Seminar on the Prospects and Challenges in the Development of Islamic Finance for Bangladesh
Organised by: Hosted by:
The Islamic Financial Services Board (IFSB) will be organising a seminar on the ‘Prospects and Challenges in the Development of Islamic Finance for Bangladesh’ next month.
INCEIF’s President and CEO, Mr Daud Vicary Abdullah, will be sharing his insights at the event on the following topics:
Session 1: Global Overview, Issues, Challenges and Opportunities (23 September 2013)
Session 5: Panel Discussion on the Way Forward for the Development of Islamic Finance for Bangladesh (24 September 2013)
Synopsis of the seminar:
23 – 24 September 2013 Dhaka, Bangladesh
The rapid growth and geographic expansion of Islamic finance has introduced a new and vibrant segment to the global financial system, one that is contributing to the deepening and widening of the financial sector through the use of innovative financial instruments that offer new ways of mobilising resources for both public and corporate sectors. While some countries have sought to establish a full-fledged Islamic finance industry spanning banking, Takāful and capital market sectors, others have found value from developing specific niches aligned with national goals and comparative advantage. Islamic finance has also been recognised as a powerful mechanism for promoting financial inclusion.
A noteworthy feature is the increasing use of Islamic financial instruments to finance public infrastructure as well as corporate investments. These investments, and the use of instruments such as Sukūk to finance them, now span a wide range of social and physical infrastructure and are becoming increasingly important to driving growth in both Asia and the Middle East. In particular, the use of cross-border financing and investment through Islamic finance is contributing to widening the investor base and lowering the cost of financing for wellstructured investments.
This Seminar is part of the IFSB Seminar on Islamic Finance series which are held in jurisdictions wishing to explore the possibilities, opportunities and challenges of Islamic finance. It aims to create greater awareness on the specificities of the Islamic financial services industry, and discuss the issues in developing Islamic finance in Bangladesh. The collaboration of the IFSB and Bangladesh Bank will bring prominent speakers from among the international Islamic financial community, market players, regulators as well as thought leaders of the industry to share experiences with the key policy makers, regulators, industry players and stakeholders in Bangladesh.
The Seminar will examine the regulatory and other pre-conditions needed to sustain an orderly development of Islamic finance, while seeking to identify the benefits Islamic finance can bring to Bangladesh. The sessions and discussions will draw upon the perspectives of (a) market opportunities and challenges which will include discussions on the opportunities in Islamic asset management and Sukūk, (b) the global and national regulatory requirements, as well as (c) facilitation of cross-border investment flows.
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