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IFN KSA Dialogues 2023

11th December 2023
Hyatt Regency Olaya, Riyadh

IFN KSA Dialogues Review

IFN KSA Dialogues 2023 Review

Saudi Arabia: Potential to lead the way
Since opening its doors to foreign investments over two decades ago and doubling down on its diversification ambitions through its bold Vision 2030, Saudi Arabia has made its mark in the world, building itself to become the Middle East’s largest economy and the world’s top 20. But has the bastion of Islam managed to live up to international expectations when it comes to Islamic finance?...Read More

About The IFN KSA Dialogues

The Kingdom of Saudi Arabia, whose Vision 2030 objectives prominently feature the advancement of Islamic finance, maintains its position as the world’s largest holder of Islamic financial assets. The Kingdom continues to prioritize Islamic finance with initiatives that incentivize the sector and recognize innovation. In the past year, the Saudi government has reaffirmed its aim to become a global Islamic finance hub by 2030.

The domestic Islamic banking sector has seen significant change in recent years, with bank mergers creating large, well-capitalized financial institutions with regional ambitions. The Kingdom has a thriving Islamic fintech scene, with nine fintech companies licensed by the central bank, all of which provide Islamic solutions. After four years of detailed planning, one of the three digital bank licensees plan to launch operations shortly.

The Saudi Arabian Islamic capital market continues to burn bright. Since overtaking Malaysia as the world’s biggest Sukuk issuer, Saudi Arabia has completed numerous significant Sukuk issuances, including the US$6 billion debut deal from Saudi Aramco and a US$750 million sustainable Sukuk facility from the newly merged SNB. The Kingdom is home to the largest number of Islamic funds worldwide, holding 34% of total Islamic fund assets under management. The Saudi Exchange lists 252 mutual funds and 17 Islamic REITs, and the Kingdom is featured in the MSCI and FTSE Russell indices.

IFN returns to Saudi Arabia for the ninth time, with the second edition of our unique IFN Dialogues format, exploring opportunities and challenges in one of the most influential Islamic finance markets globally.

IFN KSA Dialogues are a series of extended conversations featuring leading industry players, identifying and analyzing key issues facing Islamic finance in Saudi Arabia. The two Dialogues focus on the growing influence of Islamic banking, finance and capital markets; and the role of private equity and direct investment in the development of strategic projects and infrastructure in the Kingdom.

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Dialogues Agenda

9.25 – 9.30

Welcome Address

9.20 – 9.30

Keynote Address

9.30 – 11.30

Dialogue One: Building a Nation — the Growing Influence of Islamic Finance and Banking in the Kingdom of Saudi Arabia

  • What are the notable recent achievements and milestones of Saudi Arabian Shariah compliant markets and how do regulatory environments influence growth and development?
  • Development of the Saudi Arabian Islamic finance markets: increasing market depth and liquidity, driving innovation in hybrid, perpetual, restructuring and syndicated transactions, and Islamic capital markets versus bank funding.
  • Applying Shariah compliant structures to the funding of clean energy projects and infrastructure and in the shift away from hydrocarbons.
  • How can Shariah compliant transition, sustainable and sustainability-linked financing products be further incorporated into the Saudi market?
  • What are the notable recent milestones and key developments within Saudi Arabian Islamic banking, what is the current outlook for the sector and how do prudential regulatory environments allow for growth?
  • Do Tier 1 and Tier 2 Sukuk still offer Saudi Islamic financial institutions an effective way of satisfying regulatory capital requirements, and do we feel the same about additional Tier 1 issuances as we did before?
  • What other funding options are open to Saudi Arabian Islamic financial institutions, and what liquidity management tools are available?
  • The digitalization of Islamic financial services: what is working, what is not and what this means for the transformation of Islamic financial services in the Kingdom.
  • The growing prominence of Islamic P2P and equity crowdfunding in the Kingdom, and the opportunities these activities offer.
  • Is it feasible to require Saudi Arabian Islamic banks to incorporate ESG frameworks as part of a wider Islamic banking philosophy?
  • How can Islamic banking be further applied to social impact initiatives and are local banks doing enough in the development of sustainable retail, corporate and commercial products?

Moderator:

Sharjil Ahmed, CEO and Co-Founder, Cykube

Panelists:

Abdulkhaliq Elshayyal, Partner, Norton Rose Fulbright
Ahsan Ali, Managing Director and Head, Islamic Origination, Standard Chartered Saadiq
Dyota Marsudi, President Director and CEO, Bank Aladin Syariah
Fabrice Susini, CEO, Saudi Real Estate Refinance Company
Faisal Al Osaimi, CEO, Invesense Asset Management
Hakan Ozyon, CEO, Hejaz Financial Services
Husain Alkhaja, GCC Regional Director, DDCAP
Line Bitar, Senior Manager Project Finance and M&A, ACWA Power
Morrad Irsane, Cofounder and CEO, Takadao
Omar Khaliel, CEO, Riba Free Foundation

11:30 – 11:35

Presentation: Bank Syariah Aladin

Dyota Marsudi, President Director and CEO, Bank Aladin Syariah

11.35 – 12:00

Coffee

12:05 – 14.05

Dialogue Two: Toward Saudi Vision 2030 — Developing Strategic Projects and Infrastructure through Shariah Compliant Investment

  • Saudi Arabian bilateral Shariah compliant investment — latest trends, investment types, asset classes and opportunities.
  • Potential targets for private equity investment in the Saudi market, and the role of privatization.
  • Opportunities for Shariah compliant investment in the Kingdom through public–private partnerships, and the role of government-driven mega projects.
  • The latest opportunities and demands for Shariah compliant direct investment into Saudi Arabian real estate market.
  • The growth, development and performance of the Saudi Arabian REIT market.
  • Other potential areas for investment of Shariah compliant capital into and out of Saudi Arabia.
  • The principal structures used to facilitate Shariah compliant investment in Saudi Arabia, and other structures that could potentially be employed.
  • What roles do insurance for investment and export credit and other forms of guarantees play?
  • How do we effectively balance climate and investment risk and where do ESG considerations play a role in investment decisions?
  • What represent Shariah compliant investment opportunities in the financing of low-carbon technologies and renewable energy in the Kingdom?
  • Continuing the development of effective ESG and sustainable investment taxonomies and regulatory frameworks in Saudi Arabia.
  • Assessing the increasing influence of Waqf in fund and investment management structures in the Kingdom.

Moderator:

Dr Mohammed Ishaq Ali, Acting CEO, Bait Al-Maal Alkhaleej

Panelists:

David Johnston, Partner, Norton Rose Fulbright
Dr John Sandwick, General Manager, Safa Investment Services
Mohammed Srhiri, Vice-President, Financial Markets Advisory, BlackRock
Morrad Irsane, Cofounder and CEO, Takadao
Naquib Mohammed, Founder and CEO, MRHB DeFi Network
Omar Khaliel, CEO, Riba Free Foundation

14.05

Luncheon

Dialogues Speakers

Abdulkhaliq Elshayyal

Abdulkhaliq Elshayyal

Partner, Norton Rose Fulbright
Abdulkhaliq Elshayyal
Abdulkhaliq Elshayyal
Partner, Norton Rose Fulbright

Abdulkhaliq Elshayyal is a banking and finance lawyer. He regularly advises leading Saudi Arabian, regional and international banks and financial institutions on high-profile and complex Shariah compliant and conventional banking and financing transactions. He also has significant experience advising on Saudi Arabian financial regulatory matters including advising the Saudi Central Bank and Saudi Arabian ministries and government-related entities on developments to legislation.

Abdulkhaliq qualified and worked in London before being based in Riyadh since 2014 with two market leading law firms. He has also spent nine months on secondment to the Public Investment Fund.

Ahsan Ali

Ahsan Ali

Managing Director and Head, Islamic Origination, Standard Chartered Saadiq
Ahsan Ali
Ahsan Ali
Managing Director and Head, Islamic Origination, Standard Chartered Saadiq

Ahsan 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.

David Johnston

David Johnston

Partner, Norton Rose Fulbright
David Johnston
David Johnston
Partner, Norton Rose Fulbright

David Johnston is a partner in Norton Rose Fulbright’s Riyadh office, The Company of Mohammed A. Altammami for Legal Services in association with Norton Rose Fulbright. David’s practice focuses on the commercial, construction, and operations and maintenance aspects of major project finance transactions.

David focuses on the construction, engineering, operation, maintenance and commercial aspects of project finance transactions in the energy, accommodation, infrastructure, petrochemicals and water sectors. He has extensive experience advising regional and international clients on a full range of project documents, including project agreements; power and water purchase agreements; concession agreements; interconnection agreements; engineering, procurement and construction EPC contracts; supply and offtake contracts; and operating and maintenance/facilities management agreements.

David has developed a particular focus on advising in relation to public–private partnership projects.

David is an experienced commercial lawyer who has spent nine years advising in the GCC, and has practiced in Saudi Arabia since 2018. Previously, David spent two and half years as the divisional general counsel for the aluminium business of Ma’aden, the national mining and metals company of Saudi Arabia.

Dyota Marsudi

Dyota Marsudi

President Director and CEO, Bank Aladin Syariah
Dyota Marsudi
Dyota Marsudi
President Director and CEO, Bank Aladin Syariah

Dyota Mahottama Marsudi is the president director of Bank Aladin Syariah (Aladin Bank), the first Shariah digital bank in Indonesia. Under his leadership, Aladin Bank is moving toward reaching the vision of making digital-based financial solutions more accessible to all levels of societies in the country. Dyota started his career as a management consultant with the Boston Consulting Group. During his tenure at BCG, he had the opportunity to serve the region’s largest banks and technology, media and telecommunications and private equity firms, crafting their strategy and executing organizational restructuring and their merger and acquisition initiatives.

Dyota’s entrepreneurial drive was subsequently manifested through Happy5, a software-as-a-service company focused on performance management which he built together with his co-founders to profitability. Prior to Aladin Bank, Dyota was the senior executive director for Vertex Ventures, a global venture capital firm with US$5 billion assets under management with offices in six countries. At Vertex, Dyota was responsible for investments in Southeast Asia with an Indonesian focus. During his time at Vertex, Dyota supported and led investments in Sunday Insurance, Binance Singapore, Tanihub, RateS, RPG Ventures and Daily Co. Dyota has a Bachelor’s degree in economics from the University of Indonesia and an MBA from INSEAD.

Fabrice Susini

Fabrice Susini

CEO, Saudi Real Estate Refinance Company
Fabrice Susini
Fabrice Susini
CEO, Saudi Real Estate Refinance Company

Fabrice Susini has been CEO of the Saudi Real Estate Refinance Company since 2017. Prior to this, he has also held significant positions in various prominent financial institutions. From November 2016 to November 2017, he served as the head of the SMEs Advanced Solutions team at BNP Paribas Investment Partners in London.

Before this, at BNP Paribas Investment Banking in London, Fabrice had an extensive tenure from August 1997 to November 2016. During this time, he held various leadership roles, including global head of securitization from 2008 to 2016, head of European securitization from 2000 to 2008 and head of French securitization in Paris from 1997 to 2000.

Before joining BNP Paribas, Fabrice worked at Bayerische Landesbank in Paris from October 1993 to August 1997, where he served as a large account manager in structured finance, specializing in real estate, aircraft, receivables and fixed-income products.

Prior to that, Fabrice was associated with Societe Generale in Paris from December 1989 to October 1993, working in its Inspection Generale Division, which focused on internal audit and consultancy. Fabrice holds an MBA from the London Business School.

Faisal Al Osaimi

Faisal Al Osaimi

CEO, Invesense Asset Management
Faisal Al Osaimi
Faisal Al Osaimi
CEO, Invesense Asset Management

Faisal Alosaimi, a seasoned professional in portfolio and wealth management, brings over 22 years of diverse experience to his role as a trader, dealer and senior executive manager. His extensive career includes valuable contributions at esteemed institutions such as Gulf Investment Corporation, KFIC Asset Management and KMEFIC.

Throughout his career, Faisal has consistently emphasized the importance of diversity and portfolio efficiency in successful asset management. He adopts an assertive, educated and evidence-based approach, steering away from passivity. Faisal places a strong emphasis on achieving robust results for his clients through this strategic mindset.

Faisal holds a Bachelor of Business and Administration degree from Kuwait University, complemented by several international diplomas in financial analysis and services, showcasing his commitment to continuous learning and professional development.

Hakan Ozyon

Hakan Ozyon

CEO, Hejaz Financial Services
Hakan Ozyon
Hakan Ozyon
CEO, Hejaz Financial Services

Hakan Ozyon 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 is 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 of experience 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 Islamic Bank Australia.

Husain Alkhaja

Husain Alkhaja

GCC Regional Director, DDCAP
Husain Alkhaja
Husain Alkhaja
GCC Regional Director, DDCAP

Husain is a vastly experienced banker who has been working within the Islamic financial marketplace for the past 30 years for various highly regarded regional and international financial institutions. Most recently, he held senior executive positions within MFAI (Jersey), a wholly-owned subsidiary of DMI Group. This followed his tenure as COO in the CMA-licensed Gulf Investors Asset Management Company.

Having started his career in banking in Bahrain, Husain was appointed the Regional Director and Head of GCC and Islamic banking at Societe Generale where he was based in Dubai. Prior to returning to Bahrain as CEO of Investment Dar Bank, Husain was the General Manager of ADNIF, the Islamic subsidiary of National Bank of Abu Dhabi.

Dr John Sandwick

Dr John Sandwick

General Manager, Safa Investment Services
Dr John Sandwick
Dr John Sandwick
General Manager, Safa Investment Services

Dr John A. Sandwick is a recognized pioneer in Islamic finance. He created the first application of the Modern Portfolio Theory in the context of global portfolio allocations with Shariah certification. He is also noted for organizing innovative domestic and international Sukuk (Islamic bonds), the world’s first global Sukuk fund, a Sukuk participation certificate and the first-ever mid-market Sukuk facility in Saudi Arabia. Dr John served as a visiting professor of finance at Al Yamamah University in Riyadh, and a former instructor in the Graduate School of Finance at University Paris-Dauphine. He frequently taught Master Classes on Islamic finance for groups including central banks, pension funds, family offices and treasuries.

Dr John’s most recent publications on Islamic finance include a popular article in the Journal of Asset Management. He has a Master’s degree in development banking from American University in Washington DC, and a doctorate in business administration from Grenoble Ecole de Management in France. He previously worked at the private banking units of Deutsche Bank (Suisse), Credit Suisse and Encore Management (in association with UBS). He is currently a corporate finance and asset management consultant for Saudi families and businesses.

Line Bitar

Line Bitar

Senior Manager Project Finance and M&A, ACWA Power
Line Bitar
Line Bitar
Senior Manager Project Finance and M&A, ACWA Power

Line Bitar has over six years of extensive experience in the financial services industry, including in project finance structuring, execution and divestiture in the infrastructure sector, gained across the Middle East, Africa and Asia. She has raised over US$2.5 billion from a diverse set of commercial and development financial institutions for both renewable and desalination projects including:

  • FEWA IWP 150MIGD (UAE)
  • Tashkent and Samarkand 1400 MW PV + 1500MWh BESS (Uzbekistan)
  • DAO 150MW PV + BESS + ICE (South Africa), and
  • Khalladi 120 MW Wind refinancing (Morocco).

Line was also involved in the divestment of a 49% stake in a portfolio of PV and wind assets with a combined capacity of 1,668 MW with assets located in the UAE, South Africa, Jordan, Egypt and Morocco to China state-owned Silk Road Fund. Prior to joining ACWA Power, she worked with BNP Paribas Investment Bank, Dubai where she focused on merger and acquisition opportunities in the Middle East and Africa. She holds a Master’s degree in management and a Master of Science degree in corporate finance from EDHEC Business School as well as a Master’s degree in business law from Université Pantheon La Sorbonne (Paris, France).

Dr Mohammed Ishaq Ali

Dr Mohammed Ishaq Ali

Acting CEO, Bait Al-Maal Alkhaleeji
Dr Mohammed Ishaq Ali
Dr Mohammed Ishaq Ali
Acting CEO, Bait Al-Maal Alkhaleeji

Dr Mohammed Ishaq Ali has assumed the role of acting CEO at Bait Al Mal Al Khaleeji, a reputed investment bank licensed by the Capital Market Authority of Saudi Arabia. With a career spread over more than two decades in capital markets, Dr Ishaq is a distinguished investment management professional. His core expertise spans across managing public and private funds, as well as discretionary mandates, encompassing a wide spectrum of asset classes and global markets, besides successfully playing an active role in advisory and arranging functions. Throughout his illustrious career, he has held pivotal leadership positions, notably serving as the head of asset management at Yaqeen Capital, the head of equity at ANB Capital and the head of equity funds at Al Rajhi Capital. He is an author, writer and speaker in capital market-related seminars and conferences. Dr Ishaq holds a doctorate in business management, an MBA in finance and international business, and a Bachelor of Commerce degree from Osmania University, India.

Mohammed Srhiri

Mohammed Srhiri

Vice-President, Financial Markets Advisory, BlackRock
Mohammed Srhiri
Mohammed Srhiri
Vice-President, Financial Markets Advisory, BlackRock

Mohammed Srhiri is a seasoned infrastructure investment professional with over 10 years of green and conventional project financing and investing experience. Throughout his career, Mohammed has been involved in several infrastructure transactions (extending across the capital structure) in the Middle East, Africa and Asia in sectors ranging from oil and gas, power and water, and mobility/transportation.

Based in Riyadh, Kingdom of Saudi Arabia (KSA), Mohammed is a vice-president at BlackRock, specializing in infrastructure investments and advisory. Prior to joining BlackRock, Mohammed served as an executive manager at ACWA Power, leading the financial closing of water desalination and renewable energy assets in the KSA.

Mohammed has a Master’s degree in management and corporate finance from ESCP, Paris as well as a Master’s degree in Islamic finance from IE Business School, Madrid.

Morrad Irsane

Morrad Irsane

Cofounder and CEO, Takadao
Morrad Irsane
Morrad Irsane
Cofounder and CEO, Takadao

Morrad Irsane, a dynamic and ambitious entrepreneur of French–Algerian descent, now based in Riyadh, boasts a proven track record of transforming start-ups into successes. In 2022, he secured an acquisition by IKEA for his award-winning e-commerce platform, Melltoo, which earned accolades like ‘Mobile App of the Year’ in 2016 and a place among the top 100 Arab start-ups in 2019. Currently serving as CEO of Takadao, a blockchain-native Shariah compliant life insurance start-up with backing from prominent investors, including Tim Draper, Morrad is a recognized pioneer in the Web3 space. He is a sought-after speaker at global conferences such as GITEX, Leap and EthRiyad, and as a Techstars All-Star Mentor, he is actively shaping the future of tech leadership.

Naquib Mohammed

Naquib Mohammed

Founder and CEO, MRHB DeFi Network
Naquib Mohammed
Naquib Mohammed
Founder and CEO, MRHB DeFi Network

Naquib Mohammed is an engineering technologist who founded MRHB in mid-2020, which eventually became a pioneer and leader in the domain of Islamic decentralized fintech. Naquib was recognized as a ‘Distinguished Fintech Talent’ by the Australian government and was invited to migrate to Australia in late 2021, where he has been actively contributing to the blockchain ecosystem and was listed as a ‘Notable Figure’ by Cointelegraph magazine. In late 2022, he established research and development-focused Analog Mutations, along with a team of researchers and scientists to work solely on the innovation of the future of blockchain-based fintech.

Omar Khaliel

Omar Khaliel

CEO, Riba Free Foundation
Omar Khaliel
Omar Khaliel
CEO, Riba Free Foundation

Omar’s background is in commercial finance where he spent over 15 years notably in a variety of FTSE 100, FTSE 5 and multinational blue-chip companies across UK, UAE, Saudi Arabia, South Africa, Hong Kong and China.

Omar recently set up the Riba Free Foundation where he plans to use his experience and knowledge to help the masses become financially literate. Omar is a leadership development coach and is enthusiastic about developing the next generation of well-rounded, financially literate, ethical and responsible future leaders. He is also CEO of Digital Easily, an impact-led and ethically conscious digital marketing agency.

Sharjil Ahmed

Sharjil Ahmed

CEO and Co-Founder, Cykube
Sharjil Ahmed
Sharjil Ahmed
CEO and Co-Founder, Cykube

Sharjil Ahmed is a tech entrepreneur and spent the early part of his career as a seasoned investment banker. He is the co-founder of Cykube, a UK-headquartered blockchain and fintech advisory and solutions provider. He is working on promoting fintech and blockchain solutions in the areas of Shariah compliant finance and investments, Halal economy, SDGs and digital transformation and financial inclusion. Sharjil has gained training and certification from the Said Business School, Oxford University in fintech and blockchain post completing his MBA degree in international business from Anglia Ruskin University, UK.

Sharjil is also an industry associate at University College London, Centre for Blockchain Technologies. He is a visiting lecturer on fintech and emerging technologies at Coventry University and an advisory board member at the Centre of Fintech at University of East London. He is also an advisory board member at Usmani & Co.

Sharjil has more than 15 years of experience in Islamic Investment banking. He is one of the early starters in the UK Islamic finance scene and worked with the UK government to make London the leading western hub for Islamic finance. For this, he has worked closely with UK government bodies like UKTI and HM Treasury.

Advisory Board

Bilal Kahlon

Bilal Kahlon

Partner & Head of Finance - Saudi Arabia, Trowers & Hamlins
Bilal Kahlon
Bilal Kahlon
Partner & Head of Finance - Saudi Arabia, Trowers & Hamlins

Bilal Kahlon is a partner in Trowers & Hamlins’s Bahrain office.

Bilal has over 10 years of experience in banking and finance matters in the Gulf region with a particular expertise in project finance, Islamic finance and debt capital markets.

Bilal leads Trowers & Hamlins’s Saudi finance practice and has consistently been recognized as a leading lawyer in Saudi Arabia and Bahrain by international legal directories including Chambers and Partners, Legal 500 and IFLR. Having grown up in Bahrain, Bilal has strong ties with Bahrain and the Gulf region as a whole. Bilal is admitted to practice in England.

Bilal Kahlon

Bilal Kahlon

Partner & Head of Finance - Saudi Arabia, Trowers & Hamlins
Bilal Kahlon
Bilal Kahlon
Partner & Head of Finance - Saudi Arabia, Trowers & Hamlins

Bilal Kahlon is a partner in Trowers & Hamlins’s Bahrain office.

Bilal has over 10 years of experience in banking and finance matters in the Gulf region with a particular expertise in project finance, Islamic finance and debt capital markets.

Bilal leads Trowers & Hamlins’s Saudi finance practice and has consistently been recognized as a leading lawyer in Saudi Arabia and Bahrain by international legal directories including Chambers and Partners, Legal 500 and IFLR. Having grown up in Bahrain, Bilal has strong ties with Bahrain and the Gulf region as a whole. Bilal is admitted to practice in England.

Maya Marissa Malek

Maya Marissa Malek

CEO, Amanie Advisors
Maya Marissa Malek
Maya Marissa Malek
CEO, Amanie Advisors

Maya Marissa Malek is the managing director/CEO of Amanie Advisors’s global office, based in Dubai. Maya is a multiple award-winning Islamic finance expert and executive leader (also recognized as one of the ‘Top 50 Most Influential Women in Middle East Finance’ by Financial News UK of Dow Jones Group) with extensive experience driving strategic planning and collaboration with key industry players — including regulators, corporates, banks and standard-setting bodies.

Maya skillfully bridges efforts of diverse regulatory and structural groups — identifying and targeting performance/operations gaps — and is equipped with a history of success working closely with globally-renowned Shariah scholars while creating awareness of Islamic finance worldwide. Her profession in and passion for Islamic finance has taken her around the globe creating awareness on Islamic finance, and innovating and creating demand for Islamic finance to take root. She is an associate member of the Chartered Institute of Islamic Finance Professionals, a member of the Green Sukuk Working Group in the UAE and a Shariah consultant for the International Finance Corporation, World Bank Group and a frequent Islamic finance speaker at Chatham House, the Royal Institute of International Affairs in the UK, the world’s most influential think tank.

Mike Tirman

Mike Tirman

Partner, Ice Miller
Mike Tirman
Mike Tirman
Partner, Ice Miller

Mike Tirman is a partner in Ice Miller’s Real Estate Group and advises and represents clients in all areas of real estate law, including acquisitions and dispositions, financing (including various forms of Shariah compliant financing), ground leasing, development, land use and zoning, entity structuring and joint ventures.

Some of Mike’s representative transactions include, among others, r
epresenting a buyer in a US$195 million Shariah compliant acquisition and CMBS financing of a portfolio of 30 industrial properties, representing a landlord in a US$104 million refinance of a portfolio of four industrial properties in New Jersey encumbered by ground leases and representing a REIT in a US$30 million acquisition of a parking garage and execution of a reverse 1031 exchange.

Mike is licensed to practice law in Illinois and Indiana.

Dr Mohammed Ishaq Ali

Dr Mohammed Ishaq Ali

Acting CEO, Bait Al-Maal Alkhaleeji
Dr Mohammed Ishaq Ali
Dr Mohammed Ishaq Ali
Acting CEO, Bait Al-Maal Alkhaleeji

Dr Mohammed Ishaq Ali has assumed the role of acting CEO at Bait Al Mal Al Khaleeji, a reputed investment bank licensed by the Capital Market Authority of Saudi Arabia. With a career spread over more than two decades in capital markets, Dr Ishaq is a distinguished investment management professional. His core expertise spans across managing public and private funds, as well as discretionary mandates, encompassing a wide spectrum of asset classes and global markets, besides successfully playing an active role in advisory and arranging functions. Throughout his illustrious career, he has held pivotal leadership positions, notably serving as the head of asset management at Yaqeen Capital, the head of equity at ANB Capital and the head of equity funds at Al Rajhi Capital. He is an author, writer and speaker in capital market-related seminars and conferences. Dr Ishaq holds a doctorate in business management, an MBA in finance and international business, and a Bachelor of Commerce degree from Osmania University, India.

Dialogues Partners

MULTILATERAL STRATEGIC PARTNERS

The Islamic Corporation for the Development of the Private Sector (ICD)

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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

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The Islamic Corporation for The Insurance Of Investment And Export Credit (ICIEC)

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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.

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International Islamic Trade Finance Corporation

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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

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IsDB Group Business Forum (THIQAH)

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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)

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PARTNERS

DDCAP Group

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Founded in 1998 and headquartered in London, with an office in Dubai and a presence in both Saudi Arabia and Malaysia, DDCAP is a leading provider of asset facilitation services and financial technology and system solutions across a diverse range of Shariah compliant products, asset classes and instruments in both the primary and secondary markets. DDCAP’s wholly-owned subsidiaries include DD&Co and DDGI. DDCAP has an extensive track record within the Islamic finance industry, employing over 35 professionals with broad and complementary skill sets drawn from diverse financial industry backgrounds, focused principally on providing service to Islamic financial market participants around the world. DDCAP has its own Shariah supervisory board comprising esteemed Shariah scholars from Saudi Arabia, Malaysia and Kuwait. DDCAP’s multi-award-winning Shariah compliant ETHOS Asset Facilitation Platform is a bespoke, real-time trade and post-trade services platform providing 24-hour coverage, enabling clients worldwide to purchase from a diverse asset inventory, including commodities, via a secure, web-based portal.

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Hejaz

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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.

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IdealRatings

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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.
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Norton Rose Fulbright

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Norton Rose Fulbright is a global law firm. Our Islamic finance lawyers have long-standing experience in delivering pioneering legal advice on Islamic finance transactions for Islamic financial institutions, conventional banks and corporates worldwide.

With more than 30 years of experience in Islamic finance law, our lawyers have a wealth of knowledge across a range of Shariah compliant structures, including market-leading experience in Sukuk transactions, Murabahah, Istisnah, Ijarah and Musharakah financings and Takaful deals.

As well as having significant transactional experience, our lawyers regularly advise clients on Shariah governance matters, including advising the government of Dubai on the creation of the first standard code of practice for Islamic finance law, marking the first Islamic law code of practice to be standardized in a legislative framework.

Based in the world’s economic hubs and key Islamic finance centers across the Middle East, Europe, the US, Canada, Latin America, Asia, Australia and Africa, our lawyers provide legal advice to governments worldwide on legislation concerning Islamic finance products.

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CONSULTANCY PARTNER

Redmoney Consulting

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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.

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LEAD MEDIA PARTNERS

MEDIA PARTNER

In The News

IFN Monthly Review: June – Welcoming new Islamic banks

Several jurisdictions took major steps toward expanding their Islamic banking ecosystems this week, with developments ranging from new licenses and...

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Sovereign Securities: Saudi Arabia debuts dollar-denominated Sukuk in 2022

Saudi Arabia launched its first international issuance in 2022, while Bangladesh is looking to finance its development…

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Saudi Arabia and UAE pursue insurance supervision consolidation through new framework

The central banks of Saudi Arabia and the UAE have signed an MoU to establish a cooperation framework to strengthen the…

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Saudi Arabia: Keeping up the lead

The Kingdom of Saudi Arabia maintains its position as the world’s largest holder of Islamic financial assets, with over 51.5%…

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The Previous IFN KSA Dialogues

IFN KSA Dialogues 2022

An Islamic banking and finance pioneer, with strong governmental support, Saudi Arabia’s Shariah banking industry held a 51.5% share of its domestic market, as of May 2022. The Kingdom showed no signs of slowing down, and with a well-established domestic debt market, it had the benefit of easily issuing local currency Sukuk.

IFN returned to Saudi Arabia for the eighth time to host a new and unique series of IFN Dialogues, exploring the hurdles and opportunities in one of the most active and influential markets in the Islamic financial world.

The IFN KSA Dialogues is a series of extended discussions amongst leading industry players, both domestic and international, to discuss and identify the Kingdom’s most pressing issues.

The three scheduled Dialogues focused on: Islamic Capital Markets, Banking, and Investment; The Convergence of Islamic and Sustainable Investing in the Kingdom; and the role Digital Innovation, Technology and FinTech will play in the KSA.

Full Details
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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.

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About Us

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.

+603 2162 7800
[email protected]

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  • Islamic Finance news
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Recent Tweets

Islamic Finance News @ifn_news ·
18 Jul

We are pleased to welcome Yiow Chong Tan, Director – Southeast Asia, Jersey Finance, to the speaker line-up for the IFN Investor Asia Forum 2025, taking place in Securities Commission Malaysia on 25th September 2025.

FREE registrations now open: https://redmoneyevents.com/event/ifninvestorasia2025/

Islamic Finance News @ifn_news ·
18 Jul

We are pleased to welcome Adam Knight, Head of Funds and Indirect Real Estate – London, Bedell Cristin, to the speaker line-up for the IFN Investor Asia Forum 2025, taking place in Securities Commission Malaysia on 25th September 2025.

Islamic Finance News @ifn_news ·
18 Jul

Somalia began formalizing its Takaful sector, while Kuwait, Pakistan & Saudi Arabia issued new Islamic capital market guidelines.

Here are the top news of the industry this week, by IFN.

To read full article: https://www.islamicfinancenews.com/ifn-weekly-round-up-12th-18th-july-2025.html

Islamic Finance News @ifn_news ·
18 Jul

We are proud to welcome Jersey Finance as Partner for IFN Investor Asia Forum 2025.

This event will take place on 25th September 2025 at Securities Commission Malaysia.

FREE registrations now open: https://redmoneyevents.com/event/ifninvestorasia2025/

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