IFN OnAir

• The reach and implications of new regulations for the issuance of bonds and Sukuk on products and markets.
• Discussing the potential issuance of a treasury Sukuk and how it would benefit the Omani Islamic capital market.
• Examining the Towell Infrastructure Projects syndicated Wakalah, and what the structure means for the Islamic finance market in Oman.
• Developing the Islamic equity capital market in Oman, and capitalizing on recent domestic IPO activity.
• How will new bond and Sukuk regulations accommodate and facilitate sustainable finance?
• Restructurings and refinancings in the Sultanate — the role of the Islamic capital market.

Moderator:

Luma Saqqaf, CEO, Ajyal Sustainability Consulting

Panelists:

Mohamad Noranuar Sajari, Head of Shariah Structuring, Bank Nizwa
Suad Al Balushi, AGM – Head of Treasury and FI, Oman Housing Bank
Vinod Sadhwani, General Manager, Treasury, MB Holdings

• Building on the success of Shariah compliant real estate investment funds and trusts domiciled in Oman, as well as direct investment into real estate assets in the Sultanate.
• Opportunities for regional Shariah compliant funds domiciled in Oman: equity, Sukuk and private equity funds.
• Private equity and venture capital investment — framework enhancements, cross-border and foreign direct investment opportunities.
• Changes to fund regulatory frameworks resulting from the executive regulations to the Securities Law, and implications for various fund structures.
• Exploring the potential for the application of Waqf to Islamic funds in Oman.
• The prospects for Islamic sustainable investing in the Sultanate.

Moderator:

Mike Tirman, Partner, Ice Miller

Panelists:

Anand Raghavendran, Head of Asset Management, BankDhofar
Hassan Ali Ansari, CFO, Takaful Oman
Salman Kabani, Sr. Head of Enterprise Risk and Strategy, Bank Nizwa
Shahariah Shaharudin, President, Saturna Malaysia
Talha Ahmed Khan, Country Manager and Head of Global Investment Unit, Pak Oman Investment Company

Kumail Ali Moosa, Senior Specialist, Fund and Portfolio Management, Sohar International Bank

• Reviewing the 10-year journey of formalized Islamic finance in Oman and navigating the coming years through the strategic development of the Omani Islamic financial services ecosystem.
• The role of Islamic finance in the development of the private sector in Oman.
• Key market developments: remunerative deposit accounts, a potential treasury Sukuk and the introduction of Wakalah money market liquidity management tools.
• Key regulatory issues: the treatment of Islamic banks after mergers with conventional institutions, and the Shariah governance framework and audit guidelines.
• An overview of new regulations for the issuance of bonds and Sukuk in Oman.
• The year of endowment: how Waqf can be further applied to Islamic financial services in Oman.

Moderator:

Asad Qayyum, Managing Partner, MAQ Legal

Panelists:

Ali Hassan Moosa, CEO, Oman Banks Association
Khalid Al Kayed, CEO, Bank Nizwa
Kemal Rizadi Arbi, Expert/Advisor, Capital Market Authority, Sultanate of Oman
Sharifatul Hanizah Said Ali, Executive Director, Islamic Capital Market Development, Securities Commission Malaysia
Thamer Al Shahry, Partner, Said Al Shahry & Partners

The nexus of UK Islamic finance and the path to COP28 — what role should the UK government and financial institutions be playing? How do we further encourage UK Islamic financial institutions to develop Shariah compliant social and sustainable products, including mortgages? Adopting climate risk ratings and external review — what more can companies and financial institutions do to measure climate risk, while developing credible strategies to mitigate such risks? What is UK Islamic finance’s role in innovative initiatives such as the global market for voluntary carbon credits? With carbon credits being recognized as Halal, what financial structures could fossil fuel-dependent OIC countries use to raise financing? How do thriving sectors such as the European hydrogen market secure access to UK Shariah compliant capital? Finally, how can Islamic capital market transactions continue to be structured in accordance with domestic and international regulator-driven sustainability frameworks?

Moderator:

Farmida Bi, Chair, Europe, Middle East and Asia, Norton Rose Fulbright

Panelists:

Khaled Khalifa, Senior Advisor and Representative to the Gulf Cooperation Council Countries, United Nations High Commissioner for Refugees
Luma Saqqaf, CEO, Ajyal Sustainability Consulting
Dr Mohammed Kroessin, Head of Global Islamic Microfinance Unit, Islamic Relief Worldwide
Munirah Khairuddin, Global Head of Shariah Business, Principal and Country Head and CEO, Principal Malaysia
Dr Sutan Emir Hidayat, Director of Islamic Economy Supporting Ecosystem, National Committee for Islamic Economy and Finance

Does the UK still enjoy a competitive advantage in the facilitation of ethically and socially responsible investment management? Where and how do faith-based investment solutions play a role in today’s UK market? What are recent innovations in Islamic investment products based on assets such as gold, and what potential do such innovations offer? What is the continuing role of Shariah compliant fintech in the development of investment management solutions? How will the development of fully Shariah compliant ISAs [individual savings accounts] influence the UK investment management sector? How do systematic tilts in portfolio allocation as a result of Shariah screens affect how ESG integration is approached? How are UK investors encouraging portfolio companies to consider and manage long-term climate-related risk and social impact? What are investment managers doing to address green, social and impact washing? Finally, what is the impact of the Sustainable Finance Disclosure Regulation (SFDR) and changing materiality thresholds for achieving Article 8 and 9 classifications? We ask an expert panel.

Moderator:

Dr Natalie Schoon, CEO, REDmoney Consulting

Panelists:

Dr Martina Macpherson, Head of ESG Product Management, SIX
Omar Shaikh, CEO, Cocoa Invest
Simon Meldrum, Innovative Finance, Private Sector and Innovation Unit, Partnerships and Resource Development, International Federation of Red Cross and Red Crescent Societies
Zalina Shamsudin, Head of International Programmes, Climate Bonds Initiative

The sustainable finance space is beginning to mature with new regulations being introduced. Marlena Kareem from ISFI speaks to Salmah Bee Mohd Mydin, the executive director of market development responsible for sustainability from the Securities Commission Malaysia (SC), about the SC’s role in the development and implementation of sustainability regulations in Malaysia. 

How will the design, development and distribution of digital Islamic financial services continue to evolve in the near term? How important are regulatory frameworks in creating an environment for the enhancement of the financial services sector’s digital infrastructure? How can digital Islamic financial offerings be effectively scaled, and how is technology helping deliver financial products to underserved and untapped segments such as the young, SMEs and B2B markets? Finally, is a new, technology-driven banking model based on simpler, customer-centric services a reality? We ask a respected panel.

Moderator:

Vineeta Tan, Managing Editor and Director, Islamic Finance news

Panelists:

Areeb Siddiqui, Founder and CEO, Kestrl
Lawrence Oliver, Executive Director, Deputy CEO, DDCAP Group
Rafiza Ghazali, Director, Digital Banking, KAF Investment Bank
Raza Ullah, CEO, Pfida

The UK as an investment destination for Shariah compliant direct investment – an update of active sectors and activities. What is the continued role and scale of Shariah compliant real estate assets in the UK? How do we position the UK as a center for originating alternative asset classes, and what opportunities are on offer? Structuring co-investments between domestic UK investors with international Shariah compliant investors — the potential for real estate and direct investment transactions. Building on the success of the Battersea redevelopment: structuring deals that incorporate elements of real estate, capital markets and cross-border investment. With Tawarruq enjoying a privileged tax position for cross-border UK investment, is it now a funding structure of choice?

Moderator:

Mike Tirman, Partner, Ice Miller

Panelists:

Ahmad Shahizam Mohd Shariff, General Partner, Mekar Capital
Nick Edmondes, Partner, Trowers & Hamlins
Dr Scott Levy, Founder, Al Waseelah
Shakeel Adli, Founder and CEO, Zunikh

The UK achieved several firsts, including the first Sukuk issuance backed by an export credit agency. What was the legacy of this transaction for UK Islamic financial services? How can the UK fully leverage on its reputation for innovative structured financial products and services and cement its position as an arranging center for international Shariah compliant transactions? Assessing the potential for Shariah compliant securitization in the UK market — identifying suitable underlying assets and employing innovative structures. Does the UK regulatory and tax environment still require modification for Islamic capital markets and structured finance activities? Can structures such as Tawarruq and Wakalah be further deployed in Shariah compliant capital-raising? Examining further innovation in Shariah compliant structured products and where they might be applied: the example of repo and repo to maturity. We ask a respected panel to assess the development of this key market.

Moderator:

Nitish Bhojnagarwala, Senior Vice-President, Financial Institutions Group, Moody’s Investors Service

Panelists:

Ahsan Ali, Managing Director and Head, Islamic Origination, Standard Chartered Saadiq
Asal Saghari, Counsel, King & Spalding
Lim Say Cheong, CEO, Saudi Venture Capital Investment Company
Mohammed Saifullah Khan, CEO, Dar Al Sharia
Nasser Al-Thekair, General Manager, Trade & Business Development, International Islamic Trade Finance Corporation