12th September 2023
Muscat
#IFNOMAN2023
JOIN US IN
LIMITED / EXCLUSIVE SEATING
About The Forum
Oman’s Islamic banking and finance industry may be the youngest in the GCC, but it has exhibited tremendous growth potential and an impressive track record.
By the end of the first half of 2022, Islamic banking assets commanded a market share of almost 16%, following a 9.6% year-on-year growth to OMR6.2 billion (US$16.06 billion). The Islamic capital market too has grown in leaps and bounds – the government has tapped the sovereign Sukuk space several times with instruments for both the institutional and retail markets, all of which were heavily subscribed, demonstrating strong demand. New avenues of growth are also being cultivated such as fintech.
The Capital Market Authority and the Central Bank of Oman have been instrumental in Oman’s growth story. They continue to shape the narrative with effective policies and measures as well as continuous engagement with stakeholders.
With the support of the regulators and leading Islamic financial institutions, the 8th IFN Forum will take place in Muscat to host industry-led engagements to facilitate further expansion of the sector.
An Introduction to 2023
We were delighted to be back in the conference rooms in 2022 following a near two-year hiatus, and it seems you were too.
We saw capacity audiences for the UK, Asia and Islamic Sustainable Finance & Investment Forums, and strong numbers everywhere else. We believe 2023 will surpass pre-pandemic numbers in all our core markets.
We have also learned much this past year and will implement the following:
- The Forum format is essential in certain markets, and will remain in London, Muscat and Kuala Lumpur in 2023.
- Our exclusive Dialogues have been warmly welcomed by all those participating and attending, and we will increase this offering in 2023, with events in Dubai, Riyadh, Doha, Jakarta, and Manama.
- Live streaming has not taken off as many expected. However, watching recorded content has skyrocketed — certainly for us anyway. So, all Forums will be recorded and posted online for our global audience within a week of each event.
- But, as our audiences enjoy recorded content, we will be organizing various country and sector ‘OnAir’ events and posting online for all to view.
- Islamic sustainable is big. Our ISFI Forum in Kuala Lumpur in 2022 was outstanding and will remain for 2023. And, with COP28 in the UAE in 2023, we are introducing the ISFI Dialogues, which will be held in Dubai.
We are excited for the new year and look forward to welcoming you to our events and assisting in the continued global growth of the Islamic financial markets.
#IFNFORUMS2023
Forum Agenda
9.00 – 9.10
Welcome Address
9.10 – 9.20
Keynote Address
9.20 – 10.30
Omani Islamic Financial Services: A Successful Strategy for Building Momentum
- Reviewing the 10-year journey of formalised Islamic finance in Oman, and navigating the coming years through the strategic development of the Omani Islamic financial services ecosystem.
- The role of Islamic finance in the development of the private sector in Oman.
- Key market developments: remunerative deposit accounts, a potential treasury Sukuk, and the introduction of Wakalah money market liquidity management tools.
- Key regulatory issues: the treatment of Islamic banks after mergers with conventional institutions, and the Shariah governance framework and audit guidelines.
- An overview of new regulations for the issuance of bonds and Sukuk in Oman.
- The year of endowment: how Waqf can be further applied to Islamic financial services in Oman.
10.30 – 10:40
Case Study: Pearl REIF - Oman's Largest Shariah-compliant Real Estate Investment Fund
10:40 – 11.40
Shariah Compliant Funds & Collective Investment Schemes in Oman
- Building on the success of Shariah compliant real estate investment funds and trusts in Oman.
- Opportunities for regional Shariah compliant funds domiciled in Oman: equity funds and Sukuk funds.
- Private equity and venture capital funds – framework enhancements and opportunities on offer.
- Changes to fund regulatory frameworks resulting from the executive regulations to the Securities Law, and implications for various fund structures.
- Exploring the potential for the application of Waqf to Islamic funds in Oman.
- The prospects for Islamic sustainable investing in the Sultanate.
11.40 – 11.50
IFN Awards
11.50 – 12.20
Coffee & Networking
12.20 – 13.20
Islamic Structured Finance and Capital Markets in Oman
- The reach and implications of new regulations for the issuance of bonds and Sukuk on products and markets.
- Discussing the potential issuance of a treasury Sukuk and how it would benefit the Omani Islamic capital market.
- Examining Towell Infrastructure Projects syndicated Wakalah, and what the structure means for the Islamic finance market in Oman.
- Developing the Islamic equity capital market in Oman, and capitalising on recent domestic IPO activity.
- How will new bond and Sukuk regulations accommodate and facilitate sustainable finance?
- Restructurings and refinancings in the Sultanate – the role of the Islamic capital market.
13.20 – 14.20
Shariah Compliant Marketplace Financing and Digital Initiatives in Oman
- Evaluating opportunities for crowdfunding in Oman, with nine current providers and potential amendments to crowdfunding legislation.
- Unique to Oman: new opportunities for private equity and venture capital players on in the crowdfunding ecosystem.
- Implications and reach of the proposed new digital and virtual assets regulatory framework.
- Building a digital marketplace and ecosystem: tokenization, ICOs, regulation and Shariah principles.
- Potential developments for standalone Islamic digital banks in Oman.
14.20
Lunch
15.00 – 17.00
Islamic Sustainable Finance & Investment Dialogue
- What represents a blueprint for advancing the transition to a low-carbon economy via effective stakeholder collaboration, regulation, resource allocation, positioning and product innovation in the Omani financial services sector?
- What are the implications for the Islamic sustainable financial services sector of the introduction of various regulatory taxonomies, frameworks and standards?
- How will new bond and Sukuk regulations, as part of the executive regulations to the Securities Law, accommodate and facilitate sustainable finance in Oman?
- What are current tax and operational cost incentive frameworks for the development of Islamic sustainable finance and investment products in Oman? Are they effective, and what more can be done?
- The juxtaposition facing the GCC: funding the hydrocarbon sector, while simultaneously developing a thriving green and sustainable finance sector
- Are we sufficiently capitalizing on the powerful synergies between sustainable finance and Islamic finance and how do we effectively position the sector?
- What are important criteria in the development of Islamic sustainable finance and investment products, and are we successfully developing products which satisfy both Shariah and ESG requirements?
- What approaches are large regional institutional investors taking to sustainable finance and investment, and what can be learnt from this?
- How do we fund clean energy, sustainable activities and social projects in Oman such through an effective, liquid Islamic capital market?
- How do we continue to measure impact from green and sustainable issuance? What tools are available for issuers and investors for this purpose?
Forum Speakers
Advisory Board
Asad Qayyum
Managing Partner, MAQ LegalAsad Qayyum is a highly skilled dual-qualified corporate and commercial lawyer with extensive multi-jurisdiction experience in a number of sectors of the law, including in relation to capital markets, funds, conventional and Islamic finance, mergers and acquisitions, natural resources (oil, gas and mining) and project finance transactions.
Asad is qualified as a solicitor of the Senior Courts of England and Wales, a barrister of England and Wales and an advocate of the High Courts of Pakistan and has over 22 years of experience advising on a broad range of transactions during his time in the UK, Sultanate of Oman and Pakistan. Asad has particular expertise in advising sovereigns and sovereign-owned companies and listed and private companies with respect to their debt and equity capital market financings (conventional and Islamic), registration of funds (including real estate investment funds, acquisitions and disposals of hydrocarbon assets (onshore and offshore) and negotiating clients’ commercial (oil and gas) contracts across the globe (including in the UK, Oman, Canada, the Middle East, Pakistan, Cameroon, Tanzania, Namibia, Burundi, Benin, Cameroon, Nigeria and Kazakhstan).
Hanifa Ymer
SVP and Head of ESG, Sohar InternationalHanifa has served Sohar International as the Head of Environment Social and Governance (ESG) since 2022, reporting directly to the Chief Executive Officer and the Board Executive, Nomination and Remuneration Committee.
As the focal point for all of Sohar International’s ESG activities, Hanifa is responsible for developing and executing the Bank’s ESG Framework. This includes ensuring effective ESG risk management, opportunity development and supporting Sohar International’s stakeholders through sustainable financing solutions.
Hanifa brings over 25 years of experience managing ESG topics s (e.g. climate change; diversity and inclusion; resource management (energy; water; and waste); social impact; sustainable finance; and much more), and draws on such ESG experience from South East Asia, Europe, South America, North America, Australia and the MEA (Middle East and Africa) regions.
Within MENA, Hanifa has previously held similar leadership roles with Jones Lang LaSalle; Mubadala Investment Company and KPMG.
She has also held Non-Executive Director roles for the United Nations Global Compact UAE, and Football Victoria (Australia). Currently, Hanifa is a member of the Responsible Finance Investment Foundation (MENA Regional Emissary Representative), Executive Committee Member of the Australian Business Group Oman; and Member of the Australian Institute of Company Directors.
Hanifa holds a Bachelor’s Degree in Strategic Management and Marketing (Monash University – Melbourne, Australia); a Graduate Certificate in Sustainability (Swinburne University – Melbourne, Australia); as well as certificates in Sustainable Finance (Frankfurt School of Finance and Management); Climate Change and TCFD – Risks and Opportunities for the Banking Sector (UNEP FI); and Social Return on Investment Practitioner (Social Value International).
Her industry specialisations include financial services; metals and mining; oil and gas; hospitality, leisure, food and beverage; healthcare; agriculture; and transport and infrastructure.
Kemal Rizadi Arbi
Expert/Advisor, Capital Market Authority, Sultanate of OmanKemal Rizadi Arbi has more than 25 years of global professional experience in the banking and financial industry,
both government and private sectors, particularly in investment banking, Islamic finance, corporate finance and as a
regulator, policymaker, and strategic developer of capital markets, including Islamic capital markets, in the GCC and
Asian region.
Kemal is currently involved in driving developmental efforts for the Oman capital market as an advisor at the Capital
Market Authority, Sultanate of Oman (Oman CMA) and has been leading the development of the Islamic capital market
in Oman since the introduction of Islamic banking and finance in 2013.
Prior to joining the Oman CMA, Kemal had led and established strategic initiatives for the development of the
Malaysian and ASEAN+3 capital markets, including the Islamic capital market, through senior positions heading
various departments at the Securities Commission Malaysia.
Kemal was awarded a Malaysian government JPA scholarship for top scholars for studies at the University of Iowa in the
US where he graduated with a Bachelor of Science degree in actuarial science. He also holds an MBA in finance from
International Islamic University Malaysia and the Chartered Islamic Finance Professional Master’s degree from the
International Centre for Education in Islamic Finance or INCEIF in Malaysia.
Lo’ai Bataineh
CEO, Ominvest International Holding-DIFCLo’ai Bataineh is a seasoned and successful investment banker with over three decades of experience in commercial banking, investment banking, asset management and wealth management. He has experience in establishing, implementing and successfully managing full-service investment banking and asset management businesses. Lo’ai is dynamic and innovative with an ability to capture new market opportunities across multiple sectors and asset classes. Driven to exceed the expectations of all stakeholders, he has extensive experience in matters relating to mergers and acquisitions, restructuring and divestment, among others.
Lo’ai has served as an advisor to several regulatory and government committees in Oman. He is an active presenter in business forums, conferences and panel discussions and he contributes regular articles to business magazines and newspapers in both Arabic and English. He holds Master’s and Bachelor’s degrees in money and banking.
Mohsin Shaik Bin Sehu Mohamed
Head of Investment Banking & Capital Markets, Maisarah Islamic Banking ServicesMohsin Shaik Sehu Mohamed is the senior executive manager and head of investment banking and capital markets in Maisarah Islamic Banking, the Islamic window of Bank Dhofar in Oman. He is responsible for the overall business of investment banking and also investments in the firm. This covers advisory business, Sukuk structuring, private equity and propriety investments for the bank locally and internationally.
Prior to joining Maisarah, Mohsin was the director and head of Islamic finance in Al Madina Investment in Oman. Throughout his journey in Al Madina Investment, he has successfully engineered deals in the real estate, financial, education and healthcare sectors.
Previously, Mohsin was a member of the Group Asset Management Team in CIMB Islamic Bank in Malaysia. He was responsible for the development of alternative investments focusing on the structuring of private equity, infrastructure and real estate funds.
Prior to joining CIMB Islamic Bank, Mohsin was in the Structured Finance Department of a local Islamic bank in Malaysia. Mohsin is a Chartered Islamic Finance Professional holder. He graduated with a Master of Business (Applied Finance) degree from Queensland University of Technology in Australia and he also holds a Bachelor of Accounting (Hons) degree from University Tenaga Nasional in Malaysia.
Shargeel Akram
Treasurer and Finance, Oman Air
Suleman Muhammad
Head of Islamic Products and Segments, Muzn Islamic BankingSuleman Muhammad Ali is an experienced Islamic banking professional having a proven track record in leading product innovation, development and Shariah compliance at Islamic financial institutions in Pakistan and the GCC. During his career, he has enabled banks and financial institutions to develop and deliver profitable Shariah compliant financial products and solutions related to retail, corporate, treasury, trade and structured finance.
Suleman specializes in providing bespoke Shariah compliant financial solutions based on the client’s financial needs and business cycle. During his tenure at Meezan Bank in Pakistan, he engaged with various corporate and SME clients to develop short-term financial solutions such as Islamic overdrafts based on Musharakah and bill discounting facilities based on Musawwamah, among others. These solutions have now been adopted as an industry standard in Pakistan.
Suleman has also advised central banks and is also a reputed Islamic banking trainer, regularly conducting various training sessions, corporate workshops and seminars on the subject and has served as a visiting faculty for Islamic finance at the National Institute of Banking and Finance (Pakistan), College of Banking and Financial Studies (Oman) and Academy of Excellence (Oman).
Forum Partners
PARTNERS
DDCAP Group
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.
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.
MAQ Legal
MAQ Legal (Al Maamary, Al Abri & Co) is a full-service law firm headquartered in Muscat with a focus on advising local and international clients on corporate and commercial, capital markets, banking and finance, energy, project finance and dispute resolution matters. The firm comprises market-leading and award-winning lawyers with over 50 years of experience who have advised on some of the most innovative transactions in Oman.
MAQ Legal was founded on the core belief that the best way to serve clients is by developing an in-depth understanding of their business and legal and operational requirements so that they can be provided commercially astute, solution-based, innovative and cost-effective advice. In addition to the technical expertise of the lawyers at MAQ Legal, the team possesses in-depth hands-on knowledge of the regulatory and institutional frameworks in Oman and enjoy an enviable network of blue-chip clients and high-level government and institutional contacts.
Saturna
Saturna is the wholly-owned Malaysian subsidiary of Saturna Capital Corporation, a values-based global asset manager which is Shariah compliant with an ESG focus. Saturna’s deep-rooted belief in value investing shines through in the quality of our investments. We do not follow trends, we analyze opportunities focusing on capital preservation and sustainable investment. Our broad experience distinguishes us in the investment business. We help individuals and institutions build wealth and preserve capital.
Our parent company, Saturna Capital Corporation, is a US-based fund manager specializing in Shariah equities and is internationally recognized as an investment advisor to the Amana Mutual Funds Trust. It has the two largest Islamic equity mutual funds in the world, ie Amana Income Fund and Amana Growth Fund with assets under management of both funds circa US$5 billion.
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
In The News
IFN Monthly Review: February — Egypt’s Sukuk success
Egypt's long-awaited Sukuk have finally been issued and received overwhelming demand; Russia started implementing an Islamic finance experimental pilot project...
Oman: Expanding the Islamic finance sector
While Oman’s Islamic finance and banking industry is younger and smaller relative to its GCC neighbors, the Sultanate has…
Oman doubles down on Islamic finance regulatory support — where next?
The Central Bank of Oman (CBO) revealed several Shariah banking initiatives including the long-awaited policy on Islamic…
Oman to address Islamic banking sector’s needs with new products
The Central Bank of Oman (CBO) is preparing to address the needs of the Sultanate’s Islamic banking sector with…
The Previous IFN Oman Forum
IFN Oman Forum 2022
The 7th annual IFN Oman Forum, in collaboration with key local regulators and the leading Islamic financial institutions and intermediaries, returned in 2022 to provide exclusive access for industry experts, potential investors and leaders from around the region to further develop the market.
Oman was a leading force in the local and regional Islamic finance space, spanning all sectors and products, and it continued to flourish. With a stringent regulatory infrastructure, industry players were assured of support from the authorities, and the market remained open to expansion and improvement.
Although still relatively new to the Islamic finance and banking industry relative to the other GCC countries, Oman boasted total Islamic assets of USS$14.7 billion, an impressive 15.16% of the total assets of the country’s banking sector.
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.
