• Recitation of verses from the Holy Quran
• Keynote Speech: Honourable Sh. Mufti Muhammad Taqi Usmani, Chairman of AAOIFI Shari’ah Board, Member of the International Islamic Fiqh Academy, and President of Darul Uloom Karachi, Pakistan
• Keynote Speech: H. E. Shaikh Ebrahim bin Khalifa Al Khalifa, Chairman of AAOIFI Board of Trustees
• Guest of Honor Address: H.E. Dr. Mohammed Omar Abdullah BaNaga, Vice Governor, Central Bank of Yemen
• Guest of Honor Address: H.E. Dr. Md. Kabir Ahmed, Deputy Governor, Bangladesh Bank
• Conference Introduction: Mr. Omar Mustafa Ansari, Secretary General, AAOIFI
• Honoring Guests of Honor and Sponsors
• Signing of Memoranda of Understanding (MoUs)

‎

Speakers:

• Honorable Sh. Dr. Yousef Khalawi, Member, AAOIFI Board of Trustees, Secretary General of Islamic Chamber of Commerce and Development (ICCD), Secretary General of AlBaraka Forum for Islamic Economy, KSA
• Mr. Firas Hamdan, Member, AAOIFI Accounting Board; Deputy Chairman, AAOIFI; Education Board; Executive Director – Head of Human Resources Development, Banque Du Liban, Lebanon
• Mr. Iyad Asali, Member of AAOIFI Governance and Ethics Board, General Manager, Islamic International Arab Bank Plc, Jordan     

Key Discussion Points:

• The Shari’ah basis for compensation for damages resulting from a breach of a binding promise of exchange (mu‘awadah).
• The methodology of assessing actual damages in a binding promise to purchase or sell, and when compensation becomes obligatory.
• The methodology of assessing actual damages in a binding promise to Take or Give on Lease, whether in an operational lease (Ijarah Tashghiliyyah) or a lease-to-own arrangement (Ijarah Muntahia Bittamleek).
• The permissibility of agreed-upon compensation or compensation equivalent to the consideration specified in the binding promise.
• The permissibility of estimating compensation in Murabaha-based hedging transactions using pricing methods applied in conventional derivatives.

Session Chair:

• Shaikh Prof. Dr. Sayyed Mohammed Al-Sayyed Abdulrazzaq Al-Tabtabae, Member of AAOIFI Board of Trustees, Dean of the College of Shari’ah and Islamic Studies, Kuwait
  University, Kuwait

Speakers:

• Dr. Rahal Ismail Beladel, Islamic Development Bank Institute, Kingdom of Saudi Arabia
• Dr. Mohamed Obadah Adi, Head of the Internal Shariah Control Division, Al Hilal Bank, United Arab Emirates

Commentators:

• Shaikh Muhammad Taqi Usmani, Chairman of AAOIFI Shari’ah Board, Member of the International Islamic Fiqh Academy, and President of Darul Uloom Karachi, Pakistan
• Honourable Sh. Dr. Esam Khalaf Alenezi, Professor at the Faculty of Shari’ah, Kuwait University, Chairman and Member of Shari’ah Boards of Various Islamic Financial Institutions, Kuwait

‎

Key Discussion Points:

• The ruling on stipulating English law (or similar laws) as the governing law in contracts and documentation of syndicated financing, Sukuk issuances, and other cross-border transactions.
• The effectiveness of limiting such laws by stipulating non-contravention of Shari’ah rulings.
• Whether a clause prohibiting claims for interest suffices if the contracts and documentation themselves are structured per Shari’ah principles.
• Mechanisms for incorporating AAOIFI Shari’ah Standards as a legally recognized interpretative framework that defines the contractual intentions of the parties and ensures courts uphold these intentions in accordance with AAOIFI Shari’ah Standards.
• The mechanism for designating Shari’ah Standards as the governing law for contracts and documentation.
• The viability of arbitration as an alternative to English law as the governing law.

Session Chair:

Honourable Sh. Dr. Aznan Hasan, Member of Shari’ah Board, AAOIFI; Chairman of Shari’ah Board of Securities Commission, Malaysia

Speakers:

• Shaikh Dr. Mohamed Ali Elgari, Member of AAOIFI Board of Trustees & Shari’ah Board, Chairman and Member of Shari’ah Boards of Various Islamic Financial Institutions, Kingdom of Saudi Arabia
• Dr. Walid Hegazy, Vice Chairman of AAOIFI Governance and Ethics Board, Managing Partner & Founder, Hegazy & Partners Law Firm, Egypt
• Mr. Muhammad Nazir Mian, Group Head of Internal Sharia Control, Dubai Islamic Bank PJSC, UAE

Commentators:

• Shaikh Dr. Osaid Muhammad Adeeb Al-Kailani, Member of AAOIFI Shari’ah Board, Global Head of Shari’ah, Abu Dhabi Islamic Bank Group, United Arab Emirates
• Dr. Muhammad Qaseem, Member of AAOIFI Governance and Ethics Board, Chairman and Member of Shari’ah Boards of Various Islamic Financial Institutions, United Arab Emirates

As the Islamic finance industry continues to expand globally, both horizontally and
vertically, a growing number of conventional financial institutions and even some Muslimmajority countries are converting their operations and their economies to be Shari’ah
compliant. However, this conversion process, whether at the institutional or at the national
level, has proven to be complex and fraught with challenges.
The lack of clear guidance and resources has made the conversion process slow, uncertain
and challenging. Successful conversion requires a multifaceted approach that addresses
political, economic, financial, legal and social considerations from strategic, technical and
operational perspectives. Crucially, this endeavour necessitates the active involvement
and alignment of all relevant stakeholders, including policymakers, regulators, financial
institutions, businesses and public at large. This session aims to provide a comprehensive
understanding of the multifaceted challenges and opportunities involved in the conversion
process, and strategies for overcoming those challenges, both at the institutional and the
national economies levels.

Main topics

• Development of Islamic fiscal and monetary policies, including the establishment of

  Shariah-compliant benchmark rates

• Converting international borrowing to Shariah compliant modes

• Developing financial instruments and markets that cater to the financing needs of the

  real economy in Islamic capital markets

• Enhancement of financial inclusion and innovation through the adoption of Islamic

  FinTech solutions

• Incorporation of Islamic social finance instruments such as Zakat, Waqf and Qard Hasan

  into the broader economic framework

• Alignment of the transformation process with the overarching framework of Maqasid Al

  Shariah

Islamic finance has the potential to significantly advance sustainability by adhering to
the principles of Maqasid Al Shariah, which, inter alia, emphasise economic, social and
environmental well-being. AAOIFI has consistently embedded these principles in its
standards and is now committed to developing dedicated governance and accounting
standards / disclosure guidelines specifically focused on sustainability. This session will
delve into AAOIFI’s strategic roadmap, which includes the declaration signed with IFSB and
CIBAFI at the COP28 event, spearheaded by the Central Bank of UAE, underscoring a unified
commitment to fostering sustainability in Islamic finance.
The session will explore both the strategies and challenges for integrating Maqasid Al Shariah
into the core operations of Islamic financial institutions, particularly regarding sustainability principles. The panel discussion will address the unique needs, requirements and expectations
of Islamic finance stakeholders and the obstacles to implement sustainability standards
specifically in the areas of governance and accounting. Additionally, collaborative efforts and
future directions for promoting sustainability in Islamic finance will also be explored.

Main topics

• Integration of Maqasid Al Shariah into sustainability practices in Islamic finance

• Relevance and adequacy of standards issued by International Sustainability Standards Board (ISSB) for Islamic finance

• Unique need and expectations of Islamic finance stakeholders regarding sustainability

• Challenges and solutions for embedding sustainability within the Islamic finance framework

• Implications of insights from the Islamic finance infrastructure bodies’ declaration at COP28

• Practical strategies for implementing sustainability standards in Islamic finance

• Future directions and collaborative opportunities for advancing sustainability in Islamic finance

The increasing systemic significance of conventional financial institutions offering Islamic
financial services has highlighted the need for robust governance, compliance and reporting
mechanisms. Over the past decade, these institutions have become key players in significant
Islamic finance markets, a trend expected to continue. Nevertheless, there is an opportunity
to further strengthen the alignment of their Islamic financial services with established
Shari’ah principles and rules and enhance the transparency of their presentations.
The session will explore the dynamics of Islamic finance windows, the need for enhanced
governance and the importance of clear financial reporting. The goal is to ensure that
these windows operate transparently and maintain stakeholders’ trust.

 Main Topics:

• The role of participatory financing in sustainable economic development

• Governance frameworks for ensuring Shari’ah compliance in participatory financing

• Accounting and financial reporting challenges and solutions in managing participatory financing instruments

• Innovations in participatory financing instruments to drive economic growth

• Risk management strategies for participatory financing

• Collaborative approaches to overcoming governance and accounting challenges inparticipatory financing

Participatory financing holds immense potential for driving sustainable economic
development. These financing mechanisms not only promote economic growth but also
ensure equitable wealth distribution and social justice. Additionally, these participatory
structures encourage and enable risk-sharing capital availability and hence enhance the
capability for entrepreneurship. However, the effective implementation and scaling of
participatory financing face significant governance and accounting challenges that need to
be addressed to fully harness their potential.
This session will explore the strategic role of participatory financing in sustainable economic
development, focusing on the governance and accounting frameworks required to support
these instruments. The discussion will delve into the complexities of ensuring compliance
with Shari’ah principles and rules, maintaining transparency and managing risk while
ensuring appropriate financial reporting. Additionally, the session will highlight innovative
practices and collaborative strategies to overcome these challenges, drawing on insights
from industry experts and case studies.

Main topics:

• The role of participatory financing in sustainable economic development

• Governance frameworks for ensuring Shari’ah compliance in participatory financing

• Accounting and financial reporting challenges and solutions in managing participatory

  financing instruments

• Innovations in participatory financing instruments to drive economic growth

• Risk management strategies for participatory financing

• Collaborative approaches to overcoming governance and accounting challenges in

  participatory financing