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ifsbmauritius2014.com programme
11th Islamic Financial Services Board Summit
New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter
SUMMIT VENUE 13
EVENT VENUES 14
PRE-SUMMIT EVENTS 15
PROFILES 22
Chairpersons and Speakers
EXHIBITION LAYOUT 70
GENERAL INFORMATION 73
New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
I am delighted to extend a warm Mauritian welcome to all of you to the 11th Summit of the Islamic Financial Services Board (IFSB). I am
particularly pleased and deeply privileged for the opportunity of welcoming to my part of the world so many friends and colleagues,
particularly Governors, Chairmen of Regulatory Agencies, and other financial institutions.
This is the first time that the IFSB is holding its Summit in the African region. We are expecting more than 130 participants from over
25 countries. Thank you, IFSB, for choosing Mauritius. I am very proud and honoured by your choice. May I say that you made the right
choice! Why Mauritius? We are a small island-state tucked far away in the Indian Ocean. Yet, we have positioned ourselves on the
global financial map. We have built our reputation on solid foundations, and we take great pride in continuously embracing latest
international best practices. Thank you, IFSB, for also giving us the opportunity to play our part as a full member of the IFSB. We
recognise the excellent work that IFSB is doing in the field. We view our role, as host of the Summit, as an opportunity to enhance our
visibility in the Islamic finance arena and show our commitment in positioning our country as a new centre driving Islamic finance
ambitions.
The theme for this 2014 Summit is New Markets and Frontiers for Islamic Finance: Innovation and the Regulatory Perimeter. The
topics of discussions will revolve around the new and emerging Islamic Finance players, which represent a new frontier in our global
markets in general, and the African market in particular. The Summit will provide an excellent platform for delegates from this fast-
developing African region to engage closely with global partners, senior regulators and practitioners in the Islamic financial services
industry, on home turf.
I am confident that the distinguished and expert participants of the Summit will be able to explore the latest progress in the fast-
evolving field of Islamic finance. I look forward to the enriching discussions and deliberations, that I have no doubt will take place
during this Summit. I wish you all a stimulating and successful meeting, and a pleasant and enjoyable stay on our island.
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New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
I wish you a warm welcome to the 11th Islamic Financial Services Board (IFSB) Summit in Mauritius. I would like to express my deepest
appreciation to H.E. Governor Rundheersing Bheenick and the Bank of Mauritius for hosting the eleventh edition of the IFSB Summit.
This years Summit also marks the first time that this landmark event is held in the African region.
The aim of the IFSB Summits is to provide a platform for the key regulators, thought leaders and market players of the Islamic financial
services industry to discuss issues and challenges pertinent to the industrys growth and development, especially from a global regulatory and
supervisory perspective. In line with this aim, the theme of this years Summit, New Markets and Frontiers for Islamic Finance: Innovation
and the Regulatory Perimeter is of high significance and relevance to the African continent and many new jurisdictions, where there
has been growing interest in Islamic financial services.
The deepening interest in Islamic finance takes place in the international context of rapid growth of the sector, and heightened
awareness of its potential contribution to the goals of economic and social development, and as a source of investment financing. This
is reflected in the progress being made in national policy objectives and frameworks for Islamic finance in a number of key jurisdictions
in Africa, Europe and the Middle East.
There is also the emergence of new Islamic finance approaches and instruments that address common challenges and goals for economic
and ecological sustainability, which will be discussed at the Summit. At the same time, there is today a greater understanding of the need
for a strong public policy stance in support of adequate legal and regulatory frameworks that encourage innovation in Islamic finance,
whilst providing the prudential oversight needed to ensure orderly growth of the sector.
Within Africa, the gathering momentum of its economic growth is palpable. The regions need for greater investments in infrastructure
and developmental programmes to support its growth, as well as its commitment to greater financial inclusion, provide the setting
for a wider engagement and role for Islamic finance in the continent. In 2013, the IFSB participated at the Annual Meeting of the
Association of African Central Banks, also held in Mauritius, where the commitment to financial inclusion and the comprehensive
policy focus of its regulators were on full display.
There are currently 33 organisations comprising supervisory and regulatory authorities, financial institutions, industry associations
and other institutions from the African continent which are members of the IFSB. Bank of Mauritius is one of the earliest members, and
has been on the IFSB Council since July 2007. Among other organisations who are actively involved in the IFSB are central banks and
Jaseem Ahmed market players from Egypt, Maldives, Morocco, Nigeria, Senegal, Sudan and Tunisia, as well as the Central Bank of West African States.
Secretary-General
Islamic Financial Services Board The IFSB is committed to working with its members and other relevant institutions from the public and private sectors towards the
development of a sound and supporting enabling environment for Islamic finance. We hope that you will find your participation in the
Summit to be stimulating and rewarding, and that you will enjoy your stay in the beautiful and hospitable nation of Mauritius.
I thank you, ladies and gentlemen, for your participation in this Summit and look forward to meeting you during these four days, as
well as at other IFSB events in the future.
Jaseem Ahmed
Secretary-General
Islamic Financial Services Board
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New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
THE ISLAMIC FINANCIAL SERVICES BOARD IFSB PUBLISHED STANDARDS AND DOCUMENTS
The Islamic Financial Services Board (IFSB) is an international IFSB Standards and Guiding Principles, Guidance Notes and Technical Note
standard-setting organisation that promotes and IFSB - 1: Guiding Principles of Risk Management
enhances the soundness and stability of the Islamic IFSB - 2: Capital Adequacy Standard
financial services industry by issuing global prudential
IFSB - 3: Guiding Principles on Corporate Governance
standards and guiding principles for the industry, broadly
IFSB - 4: Disclosures to Promote Transparency and Market Discipline
defined to include banking, capital markets and insurance
IFSB - 5: Guidance on Key Elements in the Supervisory Review Process
sectors.
IFSB - 6: Guiding Principles on Governance for Islamic Collective Investment Schemes
As at 27 March 2014, the 184 members of the IFSB comprises 59 regulatory and supervisory authorities, eight international inter-governmental IFSB - 7: Special Issues in Capital Adequacy Requirements: Sukk Securitisations and Real Estate Investment
organisations and 111 market players and professional firms operating in 45 jurisdictions. The IFSB also conducts research and coordinates IFSB - 8: Principles on Governance of Islamic Insurance (Takful) Operations
initiatives on industry-related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders. IFSB - 9: Guiding Principles on Conduct of Business
IFSB - 10: Guiding Principles on Shar`ah Governance System
Towards this end, the IFSB works closely with relevant international, regional and national organisations, research/educational
IFSB - 11: Standard on Solvency Requirements for Takful (Islamic Insurance) Undertakings
institutions and market players.
IFSB - 12: Guiding Principles on Liquidity Risk Management
Since its inception, the IFSB has issued twenty-two standards, guiding principles and technical note for the Islamic financial services IFSB - 14: Standard on Risk Management for Takful (Islamic Insurance) Undertakings
industry focusing on Risk Management, Corporate Governance, Transparency and Market Discipline, Recognition of Ratings on IFSB - 15: Revised Capital Adequacy Standard
Shar`ah-Compliant Financial Instruments, Development of Islamic Money Markets, Special Issues in Capital Adequacy Requirements IFSB - 16: Revised Guidance on Key Elements in the Supervisory Review Process
for Sukk and Real Estate, Governance for Collective Investment Schemes, Revised Capital Adequacy Standard, Revised Supervisory GN - 1: Guidance Note in Connection with the Capital Adequacy Standard: Recognition of Ratings by External Credit Assessment
Review Process and Stress Testing. Institutions (ECAIs) on Shar`ah-Compliant Financial Instruments
GN - 2: Guidance Note in Connection with the Risk Management and Capital Adequacy Standards: Commodity Murbahah
AWARENESS PROMOTION Transactions
The IFSB is actively involved in the promotion of awareness of issues that are relevant or have an impact on the regulation and GN - 3: Guidance Note on the Practice of Smoothing the Profits Payout to Investment Account Holders
supervision of the Islamic financial services industry. This mainly takes the form of international conferences, seminars, workshops, GN - 4: Guidance Note In Connection with the IFSB Capital Adequacy Standard: The Determination of the Alpha in the Capital
trainings, meetings and dialogues staged in many countries. Adequacy Ratio for Institutions (other than Insurance Institutions) Offering Islamic Financial Services
GN - 5: Guidance Note on the Recognition of Ratings by External Credit Assessment Institutions (ECAIs) on Takful and ReTakful
CONTACT US Undertakings
Islamic Financial Services Board TN - 1: Technical Note on Issues in Strengthening Liquidity Management of Institutions Offering Islamic Financial Services: The
Level 5, Sasana Kijang, Bank Negara Malaysia, 2, Jalan Dato Onn, 50480 Kuala Lumpur, Malaysia Development of Islamic Money Markets
Tel: +6 03 9195 1400 - Fax: +6 03 9195 1405 - Email: ifsb_sec@ifsb.org - Website: www.ifsb.org
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New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
IFSB PUBLISHED STANDARDS AND DOCUMENTS IFSB PUBLISHED STANDARDS AND DOCUMENTS
Corporate Publications 2012: Crisis Management in the Islamic Financial Services Industry by Paul Koster, Chief Executive, Dubai Financial Services
Authority, UAE
IFSB Strategic Performance Plan 2013 - 2015
2012: Development Of Effective Insolvency Regimes for Islamic Financial Institutions by Vijay Tata, Chief Counsel, Finance, Private
Islamic Financial Services Board: March 2003 March 2011 (Coffee Table Book)
Sector And Infrastructure Practice Group, The World Bank
Islamic Financial Services Board: 10th Anniversary 2003 2013 (Mini Coffee Table Book)
2012: Developing A Platform For Consumer Protection in the Islamic Financial Services Industry by Dr Nik Ramlah Mahmood,
Islamic Financial Services Board: 10th Anniversary 2003 2013 (Coffee Table Book) Deputy Chief Executive, Securities Commission Malaysia
The IFSB Bulletin 2013: Financial Reforms in Response to the Global Financial Crisis: Lessons for Islamic Finance in Ensuring Financial Stability by
H.E. Dr Zeti Akhtar Aziz, Governor, Bank Negara Malaysia
Islamic Finance and Global Financial Stability Report 2010 2007: Islamic Finance and Financial Policy and Stability: An Institutional Perspective by Datuk Seri Panglima Andrew Sheng
Islamic Financial Services Industry Stability Report 2013 2009: About the Role of Central Banks in Financial Stability and Prudential Liquidity Supervision, and the Attractiveness of Islamic
Finance by H.E. Yves Mersch, Governor, Banque centrale du Luxembourg
Islamic Financial Services Industry Stability Report 2014
2009: The Recent Crisis: Lessons for Islamic Finance by Dr Abbas Mirakhor, Former Dean of IMFs Executive Board
Islamic Finance: Global Legal Issues and Challenges
2009: Implications of International Regulatory Change for Islamic Finance by Paul Koster, Chief Executive, Dubai Financial Services
The Changing Landscape of Islamic Finance: Imminent Challenges and Future Directions Authority
Strategies for the Development of Islamic Capital Markets: Infrastructures and Legal Aspects of Islamic Asset Securitisation 2011: The Determinants of Islamic Financial Development and the Constraints on Its Growth by Professor Rodney Wilson, Director
Effective Insolvency Regimes: Institutional, Regulatory and Legal Issues Relating to Islamic Finance Islamic Finance Programme, Durham University, United Kingdom
: 2011: Constraints to Growth in Islamic Finance by Baljeet Kaur Grewal, Managing Director & Vice Chairman, KFH Research Limited,
Malaysia
Disclosure Requirements for Islamic Capital Market Products
10th IFSB Summit Proceedings
All IFSB Standards and Documents are downloadable from the IFSB website www.ifsb.org
WP-01: Working Paper on Strengthening the Financial Safety Net: The Role of Shari`ah-compliant Lender-of Last-Resort (SLOLR)
Facilities as an Emergency Financing Mechanism
Prospects and Challenges in the Development of Islamic Finance for Bangladesh
Islamic Financial Services Industry Development: Ten years framework and strategies: A mid-term review
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New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
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New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
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New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
The then Premier and Minister of Finance, in his inaugural speech, stated that the time,
however, had come for a rather more modern and sophisticated organisation to look
after the broader technical aspects of our monetary affairs. It was logical, therefore, that a
central bank should be established.
The Bank of Mauritius was conceived along the line of the well-known Radcliffe Report as a separate organisation with a life of its
own, capable of generating advice, views and proposals that are something more than a mere implementation of its superiors instructions.
The Bank of Mauritius Act 1966 witnessed many changes over time in line with the increasing sophistication of the financial system
in Mauritius. Exchange control was suspended in July 1994 and the exchange rate of the rupee is now determined by market forces.
Interest rates are determined by the market as well and direct credit control is no longer an instrument of monetary control. In 2004,
the Bank of Mauritius Act 2004 replaced the Bank of Mauritius Act 1966 (as amended).
The 11th IFSB Summit will be held in Le Mridien Ile Maurice, Mauritius
Bank of Mauritius Act 2004
The primary objective of the Bank is to maintain price stability and to promote orderly and balanced economic development. The
other objectives of the Bank are to regulate credit and currency in the best interests of economic development, to ensure the stability
Le Mridien Ile Maurice stands at the edge of 1,000 metres of sparkling ivory sands on the North-West coast of Mauritius in the bay of
and soundness of the financial system, and to act as the Central Bank for Mauritius. The Bank of Mauritius Act 2004 provides for the
Pointe Aux Piments. Lush gardens create the perfect atmosphere for a romantic idyll or a serene getaway.
establishment of a Monetary Policy Committee (MPC) responsible for the formulation and determination of monetary policy to be
conducted by the Bank of Mauritius. The MPC was formally launched in April 2007.
The Hotel offers a large selection of restaurants and bars and beyond the simple relaxation afforded by the sand and sea, an infinite
choice of activities and sports such as spa or diving.
Banking Act 2004
The Banking Act 2004 is the enabling legislation for all financial institutions falling under the purview of the Bank of Mauritius. The
The guest rooms and suites offer stunning views of the ocean and mountains. The Nirvana rooms, all perched at the edge of the
basic objectives behind the Banking Act 2004 are to maintain a sound banking system in Mauritius and to protect the interests of
tranquil lagoon, offer a private infinity pool and a personal terrace that overlooks luxuriant tropical foliage.
depositors and creditors.
Le Mridien Ile Maurice was awarded Mauritius Leading Hotel 2010 & 2011 at the World Travel Awards, the most prestigious awards
The Banking Act 2004 introduced a single banking licence regime as opposed to the previous provisions for separate onshore and
program in the travel industry worldwide.
offshore banking licences. In 2007, the Act was amended to allow banks to either operate as full-fledged Islamic banks or conduct
Islamic banking through a window. Currently there is one full-fledged Islamic Bank operating in Mauritius and one bank offering Islamic
For more information on the Le Mridien Ile Maurice, please visit http://www.lemeridien-mauritius.com.
products through a window. Since 2010, banks are also allowed to carry on private banking and investment banking business.
For more information about the Bank of Mauritius, please visit www.bom.mu.
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New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
IFSB Meet the Members and Interactive Session (For IFSB Members Only)
08:30 10:30
19 May 2014 Chamarel Ballroom, Le Meridien Ile Maurice
Meet the Members and Interactive Session Chamarel Ballroom Time Programme
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New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
Topic: The Role and History of The Asian Development Bank (ADB) in Reducing Poverty and
Promoting Inclusive Growth in Asia; And Relevance, Inclusion and Stability How ADB Has Assisted in the
09:30 11:00 Promotion and Growth of Islamic Finance.
Presenters: Summit Welcome Reception hosted by Financial Services Commission Mauritius
1. Ashraf Mohammed, Assistant General Counsel and Practice Leader Islamic Finance, ADB 19:30 22:00
2. Asghar Ali Syed, Counsel, South Asia Regional Department, ADB
La Faya Restaurant, Le Meridien Ile Maurice
11:00 11:30 Coffee break
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New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
11th IFSB SUMMIT PROGRAMME 21 22 May 2014 11th IFSB SUMMIT PROGRAMME 21 22 May 2014
Wednesday, 21 May 2014
Thursday, 22 May 2014
TIME SESSION NAME
TIME SESSION NAME
08:30 18:00 Summit Exhibition
08:30 - 14:30 Summit Exhibition
08:30 - 09:30 Registration and Welcome Coffee
Opening & Keynote Session Session 4:
09:30 - 10:30 The Role of Islamic Finance in Economic Development: Promoting Financial Inclusion,
Lauching of Islamic Financial Services in Industry Stability Report 2014
Sustaining Innovation, Expanding the Regulatory Perimeter Striking a Balance
10:30 - 11:00 Coffee Break & Networking This session aims to review the role of Islamic finance in promoting economic development, and
identify gaps, challenges and prospects in increasing access to Islamic finance in the Islamic
Session 1:
finance jurisdictions.
Global Overview of the Islamic Financial Services Industry (IFSI): Outlook and Policy Developments
09:30 - 11:00
This session aims to analyse the current level of development of the IFSI vis--vis conventional
Among the issues to be discussed are:
finance and focus on the potential growth of the industry.
Financial innovation and regulatory perimeter
11:00 - 12:30 Economic development and eradicating poverty in Islamic finance jurisdictions
Among the issues to be discussed are:
Enhancing financial inclusion through microfinance and small- and medium-sized enterprises
Global regulatory developments on capital and liquidity frameworks and their impact on Islamic
Promoting financial inclusion: Gaps, challenges and policy measures for broadening the level of
finance
financial inclusion
Current trends and development of the global IFSI as compared to conventional finance industry
Opportunities and challenges for the IFSI in the existing as well as the new and emerging markets 11:00 - 11:30 Coffee Break & Networking
Session 3:
Sukk, Market Development and Regulation
Disclaimer: Please be advised that the above mentioned agenda points are tentative and that the IFSB reserves the right to make any
The session aims to highlight the development and initiatives undertaken in the IFSI and the role of
necessary changes to the programme without prior notification.
Islamic finance in supporting long-term growth strategies and infrastructure needs.
Opening and Keynote Session Session 3: Sukk, Market Development and Regulation
Opening Address Chairman
Mr. Jaseem Ahmed, Secretary-General, Islamic Financial Services Board Dr. Nik Ramlah Mahmood, Deputy Chief Executive, Securities Commission Malaysia
Welcoming Address Speakers
H.E. Rundheersing Bheenick, Governor, Bank of Mauritius 1. H.E. Dr. Abdul Aziz Al Hinai, Vice President, Islamic Development Bank
Keynote Address 2. Michael Bennett, Head of Derivatives and Structured Finance, Capital Markets Department, The World Bank
The Rt. Hon. Navin Ramgoolam, Prime Minister, Republic of Mauritius 3. Ritesh Maheshwari, Managing Director & Lead Analytical Manager Financial Services Ratings, Standard & Poors, Singapore
Session 1: Global Overview of the Islamic Financial Services Industry: Outlook and Policy Developments Session 4: The Role Of Islamic Finance In Economic Development: Promoting Financial Inclusion,
Sustaining Innovation, Expanding The Regulatory Perimeter Striking A Balance
Chairman
Chairman
H.E. Sultan bin Nasser Al Suwaidi, Governor, Central Bank of the United Arab of Emirates
H.E. Abdelrahman Hassan Abdelrahman Hashim, Governor, Central Bank of Sudan
Speakers
Speakers
1. Khaled Mohammed Al-Aboodi, Chief Executive Officer & General Manager, Islamic Corporation for the Development of
1. Edy Setiadi, Executive Director, Islamic Banking Department, Financial Services Authority, Indonesia
the Private Sector (ICD)
2. Ahmadou Al Aminou LO, Advisor of the Director General, Financial Stability and Inclusion, Banque Centrale Des Etats de
2. Alfred Kammer, Deputy Director, Middle East and Central Asia Department, International Monetary Fund Lafrique de Louest
3. Dr. Bashir Umar Aliyu, Special Advisor to Governor, Central Bank of Nigeria 3. Daud Vicary Abdullah, President & Chief Executive Officer, INCEIF
4. Professor Habib Ahmed, PhD, Sharjah Chair in Islamic Law & Finance, Durham University Business School, United Kingdom
Session 5: Panel Discussion on New and Emerging Islamic Finance Jurisdictions: Opportunities and Challenges Ahead
Session 2: Legal and Regulatory Environment of Islamic Finance Chairman
Mejeb Turki Al-Turki, Director, Supervision & Control Department, Qatar Central Bank and Deputy Chairman, Technical Speakers
Committee of the IFSB 1. H.E. Muhammad Ibrahim, Deputy Governor, Bank Negara Malaysia
Speakers 2. Dr. Abdel-Rahman Eltayeb Ali Taha, Chief Executive Officer, Islamic Corporation for the Insurance of Investment and Export
Credit (ICIEC)
1. Ian Johnston, Chief Executive, Dubai Financial Services Authority, UAE
3. Mukhtar Bubeyev, Acting Chairman, Committee for the Control and Supervision of Financial Market and Financial Organiza-
2. Mehmet Sddk Yurtiek, Head of Legal Affairs Department, Banking Regulation and Supervision Agency, Turkey tions, National Bank of Kazakhstan
3. Prasad Abraham, Chief Executive Officer, Al Hilal Islamic Bank JSC, Kazakhstan 4. Hassan Varvani, Chairman, First Community Bank, Kenya
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New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
H.E. Rundheersing Bheenick is Governor of the Bank of Mauritius and Chairman of the Board of Directors Jaseem Ahmed assumed the position of the Secretary-General of the Islamic Financial Services
of the Bank. He also chairs the Monetary Policy Committee. H.E. Bheenick joined the Bank in February Board (IFSB) on 1 May 2011.
2007 and is currently serving his third term of office.
He has more than 20 years experience in financial sector reform issues. Prior to his appointment
In addition to his duties as Governor, H.E. Rundheersing Bheenick serves as Council Member of to the IFSB, Mr. Ahmed served as the Director, Financial Sector, Public Management and Trade,
the Islamic Financial Services Board and is a Governing Board Member of the International Islamic Southeast Asia Department of the Asian Development Bank (ADB). In this capacity, he was responsible for
Liquidity Management Corporation, of which the Bank of Mauritius is a founding member. managing the ADBs lending, technical assistance, and capacity building operations in Southeast
Asia for the promotion of sound banking and non-banking financial sectors, and for the strengthening of supervision and regulatory
Since July 2013, H.E. Bheenick has been appointed the non-Financial Stability Board member co-chair of the Regional Consultative capacities. Mr. Ahmed led the ADB response to the global financial crisis in Southeast Asia through the design of a number of macro-
Group for Sub-Saharan Africa for a two-year term. H.E. Bheenick has also been the Chairman of the Association of African Central economic and financial sector stabilisation reform programmes to affected countries.
Banks (AACB) for a one-year term, since August 2013.
Mr. Ahmed was also Practice Leader for Islamic finance at the ADB. He was a member of the IFSB High Level Task Force on Liquidity
H.E. Bheenick was born at Bon Accueil, Mauritius in 1944. He holds an M.A (Oxon) in the Honours School of Philosophy, Politics and Management, which proposed the establishment of the International Islamic Liquidity Management Corporation.
Economics from Merton College, University of Oxford, UK. He is Honorary Professor of Political Economy, University of Mauritius. He
has published widely on a range of developmental issues and on the Mauritian Economy in general. He is a member of the Consultative Group of the Basel Committee for Bank Supervision (BCBS), and also sits on the Consultative
Advisory Group of the International Auditing and Assurance Standards Board (IAASB).
After a distinguished career in public service where he served in various public policy roles including that of Director-General at the
Ministry of Economic Planning and Development, he was elected Member of Parliament in December 1995. He served as Minister of Mr. Ahmed is a member of the Governing Council of the International Centre for Education in Islamic Finance (INCEIF).
Finance from December 1995 to August 1996, and as Minister of Economic Development, Productivity, and Regional Cooperation from
July 1997 to September 2000. During this period, he was Chairman of the Council of Ministers of (i) the Indian Ocean Rim Association He is the co-editor of a book on Islamic Finance, and the editor of a recent book on Regional Economic Cooperation in South Asia.
for Regional Co-operation, (ii) the COMESA Council of Ministers, and (iii) the ADB/EU/IMF/WB sponsored Cross Border Initiative, subsequently
the Regional Integration Facilitation Forum. From 2008 to 2009, Governor Bheenick chaired the Committee of Governors of the AACB Mr. Ahmed has a BA in economics from the University of Sussex and also a M.A. (Econ.) and M.Phil (Econ.), both from Yale University.
for the Eastern Africa Sub-Region and the COMESA Committee of Governors of Central Banks from 2009 to 2010.
In December 2011, H.E. Bheenick was designated Central Banker of the Year 2012, Africa by The Banker Magazine of the Financial
Times Publications of UK. In March 2012 he was conferred the distinction of G.O.S.K (Grand Officer of the Order of the Star and Key of
the Indian Ocean) by the President of the Republic of Mauritius in recognition of his long and distinguished service in the economic,
political and social fields.
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New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
H.E. Sultan Bin Nasser Al Suwaidi was born in Abu Dhabi in 1953. H.E. Al Suwaidi graduated with a Mr. Khaled Al-Aboodi joined the Islamic Development Bank (IDB) Group in November 2001 as
B.S. degree in Business Administration and Finance, and started his career at Abu Dhabi Investment Deputy Director General of the Islamic Corporation for the Development of the Private Sector
Authority (ADIA) in 1978, at the Finance and Administration Department. (ICD), the Private Sector arm of IDB & since 2007 has served as the Chief Executive Officer of (ICD).
Mr. Al-Aboodi has over 30 years of experience serving the development finance industry in the
In 1982, H.E. Al Suwaidi moved to Abu Dhabi Investment Company (ADIC), where he served as Middle East and USA.
General Manager of the Company.
He started his tenure with Ministry of Finance & National Economy of Saudi Arabia in 1982 as an
Economic Researcher, served as Director of the Environment Unit, Acting Director of the International Financial Institutions Department.
In early 1984, H.E. Al Suwaidi was nominated for the position of General Manager of Gulf International Bank (Bahrain), and his
In 1995, he moved to Washington DC to serve as Assistant to the Saudi Executive Director at the World Bank; and was later appointed
nomination was accepted by the 7 Gulf countries shareholders.
Alternate Executive Director for Saudi Arabia at the World Bank Board until 2000.
In late 1985, H.E. Al Suwaidi was offered the position of Managing Director and CEO of Abu Dhabi Commercial Bank.
Later in 2000, he joined the Saudi Public Investment Fund (Ministry of Finance) as Senior Economist where he was in charge of
several privatization operations. Mr. Khaled Al-Aboodi is a Saudi National, and holds a Bachelors Degree in Economics from King
At the end of 1991, H.E. Al Suwaidi was nominated for the position of Governor of Central Bank of the UAE, and his nomination was
Saud University, Riyadh (1982), and a Master Degree in Economics from the Northeastern University, Boston, USA (1987).
successful.
At the Central Bank of UAE, H.E. Al Suwaidi was able to introduce and modernise UAEs banking regulations and also emphasised
on the roles of banking supervision / examination and information technology (IT) which resulted of emergence of strong units of
banking supervision / examination department and an Innovative IT Division. In 1994, H.E. Al Suwaidi worked on establishing the
UAESwitch which started operations in 1996.
The Central Bank is currently in the process of implementing many new initiatives such as the Image Cheque Clearing System, the
Mobile Phone Payment System and Basel II and is very instrumental in pushing forward these initiatives.
In 2006, H.E. Governor Al Suwaidi received The Central Bank Governor of the year for the Middle East award from Emerging Markets
Publication during the IMF/WB meetings in Singapore.
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New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
Alfred Kammer, Deputy Director, Middle East and Central Asia Department of the International Born on 27 July 1961 in Kano, Nigeria, Dr Bashir was educated in the Ahmadu Bello University,
Monetary Fund, oversees the departments work on regional economic developments, financial Zaria in Electrical Engineering. He then went to the Islamic University of Madina, Saudi Arabia and
sector issues, and technical assistance. He obtained his graduate degree in economics from the obtained his B.A, M. A and Phd in Hadith and Islamic Studies with specialisation in Sciences of
State University of New York at Albany and post-graduate degrees from the Kiel Institute of World Hadith. He studied Maliki fiqh and Usul under traditional Ulama in both Nigeria and Madina.
Economics in Germany and the University of Southern California in Los Angeles.
While lecturing in the Islamic Studies department of Bayero University Kano, he was invited to
Before joining the Middle East and Central Asia Department in 2010, Mr. Kammer was the Director serve as Permanent Commissioner in the Kano State Shariah Commission. His work in the Shariah
of the Office of Technical Assistance Management in the IMF, advising management on all aspects of technical assistance operations Commission involved advising the Kano State Government on Shariah-related issues in governmental affairs and supervising the
and overseeing fundraising and global partnerships for capacity building. Between 2003-07, Mr. Kammer served as Advisor to the Governments Shariah implementation programme. He has been involved with Islamic finance as head of the Propagation
Deputy Managing Director of the IMF, advising on a wide range of country, policy, and strategic issues. Between 2000-03, Mr. Kammer sub-committee of the Committee for the Promotion of the then Proposed Jaiz Bank of Nigeria, during which he delivered series of
was a mission chief in the African Department of the IMF, and, in the Policy Development and Review Department, he worked on lectures on Islamic Banking and Finance in several parts of Nigeria.
capital account issues.
He served as the chairman of the Shariah Advisory Committee of the Stanbic IBTC Bank Plc (Nigeria), and is currently a member of the
Between 1997 and 2000, Mr. Kammer served as resident representative of the IMF in Russia and was advisor to the first deputy Shariah Committee of the International Islamic Liquidity Management Corporation, as well as a member and secretary of the
chairman of the Central Bank of Russia. Mr. Kammer held a number of positions between 1992 and 1997 in the Monetary and Financial Regulation Advisory Council of Experts (FRACE) on Islamic banking at the Central Bank of Nigeria. He served as a Consultant
Exchange Affairs and the European 2 Departments working on the transition economies of Eastern Europe and the former on Islamic finance to the Financial System Strategy (FSS 2020) under the Central Bank of Nigeria, before finally taking up appointment
Soviet Union. as a Special Adviser to the Governor of the Central Bank of Nigeria on Non-Interest Banking, which is his current job on secondment
from the Bayero University, Kano.
His Phd thesis titled: Methodology of Imam Ahmad Regarding the Inconspicuous Weaknesses of Hadith Narrations has been
published in Riyadh, Saudi Arabia. He has written and presented a number of papers in national and international conferences,
seminars and workshops on different topics including Islamic finance.
26 27
New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
Mr. Mejeb Al- Turki was born in Qatar in 1956. Mr. Ian Johnston was appointed as Chief Executive of the DFSA in June 2012. Ian joined the DFSA
In 1980 was awarded Bachelor of Economics from Centrel Michigan University, U.S.A. Appointed in in November 2006, as a Managing Director to head-up the Policy and Legal Services Division.
Qatar Centre Bank in 1981.
Ian was admitted to practice Law in Australia in the early 1980s and spent most of his career in
From 1988 till date, Mr. Mejeb Turki is Director of Supervision & Control Department, Qatar Central the private sector. He held a number of senior positions within the financial sector and was CEO of
Bank, directing on-site and off-site supervision, licensing and preparation of relugations and one of Australias major Trustee Companies. During that time, Ian played a leading role in the
policies of banks, finance companies, investment companies, exchange houses and mutual funds. Trustee industry and served on the National Council of the Trustee Corporations Association.
In 1999, Ian joined the Australian Securities and Investments Commission where he held the position of Executive Director, Financial
In 1985 to 1987 promoted as Assisstan Director of Investment & Foreigh Exchange Department. Services regulation, and spent several terms as an acting Commissioner. In 2005, Ian took up a position with the Hong Kong
Securities and Futures Commission as Special Advisor.
In 1981 to 1984 Mr Mejeb Turki was appointed in Qatar Central Bank as Head of Investment Section until 1984.
Ian is a past Chairman of the Joint Forum, which comprises representatives of the major international regulatory standard-setters
Mr. Mejeb Turki has participated in many local and international meetings ( GCC Meetings and ICBS), (IOSCO, IAIS and the Basel Committee). He is a member of the Technical Committee of the IAIS, the global standard-setting body for
insurance regulation, and is a member of the Board of Directors of the Financial Planning Standards Board (FPSB).
Member of Supervision & Control Committee of GCC,
Member of Board Executive Committee of the International Islamic Liquidity Management Corporation.
28 29
New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
Mehmet Siddik Yurtiek holds the position of Head of Legal Affairs Department at the Banking The banking career of Mr. Prasad Abraham started back in 1977 when he joined Citibank. In 1983,
Regulation and Supervision Agency (BRSA), Turkey. Among his key responsibilities are dealing he transferred to Arab Banking Corporation in Bahrain. He was Group Chief Auditor until 2003,
with all legal issues arising from the regulations that fall under responsibilities of the BRSA, serving on the Audit Committee of the parent company and also the Audit Committees of Banco
providing legal opinion to the BRSA top management and other governmental institutions, Atlantico in Spain, ABD Daus in Frankfurt, and ABC International Bank in the United
participating in regulation making process and representing BRSA in legal proceedings. Kingdom.
In 2004, Mr. Abraham was appointed as Deputy CEO of ABC International Bank in London and in 2007, he was involved in
Mr Yurtiek is a PhD holder, majoring in Private Law from the Social Sciences Institute, Marmara University, Turkey. He is also an coordination and set up efforts of Al Hilal Bank in Abu Dhabi. Taking into account his experience in the banking industry of over
LLM holder which he received from Queen Mary University Of London, majoring on Banking and Finance Law. He received his both thirty years, Mr. Abraham was delegated to develop subsidiary Al Hilal Bank in Kazakhstan.
undergraduate and post-graduate degrees from Marmara University, Turkey.
Other positions that he has held at the BRSA are Banking Specialist (2005 - 2013), Attorney, Istanbul Bar (2001 - 2005) and Law
Apprentice at the Istanbul Bar (2000 - 2001). Mr Yurtiek has been a BRSA nominee for IFSB Technical Committee and has worked in
the participation banks group within the BRSA. Being an Islamic Finance expert in Turkey, has completed various courses and
certifications from Facilitating the Implementation of Standards for Islamic Capital Market Sector, Islamic Financial Services Board
(IFSB) (2013), on Sukuk from the Islamic Banking and Finance Institute Malaysia (2013) and Reimagining Islamic Finance Capital
Markets and Sukuk as the New Global Financial Energy, INCEIF the Global University of Islamic Finance (2013).
30 31
New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
Dato. Dr. Nik Ramlah Mahmood was appointed Deputy Chief Executive of the SC on 1 April 2012. H.E. Dr. Abdul Aziz Al Hinai was appointed as the Vice President Finance of the Jeddah-based
She joined the SC in 1993 as Manager of Law Reform Department and was a Director of the Policy Islamic Development Bank (IDB) in August 2008. IDBs primary objective is to foster economic
and Development Division later in 1997. She was made Managing Director and Executive Director development and social progress of member countries.
of the SCs Enforcement Division in 2008. Dr. Nik Ramlah has served the SC for 20 years and has
worked in areas ranging from legal and regulatory reform, product and market development, As Vice President of Finance, H.E. Dr. Al Hinai led the organisational reform of the Finance Complex,
Islamic capital market, investor education and enforcement. orchestrated a resource mobilisation strategy for the Bank which taps on the international
financial markets (Sukk), sovereign wealth funds as well as private equity, and is spearheading
efforts to bring Islamic Microfinance at the forefront of IDBs developmental agenda.
Dr. Nik Ramlah was awarded The Award of Excellence for Outstanding Leadership in Islamic Capital Market Regulation at the London
Sukuk Summit 2013. Prior to joining the IDB, he has held many senior executive positions in Oman, the most recent was as an Advisor to the Board of
Directors and as a General Manager of Oman Development Bank.
Dr. Nik Ramlah sits on the board of the SIDC and the CMDF. She is also a member of the Professional Development Panel of the
International Centre for Education in Islamic Finance (INCEIF), the global university of Islamic finance. H.E. Dr. Al Hinai received his PhD in Economics and Public Policy from Claremont Graduate University in California.
32 33
New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
Michael Bennett has spent fourteen years with the World Bank, splitting his time between the Ritesh Maheshwari is Managing Director and Lead Analytical Manager for Financial Services
World Banks Paris office and its Washington DC headquarters, with a primary focus on derivatives Ratings, Asia-Pacific. Based in Singapore, he leads an integrated analytical team that covers financial
and new product development. Among other areas, he is responsible for the World Bank institutions and insurance companies in the region. Ritesh is also an expert on Islamic finance,
Treasurys transactional work in the area of Islamic finance. His notable transactions include the Basel III, and Standard & Poors Banking Industry Country Risk Assessment (BICRA) criteria.
World Banks only Sukk issuance to date, a MYR 760 million issue in 2005. Prior to joining the
World Bank, he worked in the capital markets field in New York, Tokyo and Hong Kong. He is a Before joining Standard & Poors in 2005, Ritesh was head of financial sector ratings at CRISIL,
graduate of Columbia University Law School in New York and has published numerous articles on Indias leading rating agency and a subsidiary of Standard & Poors. He worked at CRISIL for ten
topics including Islamic finance, structured products and derivatives regulation in Asia. years in a variety of roles. Ritesh received Bachelors degree in Manufacturing Science and Engineering from the Indian Institute of
Technology Delhi, and a Postgraduate Diploma in Management, specialising in Finance from the Indian Institute of Management
In the area of Islamic finance, his publications include The Sukuk Financing Model for Green Projects, Dubai State of Energy Report Calcutta.
2013; How Socially Responsible Investing Can Help Bridge the Gap between Islamic and Conventional Financial Markets, International
Journal of Islamic and Middle Eastern Finance and Management (co-written with Zamir Iqbal) (2013); Islamic Finance as a Structured
Products Business Line: Acute Complexity and the Need for Standardization, Sydney Journal of Law and Financial Management (Fall
2011); reprinted in Global Islamic Finance (Oct-Nov 2012) and The Role of Sukuk in Meeting Global Development Challenges in
Global Growth, Opportunities and Challenges in the Sukuk Market, Euromoney Books (2011) (co-written with Zamir Iqbal).
34 35
New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
Mr. Ahmadou Al Aminou Lo is an economist with more than 25 years experience as a central
H.E. Abdelrahman Hassan Abdelrahman Hashim was born in 1957 in Barber, Sudan. He received
banker at the Central Bank of West African States (BCEAO) in Senegal (Dakar) with national
his Bachelors degree in Economics from University of Khartoum, Sudan. He also received training
branches in the eight member states of the West African Monetary Union (WAMU). His experience
in various disciplines which include management of public institutions, investment negotiations,
covers many areas such as monetary policy, reserve management, financial markets, banking
national planning, economic development and international financing from reputable International
regulation and supervision, credit bureaus regulation.
institutions.
Mr. Lo was appointed in February 2014 as the Advisor of the Director General, in charge of
His Excellency has published a number of articles on financial issues and has shown keen interests
Financial Stability and Inclusion in BCEAO. Prior to this, he has held several positions in BCEAOs
on research topics in the areas of economic cooperation, banking, Islamic banking and public finance.
headquarter: Director of Banking Activities and Financing (2012-2014), Director of Market Operations (2010-2012), Deputy Director
of Market Operations (2007-2010), Head of the Dealing Room (2004-2007), Head of the Treasury Division (2000-2004). Before joining
H.E. Abdelrahman is currently the Chairperson of Board of Directors and Governor Central Bank of Sudan and works closely with the Ministry
BCEAOs headquarters, he served at the National Branch of BCEAO in Senegal for 13 years.
of Finance and National Economy, Sudan on supervision and regulations of monetary policy and other issues which are closely
related to the Central Bank of Sudan. His Excellency also serves as Chairperson and member of Board of Directors in a number of key
During his career in BCEAO, Mr. Lo was involved in the conduct of many institutional reforms of the Central Bank and the WAMU as
Institutions in Sudan. His Excellency also represents Sudan at the International, Regional and Arab Financial Institutions high-level
well as banking and financial reforms. He has also actively participated in the development of the roadmap for the Monetary
meetings and in addition to this, His Excellency has also been appointed as Vice President, Bank of Sahel and Sahara Community in
Cooperation Programme of ECOWAS (Economic Community of West African States).
Tripoli, Libya.
Mr. Lo holds a Master Degree in economics and was educated in the Military Academy (Prytane Militaire) of Saint-Louis (Senegal),
Prior to joining the Central Bank of Sudan as the Governor, H.E. Abdelrahman served as General Manager, Omdurman National Bank
the training centre of BCEAO (COFEB) and the Sheikh Anta Diop University in Dakar.
and in Saving and Social Development Bank, in addition to a number of other public institutions.
36 37
New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
Mr. Edy Setiadi officially started his career in Bank Indonesia in 1994 at the Credit Directorate Daud Vicary Abdullah is the President and Chief Executive Officer of INCEIF, The Global University
Department. From 1997 to 1999, he was was attached as the Economic Researcher at the Bank of Islamic Finance. He has been in the finance and consulting industry for almost 40 years, with
Indonesia representative office in Tokyo, Japan. Following his attachment in Tokyo, he was entrusted to significant experience in Asia, Europe, Latin America and the Middle East. Since 2002, he has
be in charge in various departments in Bank Indonesia including Human Resources, Credit, Rural Bank focused exclusively on Islamic finance where he has contributed to a number of books on the
and MSME and Islamic Banking. Mr. Setiadi was appointed as the Executive Director of Islamic Banking subject and has co-authored a book on Islamic finance entitled Islamic Finance: Why it makes
Department in March 2012. He currently spearheads the Islamic Bank Department at the Indonesia sense. He is also a frequent speaker and commentator on matters relating to Islamic finance.
Financial Services Authority effective 2014.
Mr. Edy Setiadi has received various trainings both in Indonesia and overseas covering areas in finance: emerging financial market (APRACA, He is a Chartered Islamic Finance Professional (CIFP), a Distinguished Fellow of the Islamic Banking and Finance Institute of Malaysia
Malaysia), small and medium enterprise development (institute for public private partnership, USA), human resources (London Business (IBFIM) and a former Board member (2003 2007) of the Accounting and Auditing Organization for Islamic Financial Institutions
School), managerial skill (American Management Association, USA), Managing the 21st Century Central Bank (UK) and Management Portfolio (AAOIFI). Prior to INCEIF, he was the Global Islamic Finance Leader with Deloitte. He was also previously Acting CEO of Asian Finance
and Risk Management of Foreign Exchange Research (Jakarta). Bank, an Islamic bank based in Malaysia, and Managing Director of Hong Leong Islamic Bank.
Mr. Edy Setiadi graduated from Padjajaran University in Bandung, Indonesia in 1981, and completed his Masters degree in 1991 from Ohio
State University, USA.
38 39
New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
Durham University Business School, United Kingdom Bank of Mauritius and Host of 11th Summit
H.E. Rundheersing Bheenick is Governor of the Bank of Mauritius and Chairman of the Board of
Professor Habib Ahmed has M.A. (Economics) from University of Chittagong, Bangladesh, Cand.
Directors of the Bank. He also chairs the Monetary Policy Committee. H.E. Bheenick joined the
Oecon. from University of Oslo, Norway, and PhD (Economics) from University of Connecticut,
Bank in February 2007 and is currently serving his third term of office.
USA. Before joining Durham University as Professor and Sharjah Chair in Islamic Finance in 2008,
Professor Ahmed was Manager, Research & Development, Islamic Banking Development Group,
In addition to his duties as Governor, H.E. Rundheersing Bheenick serves as Council Member of the
The National Commercial Bank (NCB), Kingdom of Saudi Arabia and worked at Islamic Research &
Islamic Financial Services Board and is a Governing Board Member of the International Islamic
Training Institute of the Islamic Development Bank Group, Saudi Arabia.
Liquidity Management Corporation, of which the Bank of Mauritius is a founding member. Since
July 2013, H.E. Bheenick has been appointed the non-Financial Stability Board member co-chair of the Regional Consultative Group
for Sub-Saharan Africa for a two-year term. H.E. Bheenick has also been the Chairman of the Association of African Central Banks
He also taught at the University of Connecticut, USA, National University of Singapore, and University of Bahrain. He was a member
(AACB) for a one-year term, since August 2013.
of the Capital Adequacy Working Group of Islamic Financial Services Board (IFSB). Professor Ahmed has authored/edited more than
70 papers and publications, which include articles in international refereed journals, books, chapters in books, and other academic
H.E. Bheenick was born at Bon Accueil, Mauritius in 1944. He holds an M.A (Oxon) in the Honours School of Philosophy, Politics and
papers/monographs/reports. Some topics of his research include Islamic microfinance, risk management and corporate governance
Economics from Merton College, University of Oxford, UK. He is Honorary Professor of Political Economy, University of Mauritius. He
in Islamic financial institutions, and implications of Islamic law on economic institutions and organisations. He recently published
has published widely on a range of developmental issues and on the Mauritian Economy in general.
a book on Product Development in Islamic Banks published by Edinburgh University Press. His recent research interests include
contemporary applications of Islamic commercial law, inclusive Islamic finance, legal and regulatory issues in Islamic banking and
After a distinguished career in public service where he served in various public policy roles including that of Director-General at the
finance, and integration of Waqf and financial sector.
Ministry of Economic Planning and Development, he was elected Member of Parliament in December 1995. He served as Minister of
Finance from December 1995 to August 1996, and as Minister of Economic Development, Productivity, and Regional Cooperation from
July 1997 to September 2000. During this period, he was Chairman of the Council of Ministers of (i) the Indian Ocean Rim Association
for Regional Co-operation, (ii) the COMESA Council of Ministers, and (iii) the ADB/EU/IMF/WB sponsored Cross Border Initiative,
subsequently the Regional Integration Facilitation Forum. From 2008 to 2009, Governor Bheenick chaired the Committee of Governors
of the AACB for the Eastern Africa Sub-Region and the COMESA Committee of Governors of Central Banks from 2009 to 2010.
In December 2011, H.E. Bheenick was designated Central Banker of the Year 2012, Africa by The Banker Magazine of the Financial
Times Publications of UK. In March 2012 he was conferred the distinction of G.O.S.K (Grand Officer of the Order of the Star and Key of
the Indian Ocean) by the President of the Republic of Mauritius in recognition of his long and distinguished service in the economic,
political and social fields.
40 41
New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
Bank Negara Malaysia Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
Dr. Abdel-Rahman Eltayeb Ali Taha, a Sudanese, graduated and earned his MBA from the
H.E. Muhammad bin Ibrahim has served Bank Negara Malaysia since 1984 and has been the
University of California, Berkeley in 1965 and 1966 respectively. He obtained his PhD in Business
Deputy Governor since June 2010. In the span of almost three decades, H.E. Muhammad has
Administration from the University of California, Los Angeles in 1970. Dr. Taha lectured at the
operated across a multitude of areas in the Bank, ranging from banking regulation and
University of Khartoum, Sudan in business management, and then moved to the World Bank
supervision, strategic planning, payment systems, insurance, offshore banking, to treasury and
headquarters in Washington DC., where he served as an Economist and Senior Economist (1978 1984).
financial markets and Islamic finance. Muhammad also sits as a member of the Banks Monetary
Policy Committee and Financial Stability Committee.
His association with trade finance started when he joined the Inter-Arab Investment Guarantee Corporation, in 1984, where he
His career in public service included heading Danamodal National Berhad, a bank recapitalisation agency, during the Asian
worked as Director of Research, and Director of Operations up to 1990, when he moved to London to established and manage a
financial crisis and served as a commissioner of the Securities Commission of Malaysia between May 2004 and May 2010. In April
private company specialising in international trade and project finance. In 1993, Dr. Taha joined the Arab Trade Financing Program,
2010, Muhammad was appointed as an independent director of PETRONAS, the national oil and gas company of Malaysia. He also an affiliate of the Arab Monetary Fund in Abu-Dhabi as Director of Trade Finance. In 1994, he joined the Islamic Development Bank
sits on the board of the Retirement Fund (Incorporated) and in the investment panel of the National Trust Fund. In addition to that, as Chief Executive Officer, Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), which he helped to establish
he is also a trustee of the Tun Ismail Ali Chair council. and manage ever since.
Having a keen interest in promoting closer international cooperation, H.E. Muhammad has played an active role as a board member
of the SEACEN Research and Training Centre and chair of the senate for International Centre for Education in Islamic Finance (INCEIF).
He is also the Chairman of Irving Fisher Committee on Central Bank Statistics, Bank for International Settlement. He has presented
numerous speeches and papers at regional and international fora.
H.E. Muhammad holds a bachelors degree in accounting from the University of Malaya, Advance Diploma in Banking and Finance
from the Malaysian Institute of Bankers followed by a Postgraduate Diploma in Islamic Banking and Finance from the International
Islamic University. He obtained his Masters degree from Harvard University in 1993 and since then, has augmented his experience in
public service and management by completing the Harvard Business Schools Advanced Management Program in 2010.
Within his own personal capacity, H.E. Muhammad is a Fellow of the Institute of Bankers Malaysia and has served as a council
member and a chartered accountant of the Malaysian Institute of Accountants. In his leisure time, H.E.Muhammad enjoys reading
and is an avid fan of the arts. He is a proud father of two sons and a daughter.
42 43
New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
Mr. Hassan Varvani is an astute businessman with a background in the metal recycling industry. He
Mr Mukhtar Bubeyev is currently the Acting Chairman of the Committee for the Control and
is a peer leader of the Kenyan Muslim Community, and has held various leadership positions in
Supervision of Financial Market and Financial Organizations of the National Bank of Kazakhstan.
business, social, welfare and religious institutions.
Prior to his role as Acting Chairman, he was Deputy Chairman of the Committee from April 2011
to January 2014. He is also a Member of the Board of Directors for the Kazakhstan Deposit
Mr. Varvani is a founding director and Chairman of the Board of Directors of First Community Bank
Insurance Fund since 2011.
(FCB) and its subsidiaries, FCB Capital Ltd and FCB Takaful Insurance (Brokers) Ltd.FCB was the first
bank in Kenya to be granted approval in May 2007 as an Islamic financial institution.
Mr Bubeyev is received a degree in Business Mathematics and Statistics, London School of Economics and Political Science in 1998
and an Executive MBA from T. Ryskulov Kazakh Economic University in 2008.
Mr Bubeyev has had sterling international experience representing Kazakhstan in various agencies and ministries. He has been
carrying pivotal roles strategically, among others, as Chief Specialist of Hydrocarbons, Solid Minerals and Groundwater Division of
the Department of Investments in the Subsoil, Investment Agency of Republic of Kazakhstan, Third Secretary of the Embassy of
the Republic of Kazakhstan in the Swiss Confederation and Attach of the Embassy of Kazakhstan in the Swiss Confederation for
Ministry of Foreign Affairs of the Republic of Kazakhstan. Under Ministry of Finance of Republic of Kazakhstan, he was in trust to hold
positions of Deputy Director of the Department of Strategy and Analysis, Director of the Department of Strategy and Analysis and
Director of the Department of Banks Supervision.
44 45
Habib Bank Limited (HBL) has a presence in 25 countries worldwide with its head office located in
Karachi, Pakistan. The operation in Mauritius has been established since 1964, with a current net-
work of five branches. HBL Mauritius offers a full suite of products including Cards, Loans, Import/
Export Financing, Treasury, Retail and Corporate Financing Schemes. HBL Group has the ability to
provide an entire spectrum of banking solutions, ranging from basic Retail and Commercial bank-
ing solutions to tailor-made solutions under the umbrella of International Trade, SME, Corporate,
Treasury, Investment Banking as well as Islamic Banking products.
www.hbl.com/mauritius
Bramer Corporation Limited (BramCorp) leads the financial services business for the British
American Investment Group, a diverse conglomerate in Mauritius. BramCorp operates in three
main financial segments under the following companies:
BAI Co (Mtius) Ltd (BAI) is the leading and largest life assurance provider in Mauritius and the
region. BAI started its operations over 40 years ago in Mauritius and has a network of 21 branches
across the country in addition with a marked presence in Kenya, Malta and Botswana through
its affiliates. The Company and its team of over 1,000 people (staff & sales force) has more than
160,000 active policies only in Mauritius with over 20 tailor-made insurance products (Life,
Retirement and Health), both for individual and corporate.
Bramer Banking Corporation Ltd (the Bank) is one of the fastest growing banks in
Mauritius with total assets reaching MUR 15.2 billion as at end of December 2013. Initially known
as South East Asian Bank, the Bank was acquired in 2008 by British American Investment Group.
It is a universal bank serving the four main banking segments namely retail, business, private and
international with more than 400 professionals and a network of 20 branches and 28 ATMs across
the island.
Bramer Asset Management Ltd (BAML) is one of the largest Fund Managers in Mauritius with
over MUR 5billion (USD 167m) in asset under management (exclusive of pension and life assets).
BAML has always been at the forefront of the market by offering innovative products/services
and specialized investment solutions to both institutional and retail clients.
ISLAMIC
Financial Services
21 years of global
Islamic Banking
experience
11
years of serving your
Shariah compliant
banking needs
in the UAE
1 relationship
you can trust
sc.com/ae
PROFILE
Bank One focuses on customer needs and on building long-lasting relationships with its customers. It caters
both for domestic and international markets, and provides financial solutions to all segments Retail,
Corporate as well as Private. Products and services include current, savings and term deposit accounts,
personal finance, trade finance, corporate finance, treasury services and capital market services, as well as a
host of other unique banking services including internet banking, mobile alerts and a full set of credit cards.
In line with its spirit of innovation, Bank One has also added e-commerce acquiring to its range of offers. A key
objective is to use the unique positioning of Mauritius as a regional financial hub and match it with the
financing needs across Africa and East Africa in particular.
Bank One operates with sixteen branches throughout Mauritius and has a well distributed network of ATMs.
Its endeavour is to bring a sharper focus to the requirements of customers and to leverage cutting-edge
technology to provide the highest levels of service.
OUR VISION
To be amongst the leading domestic banks known for its service excellence, and a regional player.
OUR MISSION
To help our clients achieve economic success and financial security.
INFORMATION PARTNERS
Al Bank Wal Mustathmer Magazine has a network of specialised writers and correspondents in most Arab countries with offices in
Lebanon, Syria and Qatar, backed by representatives in major international markets. The magazine is distributed on the Middle East
and Syrian Airlines.
Besides its role as an economic magazine, Al Bank Wal Mustathmer has organised more than 45 specialised banking and financial
coferences under the patronage of Governors of Central Banks and Ministers of Finance from the Middle East countries.
AlHuda CIBE
AlHuda Center of Islamic Banking and Islamic Economics (CIBE) is a recognised name in Islamic banking and finance Market for
trainings, research and advisory over the last six years. The prime goal has always been to remain stick to the commitments and
provide state-of-the-art Advisory Consultancy and Education through various well recognised modes viz. Campus programmes,
distance learning programmes, trainings workshops, awareness programmes and Islamic microfinance products development all
side by side through our distinguished and generally acceptable and known publications in Islamic banking and finance.
We are dedicated to serve the community as a unique institution providing trainings, education and consultancy in the field of
Islamic banking & finance not only in Pakistan but all over the world. We have so far organised more than 300 trainings, 32 successful
campus programmes and training courses with numerous national and international students.
65
New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
Islamica Money Group is the publisher of Islamic Banker and Islamic Banker Asia, monthly publications which focus on a wide range the global Islamic financing market. Available every Wednesday, each issue features the latest news, reports, interviews, data and
of issues related to Islamic Banking and the Islamic Financial market worldwide. In addition, we have an online publication, Islamic much more.
Banker News, which provides exclusive daily breaking news and information on global Islamic banking and finance. In the pipeline is
our thought-provoking television series, Islamic Money Talk, which will feature leading international and local scholars, practitioners Authored by the Islamic finance industrys largest in-house editorial team, IFN provides you with everything you need to know about
and experts, discussing wide-ranging issue associated with Islamic banking and finance and related areas, providing valuable this business. Exclusivity is the key to our success - we dont provide content to third party online media portals, nor do we accept
second hand content.
knowledge and insightful information.
Our daily news service is available at 06:00 GMT. Supplements and reports on each of the industrys markets and key sectors are
published every month.
The website includes over 25,000 exclusive industry reports in addition to the industrys largest interactive terminology glossary
and a directory of over 1,200 Islamic financial institutions (with contact details). IFN is also available on all iPad, iPhone and Android
operating systems through a dedicated IFN application.
and online on October 15, 2013, with dedicated newsrooms in Paris, London, Hong Kong and New York. International New York
Times succeeds the International Herald Tribune, a publication based in Paris since 1887.
Islamic Finance Information Service
Islamic Finance Information Service (IFIS) is the premier news, research and data online service designed for the Shar`ah-compliant
financial industry. Our readers not only receive the latest news stories on deals and developments in the market. They also enjoy the
benefits of the most comprehensive Sukk, Takful and loans databases available, as well as latest research papers from top providers.
IFIS captures the entire global Sukk market, with extensive coverage of both international and domestic issuance, as well as long
and short term maturities.
The market for Islamic finance continues to grow, and IFIS is the only Islamic finance information hub with a global scope.
66 67
New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
Hosted by:
19 - 22 May 2014
Middle East Insurance Review 11th ISLAMIC FINANCIAL SERVICES BOARD SUMMIT
Middle East Insurance Review (MEIR) has become an integral part of the marketplace as a highly professional magazine meeting the New Markets and frontier for Islamic Finance:
information needs of insurance practitioners not only in the Middle East and North Africa but those interested in doing business in Innovation and the Regulatory Perimeter
the region.
09 - 10 June 2014 Co- organised with:
MEIR is the magazine of choice for both conventional as well as Takful players in these markets. It is the only magazine with a
dedicated section on the global Takful industry. IFSB - INCEIF EXECUTIVE FORUM ON ISLAMIC FINANCE
Islamic Capital Market: New Horizons, New Frontiers
MEIR is the official publication of major industry events such as FAIR and GAIF. In addition, MEIR has set its mark via technical
16 June 2014
conferences providing real value-add to the industry. Hosted by:
17 - 19 June 2014
NATIONAL BANK OF THE
REPUBLIC OF KAZAKHSTAN
IFSB - FIS WORKSHOPS FOR THE BANKING SECTOR
18 - 22 August 2014
expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax
and accounting, intellectual property and science and media markets, powered by the worlds most trusted news organisation. With IFSB - FIS WORKSHOPS FOR THE BANKING SECTOR
headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs approximately 60,000
people and operates in over 100 countries. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. 28 - 29 October 2014 Co- organised with: Hosted by:
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New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
Hotel Entrance
IP1
1
2 IP2
3 IP3
Now brought to you
by the publishers of
IP4
4
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New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
The Organiser cannot be held liable for any accident, loss or damage incurred by a registered delegate.
CELL PHONES
Please set your cell phones and other mobile devices to silent mode during the sessions.
CLIMATE
The temperature on the coastal areas varies between 22C in winter and 34C in summer. The sea temperature varies between 22C
and 27C. In the central part of the island, the maximum daytime temperature varies from about 19C in August to about 26C in
February. The western and northern regions are warmer and relatively drier than the East and the South.
LANGUAGE
Most people in Mauritius are bilingual and are equally fluent in English and French. Creole and French are the main languages in the
everyday environment and several oriental languages are also spoken.
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New Markets and Frontiers for Islamic Finance: New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius 21 - 22 May 2014, Mauritius
Fort Adelaide
Further up on the hill overlooking the city is where Fort Adelaide (also known as La Citadelle) situated. Fort Adelaide was built in a
very strategic location on higher lands of Port Louis at 240 feet above sea level. The construction of Fort Adelaide started on 1832 and
completed after almost ten years. Fort Adelaide offers a vast panorama on Port-Louis and its harbour. The British built this fortress in
fear of a civil war from the remaining French settlers on the island and also for the purpose of guarding the harbor against enemy
attacks. A ride uphill to Fort Adelaide guarantees breathtaking view of Port Louis and of the mountain range surrounding Port Louis.
Places DArmes
The historical centre of the city, the Place DArmes is the main, palm-lined square that links the capitals port to the Government
House.
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New Markets and Frontiers for Islamic Finance:
Innovation and the Regulatory Perimeter
21 - 22 May 2014, Mauritius
Thank you
for your attendance and participation in the 11th IFSB Summit.
We look forward to meeting you in future IFSB events.
For updates on the latest IFSB activities To subscribe to IFSB Mail Alerts,
and programmes, please visit email to ifsb_sec@ifsb.org with the word SUBSRCIBE
www.ifsb.org in the subject line
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