Date: 20th November 2019
Speakers: 30 Speakers
Ireland, since 2011, has aspired to be a center of excellence for Islamic finance, and market conditions and geopolitical developments, coupled with industry activities, signal that the European island is closer to its ambitions now that it was a few years ago.
Thanks to taxation reforms, the flexibility of regulators as well as creativity and perseverance of industry participants, Ireland continues to be one of the leading international Sukuk listing destinations in the world. Over the last year the country also demonstrated that it is ready to make its mark in other areas of the Islamic finance industry.
In 2019, several Shariah compliant deals took place including a real estate transaction and the rollout of Ireland’s first Islamic consumer financing instrument on the back of growing demand by the local Muslim community. A nationwide study conducted this year found that an overwhelming majority (98%) of over 400 Muslim respondents attributed the lack of a compliant alternative product as the reason for not purchasing a home or investment property, leaving an investment gap of at least EUR30 million (US$33.8 million). Almost every respondent would take up an Islamic option if it was available.
With the prospect of the UK leaving the EU in 2019, multiple doors are opened for Ireland, particularly as it would be the only native English-speaking country in the EU27 which could also extend Islamic financial institutions passporting rights into the EU. The IFN Ireland Dialogue will explore how best Ireland can realize its Islamic finance ambition and the challenges it needs to overcome as well as steps it needs to take.
Following extensive research we are excited to add Dublin, Ireland to the 2019 IFN roster of events, with the exclusive, interactive and hugely development focused Dialogue series:
Objectives of the Dialogues
IFN Ireland Dialogues provide market players with an opportunity to come together and discuss, in a closed-door setting, how to advance the participation finance industry. The sessions will enable participants to ask questions and share information and views that may not be discussed in open forums. The Dialogues will also allow market players to provide feedback and suggestions to regulators on how to move the participation industry forward and to identify what steps they feel should be taken by regulators and how market players may be able to assist.
Format and Follow-on
The Dialogues adopt the Chatham House Rule, designed to increase openness of discussion. Anyone who attends the Dialogue is free to use the information from the discussion but is not permitted to reveal or attribute comments made. At the conclusion of the Dialogues, IFN will produce a report summarizing key points discussed during the sessions. This report will then be distributed to Dialogue participants and relevant regulatory bodies. All recipients will be reminded of the confidential nature of this document.
Role of Regulators and Market Players during the Dialogues
Regulators are invited to attend the Dialogues. They need not actively participate in discussions but are of course welcome to do so. Market players are encouraged to use this opportunity to raise issues that they would not otherwise feel comfortable discussing in an open forum. The Dialogues are an opportunity to raise, debate, analyze and examine current issues affecting the participation finance industry among a group of peers. They offer a unique platform to share concerns with regulators – those in the room and those who will eventually receive the Dialogue report. Finally, it is also an ideal setting to discuss potential collaboration that will ultimately benefit the domestic market.
Pre-Dialogue Preparation and Agenda Setting
All Dialogue participants will be confirmed and announced two weeks prior to the event taking place. At that point, IFN will invite participants to provide input on key issues, questions and points that will ultimately shape the agenda and drive the Dialogue discussion and will also ask participants to identify and share topics and areas they would like to be addressed on.
How we build our programs
Our Events offer participants a holistic view of latest industry trends in a succinct one-day program format. Our agendas are compiled after in-depth research is undertaken through research reports and interviews, in house content and discussions with market participants. For each event an advisory board comprising the industry’s leading practitioners and regulators is assembled to offer advice on content, speakers, flow and format. The agenda is circulated to the advisory board for final comments before our team initiates the speaker invitation process.