Turkey showcases role of Islamic money and capital markets
The Central Bank of Turkey, which is hosting this year's IFSB Summit, is organising as a pre-Summit event, a landmark Country Showcase in association with the Yildiz Technical University in Istanbul on the pertinent theme "The Role of Interest-free Financial Instruments in the Money and Capital Markets."
The theme of the Turkey Showcase has important synergies with the Summit theme, 'Global Financial Reforms: The Changing Regulatory Model and Islamic Finance' which aims to evaluate whether reforms in financial regulation structure and prudential standards equally equip the Islamic financial services industry in addressing its future challenges as well as identifying the priority areas in the prudential regulation of Islamic finance that may need focus and attention by regulators and market players alike.
The main Summit on 16 and 17 May will discuss 'International Regulatory Initiatives to Enhance Global Financial Stability'; 'Impact of International Regulatory Initiatives on the Islamic Financial Services Industry'; 'Regulatory Harmonisation and Cross-border Linkages in Islamic Finance'; 'Global Financial Infrastructure of Islamic Finance'; and 'Global Regulatory Reform and the Prospects for the Islamic Financial Services Industry.' The Keynote Address of the Summit will be delivered by Dr. Mahmoud Mohieldin, Managing Director of the World Bank.
The Turkey Showcase will be opened by Prof. Dr Güler Aras, Dean of the Faculty of Economics and Administrative Sciences, Yildiz Technical University, who will give the keynote and welcome address. This will be followed by a panel discussion on "The Role of Interest-free Financial Instruments in the Money and Capital Markets", with the confirmed participation of Dr Ahmet Faruk Aysan, Member of the Board, Central Bank of Turkey; Bekir Sitki Safak, Executive Vice President, Turkish Capital Market Board; Dr Mustafa Kemal Yilmaz, Executive Vice Chairman, Istanbul Stock Exchange; Meliksah Utku; Deputy General Manager, Albaraka Turk Participation Bank; and Hulusi Horozoglu, Director, Global Islamic Banking, Head of Saudi Arabia & Oman, Citigroup. The panel discussion, which will be moderated by Mushtak Parker, promises a major opportunity for IFSB Summit delegates to engage with the latest developments and opportunities in the emerging Turkish Islamic capital market.
The Country Showcases, a traditional pre-Summit event, is an important platform for IFSB member and non-member countries to articulate their Islamic finance initiatives, incentives and experiences in adopting and promoting the growth of a sound and stable Islamic financial services industry. This year will feature two Country Showcases - Turkey and Malaysia. The Malaysia Country Showcase is organised by Bank Negara Malaysia in association with the Malaysia International Islamic Finance Centre (MIFC) initiative. Both Showcases will be held on 15 May 2012.
Another traditional pre-IFSB Summit event is a 'Special Session' in the afternoon of the same day of the Country Showcases, which normally focuses on a pertinent issue facing the industry. This year's Special Session on 'Promoting Financial Inclusion through Islamic Microfinance' could not be timelier.
Financial Inclusion, Microfinance and SME Financing - all part of the same coin - has now emerged as an important global agenda in ensuring sustainable long-term economic growth. The G20 summit in 2010 recognised financial inclusion as one of the main pillars of the global development agenda. While financial inclusion is part and parcel of the social and ethical goals that Islamic finance seeks to promote, there is a need for a more focused debate, from a comparative perspective, of the most efficacious institutional platforms, distribution channels and regulatory and supervisory structures in relation to Islamic Microfinance.
The Session will be chaired by H.E Yaseen Anwar, Governor, State Bank of Pakistan. Speakers include H.E Dr. Mohamed Khair Ahmed Elzubear, Governor, Central Bank of Sudan, Professor Dr. M. Azmi Omar, Director General, Islamic Research and Training Institute (IRTI), IDB Group; Michael Tarazi, Senior Policy Specialist, Consultative Group to Assist the Poor (CGAP), The World Bank; Jahangir Alam, Executive Director, Central Bank of Bangladesh; and Ali Sakti, Researcher, Islamic Banking Directorate, Bank Indonesia and Mr. Chams-Eddine Aklil, Chief Technical Advisor in Sustainable Economic Development Programme (DEVED), Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), Germany.