and has presented several research papers at reputable international conferences such as the 11th Harvard University Forum on Islamic Finance at Harvard Law School, Massachusetts, in the US; and the Gulf Research Meeting at the University of Cambridge in the UK, among others. He was listed in leading advisory firm for Islamic markets ISFIN’s directory named Islamica 500 as one of the top 500 influential personalities on a global scale in 2015, 2016, 2017, 2018, 2019 and 2020. Dr Sutan obtained both his MBA and PhD in Islamic banking and finance from the International Islamic University Malaysia.
Dialogues Partners
LEAD PARTNERS
CIMB Islamic
CIMB Islamic Bank, licensed under Malaysia’s Islamic Financial Services Act 2013, is the main operating entity of the CIMB Group’s global Islamic banking and finance franchise. It operates in parallel with the group’s universal banking platform where it offers Shariah compliant products and services to the group’s wholesale banking, consumer banking, commercial banking and asset management businesses.
CIMB Islamic’s products and operations are managed in strict compliance with Shariah principles under the guidance of the CIMB Islamic Board Shariah Committee, which comprises some of the world’s leading Shariah experts or scholars. CIMB Islamic provides comprehensive and innovative Shariah compliant financial products and services to meet the needs of individuals, small and medium-scale enterprises as well as large institutional customers.
CIMB Group’s Islamic banking and finance business is supported by the group’s network of over 39,000 staff in 16 countries comprising an experienced senior management team and a global team of Islamic banking and financial services professionals in all core components of the Islamic banking and financial services market. CIMB Group also has the most extensive retail branch network in ASEAN, with more than 900 branches as at the 31st December 2016. Outside of Malaysia, CIMB Islamic operates a universal offering in Indonesia and Singapore with a focus in wholesale banking in the other 14 countries.
CIMB Niaga Syariah
CIMB Islamic Bank, licensed under Malaysia’s Islamic Financial Services Act 2013, is the main operating entity of the CIMB Group’s global Islamic banking and finance franchise. It operates in parallel with the group’s universal banking platform where it offers Shariah compliant products and services to the group’s wholesale banking, consumer banking, commercial banking and asset management businesses.
CIMB Islamic’s products and operations are managed in strict compliance with Shariah principles under the guidance of the CIMB Islamic Board Shariah Committee, which comprises some of the world’s leading Shariah experts or scholars. CIMB Islamic provides comprehensive and innovative Shariah compliant financial products and services to meet the needs of individuals, small and medium-scale enterprises as well as large institutional customers.
CIMB Group’s Islamic banking and finance business is supported by the group’s network of over 39,000 staff in 16 countries comprising an experienced senior management team and a global team of Islamic banking and financial services professionals in all core components of the Islamic banking and financial services market. CIMB Group also has the most extensive retail branch network in ASEAN, with more than 900 branches as at the 31st December 2016. Outside of Malaysia, CIMB Islamic operates a universal offering in Indonesia and Singapore with a focus in wholesale banking in the other 14 countries.
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
Hejaz
Hejaz is a leading financial institution that delivers a broad range of Islamic financial services across investment management, superannuation services, financial advice and lending to a large and diversified client base that includes corporations, financial institutions and individuals.
Founded in 2014, the firm is headquartered in Melbourne, Australia and maintains a presence all around the world.
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.
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.
LEAD MEDIA PARTNERS
MEDIA PARTNER
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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.
For any inquiries contact us
Our team will be glad to answer any questions you may have about this event.