HE Abdullah Salim Al-Salmi
Executive President
Capital Market Authority, Sultanate of Oman
12th March 2019, Grand Millennium Muscat IN PARTNERSHIP WITH
Date: 12th March 2019
Venue: Grand Millennium Muscat
Attendees: 203
Speakers: 27 Speakers
12th March 2019, Grand Millennium Muscat
IN PARTNERSHIP WITH
Oman has been the hotbed of interest for investors and corporates alike for almost half a decade now. The development of the Islamic finance and banking industry has been an important contributor to the country’s economic growth, with efforts to grow the sector being exercised frequently to compete with its neighbors. Oman has had an impressive Islamic finance growth across multiple sectors in the past years.
As at the end of the first quarter of 2018, Islamic banking assets was recorded at OMR1.41 billion (US$3.65 billion), a 36.9% year-on-year increase from OMR1.03 billion (US$2.67 billion). Revenues generated by the Sultanate’s Islamic banking industry during the same period was realized at OMR17.87 million (US$46.31 million), an increase of 46.12% from OMR12.23 million (US$31.69 million) recorded in the first quarter of 2017.
09:00 – 09:15
Keynote Address
HE Abdullah Salim Al-Salmi, Executive President, Capital Market Authority, Sultanate of Oman
09:15 – 09:30
Keynote Address
HE Tahir Salim Al Amri, Executive President, Central Bank of Oman
09:30 – 10:30
Opportunities for Oman: The Next Stage of Development for Islamic Banking, Capital Markets and Takaful
Through a select group of senior market participants, we review recent developments in Omani Islamic banking, finance, Takaful and investment and ask if expectations have been matched, exceeded or otherwise. We examine industry consolidation and assess the efficacy of various operational models for Islamic banks — stand-alone and windows — while at the same time examining pressing issues such as liquidity management as part of the Sultanate’s Islamic Banking Regulatory Framework. We also discuss what a deposit insurance scheme would look like in Oman and assess what can be learned from other Islamic finance centers that have successfully implemented such schemes.
Moderator:
Jawad Ali, Managing Partner – ME Offices, King & Spalding
Panelists:
Ahmed Al Mamari, Vice-President, Insurance Sector, Capital Market Authority, Sultanate of Oman
Khalid Al Kayed, CEO, Bank Nizwa
Mansoor Jamal Malik, Managing Partner, Al Busaidy, Mansoor Jamal & Co
Mohammed Said Al Abri, Vice-President, Capital Market Sector, Capital Market Authority, Sultanate of Oman
Saud Al Busaidi, Manager, Islamic Banking Department, Central Bank of Oman
10:30 – 11:00
Coffee & Networking
11:00 – 12:00
REITs and Islamic Investment Funds in Oman
An expert panel discusses the launch and development of the REIT market in Oman. With REITs being recently established in the Sultanate and with more in the pipeline, what can we expect in the coming year and what is current investor sentiment and appetite? We also assess the role of regulation, asset quality and diversification.
Moderator:
Salman Ahmed, Partner, Financial Institutions and Capital Markets, Trowers & Hamlins
Panelists:
Abdul Samad Al Maskari, CEO, Thara Global Business
Asad Qayyum, Partner, Al Busaidy, Mansoor Jamal & Co
Kemal Rizadi Arbi, Expert/Advisor, Capital Market Authority, Sultanate of Oman
Saifuddin Ahmed, Head of Asset Management, Almadina Investment
Sylvain Vieujot, CEO, Emirates REIT
Yasser Al Tooqi, Head, Corporate Planning Team, ISFU (Implementation Support and Follow-Up Unit)
12:00 – 12:15
Gold — Opportunities for Financial Innovation
John Durham, Manager – Depository, Gold Corporation, The Perth Mint
12:15 – 12:35
Coffee & Networking
12:35 – 13:25
Learning from Financial Institutions, Issuers and Projects in Oman
What rationale do issuers, corporates and sponsors use for evaluating the offerings of Islamic capital markets and facilities? What lessons can be learned from recent transactions in Oman? We examine factors for success including structures, pricing, ratings, distribution, market conditions and credit enhancement.
Moderator:
Alex Roussos, Partner, Dentons
Panelists:
Girish Koli, CFO, Al Madina Real Estate Company
Mohammed Sajari, Head of Shariah Structuring, Bank Nizwa
Mohsin Shaik, Head of Investment Banking and Capital Markets, Maisarah Islamic Banking Services
Richard Phelan, Legal Director, Oman Gas Company
Sheikh Muadh Salim Ahmed Al-Ghazali, Director, Golden Group of Companies
Thamer Al-Shahry, Head of Corporate Commercial Department, Said Al Shahry & Partners
13:25 – 13:35
Presentation: Talent Development in Islamic finance
Zaineb Sefiani, Founder, Carrera Learning
13:35 – 14:05
Drive and Disrupt: Digital Banking and Financial Technology in Oman and the GCC Region
We assess the latest developments in digital banking and fintech and analyze likely industry shifts, regulation and developments in product and delivery channels across a range of product areas. What does the advancement of technology and in particular, blockchain, mean for Islamic financial institutions in Oman and the Gulf region?
Moderator:
Vineeta Tan, Managing Editor, Islamic Finance news
Panelists:
Ahmet Salim Bilgin, Founder, FinBrain Technologies
Muhammad Kashif Zafar, Head of Islamic Banking Finance, Sohar Islamic
Mughees Shaukat, Head, Islamic Finance, College of Banking and Financial Studies
Salman Kabani, Head of Market Risk, Operational Risk and Strategy
14:05
Closing Remarks & End of Forum
Gold — Opportunities for Financial Innovation
John Durham, Manager – Depository, Gold Corporation, The Perth Mint
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14:30 pm – 16:30 pm
The Oman Dialogue
Now in its fourth year, the highly acclaimed IFN Oman Dialogue will once again bring together a select group of Oman’s leading Islamic finance industry’s practitioners and regulators, to openly discuss the benefits and concerns facing the Shariah compliant financing and investment market today.
This thought-provoking exclusive closed-door session brings together the industry’s elite with extensive knowledge of that particular market and industry regulators. The Oman Dialogue will consist of local regulators and industry practitioners and international key players with a solid understanding of the local market but with an outsider’s point of view.
HE Tahir Salim Al Amri
Executive President
Central Bank of Oman
Abdul Samad Al Maskari
CEO
Thara Global Business
Ahmed Al Mamari
Vice-President, Insurance Sector
Capital Market Authority, Sultanate of Oman
Ahmet Salim Bilgin
Founder
FinBrain Technologies
Alex Roussos
Partner
Dentons
Asad Qayyum
Partner, Al Busaidy, Mansoor Jamal & Co
Girish Koli
CFO
Al Madina Real Estate Company
Jawad Ali
Managing Partner – ME Offices, King & Spalding
Kemal Rizadi Arbi
Expert/Advisor
Capital Market Authority, Sultanate of Oman
John Durham
Manager – Depository, Gold Corporation
The Perth Mint
Khalid Al Kayed
CEO
Bank Nizwa
Mansoor Jamal Malik
Managing Partner
Al Busaidy, Mansoor Jamal & Co
Mohammed Sajari
Head of Shariah Structuring
Bank Nizwa
Mohammed Said Al Abri
Vice-President, Capital Market Sector
Capital Market Authority, Sultanate of Oman
Mohsin Shaik
Head of Investment Banking and Capital Markets
Maisarah Islamic Banking Services
Mughees Shaukat
Head, Islamic Finance
College of Banking and Financial Studies
Muhammad Kashif Zafar
Head of Islamic Banking Finance
Sohar Islamic
Richard Phelan
Legal Director
Oman Gas Company
Saifuddin Ahmed
Head of Asset Management
Almadina Investment
Salman Ahmed
Partner, Financial Institutions and Capital Markets, Trowers & Hamlins
Salman Kabani
Head of Market Risk, Operational Risk and Strategy, Bank Nizwa
Saud Al Busaidi
Manager, Islamic Banking Department
Central Bank of Oman
Sheikh Muadh Salim Ahmed Al-Ghazali
Director
Golden Group of Companies
Sylvain Vieujot
CEO, Emirates REIT
Thamer Al-Shahry
Head of Corporate Commercial Department
Said Al Shahry & Partners
Vineeta Tan
Managing Editor
Islamic Finance news
Yasser Al Tooqi
Head, Corporate Planning Team, ISFU (Implementation Support and Follow-Up Unit)
Zaineb Sefiani
Founder
Carrera Learning
Asad Qayyum
Senior Associate
Al Busaidy, Mansoor Jamal & Co
Dhana Pillai
Partner
Al Hashmi Law
Kemal Rizadi Arbi
Expert/Advisor
Capital Market Authority, Sultanate of Oman
Khalid Howladar
Managing Director and Founder
Acreditus
Mohsin Shaik Sehu Mohammed
Head of Investment Banking and Capital Markets
Maisarah Islamic Banking Services
Muhammad Kashif Zafar
Head of Islamic Banking Finance
Bank Sohar
Mughees Shaukat
Head
Islamic Finance, College of Banking and Financial Studies
Riza Ismail
Senior Counsel & Head, Banking & Finance Practice Group
Al Alawi & Co
Sadaf Buchanan
Partner
Dentons
Saifuddin Ahmed
Head of Asset Management
Almadina Investment
Zainab Aziz
Counsel
Curtis, Mallet-Prevost, Colt & Mosle
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Last Visit to Muscat
As one of the last GCC nations to join its peers in tapping the Islamic finance industry, Oman has been the hotbed of interest in the GCC region for investors and corporates alike for almost half a decade now. The development of the Islamic finance and banking industry has been an important contributor to the country’s economic growth, with efforts to grow the sector being exercised frequently to compete with its neighbors.
Oman has had an impressive Islamic finance growth across multiple sectors in the past years. By the end of 2016, Shariah compliant shares worth OMR3.3 billion (US$8.54 billion) represented 21.58% of the total market capitalization of shares listed on the Muscat Securities Market. Sukuk outstanding of OMR329.48 million (US$852.92 million) took up 16.29% of the total market value of the fixed income market. In 2017, the sovereign issued its US dollar Sukuk, followed by the first Sukuk program by Meethaq. Meanwhile, the Takaful market’s gross direct premiums of OMR42.06 million (US$108.88 million) represented 9.3% of the total insurance premiums in Oman. All these were achieved in about six years since Islamic finance was permitted in 2011 – a remarkable feat. The Sultanate’s strong political will, as well as solid demand, is the driving force behind its success.
Nonetheless, there is still ample room for more development including continuous engagement between regulators and industry participants to discuss needs and enhance the regulatory infrastructure, better communication and alignment of procedures between regulatory and government bodies and continuous development in the human capital space.
After the success of IFN Oman Forum in 2017, the forum will once again return to Oman on the 13th March 2018. Having hosted the forum and dialogue with many groundbreaking sessions and an engaging debate in 2017, the event for 2018 will evolve into a forum with an expected larger number of participants, against the backdrop of further inroads that Oman has made in the industry thus far. Join market regulators and leading industry experts as they discuss the potential of this growing industry at IFN Oman Forum 2018.
We were very pleased with the attendance of all the major banks and fintechs from India, Pakistan, Iran, and Bahrain that participated. It was a small setup but one of the very well-organized and compact ones. On behalf of Monami Tech, we appreciate the exposure and hope to be considered for speaking opportunities in the future.
Chitrajit Chakrabarti
VP International Business, Monami Tech
Thanks and appreciation for the excellent organization of the forum. It was also our pleasure to participate in the prestigious event. We look forward to 2019’s edition too.
Khalid Al Kayed
CEO, Bank Nizwa
Thanks for having me at this very high-profile event and allowing me to speak and learn and share views at the dialogue. I am sure IFN Events will be followed in the future and participants will be waiting for it.
Sulaiman Hamad Al Harthi
Deputy CEO - Islamic Banking ,Islamic Banking Group Bank Muscat
Thank you IFN for these productive events you guys do the world over. Always felt at home and keen to contribute and promote these efforts.
Mughees Shaukat
Head, Islamic Finance, College of Banking and Financial Studies
It was indeed a pleasant experience and enjoyable events including networking.
Girish Koli
CFO, Al Madina Real Estate Company
Indeed it was a great event. The IFN team did a great job. I want to extend a special thank you for having Sohar Islamic as a sponsor and me as a panelist. I would love to have senior management participation next time. We can discuss that nearer to the event date. Also, I hope that we can get more companies on board.
Muhammad Kashif Zafar
Head of Islamic Banking Finance, Sohar Islamic
The experience of attending IFN Oman 2019 event has been wonderful. It hits all the right notes with contemporary issues being discussed and experts sharing their thoughts. The format has been well planned with conference sessions and networking sessions evenly paced out. It was a pleasure to meet all the financial industry experts, regulatory bodies and clients present at the event.
Maisarah Islamic Banking Services
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Our team will be glad to answer any questions you may have about this event.
