Draft agenda for discussions. Day 1. 8:00 9:00 Registration 9:00 10:00 Opening ceremony and keynote addresses

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1 AAOIFI World Bank Annual Conference on Islamic Banking and Finance November 2016, Kingdom of Bahrain Theme: Islamic Finance in the Post Oil Economic Scenario Draft agenda for discussions Day 1 8:00 9:00 Registration 9:00 10:00 Opening ceremony and keynote addresses 10:00 10:15 10:15 11:15 Reciting verses from the Holy Quran Conference Forward: Dr. Hamed Hassan Merah, Secretary General, AAOIFI Key Speech: Mr. Abayomi Alawode, Head of Islamic Finance, World Bank Guest of Honour Speech: H. E. Dr. Bandar Hajjar, President, Islamic Development Bank Group Welcoming Remarks: H.E. Shaikh Ebrahim Bin Khalifa Al Khalifa, of Board of Trustees, AAOIFI Sponsor Speech: H. E. Rasheed Mohammed Al Maraj, Governor, Central Bank of Bahrain Short Documentary Film About H.E. Dr. Ahmad Mohammad Ali Al Madani, President Emeritus IDB Session 1 H.E. Dr. Ahmad Mohammad Ali Al Madani in WITH IF PIONEERS Islamic Finance Industry as Memorized by Early Pioneers, and the Way Forward This session will host H.E. Dr. Ahmad Mohammad Ali Al Madani as one of IF leaders and pioneers to explore his experience and evaluation. This session will be moderated by a key media person through direct dialogue, and the floor will be open to the audience for discussion. His personal memories and experience? The early beginnings of IDB Group and the major drive behind this experience What were the aspirations for the industry and have these aspirations been realized after 40 Years? Major threats to the industry and ways of threat avoidance Is the industry today still adherent to its early philosophy? Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) Page 1 of 7

2 11:15 11:30 11:30 11:45 11:45 13:15 Are the aims of those in charge of Islamic finance and banking industry aligned with those of early pioneers? What should the industry achieve over upcoming 10 years? And how? Brief summary of experience in the Islamic finance industry in three advices to future generations. His views about the theme of the conference and impact of the changes scenarios on the future vision Moderator Dr. Fahad Al-Sunaidi, Media Person, a Professor at King Saud University AAOIFI s IF Pioneers Rewards and presentations of tokens of appreciation to conference sponsors and supporters Coffee break and exhibition opening ceremony Session 2 Changing Economic Environment: Effect On Islamic Finance Strategies This session will feature a panel discussion on the topic which is quite important for most markets having strong Islamic finance presence. The floor will be open to the audience for discussion and comments. Overall the session would focus on the theme of the conference and the impact of macro-economic changes on the Islamic finance industry across the globe, but particularly in the oil rich Muslim countries where Islamic finance has the strongest presence. What is the outlook of economic environment? What is the effect of changing economic environment on fiscal policies of the region? Does it impact Islamic finance? And in what manner? And to what extent? Considering such changes what shall be changes in the strategies for Islamic finance including: o Diversification of investment and financing portfolios; o Risk management and risk concentrations; and o Liquidity management. Moderator Mr. Abdul Kader Thomas, CEO, Shape for Economic Consultancy, and an international expert in Islamic finance Panellists H. E. Dr. Bandar Hajjar, President, Islamic Development Bank Group H.E. Mr. Ahmet Faruk Aysan, Board Member, Central Bank of the Republic of Turkey H. E. Dr. Abdul Rahman Al Humaidi, Arab Monetary Fund Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) Page 2 of 7

3 13:15 14:30 14:30 16:00 16:30 17:00 Prayers and lunch break Session 3 Islamic finance and governments: in the changing regional economic environment This session will feature two presentations on the topic which is quite important for the IFIs operating in most markets having strong Islamic finance presence, as well as their governments and fiscal policy makers. The floor will be open to the audience for discussion and comments. Overall, the session aims to establish a link of the conference theme with the government fiscal policies and the budgetary deficits in the wake of economic changes brought in by the changing oil prices and the new vision of the regional governments of planning for the post oil economic scenario. The existing and the possible role of Islamic finance in bridging the budgetary deficits. Islamic finance and the government infrastructure projects enhanced levels of interaction expected. Role of sovereign Sukuk in region: from liquidity support to meeting the government funding needs. Can Islamic finance meet the medium term financing needs of the regional governments does it have the capacity and capability to handle that? New and innovative structures for supporting government funding needs. Dr. Muhammad Umer Chapra, Research Advisor, Islamic Research & Training Institute (IRTI) Main Speakers / presenters Dr. Zamir Iqbal, Head of the World Bank Global Islamic Finance Development Center, Finance & Markets Prof. Mohamed Kabir Hassan, Professor of Islamic Economics and Finance, University of New Orleans Mr. Rafe Haneef, CEO CIMB Malaysia Mr. Mohamed Damak, Director and Global Head of Islamic Finance, Standards and Poors AAOIFI General Assembly Meeting Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) Page 3 of 7

4 Day 2 9:00 10:30 10:30 10:45 10:45 12:15 Session 4 Agricultural finance: the new destination for Islamic finance This session will feature two presentations on the topic which is one of the key areas of focus for Islamic finance in the times to come, particularly in the wake of the economic scenarios impacted by the oil prices. After the two presentations, two distinguished panellists will provide their comments on the topic particularly touching upon the presentations. The floor will later be open to the audience for discussion and comments. What is the present status and statistics for Islamic finance in the agricultural sectors? What is the Muslim countries GDP ratio coming from the agricultural and allied sectors, and what is the gap and opportunities for further growth? How Islamic finance can play its role to fill that gap? What products are now being used and what are the innovative products possible in future to fill that gap at the institutional as well as the government level? Mr. Khaled Hamad, AAOIFI BOT Member, Executive Director, Banking Supervision, Central Bank of Bahrain Main Speakers / presenters Mr. Amin Sayed Ahmed Hassan, Executive Director, Samin Consulting Services, UAE Dr. Othman Al Feel, Director of Agricultural Development Department - Islamic Development Bank H. E. Dato Wan Mohammad Fadzmi, President & CEO, Agro Bank, Malaysia Mr. Yasir Tariq, Global I-Microfinance Operations Manager at Islamic Relief Worldwide Refreshment break Session 5 Central Sharia Board, its role, importance, risks and evaluation of Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) Page 4 of 7

5 practical experience While the Islamic banking and finance industry is moving towards it nets stage of life, the regulators across the globe are considering the need of Central Shari ah boards for improving standardization of Islamic finance practices and having an eye on the earlier quite liberal and diversified approaches of Shari ah rulings across different institutions. AAOIFI has also brought up this important subject on its agenda of the Governance and Ethics Board. This session will feature the presentation of two presentations / papers, commentator s view, and discussion of the papers and broader session topic by two experts. The floor will be open to the audience for discussion and comments. What are the key considerations and requirements of the industry as well as that of the regulators? What are the key terms of reference and responsibilities of the central Shari ah boards? What are the experiences of different countries? What would be right composition of the central Shari ah boards? And fit and proper criteria, if any? Shall there be any reporting line to these boards or they shall be completely independent? To what extent such boards shall be responsible to take into consideration the requirements of AAOIFI Shari ah standards? How their decisions may become enforceable and what should be the monitoring mechanism? Sheikh (Mufti) Muhammad Taqi Usmani, AAOIFI Shari ah Board and State Bank of Pakistan Shari ah Board Main speakers / presenters Mr. Farrukh Raza, Member AAOIFI Governance & Ethics Board and prominent consultant Mr. Omar Mustafa Ansari, Deputy Secretary General AAOIFI Mr. Zainal Izlan, Executive Director, Islamic Capital Market, Securities Commission, Malaysia Dr. Muhammad Ali Yousif, Manager, General Management of Researchers and Development, Shari ah Researcher, High Shari ah Authority, Central Bank of Sudan 12:15 Prayers and lunch break Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) Page 5 of 7

6 13:30 13:30 15:00 15:00 15:30 15:30 17:00 Session 6 Gold In Islamic Finance AAOIFI Shari ah Standard on gold in collaboration with WGC and its expected impacts With the growth of Islamic finance across the globe and given the increased confidence of the customers as well as common issue of liquidity management, particularly, the deposits heavy positions; Islamic finance is surely in need of innovative products and investments avenues in particular. Investment in gold or gold products is one of the best suited options. AAOIFI and World Gold Council (WGC) have joined hands to develop a globally acceptable Shari ah standard on the topic, which opens doors for numerous avenues for innovative products. The session will include presentations from WGC and the prominent Shari ah scholar involved in the process of development of the standard. Then there will be comments on the same by two distinguished experts and scholars before the floor gets open for public questions and answer session. About the WGC Objectives of the Shari ah standard on gold Overview of the contents of the draft Standard Overview of the gold market in the Gulf region / UAE Products that can be developed using the standard Overview of the gold market regionally and internationally, and highlights of the relevant technical developments and products based on gold. Shaikh Dr. Mohammad Ali el Qari, AAOIFI BOT member, and member of various Shari ah Boards of IFIs Main Speaker / Presenters Shaikh Dr. Daud Bakar, Amanie Advisors, and member of various Shari ah Boards of IFIs Mr. Aram Shishmanian, CEO, World Gold Council TBD Mr. Rajab Mohamed Hamed Mohamed, Executive Director, Sabayiks, Kuwait Prayers and refreshment break Session 7 Fair value, impairment and provisioning: impacts of IFRS 9 Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) Page 6 of 7

7 IFRS 9 and its impact of the banking and financial services industry are being evaluated in different parts of the world, as these are expected to have major impacts. Considering the current economic scenario in most parts of the world having significant Islamic banking and finance presence, the same issue has further complications. AAOIFI needs to address that issue to keep the things comparable to the modern accounting paradigm and meet the expectations of the regulators and stakeholders at large. Fair value has its own notions for Islamic finance and Islamic accounting concepts for which it is important for AAOIFI to keep into consideration the same. This session will include presentations / papers by two key presenters and then two distinguished commentators will provide comments on the topic in general, and on the views of the paper presenters, in particular. Then the floor will be open for audience for questions and answers session. What is fair value and whether there is any difference in Islamic concepts of fair value vs. the conventional theme? How fair is fair value? How to distinguish the concepts of fair value with those of impairment and whether the accounting approaches for both are appropriate? If fair value always prevail, then what happens to the concepts of prudence? Shall Islamic finance focus on prudence or fair value? Islamic finance assets with or without promises may be subject fair valuation or net realizable value (NRV) i.e. entity specific value? What is more appropriate in the context of Islamic finance? Prof. Dr. AbdulRahman Al Humaid, IFRS Trustee, Bank AlBilad Presenters Prof. Mohamed Fida Bahjatt, Former professor of accounting and auditing in King Abdulaziz University, and a representative of the the International Organisation of Supreme Audit Institutions (INTOSAI) Mahesh Balasobramanian, Partner, Audit and Advisory, KPMG Fakhro Mr. Hamad A. Eqab, AAOIFI Accounting Board, Vice President, Group CFO, AlBaraka Banking Group Dr. Hussain Samhan, Professor at Zarqa University, Jordan 17:00 Conclusion Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) Page 7 of 7