15th & 16th April 2013
Hotel Mulia Senayan, Jakarta

About The IFN Indonesia 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

Over the last year, Indonesia's Islamic banking assets have grown by 50% to US$17 billion, and is expected to continue on an upward trajectory as the Indonesian government and financial institutions show more support towards this booming sector. The republic, which was previously dubbed a sleeping giant, has in recent years proven a strong contender against established Islamic finance jurisdictions such as Malaysia and Bahrain, showing positive signs in Islamic retail banking, Sukuk, project and infrastructure finance, Takaful and Islamic microfinance.

The number of banks and financial institutions offering Islamic banking services and products has also increased, while foreign investors are beginning to flock into the Indonesian market, realizing the growth potential of its Islamic capital markets. The recent establishment of the republic's financial services authority, Otoritas Jasa Keuangan, is also expected to create a more regulated and transparent environment for the Indonesian Islamic capital market, and boost the volume of corporate Sukuk issuances in the country.

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.

The growth potential for Indonesia's Islamic finance industry is enormous, and coupled with a steadily growing economy, financial reforms and stricter anti-corruption laws, the republic is set to stake its claim as a financial powerhouse in Asia. With support from the Indonesian government, financial regulators and the central bank, Indonesia is poised to become the next hub for Islamic finance in Asia and on a global scale.

The 2013 IFN Indonesia Issuers & Investors Forum will take you around the republic and explore the growth opportunities for Islamic finance, the potential Islamic finance has in the raring Indonesian economy, as well as tax and regulatory developments needed to further boost the country's Islamic capital markets.

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 Indonesia 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 Indonesian markets.

With the proper implementation of regulations, education and understanding of Islamic financial products, and the provision of sufficient infrastructure, Indonesia is set to become a major player in the field of Islamic finance.

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Forum Agenda

Day 1: Issuers Day

Monday, 15th April 2013

08:00 – 09:00

Registration

09:00 – 09:15

Opening Keynote Address: Strategic Sukuk Issuance for 2013

Robert Pakpahan, Director General, Debt Management Office, Ministry of Finance, Indonesia

09:15 – 09:30

Welcome Address: Islamic Banking in Indonesia: Performance and Challenges

Edy Setiadi, Executive Director, Department of Islamic Banking, Bank Indonesia

09:30 – 10:30

Session One: Outlook for Islamic Finance in Indonesia: Competing on a Global Scale

  • Identifying key drivers for sustainable growth of Indonesia’s Islamic financial services industry: greater corporate participation, cross border Islamic investments, product innovation
  • Assessing the impact Bank Indonesia’s recent and proposed regulations will have on the country’s Islamic banking industry
  • Examining notable issues in 2012 and why they succeeded: Republic of Indonesia Global Sukuk, IDR Retail Sukuk Series, GoI’s Project Based Sukuk Series
  • Role of regulators and corporate issuers in attracting foreign investors – striking a balance between stringent governance and encouraging cross border investment flows
  • Diversifying Islamic finance offerings – outlook for transactional banking activities such as Islamic trade and syndicated finance
  • Laying the groundwork for sustainable growth of Indonesia’s Islamic retail and commercial banking sector

Moderator:

Daud Vicary Abdullah, Chief Executive Officer, INCEIF

Panelists:

Badlisyah Abdul Ghani, Chief Executive Officer, CIMB Islamic
Dahlan Siamat, Director of Islamic Financing, Ministry of Finance
Farid Mohamad Masmoudi, Director, Business Development & Partnership, Islamic Corporation for the Development of the Private Sector (ICD), member of the IDB Group
Riawan Amin, President Director, Bank Jabar Banten Syariah and Honorary Chairman, Indonesian Islamic Banking Association

10:30 – 11:00

Networking Break

11:00 – 11:30

Presentation: SATORP and SADARA Project Finance Sukuk Structures

Shibeer Ahmed, Partner, White & Case

11:30 – 12:30

Session Two: Islamic Capital Markets and Sukuk: Innovation in Regulations and Structuring to Support Growth

  • Balancing the need for innovative product structures with effective governance of regulatory and Shariah risks
  • Taking Sukuk mainstream: role of Indonesian regulators and corporate issuers
  • Addressing the underperformance of corporate Sukuk deals in Indonesia – does the success of Sovereign Sukuk come at the expense of corporate issuances?
  • Regulatory update: will proposed regulations address tax neutralization and the transfer of beneficial ownership in Sukuk transactions?
  • Analysing the possibility of side-stepping civil law obstacles by setting up a separate financial authority in Indonesia
  • Overcoming the complexities of cross border Sukuk issuance in a civil law jurisdiction

Moderator:

Lawrence Oliver, Deputy Chief Executive Officer, DDCap

Panelists:

Afrid Wibisono, Division Head, Financial Institutions & Transactional Banking, Bank Muamalat Indonesia
Daud Vicary Abdullah, Chief Executive Officer, INCEIF
Mehmet Fatih Bulac, Vice President, Financial Institutions & Islamic Syndications, Turkiye Finans
Norfadelizan Abdul Rahman, Maybank Syariah Indonesia

12:30 – 14:00

Lunch

14:00 – 14:45

Session Three: Islamic Project and Infrastructure Financing: Regulations, Structures and Opportunities in Indonesia

  • Are Shariah compliant structures well suited to meet the needs of Indonesia’s infrastructure development projects?
  • Addressing the need for adequate capital support and risk management capabilities due to civil law requirements
  • Using Islamic infrastructure financing as a catalyst for cross border financing in Indonesia
  • Capitalizing on the increasingly popular trend of syndicated financing of infrastructure projects – do the opportunities outweigh the risks? – fee based income model, preempting of the legal lending limit for Islamic banks
  • Will greater participation from the corporate sector galvanize Indonesia’s project-based Sukuk program for infrastructure development?

Moderator:

Mohamed Ridza Abdullah, Managing Partner, Mohamed Ridza & Co

Panelists:

Alhami Mohd Abdan, Head, International Finance & Capital Market, OCBC Al-Amin Bank
Farouk Abdullah Alwyni, Chief Executive Officer, Alwyni International Capital
Nicholas Edmondes, Partner, Trowers & Hamlins
Shibeer Ahmed, Partner, White & Case

14:45 – 15:05

Case Study: Government of Indonesia US$1 billion Sovereign Sukuk

Riestianti Thohuri, Deputy Director of Directorate of Islamic Financing, Ministry of Finance Indonesia

15:05 – 15:30

Networking Break

15:30 – 15:45

Case Study: Golden Agri-Resources Ltd's 15-Year Sukuk Murabahah Programme of up to RM5 billion (USD1.637 billion)

Yazit Yusuff, Director & Head of Islamic Banking, OSK Investment Bank (a subsidiary of RHB Capital)

15:45 – 16:30

Retail Roundtable: Outlook for the Islamic Retail Banking Sector in Indonesia

  • Assessing the future growth potential of Shariah compliant retail products in Indonesia
  • Impact of regulatory changes and bank ownership rules on Islamic retail banking activities in Indonesia
  • Maintaining a competitive advantage through the development of targeted Shariah compliant retail offerings
  • Challenges faced by Islamic retail banks — stiff competition, Shariah concerns and the crucial need for innovative product structures
  • Initiatives and developments in Takaful and reTakaful — future growth prospects and challenges

Moderator:

Nazneen Halim, Editor, Islamic Finance news

Panelists:

Achmad Kusna Permana, Executive Vice President & Head of Shariah Banking, Bank Permata and Secretary General, Indonesian Islamic Banking Association
Adrian Gunadi, Director, Retail Banking, Bank Muamalat Indonesia
Dr Rifki Ismal, Assistant Director, Department of Islamic Banking, Bank Indonesia
Wasim Akhtar Saifi, Global Head of Islamic Banking, Consumer Banking & Chief Executive Officer, Standard Chartered Saadiq, Malaysia

16:30 – 17:15

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

  • Factors hindering the growth of corporate Sukuk issuance – domestic demand, tax treatment, lack of secondary market activity – and steps to overcome them
  • Addressing the disconnect between the need for project and infrastructure funding and the availability of Shariah compliant funding instruments
  • Examining issues relating to fees, distribution, intermediaries, advisors and cost efficiency
  • Addressing Shariah issues specific to Indonesia and how this will affect product innovation
  • Recognising the growing need for structured programs to raise awareness amongst issuers and develop sustainable, qualified talent in the Islamic financial services industry
  • Crucial need for standardization of documents and possibility of setting a standards body in Indonesia

Moderator:

Nicholas Edmondes, Partner, Trowers & Hamlins

Panelists:

Dr Amat Taap Manshor, Chief Executive Officer, Finance Accreditation Agency
Ivan Budiarnawan, Tax Director, PwC Indonesia
Leoni Silitonga, Partner, Banking & Finance, Roosdiono & Partners
Ritesh Maheshwari, Managing Director & Lead Analytical Manager, Financial Services Ratings, Asia Pacific, Standard & Poor’s

17:15 – 17:30

Chairperson's Closing

Day 2: Investors Day

Tuesday, 16th April 2013

08:00 – 09:00

Registration

09:00 – 09:15

Opening Address: Advancing Sustainable Development of the Islamic Capital Market

Dr Nik Ramlah Mahmood, Deputy Chief Executive, Securities Commission Malaysia

09:15 – 09:30

Keynote Address: The Emergence of the Islamic Finance Industry in Indonesia

Farid Mohamed Masmoudi – Business Development and Partnership Director, Islamic Corporation for the Development of the Private Sector, Islamic Development Bank

09:30 – 10:30

Session One: Developing Indonesia as an Islamic Investment Center

  • Assessing Indonesia’s recent financial reforms and its significance to potential Gulf and Asian investors
  • Will the new bank ownership rules (single shareholder policy) hinder inward investment or demonstrate greater governance?
  • Capitalising on the rising demand for investable assets of a growing domestic Islamic finance market
  • Assessing Indonesia’s readiness to challenge mature Islamic investment destinations such as Malaysia and the Middle East
  • What impact does the 40% rule have on the balance of international participation in Indonesia’s Islamic banking landscape?
  • Takaful strategy and investments in Indonesia

Moderator:

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

Panelists:

Albert Wiseman Paterson, President Director, PT Sun Life Financial Indonesia
Mohammad Kamran Wajid, Chief Executive Officer, Emirates NBD Capital
Moinuddin Malim, Chief Executive Officer, Mashreq Al Islami
Wasim Akhtar Saifi, Global Head of Islamic Banking, Consumer Banking & Chief Executive Officer, Standard Chartered Saadiq, Malaysia

10:30 – 10:45

Country Presentation: Saudi Arabia’s Equity Markets

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

10:45 – 11:15

Networking Break

11:15 – 11:35

Presentation: Growth, Future Potential and Investment Opportunities for Indonesia's Takaful Industry

Ahmir ud Deen, Business Development Director, Prudential Indonesia

11:35 – 12:30

Session Two: Opportunities for Islamic Treasury, Risk and Liquidity Management Products in Indonesia

  • Outlook for Indonesia’s Shariah based Interbank Money Market and recent foray into Mudarabah investment certificates and Commodity trading certificates
  • What will the impending launch of foreign currency deposits for Islamic banks mean for international investors?
  • What impact could proposed changes to hedging rules have on future development of Shariah compliant hedging and swaps products in Indonesia?
  • Addressing liquidity risk through the issuance of short term Sukuk investments – what’s in the pipeline for Indonesia
  • Assessing the likely impact of hedging products on market efficiency and liquidity

Moderator:

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

Panelists:

Agus Syabarrudin, Vice President & Head of Strategic Business Initiatives, Bank Danamon Syariah
Lawrence Oliver, Deputy Chief Executive Officer, DDCap
Syed Alwi Mohamed Sultan, Head of Islamic Banking, Asia Pacific, BNP Paribas
Yazit Yusuff, Director & Head of Islamic Banking, OSK Investment Bank (a subsidiary of RHB Capital)

12:30 – 14:00

Lunch

14:00 – 14:45

Session Three: Facilitating Shariah Compliant Investment Flows Through Innovative Products, Structures and Channels

  • Challenges facing the Islamic asset management industry: developing attractive product propositions and effective distribution strategies
  • Emergence of a potentially lucrative asset class: gold investment accounts and gold financing facilities
  • Market outlook for i-ETFs and i-REITs in Indonesia
  • The potential of Islamic private equity funds and Islamic wealth management: key sectors and opportunities
  • Examining the crucial issue of Shariah compliance for today’s Islamic investments structures and products
  • Utilising technology to facilitate Shariah compliant investments and funds transactions

Moderator:

Dr Brian Shegar, Chief Executive Officer, Emirates NBD, Singapore

Panelists:

Agus B Yanuar, President Director, Samuel Aset Manajemen
Ariff Sultan, Regional Director (Asia), IdealRatings
Fadlul Imansyah, Head of Investments, CIMB Principal Asset Management Indonesia
Mahmud Hossain, Chief Executive Officer & Co-Founder, Millennium Information Solution

14:45 – 15:05

Presentation: Outlook and Future Growth Potential for Islamic ETFs in Indonesia

Ernawan R Salimsyah, CFA- Director & Chief Investment Officer, Indo Premier Investment Management

15:05 – 15:20

Presentation: Application of Wa'ad in Equity Based Sukuk Structures

Dr Marjan Muhammad, Researcher, International Shariah Research Academy for Islamic Finance (ISRA)

15:20 – 15:45

Networking Break

15:45 – 16:15

Case Study: Sabana REIT S$80 million Convertible Sukuk Al Ijarah

Gregory Man, Senior Associate, Clifford Chance
Suhaimi Zainul-Abidin, Partner, Allen & Gledhill

16:15 – 17:00

Session Four: Laying the Groundwork for Sustainable Growth of Islamic Investments in Indonesia

  • Key issues and concerns facing foreign investors
  • Addressing governance and risk issues affecting Indonesia’s Islamic banks
  • Investor protection, recourse to assets, default, insolvency and restructuring in Islamic finance: Key practical issues and avoiding costly mistakes
  • Investment mandates and options for Takaful funds: effectively managing investment risk and maximizing returns
  • Investing in Indonesia in comparison to other Islamic finance destinations: costs, legal considerations, opportunities and sectors
  • Addressing global regulatory change and what it means for Islamic asset and fund managers

Moderator:

Ariff Sultan, Regional Director (Asia), IdealRatings

Panelists:

Ahmad Lutfi Abdull Mutalip, Head, Global Financial Services & Islamic Banking, Azmi & Associates, Malaysia
Ibrahim Hassan, President Director, Maybank Syariah Indonesia
Monem Salam, President, Saturna, Malaysia

17:00 – 17:15

Chairperson's Closing

Forum Speakers

  • Achmad Kusna Permana, Executive Vice President & Head of Shariah Banking, Bank Permata and Secretary General, Indonesian Islamic Banking Association
  • Adrian Gunadi, Director, Retail Banking, Bank Muamalat Indonesia
  • Afrid Wibisono, Division Head, Financial Institutions & Transactional Banking, Bank Muamalat Indonesia
  • Agus B Yanuar, President Director, Samuel Aset Manajemen
  • Agus Syabarrudin, Vice President & Head of Strategic Business Initiatives, Bank Danamon Syariah
  • Ahmad Lutfi Abdull Mutalip, Head, Global Financial Services & Islamic Banking, Azmi & Associates, Malaysia
  • Albert Wiseman Paterson, President Director, PT Sun Life Financial Indonesia
  • Alhami Mohd Abdan, Head, International Finance & Capital Market, OCBC Al-Amin Bank
  • Dr Amat Taap Manshor, Chief Executive Officer, Finance Accreditation Agency
  • Ahmir ud Deen, Business Development Director, Prudential Indonesia
  • Ariff Sultan, Regional Director (Asia), IdealRatings
  • Badlisyah Abdul Ghani, Chief Executive Officer, CIMB Islamic
  • Dr Brian Shegar, Chief Executive Officer, Emirates NBD, Singapore
  • Dahlan Siamat, Director of Islamic Financing, Ministry of Finance
  • Daud Vicary Abdullah, Chief Executive Officer, INCEIF
  • Edy Setiadi, Executive Director, Department of Islamic Banking, Bank Indonesia
  • Ernawan R Salimsyah, CFA- Director & Chief Investment Officer, Indo Premier Investment Management
  • Fadlul Imansyah, Head of Investments, CIMB Principal Asset Management Indonesia
  • Farid Mohamed Masmoudi, Business Development and Partnership Director, Islamic Corporation for the Development of the Private Sector, Islamic Development Bank
  • Farouk Abdullah Alwyni, Chief Executive Officer, Alwyni International Capital
  • Gregory Man, Senior Associate, Clifford Chance
  • Ibrahim Hassan, President Director, Maybank Syariah Indonesia
  • Ivan Budiarnawan, Tax Director, PwC Indonesia
  • Lawrence Oliver, Deputy Chief Executive Officer, DDCap
  • Leoni Silitonga, Partner, Banking & Finance, Roosdiono & Partners
  • Mahmud Hossain, Chief Executive Officer & Co-Founder, Millennium Information Solution
  • Dr Marjan Muhammad, Researcher, International Shariah Research Academy for Islamic Finance (ISRA)
  • Mehmet Fatih Bulac, Vice President, Financial Institutions & Islamic Syndications, Turkiye Finans
  • Mohamed Ridza Abdullah, Managing Partner, Mohamed Ridza & Co
  • Mohammad Kamran Wajid, Chief Executive Officer, Emirates NBD Capital
  • Moinuddin Malim, Chief Executive Officer, Mashreq Al Islami
  • Monem Salam, President, Saturna, Malaysia
  • Nazneen Halim, Editor, Islamic Finance news
  • Nicholas Edmondes, Partner, Trowers & Hamlins
  • Dr Nik Ramlah Mahmood, Deputy Chief Executive, Securities Commission Malaysia
  • Norfadelizan Abdul Rahman, Maybank Syariah Indonesia
  • Rami Sayegh, Head of International Sales, NCB Capital, Saudi Arabia
  • Riawan Amin, Honorary Chairman, Indonesian Islamic Banking Association
  • Riestianti Thohuri, Deputy Director of Directorate of Islamic Financing, Ministry of Finance Indonesia
  • Dr Rifki Ismal, Assistant Director, Department of Islamic Banking, Bank Indonesia
  • Ritesh Maheshwari, Managing Director & Lead Analytical Manager, Financial Services Ratings, Asia Pacific, Standard & Poor’s
  • Robert Pakpahan, Director General, Debt Management Office, Ministry of Finance, Indonesia
  • Shibeer Ahmed, Partner, White & Case
  • Sohail Jaffer, Deputy Chief Executive Officer, FWU Global Takaful Solutions
  • Suhaimi Zainul-Abidin, Partner, Allen & Gledhill
  • Syed Alwi Mohamed Sultan, Head of Islamic Banking, Asia Pacific, BNP
  • Wasim Akhtar Saifi, Global Head of Islamic Banking, Consumer Banking & Chief Executive Officer, Standard Chartered Saadiq, Malaysia
  • Yazit Yusuff, Director & Head of Islamic Banking, OSK Investment Bank (a subsidiary of RHB Capital)

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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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