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Autoriti Monetari Brunei Darussalam to host the IFSB's 6th legal seminar.

The Islamic Financial Services Board (IFSB) is pleased to announce that the 6th IFSB Seminar on legal issues in the Islamic financial services industry (IFSI), themed, innovation in Sukuk securitisation and Islamic hedging Instruments: Developments and challenges will be held on 25 March 2014 in Bandar Seri Begawan, Brunei Darussalam. This Seminar will be held in conjunction with the IFSB Annual Meetings and Side Events 2014, hosted by the Autoriti Monetari Brunei Darussalam (AMBD).

The Islamic financial services industry has developed significantly over the past decade in terms of sophistication in product structures and development of risk management tools, including hedging products.

Islamic capital markets have also grown with the emergence of securitisation transactions predominantly driven by Sukuk markets, with Islamic hedging instruments also demonstrating an emerging trend. Coupled with the issuance of some international standards for Islamic hedging instruments in recent years, the Islamic hedging market faces new challenges in the wake of global regulatory reforms related to the requirements of central counterparties and exchange traded transactions.

This seminar is a part of the IFSB seminar series on legal issues, and aims to create awareness on the emerging legal issues, developments and challenges in securitisation and Islamic hedging instruments.

The Islamic financial services industry has developed significantly over the past decade in terms of sophistication in product structures and development of risk management tools, including hedging products. Islamic capital markets have also grown with the emergence of securitisation transactions predominantly driven by Sukuk markets, with Islamic hedging instruments also demonstrating an emerging trend. Coupled with the issuance of some international standards for Islamic hedging instruments in recent years, the Islamic hedging market faces new challenges in the wake of global regulatory reforms related to the requirements of central counterparties and exchange traded transactions.

A noteworthy feature of the developments in asset securitisation and hedging instruments in Islamic finance is the progress on the issuance of new laws and statutes dealing with Islamic capital markets. The current innovations of these instruments necessitate a focus on accompanying changes in legal systems and enhanced Shari`ah compliance reviews in order to reduce uncertainty and boost flexibility in the product offering. The approaches to structuring and offering Islamic products vary significantly across jurisdictions depending on their governing laws. The challenge for these legal systems in different jurisdictions is to act in an accommodative and flexible way so that this process of innovation and improvements can be facilitated, while maintaining compliance with Shari`ah rules and principles.

Topics of discussion for the Seminar include:

Asset securitisation and Sukuk structuring

Growth of Islamic hedging instruments: Legal issues and challenges

Role of institutional and central Shari`ah Boards in structuring of Sukuk and Islamic hedging instruments

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Publication:CPI Financial
Geographic Code:9BRUN
Date:Feb 26, 2014
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