REDmoney events
In Partnership with
Date: Sunday, 24th November 2013
Venue: Ritz Carlton, Dubai International Financial Centre (DIFC)

08:00 - 09:00
09:00 - 09:10
Welcome Address
Dr. Abdulrazak Faris Alfaris - Chief Economist, Economic Policy & Research Centre, Dubai Economic Council (DEC)
09:10 - 09:25
Opening Keynote Address: Advancing the Sustainable Development of Islamic Finance in Africa
Ibrahim Shoukry - Director, Financial Institutions Development Department, Islamic Corporation for the Development of the Private Sector
09:25 - 10:10
Session One: Islamic Finance in Africa: Current Developments and Future Growth
  • Africa’s evolving political landscape and its impact on the development of Islamic finance in the continent
  • Can a standard Islamic banking strategy be applied to the region? - Addressing the perception that a one-size-fits-all approach will succeed in Africa
  • Significance of first mover advantage by Africa’s central banks in gaining traction and market share
  • Financial inclusion: Overcoming the issue of lack of awareness of Islamic finance amongst Africa’s massive unbanked population
  • Examining notable African deals in 2013 and why they succeeded
Moderator: Neil Miller - Global Head of Islamic Finance, Linklaters
Panelists: Ijlal Alvi - Chief Executive Officer, International Islamic Financial Market
Mohammad Kamran Wajid - Chief Executive Officer, Emirates Financial Services and Emirates NBD Capital
Wasim Akhtar Saifi - Global Head of Islamic Banking, Consumer Banking & Chief Executive Officer, Standard Chartered Saadiq, Malaysia
10:10 - 10:25
Presentation: Government of Senegal US$ 200 million Sovereign Sukuk
Zakiyoulahi Sow - Sukuk Project Manager, Islamic Corporation for the Development of the Private Sector, IDB Group
10:25 - 10:40
Case Study: SAMIR US$200 million Syndicated Structured Murabahah Financing
Mourad Bouzrouri - Corporate & Structured Finance Manager, International Trade Finance Corporation (ITFC)
10:40 - 11:10
Networking Break
11:10 - 11:55
Country Roundtable: Future Outlook for Africa’s Leading Islamic Investment Destinations
  • Prospects for sovereign and corporate Sukuk issuances by African nations and what its absence signifies to the industry
  • Evaluating Senegal’s key advantages and Nigeria’s rapid development in becoming West Africa’s Islamic finance center
  • Advancing Islamic finance in sub-Saharan economies – current developments and future outlook in key emerging markets
  • South Africa’s unique advantages in attracting inflow of foreign direct investments – regulatory stability, developed infrastructure, sophisticated banking system
  • Kenya: Overcoming lack of funding and political stability in developing its massive potential in the Islamic finance space
  • Outlook for Islamic finance in East and Southern Africa: Tanzania, Zambia, Namibia
Moderator: Faizal Bhana, Senior Associate, Trowers & Hamlins
Panelists: Rodney Mkansi - Deputy Director, Liability Management, National Treasury of South Africa
Taofiq Agbaje - Managing Director, Lotus Capital Financial Services, Nigeria
Zafrullah Khan - Group Managing Director, Chase Bank, Kenya
Zakiyoulahi Sow - Sukuk Project Manager, Islamic Corporation for the Development of the Private Sector, IDB Group
11:55 - 12:40
Session Two: Islamic Project and Infrastructure Financing: Regulations, Structures and Opportunities in Africa
  • Addressing the disconnect between the need for project and infrastructure funding and the availability of Shariah compliant funding instruments
  • Syndicated financing of infrastructure projects - do the opportunities outweigh the risks?
  • Balancing the need for innovative product structures with effective governance of regulatory and Shariah risks
  • Addressing the need for adequate capital support and risk management capabilities to advance project Sukuk issuances by African corporate
  • Regulatory update: Proposed regulations and how these will impact Sukuk issuances and transactions
  • Using Islamic infrastructure financing as a catalyst for cross border financing in Africa: Assessing opportunities and overcoming legal complexities
  • Utilizing Sukuk for project and infrastructure financing: Lessons learnt from mature markets: Malaysia, Turkey, UAE
Moderator: Michael Grifferty - President, The Gulf Bond and Sukuk Association
Panelists: Mehmet Fatih Bulac - Vice President, Financial Institutions & Islamic Syndications, Turkiye Finans Katilim Bankasi A.S.
Salman Ahmed - Partner, Head of Islamic Finance MENA, Trowers & Hamlins
Samad Sirohey - Managing Director, Citigroup and Chief Executive Officer, Citi Islamic Investment Bank
Sohail Zubairi - Chief Executive Officer, Dar Al Sharia Legal & Financial Consultancy, Dubai Islamic Bank
12:40 - 14:00
14:00 - 14:40
Retail Roundtable: Developing a Sustainable and Dynamic Islamic Retail Banking, Wealth Management and Microfinance Market
  • Financial inclusion: Reaching Africa's massive unbanked population through Islamic retail banking services
  • Assessing the potential for Shariah compliant retail banking in Africa – growth opportunities in key markets
  • Islamic wealth management: Growth potential and challenges faced in African markets
  • Catering to a growing market: What can Islamic finance offer the wealth management sector?
  • Challenges faced by Islamic retail banks – stiff competition, Shariah concerns, distribution channels and innovative product structures
  • Islamic microfinance in Africa – outlook for key markets, role of multilateral agencies, opportunities and challenges
Moderator: Prof Dr Shahinaz Rashad- Vice Chairman - Metropolitan Group, Egypt
Panelists: Kashif Naeem, Executive Vice President & Group Head - Retail & Microfinance, Bank of Khartoum, Sudan
Rajal Vaidya - Consumer Banking Director, Barclays Africa
Wasim Akhtar Saifi - Global Head of Islamic Banking, Consumer Banking & Chief Executive Officer, Standard Chartered Saadiq, Malaysia
14:40 - 15:05
Exclusive Interview: Questions to Leading Standard Setting Figures in the Islamic Financial Market
Moderator: Jawad I. Ali - Managing Partner, Middle East Offices, King & Spalding
Panelists: Ijlal Alvi - Chief Executive Officer, International Islamic Financial Market
Dr Khaled Al Fakih - Secretary General & Chief Executive Officer, AAOIFI
15:05 - 15:20
Presentation: The Global Takaful Industry: Current Developments and Future Trends
Sohail Jaffer - Deputy Chief Executive Officer, FWU Global Takaful Solutions
15:20 - 15:50
Session Three: Initiatives and Developments in Takaful and Re-Takaful
  • Addressing the need for regulatory bodies to strengthen supervisory roles to protect stakeholders in the Takaful Industry
  • Key product growth segments in the Takaful markets: How can African nations increase market share
  • Challenges facing the African Takaful industry – lack of actuarial and ratings knowledge, expertise and human capital, high rate of default
  • Sukuk and the investment opportunities it presents for Takaful operators
Moderator: Sohail Jaffer - Deputy Chief Executive Officer, FWU Global Takaful Solutions
Panelists: Dawood Y Taylor - Senior Regional Executive-Takaful, Middle East, Prudential Corporation Asia
Mian Mohammed Nazir - Senior Vice President & Head of Legal, Dar Al Sharia
Sameeulhaq Thanvi - Managing Director, Tokio Marine Egypt Family Takaful
15:50 - 16:10
Networking Break
16:10 - 16:55
Session Four: Advancing North Africa’s Entrance into the Islamic Finance Market – Laying the Groundwork for Long Term Growth
  • Establishing Casablanca as North Africa’s Islamic finance hub: Does Morocco have the political will to succeed
  • Egypt’s success story – first mover advantage, supportive regulatory efforts and active market players
  • Tunisia: Overcoming political instability and regulatory impediments in developing Shariah compliant banking services
  • Pursuing investment flows from key trading partners: How can North Africa distinguish itself from its competitors
  • Capitalizing on Libya’s oil wealth and sovereign wealth funds in enhancing its position as an attractive Islamic investment destination
  • Outlook for sovereign and corporate Sukuk issuances in 2013: What’s in the pipeline for Morocco, Tunisia, Sudan and Libya
Moderator: Moinuddin Malim - Chief Executive Officer, Mashreq Al Islami
Panelists: Emad El Sahhar - General Manager, Islamic Banking Sector, Banque Misr
Farid Mohamed Masmoudi - Global Head of Business Development and Partnerships, Islamic Corporation for the Development of the Private Sector, IDB Group
Mohammad Farrukh Raza - Managing Director, IFAAS
16:55 - 17:40
Investors Roundtable: Developing Africa as an Islamic Investment Destination: Opportunities and Challenges
  • Pursuing investment flows from Europe and the GCC: Crucial considerations for regulators and market players
  • The crucial role of multilateral agencies and central banks in building investor confidence in Africa
  • Attracting foreign demand for domestic issuances – what foreign investors are looking for
  • Investment mandates and options for Takaful funds: effectively managing investment risk and maximizing returns
  • Addressing the need for the development of a secondary tradable market for domestic Sukuk
  • What the future holds for Africa’s Islamic investment sector – growth prospects, new markets and product trends
Moderator: Mohamed Hamra-Krouha - Partner, Clifford Chance
Panelists: Asim Khan - Managing Director, Khalij Islamic
Cassim Docrat - Director, DDCAP (DIFC)
Dr Hatim El-Tahir - Director, Islamic Finance Group, Deloitte
Dr Muhammad Al-Bashir Muhammad Al-Amine - Group Head - Shariah Assurance, Bank Alkhair
17:40 - 17:50
Chairperson's Closing


AAOIFIInternational Islamic Financial Market
The Islamic Corporation for the Development of the Private Sector (ICD)
Metropolitan Training Academy
Dar al Sharia
CIMB Islamic
Emirates NBD Group
Khalij Islamic
Bahrain Institute of Banking and Finance (BIBF)
FWU Group

Islamic Finance Advisory & Assurance Services
Norton Rose
Russell Indexes
Standard Chartered Saadiq
Trowers &  Hamlins
Chase IMAN
Islamic Finance news
CPI Financial
African Development Magazine (ADM)
Africa Business
Al Eqtesady
Al Mal Newspaper
Business Islamica
Capital Business
Daily News Egypt
Inside Investor
Middle East & Africa Monitor
Oxford Business Group




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