Abdulkader Thomas
President and CEO, SHAPE Knowledge Services
12th November 2019, JW Marriott Kuwait City
Date: 12th November 2019
Venue: JW Marriott Kuwait City
Attendees: 102
Speakers: 20 Speakers
Objectives of the Dialogues
The IFN Kuwait Dialogue will provide market players with an opportunity to come together and discuss how to advance and develop the Islamic Banking industry in Kuwait. The sessions will enable participants to share in-depth analysis, experiences, information and views that may be more appropriately discussed in a smaller, more exclusive environment. The Dialogues will also allow market players and regulators to provide bi-lateral feedback and suggestions on how the participation industry can be taken forward: what steps should be taken by regulators and how market players can assist.
Dialogue Floor Plan
Dialogue Agenda
09:00 – 09:05
Welcome Remarks
09:05 – 10:35
Aligning Islamic Banking and Finance for Success in Kuwait
- What needs to be done to further align Islamic banking with the aims, objectives and structure of the Shariah compliant Kuwait financial services industry?
- Discussing the economic development of Kuwait in line with Vision 2035: What is the potential of Islamic finance in the region?
- Analyzing the development of Islamic banking in the country and assessing the competition and consolidation within the sector
- Is the establishment of a centralized Shariah Supervisory Board a reality and what will this mean for the industry?
- What makes an ecosystem that promotes the successful integration of investors, accelerators and technology entrepreneurs?
- What are the latest developments in FinTech and likely industry shifts, regulation and developments in product and delivery channels?
Issam Al Tawari, Founder and Managing Partner, Newbury Consulting
Panelists:Ajai Thomas, CFO, Kuwait International Bank
Krishnakumar Kulanghat, Chief Dealer – Money Market and Investment, Commercial Bank of Kuwait
Madhurima Basu, Senior Associate – Banking and Finance, Al Tamimi & Co
Michael Rainey, Partner, King & Spalding
Nitish Bhojnagarwala, Vice-President, Senior Credit Officer, Moody’s Investors Service
Sudhakar Nibhanupudi, Group Chief Data Officer, National Bank of Kuwait
Yusuf Chorghay, Senior Director Structured and Syndicated Finance, Warba Bank
10:35 – 11:00
Coffee Break
11:00 – 12:30
Development of Islamic Capital Markets and Asset Management in Kuwait
- Where can Islamic capital-raising and asset management products and services play a role in Kuwait?
- What has the FTSE Coast Kuwait 40 Index meant for Kuwait’s capital markets?
- How can corporates and financial institutions in Kuwait diversify funding and capital raising programs?
- What is the potential of Waqf for capital markets in Kuwait? How is it typically structured and what are the main variations?
- Assessing developments for Sukuk and evaluating current market trends: will financial institution issuance continue, and will we see corporate activity in Kuwait?
- The next frontier: Where is the Kuwaiti asset management industry heading and how has the progress been for recent product innovations, particularly REIT and Sukuk funds?
- How effective are current capital markets and asset management regulatory frameworks in Kuwait?
- How have Shariah compliant investment trends and opportunities evolved across a range of asset classes in Kuwait and the region?
Alex Saleh, Partner and Co-Head of Office, Al Tamimi & Co Kuwait
Panelists:Abdulkader Thomas, President and CEO, SHAPE Knowledge Services
Ahmed Amin, Assistant Vice-President of Risk Management, National Investments Company
Christy Kulathooran, General Manager – Finance, Kuwait and Middle East Financial Investment Co
Michael Rainey, Partner, King & Spalding
Thuwaini K Al-Thuwaini, Chief Investment Banking Officer, Warba Bank
Zaineb Sefiani, Founder, Carrera Learning
12:30 – 13:30
Refreshments and Networking
Dialogue Speakers
Ahmed Amin
Assistant Vice-President of Risk Management, National Investments Company
Ajai Thomas
CFO, Kuwait International Bank
Alex Saleh
Partner and Co-Head of Office, Al Tamimi & Co Kuwait
Christy Kulathooran
General Manager – Finance, Kuwait and Middle East Financial Investment Co
Issam Al Tawari
Founder and Managing Partner, Newbury Consulting
Krishnakumar Kulanghat
Chief Dealer – Money Market and Investment, Commercial Bank of Kuwait
Madhurima Basu
Senior Associate – Banking & Finance, Al Tamimi & Co
Michael Rainey
Partner, King & Spalding
Nitish Bhojnagarwala
Vice-President, Senior Credit Officer, Moody’s Investors Service
Sudhakar Nibhanupudi
Group Chief Data Officer, National Bank of Kuwait
Thuwaini K Al-Thuwaini
Chief Investment Banking Officer, Warba Bank
Yusuf Chorghay
Senior Director Structured and Syndicated Finance, Warba Bank
Zaineb Sefiani
Founder, Carrera Learning
Advisory Board
Ajai Thomas
CFO, Kuwait International Bank
Alex Saleh
Partner and Co-Head of Office, Al Tamimi & Co Kuwait
Issam Al Tawari
Founder and Managing Partner, Newbury Consulting
Dialogue Photos
Dialogue Sponsors
MULTILATERAL STRATEGIC PARTNERS
The Islamic Corporation for the Development of the Private Sector (ICD)
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is part of the Islamic Development Bank (IDB) Group.
The ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to governments and private companies and encouraging cross-border investments.
The ICD has an authorized capital of US$4 billion. Currently, the shareholders of the ICD are the IDB (50%), 53 Islamic countries (30%) and five public financial institutions (20%).
ICD mandate and objectives
The ICD fosters sustainable economic growth in its 53 member countries by:
- Financing private sector investment
- Mobilizing capital in the international financial markets, and
- Providing advisory services to business and governments.
The ICD selects the financing projects based on their contribution to economic development considering factors such as job creation, Islamic finance development, contribution to exports, etc. The ICD also provides advisory services to governments and private sector groups on policies designed to encourage the establishment, expansion and modernization of private enterprises, the development of capital markets, best management practices and to enhance the role of the market economy. The ICD operates to complement the activities of the IDB in member countries.
The ICD is rated ‘AA/FQ’ by Fitch Ratings, ‘Aa3/P-1’ by Moody’s Investors Service and ‘A+’ by Standard & Poor’s.
FOR MORE INFORMATION
Tel: (966-12) 6361400; (966-12) 6441644
Fax: (966-12) 644 4427
Email: [email protected]
Website: www.icd-ps.org
The Islamic Corporation for The Insurance Of Investment And Export Credit (ICIEC)
Established 26 years ago in 1994 as a multilateral institution and a member of the Islamic Development Bank Group, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) was tasked to promote cross-border trade and foreign direct investments in its member countries.
The ICIEC’s mission is to make trade and investment between member countries and the world more secure through the Shariah compliant risk mitigation tool. Its vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in member countries.
The ICIEC is the only multilateral export credit and investment insurance corporation in the world that provides Shariah-compliant insurance and reinsurance solutions.
Today, the ICIEC supports trade and investment flows in 47 member countries spanning across Europe, Asia, the Middle East and Africa. Its target clients are corporates (both exporters and investors), banks and financial institutions as well as export credit agencies and insurers.
International Islamic Trade Finance Corporation
The International Islamic Trade Finance Corporation (ITFC) is a member of the IDB Group. It was established with the purpose of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of the people across the world. The ITFC commenced operations in January 2008 and has since consolidated all trade finance businesses that used to be handled by various windows within the IDB Group. Earning an ‘A1’ rating from Moody’s Investors Service reflects the ITFC’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.
Since 2008, the ITFC has provided more than US$40.2 billion of trade financing to OIC member countries, making it the leading provider of trade solutions for the needs of OIC member countries. With a mission of being a catalyst for trade development among OIC member countries and beyond, the ITFC helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.
Contact us at:
Twitter: @ITFCCORP
Facebook: @ITFCCORP
Linkedin: International Islamic Trade Finance Corporation (ITFC)
Tel: +966 12 646 8337
Fax: +966 12 637 1064
E-mail: [email protected]
Website: http://www.itfc-idb.org/en
EXECUTIVE PARTNERS
Al Tamimi & Co
Al Tamimi & Company is the largest law firm in the Middle East with 17 offices across nine countries. The firm has unrivaled experience, having operated in the region for over 25 years. Our lawyers combine international experience and qualifications with expert regional knowledge and understanding.
We are a full-service firm, specializing in advising and supporting major international corporations, banks and financial institutions, government organizations and local, regional and international companies. Our main areas of expertise include arbitration and litigation; banking and finance; corporate and commercial; intellectual property; real estate; construction and infrastructure; and technology, media and telecommunications. Our lawyers provide quality legal advice and support to clients across all of our practice areas.
Our business and regional footprint continues to grow, and we seek to expand further in line with our commitment to meet the needs of clients doing business across the Middle East. For more details on the firm, please visit www.tamimi.com.
Kuwait International Bank
Established in May 1973, KIB set out to meet the growing demand at the time for a financial institution specializing in the real estate sector. In an effort to address the changing economic climate and the evolving state of the banking industry in the region, the bank embarked on a strategic transformation plan in July 2007. This unprecedented move saw the bank transition from a conventional real estate bank to a full-service bank operating in accordance with the principles of Islamic Shariah. KIB today has set out a strategic plan to invest in and develop its technological infrastructure to better serve its customer base, while digitizing its services and products, to meet customer demands in a more efficient and effective manner, especially the rising segment that lead a fast-paced lifestyle.
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.
Dentons
Dentons is the world’s largest law firm, delivering quality and value to clients around the globe. Dentons is a leader on the Acritas Global Elite Brand Index, a BTI Client Service 30 Award winner and recognized by prominent business and legal publications for its innovations in client service, including founding Nextlaw Labs and the Nextlaw Global Referral Network. Dentons’s polycentric approach and world-class talent challenge the status quo to advance client interests in the communities in which we live and work.
Eiger
Eiger Trading Advisors (Eiger) is a UK-based asset-trading and technology company founded in 2008, which specializes as an intermediary in Islamic financial products.
As a leading intermediary and technology provider within the commodity Murabahah space, Eiger has the unique capabilities to deliver Shariah compliant commodity trading solutions through the Eiger Trading Platform (ETP), a web-based trading system, that we tailor to our bank clients’ exact operational requirements.
The ETP automates the structuring and execution of Islamic banking products for wholesale and retail commodity-backed transactions, including two new enhanced modules:
- ETP Retail – A 24/7 STP platform designed to automate the end-to-end commodity Murabahah transactions underpinning retail banking products such as deposits, loans, CASA, credit cards
- ETP Client Reach – A bespoke middle and back office module designed to streamline Islamic treasury and derivative transactions, including execution and documentation with our clients’ clients.
Eiger is authorized and regulated by the UK’s Financial Conduct Authority, and is both a member of the London Metal Exchange and an associate of the London Platinum and Palladium Market.
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.
King & Spalding
King & Spalding is an international law firm with more than 30 years’ experience advising clients globally on Islamic finance. Consistently ranked among the best in the world, the firm’s global Islamic finance and investment practice includes over 30 lawyers and professionals in offices across the Middle East, Europe and the US.
In the Middle East, the firm leads in the formation of investment funds across a range of asset sectors, and the innovative fund structures it has developed to deal with local ownership and financing restrictions are now precedents followed by the industry. The firm maintains a leading role in handling debt capital markets work, in particular Sukuk issuances for issuers and lead arrangers across the Middle East and Turkey. In Europe, the firm is recognized as a leader in structuring and advising on Shariah compliant real estate financing and investments, as well as advising various international investment banks in their capacities as arrangers in debt capital market transactions, particularly Sukuk issuances. In the US, the firm is widely acknowledged as the firm of choice for Shariah compliant investment and financing transactions.
Moody’s Investors Service
Moody’s is a global risk assessment firm that empowers organizations to make better decisions. Its data, analytical solutions and insights help decision-makers identify opportunities and manage the risks of doing business with others. We believe that greater transparency, more informed decisions and fair access to information open the door to shared progress.
NOMURA ISLAMIC ASSET MANAGEMENT SDN. BHD.
Nomura Islamic Asset Management (NIAM) was established in November 2008 to serve as the global Islamic hub for the Nomura Asset Management (NAM) Group internationally, to provide Shariah compliant investment solutions to our clients worldwide. In the short period since our inception, we have successfully built ourselves as one of the largest Islamic fund management boutiques in the world by assets under management size, and have been ranked among the world’s top 25 largest for the past four consecutive years by Asian Investor.
NIAM is a full-suite investment management office, with capabilities developed for portfolio management, research, and Shariah compliance monitoring for the Islamic equity and Sukuk asset classes, with regional and global coverage. We tailor our Shariah investment solutions to meet the needs of our diverse clientele, including prominent institutions globally, such as central banks, pension funds, financial institutions and corporations. Our investments are in strict adherence and accordance with Shariah principles under the guidance of our panel of Shariah advisors who are among the industry’s preeminent and most experienced Shariah experts or scholars.
In partnership with local and international industry players, we are avid participants in focused initiatives to promote Shariah investing across various markets. We have been involved in various consultations and dialogues with regulators and government bodies to promote a better understanding and support of Islamic investment solutions, not just in Malaysia, but also notably, in Brunei, Indonesia and the Middle East.
Even prior to the establishment of NIAM, we have been in the Islamic asset management space via our local conventional sister company, Nomura Asset Management Malaysia, which has been managing Shariah mandates since 2007. In addition to our adherence to Shariah standards, the NAM Group as a whole is also a signatory of the United Nation Principles for Responsible Investing, and as such we incorporate responsible investment principles into our investment approach.
Rosette Merchant Bank
Rosette Merchant Bank is a Financial Conduct Authority-regulated boutique investment advisory firm based in Mayfair, London in the UK. The firm specializes in the global sourcing and structuring of Shariah compliant commercial real estate investments and bespoke transactions for select clients.
Over the last 24 months, Rosette has successfully transacted over GBP200 million (US$270.56 million) of commercial real estate with a further GBP60 million (US$81.17 million) currently under offer. The firm aims to have assets under management of GBP1 billion (US$1.35 billion) by 2020.
Following the success of the real estate division, Rosette now intends to expand its business lines. New areas being actively developed include Shariah compliant equities, supply chain finance, treasury products, the Sukuk markets and a direct investment in the fintech space.
While real estate will remain the cornerstone of the business, as it looks to the future, Rosette is actively forging new product lines to offer its clients a comprehensive service in the ever-evolving world of Islamic finance.
VG
About VG
It’s as simple as … partnering with people you trust
We are one of Jersey’s largest independent and privately owned providers of fiduciary and administration services. Our independence allows us to act quickly and decisively to create and administer the right solutions for our clients.
We have significant experience and a deep understanding of Shariah compliant structures and transactions including funds, Sukuk and private trusts, and have particular expertise in the administration of Shariah compliant structures used to purchase and manage multimillion dollar commercial properties in the UK and elsewhere in the world.
Our award-winning Islamic finance team has supported the needs of entrepreneurs, families and institutions for over 35 years. We work with clients and advisors based in the GCC and the wider
Middle East region, as well as in Africa and Asia.
We actively support the Islamic finance community and hold memberships with the Arab Bankers Association and Arab–British Chamber of Commerce.
To find out more and for details of the legal and regulatory status of VG, please visit www.vg.je.
Warba Bank
Established in 2010, Warba Bank’s mission is to be a world-class bank that offers the entire gamut of banking and investment services in compliance with Shariah principles. It aims to achieve growth by continuously innovating on product quality, offering customized solutions and service excellence thereby gaining the confidence of customers from various walks of life.
OUR VISION
To be an Islamic corporate and investment banking champion in Kuwait with a lean digitally enabled retail business.
OUR MISSION
Help our customers fulfill their life ambitions and grow their businesses by providing innovative financial solutions and outstanding experiences.
Provide our staff with rewarding growth opportunities and a healthy work environment.
Deliver steady, growing returns to our shareholders.
LANYARD SPONSOR
Codebase Technologies
Codebase Technologies builds modern digital banks, developing application programming interface-driven technologies to deliver new customer experiences. Supporting institutions with cloud-agnostic digital-ready solutions, it operates as a research and development think tank that enables any business to pursue their ambitions for a seamlessly integrated, lifestyle-enhancing digital financial experience at a fraction of the time and cost.
Its highly robust and scalable open architecture framework and flagship platform ensemble, Digibanc™, the most comprehensive one-stop shop ‘bank in a box’, gives Codebase Technologies the key to unlock the true potential of the new-era digital financial ecosystem.
With solutions encompassing customer onboarding, middleware, payments, asset management and channel deployments, Codebase Technologies provides the expertise that allows your business to focus on what’s important — the customer.
Codebase Technologies operates across ASEAN, the GCC and Australia, providing proprietary technology products and advisory services to institutions looking to challenge the next digital frontier.
MEDIA PARTNERS
AlHuda CIBE
AlHuda Centre of Islamic Banking and Economics is working diligently and under vigilance shariah
compliant standards since its inception. AlHuda CIBE was established in 2005 and Mr. Zubair Mughal is its
Chief Executive Officer. AlHuda CIBE has been accredited as a distinguished service provider due to our
notable services, team of dedicated professionals and one stop solutions of Islamic banking and finance.
Our aim is to provide state-of-the-art and science services of Islamic banking and finance worldwide.
AlHuda head office is in UAE and regional offices are in Pakistan and in South Africa. AlHuda CIBE is
omnipresent worldwide for its various services:
- Advisory & Consultancy
- Research & Development
- Education & Capacity Building
- Shariah Advisory
- Publications & Events
Website link: www.alhudacibe.com
Oxford Business Group
Oxford Business Group (OBG) is a global research and consultancy company with a presence in over 30 countries, from the Middle East, Africa and Asia to the Americas. A distinctive and respected provider of on-the-ground intelligence on many of the world’s fastest growing markets, OBG has offices in London, Berlin, Dubai and Istanbul, and a network of local bureaus across the countries in which we operate.
Through its range of products, OBG offers comprehensive and accurate analysis of macroeconomic and sectoral developments, including banking, capital markets, tourism, energy, transport, industry and ICT. OBG provides business intelligence to its subscribers through multiple platforms: Economic News and Views, OBG Business Barometer – CEO Survey, Roundtables and conferences, Global Platform – exclusive video interviews, The Report publications and its Consultancy division.
The Business Year (TBY)
The Business Year (TBY) is a global media group specializing in economic news, research on national economies, and business intelligence across emerging markets. With operations in over 35 countries, we bring first-hand insights to investors, businesses, and governments worldwide.
True Banking
True Banking is a Bi-Monthly magazine working to deliver Islamic banking & financial services with specific focus on research development, market analysis, training and advancements. The prime aim of True Banking is to create awareness of Islamic banking and finance in the masses and to make available a platform to get the latest news, innovations and updates of national and international banking and finance industry. It is an addition to our achievements towards developing and promoting Shariah compliant financial industry worldwide.
Last Visit to Kuwait
Kuwait, an important market for Islamic finance with a long-standing commitment to Islamic banking and finance, is poised to have a growing Shariah finance industry with recent market developments.
Progress in the past year in Kuwait has paved the way for its growth as a pioneer in the Islamic finance industry. The latest, and potentially groundbreaking, development in the State of Kuwait is the amendment of the Public Debt Law. The draft law, which is under discussion, would potentially signal the nation’s first sovereign Sukuk. Kuwaiti investors have also been recognized for their active momentum not only in the GCC, but also in the US and Europe.
Kuwait continues to be a hot destination for investors in the debt capital markets, with the Kuwaiti bourse recently included in the FTSE Emerging Markets Index. The move is anticipated to encourage the flow of foreign investments into the Kuwaiti capital market. Investors and industry participants are keen on the Kuwaiti Islamic finance story, and the authorities have been a strong force in effectively advancing the industry and turning Kuwait into a contender among its peers in the Gulf region.
2018 will see IFN Kuwait Forum returning to Kuwait City, building on the previous successes and with the support of both local regulators and international participants to explore and encourage Shariah compliant investment opportunities into the country.
For any inquiries contact us
Our team will be glad to answer any questions you may have about this event.