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


The sectors expected to thrive in Africa’s vast and diverse economy include Islamic microfinancing, trade and project financing and capital market issuances as well as agricultural investments. With an estimated 45-50% of the African population being Muslim, standing between 400 and 500 million people, Islamic banking has the potential to appeal to those who are currently unbanked and to those who are under-banked and looking for Shariah compliant alternatives to the current conventional banking offerings. With the proper regulations, increased transparency, education, and an objective, non-political perspective of the Shariah compliant sector, there is no doubt that Islamic banking in Africa has the potential to thrive.

An Introduction

Over the last 10 years, trade between African countries and the rest of the world has grown significantly; charting a 170% increase in trade with the GCC, and 45% growth with China and India; the world’s fastest growing economies. Chinese investors have expressed much interest in Africa, and are already heavily invested in manufacturing and infrastructure projects in countries such as Sudan and Ghana. In places such as Ethiopia and Ghana, over 60% of Chinese investments in the countries constitute manufacturing. And the Chinese government is keen to see these numbers grow.

This is also expected of the GCC, whose longstanding trade history with Africa has been recently strengthened by the involvement of the Saudi-based Islamic Development Bank’s efforts to aid its African member countries, and growing interest from Middle East investors looking to diversify their investments.

The sectors expected to thrive in Africa’s vast and diverse economy include Islamic microfinancing, trade and project financing and capital market issuances as well as agricultural investments. With an estimated 45-50% of the African population being Muslim, standing between 400 and 500 million people, Islamic banking has the potential to appeal to those who are currently unbanked and to those who are under-banked and looking for Shariah compliant alternatives to the current conventional banking offerings. The significant pool of affluent Muslim traders in the continent also creates a diverse demographic of potential Islamic banking customers— from the low, middle and high-income bands.

With the proper regulations, increased transparency, education, and an objective, non-political perspective of the Shariah compliant sector, Islamic banking in Africa has the potential to thrive. Increased interest from Gulf investors in terms of agricultural land acquisitions and the mergers and acquisitions of financial institutions, as well as a growing Asian investor base, particularly in manufacturing and project finance, is expected to grow the African economy significantly. As it stands, Africa has everything to gain and nothing to lose by growing its Islamic banking sector.

The 2013 IFN Africa Issuers & Investors Forum will take you around Africa and explore these growth opportunities, chart regulatory developments for Islamic finance across the vast African continent, and address pertinent issues regarding the current state of Islamic banking in Africa.

Through a series of exclusive regulatory country presentations, practitioner-led round-table discussions, non-debatable power presentations, original case studies and sector focused side sessions, the IFN Africa Forum in 2013 will again be the key, must-attend industry event for issuers, investors, regulators and all financial intermediaries involved in the Islamic financial markets with interest in the African markets.

 

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

SPONSORS AND PARTNERS


SUPPORTED BY
AAOIFIInternational Islamic Financial Market
MULTILATERAL STRATEGIC PARTNER
The Islamic Corporation for the Development of the Private Sector (ICD)
FORUM PARTNER
Metropolitan Training Academy
EXCLUSIVE SHARIAH ADVISORY PARTNER
Dar al Sharia
ASSOCIATE PARTNERS
CIMB Islamic
Emirates NBD Group
INCEIF
Khalij Islamic
EXECUTIVE PARTNERS
Bahrain Institute of Banking and Finance (BIBF)
DDCAP Group
EIGER
FWU Group

IdealRatings
Islamic Finance Advisory & Assurance Services
iSfin
Norton Rose
Russell Indexes
Standard Chartered Saadiq
Trowers &  Hamlins
BRANDING SPONSOR
Chase IMAN
LEAD MEDIA PARTNER
Islamic Finance news
OFFICIAL MIDDLE EAST MEDIA PARTNER
CPI Financial
MEDIA PARTNERS
African Development Magazine (ADM)
Africa Business
Al Eqtesady
alim
Al Mal Newspaper
A.M.F.P
Business Islamica
Capital Business
Daily News Egypt
Inside Investor
Middle East & Africa Monitor
Oxford Business Group

 

 

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