This is the 2^nd IFN Bangladesh event.

Demand for Islamic banking in Bangladesh is on the rise as a result from the country’s robust economic growth, rising population and expanding middle-class.

Bangladesh Bank issued Islamic banking guidelines in 2009; the Securities and Exchange Commission announced it was working on regulations for Sukuk and derivatives in 2019; and the central bank have also issued the Refinance Scheme for Investment in green products or Initiatives targeted at Islamic banks and financial institutions.

Bangladesh boasts 11 fully-fledged Islamic banks and 15 Islamic windows, holding almost 24% of the country’s deposits and investments. There are 11 Takaful operators and about 12 conventional insurers offering Takaful products.

The government issues regular Islamic Investment Bonds; there have been numerous Sukuk issuances, particularly among financial institutions; there are two Islamic indices; numerous Islamic funds; and there’s a robust Islamic Fintech sector.

So much to cover. So much to learn. So many opportunities.

This is the 4^th IFN Morocco event.

Morocco’s Islamic finance industry has made great strides in the past three years to catch up with its peers, recording healthy growth in its different subsectors.

An Islamic finance bill was passed in 2014 and a commission dedicated to Islamic banking established in 2015, paving the way for Shariah compliant transactions. In 2017, the Kingdom approved five Islamic financial concepts and allowed the operation of Islamic windows, as well as giving the greenlight for Sukuk issuances and Takaful operations. In 2018, a wider range of Sukuk structures were allowed and a crowdfunding bill outlining regulations for Islamic platforms submitted, and in 2019, the House of Councillors approved a law allowing insurance companies to set up Takaful subsidiaries. Further, the central bank is planning for an Islamic interbank market as well as sovereign treasury Sukuk.

There are currently Eight banks in Morocco licensed to offer Islamic products.

This is a fascinating, developing, emerging market and is worth keeping a close eye on.

This is the 8^th IFN Singapore event.

Known for being a global financial centre with a resilient economy and having a multicultural population, 14% of which are Muslims the Republic of Singapore has kept its Islamic finance and banking industry stable.

There is no specific, separate law on Islamic finance in the country, but the Monetary Authority of Singapore, has made some amendments to existing laws to accommodate Shariah compliant banking and finance, and issued the Guidelines on the Application of Banking Regulations to Islamic Banking in 2009.

Singapore has witnessed 20 international Sukuk issuances and 12 domestic.

In 2018, the FTSE ST Singapore Shariah Index, tracking Shariah compliant companies listed on Singapore Exchange was developed and launched.

Various Islamic fintech start-ups call Singapore home due to the Republics’ conducive fintech environment.

Sandwiched between Malaysia and Indonesia, and itself having its sophisticated wealth management expertise, Singapore is well positioned to develop a strong Islamic asset management repertoire.

This is the 13^th IFN Turkey event.

The Capital Markets Board first introduced regulations on Sukuk in 2010, and in 2012, sovereign Sukuk issuances were facilitated. In 2013, the government allowed for lease certificates to be structured under various Islamic concepts.

The first Sukuk facility issued was in 2010. The Turkish government made its sovereign Sukuk debut in 2012. It now regularly auctions gold based Sukuk and issues Islamic lease certificates.

Of the 53 banks in Turkey, six are fully-fledged Islamic banks.

There are three fully-fledged Islamic asset managers in Turkey, but conventional asset managers are permitted to offer Islamic products on a window basis, 99.8% of Turkey’s population is Muslim and it has a thriving participation banking sector. Islamic banking assets, which represent approximately 6% of total banking assets are predicted to double within 10 years due in large part to government support.

This is the inaugural IFN Offshore Centres event.

Offshore financial centres are gaining more popularity with Sukuk issuers and Islamic financial institutions looking at efficient and cost-effective tax planning and cross-border transactions.

With the likes of Bermuda, BVI, Cayman, Cyprus, Guernsey, Ireland, Jersey, Labuan, Liechtenstein, Luxembourg, Malta, Mauritius, Singapore, and numerous others with varying attributes competing for business, opportunities are rife.

Industry players seek those with political and economic stability; efficient corporate laws; and tax treaties. Others include regulations that accommodate Shariah transactions; mutual funds law; English legal system, anti-money laundering legislation; conducive administration tasks and costs; and less stringent license requirements.

In our first such event we’ll be discussing the various benefits and opportunities the numerous centres offer.

This is the 3^rd IFN CIS & Russia event.

Kyrgyzstan, Kazakhstan and Tajikistan have Islamic finance legislation in place, while Turkmenistan, Uzbekistan, and Russia do not. However, this market perhaps offers the most exciting opportunities for the Islamic finance industry over the coming years.

A Central Bank of Russia working group developed a roadmap for Islamic finance and, Takaful and Islamic securities, but these plans have yet to be implemented.

The IsDB currently has more than 130 ongoing projects in Central Asia collectively valued at US$3 billion, with a priority focus on infrastructure development. The IsDB also began discussions with the Central Bank of Russia in 2019, to prepare a framework for the launch of commercial Islamic banks.

With Sukuk issuances, Takaful operators, FinTech start-ups and a large Muslim population, the CIS & Russia region is a fascinating prospect.

This is the 2^nd IFN South Africa event.

Islamic banking and finance in South Africa is governed by the same legislation as its conventional counterpart, with accommodations for Shariah compliant transactions. Sukuk were formally recognized in 2011 as an instrument for the government, but later in 2016, were opened up to public entities and listed companies.

South Africa boasts one fully-fledged Islamic bank and four banks offering Islamic products on a window basis. There are also two fully-fledged Takaful operators.

There are 11 asset management companies offering Shariah instruments with over 20 Islamic funds, including at least three exchange-traded funds (ETFs), in the South African Islamic fund space.

South Africa was the first African government to tap the global Sukuk market with its debut issuance worth US$500 million in 2014. A sophomore rand denominated Sukuk facility is expected in 2021.

South Africa is a pioneer in the African Islamic finance space and will continue to develop it’s eager domestic market.

This is the 4^th IFN Sri Lanka event.

Sri Lanka’s Banking Act, amended in 2005, allows commercial and specialized banks to offer Islamic finance products. In 2018, the Inland Revenue Act was amended so both Islamic and conventional finance deals are subject to the same tax treatment.

There are seven conventional banks with Islamic windows and one fully-fledged Islamic bank. There is also one fully-fledged Takaful operator and a few conventional operators offering Takaful products.

Sri Lanka’s debut Sukuk facility was issued in 2016 by LOLC Finance’s Al Falaah Islamic Business Unit, and in 2018, Citizens Development Business Finance issued various tranches of Sukuk Ijarah. A sovereign Sukuk issuance has been in the works since 2016.

With about 9% of the total 21 million-strong population of Sri Lanka being Muslim there is a demand for Shariah compliant financial products in the country. Sri Lanka is a unique and developing Islamic financial market with opportunities in all sectors.

This is the 2^nd IFN Qatar event.

Qatar’s’ Islamic banking industry, with four fully fledged Islamic banks, enjoyed 26.1% of the total market share of global Islamic banking assets as at the third quarter of 2019.

The four Takaful operators enjoy a 45% domestic market share.

Abroad, QIIB founded Umnia Bank in Morocco. Masraf Al Rayan-owned Al Rayan Investment is working on establishing a fintech-based Islamic bank in Kazakhstan.

Islamic fintech is an area of focus, with Qatar Fintech Hub launching incubator programs to develop fintech start-ups focusing on Islamic finance, including TakaTech and Shariah compliant cryptocurrency.

Qatar remains a global leader for the Islamic finance industry and with its sturdy regulations and progressive regulators, their position is not in jeopardy.

This is the 3^rd IFN Nigeria event.

The past year has seen new fully-fledged Shariah compliant players enter the financial market in Nigeria, in addition to the Nigerian government reiterating its interest in tapping the Islamic capital markets.

There are two fully fledged Islamic banks; two Islamic banking windows operated by conventional banks; and four Shariah compliant microfinance institutions. There are five Takaful providers and several Islamic asset managers offering Shariah compliant funds, an Islamic ETF, and a Shariah compliant index.

The past two years have seen major developments in Nigeria’s Islamic finance and banking industry, with regulators reinforcing their support through updates in regulations and both the government and the private sector tapping the Islamic capital market. With Muslims making up almost 50% of the Nigerian population, Islamic finance and banking in the country has great potential.