Asad Qayyum
Partner, Al Busaidy, Mansoor Jamal & Co
Date: 10th March 2020
Venue: Grand Millennium, Muscat
Attendees:
Speakers: 27 Speakers
ABOUT THE FORUM
For the fourth year in a row, IFN is excited to be back in Oman. The country has been the hotbed of interest for investors for almost half a decade despite being the new kid on the block. The growth of the Islamic finance and banking industry has been an effective contributor to the country’s economic growth with efforts being exercised frequently across multiple sectors in the past years.
Oman’s Islamic finance industry recorded a growth rate of 14% last year. The country has two stand-alone Islamic banks and six Islamic windows at conventional banks offering Islamic services. Its Islamic finance assets are projected to grow to US$3.2 trillion by 2020, with Islamic banking reaching US$2.6 trillion globally.
FORUM AGENDA
09:00
Welcome Address
09:15
Keynote Address
09:30
Vision 2040: Islamic Banking and Finance in Oman
Through a select group of senior market participants, we ask the important questions relevant to developments in the Omani Islamic financial market. How have the local Islamic banks performed? How important was the recent Sovereign Sukuk and did it successfully create an effective benchmark for corporate Sukuk issuers in the capital market? How has the Islamic capital market performed? What can the Sultanate offer the burgeoning Halal financing sector and how can Islamic finance further contribute to the achievement of UN Sustainable Development Goals? We also seek an update on the Sultanate’s Islamic Banking Regulatory Framework and new Takaful Regulation.
11:00
Coffee & Networking
11:30
Developing the Islamic Capital Markets and Asset Management in Oman
Assessing the recent Omani Rial Sovereign Sukuk program – what it means for the Sultanate’s domestic capital market. Will the Sovereign Sukuk provide the catalyst for more corporate Sukuk issuance? How was the Oman’s first REIT received by the market? What do innovative equity-linked investment products such as Exchange Traded Funds offer local investors and what are the pros and cons of passive investment tools such as these? What can technology, particularly tools such as Blockchain, offer capital market innovation in Oman? We examine and discuss these and other key issues facing the capital markets and asset management in Oman.
12:45
Financial Technology and Digitization in Oman
We discuss developments in FinTech in Oman and ask how innovative products and platforms can drive financial inclusion in the Sultanate, as well as bring about significant other benefits. What opportunities do Blockchain and Distributed Ledger Technology offer Islamic financial institutions and consumers in Oman? Where do crowdfunding and peer-to-peer lending potentially fit in the Omani financial system and what can be done to develop and nurture these important components? Where and how can FinTech play a meaningful role in key Islamic financial activities such as Takaful, Zakat and Waqf?
13:45
Project and Infrastructure Finance in the Sultanate
We examine the country’s infrastructure requirements in the coming years and ask what can be funded through Islamic facilities. What structures and mechanisms work for Oman, how can risk be effectively managed and do public/private partnerships offer a viable opportunity?
14:15
Closing Remarks & End of Forum
FORUM SPEAKERS
ADVISORY BOARD
Kemal Rizadi Arbi
Expert/Advisor, Capital Market Authority, Sultanate of Oman
Mohamad Noranuar Sajari
Head, Sharia Structuring, Bank Nizwa
Mohsin Shaik Bin Sehu Mohamed
Senior Executive Manager – Investment Banking & Capital Markets, Maisarah Investment Department
Mughees Shaukat
Head, Islamic Finance, College of Banking and Financial Studies
Muhammad Kashif Zafar
Head of Islamic Banking Finance, Sohar Islamic
Sadaf Buchanan
Partner, Dentons
Shamzani Hussain
General Manager, Meethaq Islamic Banking, Bank Muscat
FORUM SPONSORS
MULTILATERAL STRATEGIC PARTNER
PARTNERS
LANYARD SPONSOR
Last Visit to Muscat
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.
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.
