new markets - assaif

The Growth Imperative

Explore NEW Destinations To Continue The Worldwide Growth In Islamic Finance

Key Contributions From International And Regional Experts And Companies Including:

Key Focus• Sukuk Structures And Capital Markets• Emerging Takaful Development• Understanding Islamic Jurisprudence • Identifying Lucrative Islamic Alternative Asset Management

s PowerfulAndLivelySessionss 40+Speakerss 3IntensiveWorkshopss SpecialFocus!NewMarkets–Turkey, Kazakhstan,LatinAmericaandAfrica

• Justice Muhammad Taqi Usmani, Pakistan• Sheikh Nizam Yaquby, Bahrain• Dr. Mohamed Ali Elgari, KSA• King Abdul Aziz University, KSA• Dow Jones Islamic Indexes, USA• Organisation for Economic Co-operation and Development (OECD), France• Kuwait Finance House, Malaysia• Abraaj Capital, UAE• Dubai Islamic Bank, UAE• International Association for Islamic Economics • Emirates Islamic Bank, UAE• Islamic Finance Co., UAE• Albaraka Türk Participation Bank, Turkey • Barclays Bank of Kenya, Kenya

Backbypopulardemand

inscenicIstanbul!

• Accounting & Auditing Organization for Islamic Financial Institutions (AAOFI), Bahrain• Bank AlJazira, KSA• Fajr Capital Plc, Malaysia• FS International Partners, Switzerland• Citi Islamic, UAE• The Petroleum Institute, UAE• IIFM, Bahrain• D’Arblay Ltd., Turkey• Calyon, Bahrain• Robbani & Co., UK• Tokia Marine Middle East, UAE• Isla-Invest Consulting, France• Dar Al Sharia Legal & Financial Consultancy (a subsidiary of Dubai Islamic Bank), UAE

• CIMB Aviva Takaful Berhad, Malaysia• Deutsche Bank, UAE• University of Marburg, Germany• King & Spalding LLP, UAE• HSBC Bank A.F. Turkey, Turkey• SEDCO, UAE• Arbah Capital, KSA• CIMB Islamic, CIMB Bank Berhad, London Branch, UK• ADCB Meethaq - Islamic Banking, UAE• Lovells (Middle East) LLP, UAE• Association for the Development of Alternative Instruments and Innovative Finance (ASSAIF), Italy• Durham University, UK• Yasaar, UAE• BRR Investments, UAE

www.iiff.com

Organised by

13 – 17 October 2008 ÇiraganPalaceKempinskiHotelIstanbul,Turkey

ˇ

Investment Community Partner:Research Partner:

www.iiff.comOrganised by

Investment Community Partner: Official Business Publication:

Media Partners:

Justice Muhammad Taqi Usmani Sheikh Nizam YaqubyBahrain

Rainer GeigerDeputy Director General

Organisation for Economic Co-peration and Development

(OECD), France

Selcuk YorganciogluExecutive DirectorAbraaj Capital

UAE

Dr. Mabid Ali Al-JarhiPresident

International Association for Islamic Economics and Head of

Training & Financial Expert,Emirates Islamic Bank, UAE

Ijlal A. Alvi Chief Executive Officer

IIFMBahrain

Zainudin IshakChief Executive Officer

CIMB Aviva Takaful BerhadMalaysia

Imran MuftiOf Counsel

Lovells (Middle East) LLPUAE

Mohammad Shaheed KhanSenior Vice President

Head of Product Development and Shariah

Islamic Finance Co., UAE

Michael GassnerDivision Head – Islamic Banking

GroupBank AlJazira

KSA

Rafe HaneefManaging Director Fajr Capital Plc

Malaysia

Fehmy SaddyPresident

FS International PartnersSwitzerland

Samad SiroheyGlobal Head Citi Islamic

UAE

Michael BaldwinManaging Director

D’Arblay Ltd.Turkey

Saad RahmanHead of Financing,

Global Islamic BankingCalyonBahrain

Mohammed RobbaniChairman & Chief Executive Officer

Robbani & Co.UK

Ajmal BhattyChief Executive Officer

Takaful Tokia Marine Middle East

UAE

Zoubeir Ben TerdeyetFounder and ConsultantIsla-Invest Consulting

France

Sohail ZubariChief Executive Officer

Dar Al Sharia Legal & Financial Consultancy (a subsidiary of

Dubai Islamic Bank), UAE

Ali ZaidiGlobal Head of Islamic Sales

Deutsche BankUAE

Prof. Dr. Volker NienhausPresident

University of MarburgGermany

Piraye AntikaChief Executive Officer

Group General ManagerHSBC Bank A.S. Turkey

Turkey

Rahail AliPartner

Global Head - Islamic Finance Lovells (Middle East) LLP

UAE

Ahmad Nazmi Camalxaman Manager – Global Markets CIMB

IslamicCIMB Bank Berhad, London

Branch, UK

Furqan AhmadHead of Retail Liability Products

ADCB Meethaq - Islamic BankingUAE

Naveed I. AhmadHead of Investments,Wealth

ManagementDubai Islamic Bank

UAE

Rustum ShahPartner

Lovells (Middle East) LLPUAE

Alberto BrugnoniPresident and Founding Member

Association for the Development of Alternative Instruments and

Innovative Finance (ASSAIF), Italy

Dr. Mehmet AsutayLecturer in Political Economy

School of Government and International Affairs

Durham University, UK

Majid DawoodChief Executive Officer

Yasaar Director

BRR Investments, UAE

Dhafer AlqahtaniCo-CEO & CIOArbah Capital

KSA

Bringing You New Topics Never Addressed In Any

Islamic Finance Event!

The Growth Imperative 13 – 17 October 2008 • Çiragan Palace Kempinski Hotel, Istanbul, Turkeyˇ

A distinguished and highly diverse faculty of more than 40 speakers from all over the world will be taking part in the IIFF – New Markets.

Research Partner:

Dr. Mohamed Ali Elgari Professor of Islamic Economics King Abdul Aziz University

KSA

Prof. Dr. Mohammed Daud Bakar

Jawad I. AliPartner

King & Spalding LLPUAE

Yousuf KhayatManaging Director – Direct

Investments GroupSEDCO

UAE

Dr. Adnan BüyükdenizGeneral Manager

Albaraka Türk Participation BankTurkey

Omar SheikhHead of Islamic Banking

Barclays Bank of KenyaKenya

Rushdi SiddiquiGlobal Director

Dow Jones Islamic IndexesUSA

Dalton H. GarisAssociate Professor Economics,

Petroleum Market BehaviorThe Petroleum Institute

UAE

Baljeet Kaur GrewalGroup Chief Economist

Kuwait Finance HouseMalaysia

Dr. Mohamad Nedal AlchaarSecretary General

Accounting & Auditing Organisation for Islamic Financial

Institutions (AAOIFI), Bahrain

Dear Islamic Finance Professional,

At IIR it’s always been our endeavour to bring you the newest strategic developments and concepts within Islamic finance at our International Islamic Finance Forum (IIFF) events.

With this objective in mind, IIFF this year will be particularly special, addressing and including new markets like Kazakhstan, Turkey, France and Latin America to name a few.

This October will mark the 15th edition of IIFF, and we will be returning to Istanbul in Turkey to celebrate the occasion. You will learn and participate in new facilitated sessions that will provide you with more networking opportunities than ever before, with top Shari’ah experts and practitioners from both the region and the international arena. In addition, you will participate in highly interactive and in-depth post-forum workshops which will take your knowledge to the next natural level of excellence.

As you might be aware, since its introduction in 1985, participation (interest free) banking has grown rapidly in Turkey to meet increased demand from customers who are looking for new products and services as alternatives to conventional banking.

Highlighting the growing appetite for Islamic products among all clients, the theme and topics for IIFF – New Markets have been meticulously researched, enabling you to strengthen your understanding of the concepts, mechanisms and regulations governing what is set to become the most promising financial sector both for Muslims and non-Muslims.

You will benefit from insights into the industry from an impressive line up of speakers from the top Islamic finance hubs of the world and will have the chance to engage these leading minds through meaningful debate and discussion.

Pioneering international Islamic finance practitioners and the world’s leading Islamic scholars will converge in Istanbul from 13 – 17 October for IIFF – New Markets, the most important networking event in the Islamic finance industry calendar.

As participants, you will not only hear from some of the most knowledgeable practitioners in the industry, but you will be able to put questions to the experts. The Forum will surely enable you to share your goals, challenges and experiences with the conference faculty as well as your peers.

I look forward to welcoming you in October at IIFF – New Markets.

Yours sincerely,

Swati TanejaConference DirectorThe International Islamic Finance Forum

P.S. This is your BIGGEST opportunity to learn and network with leading Islamic finance experts. Register today and also take advantage of our early bird discounts. See back page for details!

The Growth Imperative 13 – 17 October 2008

Where Do IIFF Delegates Come From?

Tel: 971-4-3352437 Fax: 971-4-3352438 Email: [email protected] Web: www.iiff.com

What Industries Do IIFF Delegates Come From?

The International Islamic Finance Forum is a truly global event attended by companies, organisations and individuals from across the world.

Who You Will Meet At IIFF – New Markets

• Chief Executive Officers• Chairmen/ Presidents • Chief Financial Officers• Chief Operating Officers• General Managers

• Business Development Managers• Project Managers• Vice Presidents• Private Bankers

• Wealth Managers• Retail Branch Managers for Banks• Corporate Account Managers for Family Owned Businesses

• Brokerage and Market Analysts• Investment Advisors and Financial Planners• Investment Managers and Analysts

• Stock Market Professionals• Portfolio and Asset Managers• Financial Marketing Professionals

08.30 Registration And Morning Coffee

09.30 Chairman’s Opening Remarks Rushdi Siddiqui, Global Director, Dow Jones Islamic Indexes, USA

09:40 Keynote Address: Sukuk • Highlighting the importance of Sukuk in developing Islamic finance • Understanding the necessary principles for Sukuk being compliant with Shari’ah Justice Muhammad Taqi Usmani

Justice (Rtd) Muhammad Taqi Usmani was born in 1943 in Dewband, India. He is the son of late Maulana Mufti Muhammad Shafi (renowned Islamic Scholar of Pakistan). He obtained his “Takhassus” degree in Islamic education (equivalent to Ph.D.) from Darul Uloom Karachi, the largest and the most renowned Islamic education institution in Pakistan. He also obtained his Master’s degree from Punjab University in Arabic literature and a law degree from Karachi University of Pakistan. He has been teaching several branches of Islamic education for 49 years including Fiqh (Islamic Jurisprudence) and Hadith.

He held the position of a Judge of Shariat Appellate Bench of the Supreme Court of Pakistan from 1982 to May 2002. Also he is a permanent member of International Islamic Fiqh Academy, Jeddah, an organ of OIC where he has been Vice Chairman of the Academy for nine years. Also he is the Vice President of Darul Uloom Karachi.

For more than a decade he has been holding the position of Chairman/Member of Shari’ah Supervisory Boards of a dozen of Islamic banks and financial institutions in different parts of the world. He also is the Chairman of International Shari’ah Council of Accounting and Auditing Organization for Islamic Financial Institutions in Bahrain. He is known to be one of the few Shari’ah scholars presently available in the field of Islamic finance.

10:15 Crisis – What Crisis?

PART I: Taking Stock The economic turmoil in conventional finance sparked by the US sub-prime crisis is leading investors to distance themselves from high risk investments like hard-to-measure outstanding debt. We take stock of the world markets and, with a panel of experts, assess how the industry can progress further in the new era of back to basics financial management. In this panel, we will also examine the flow of petro-dollars and assess what the shifting trends in the world economy mean for Islamic asset classes and what kinds of portfolios will win or lose in the new climate.

Moderator: Rushdi Siddiqui, Global Director, Dow Jones Islamic Indexes, USA Panellists: Yousuf Khayat, Managing Director, Direct Investments Group, SEDCO, KSA Dalton H. Garis, Associate Professor, Economics, Petroleum Market Behavior, The Petroleum Institute, UAE Ijlal A. Alvi, Chief Executive Officer, International Islamic Financial Market, Bahrain Sohail Zubari, Chief Executive Officer, Dar Al Sharia Legal & Financial Consultancy (a subsidiary of Dubai Islamic Bank), UAE Dr. Adnan Büyükdeniz, General Manager, Albaraka Türk Participation Bank, Turkey

PART II: What Can We Learn? Islamic finance is finding fresh markets thanks to the transparency of the Islamic model. Islamic finance’s strict requirement of constant and accurate oversight of debt levels can act as an early warning system for impending debt crises. There are now numerous Islamic indexes for equities and funds. What can we discover from them and how best can they be used and improved?

Moderator: Rushdi Siddiqui, Global Director, Dow Jones Islamic Indexes, USA Panellists: Dhafer Alqahtani, Co-CEO & CIO, Arbah Capital, KSA Rainer Geiger, Deputy Director General, Organisation for Economic Co-peration and Development (OECD), France

11:00 Networking Break For Delegates And Speakers 11:30 Turkey: The Participation Factor

Turkey At A Crossroad – Can It Overcome Deep Ideological Divisions And Continue Its Solid Economic Accomplishments?

Though Turkey is a secular republic, 99% of the 71 million population is Muslim. From the start, Turkish participation banks (previously called special finance houses) have been aimed at the Turkish market as a whole. Internationally, Sukuk – referred to in Turkey as participation certificates – is one of the fastest growing asset classes in the financial industry. The Turkish market is in need of such instruments and large investor groups from the Arabian Gulf are ready to inject more financial resources into the Turkish economy provided the right regulatory regime is in place. Middle East financial institutions have also been major investors in the Turkish participation banking sector. What of Turkey’s accession to the European Union which would make it the first country with a majority Muslim population to join the economic bloc? Entry talks started in 2005 but progress appears slow. There is now talk of partnership rather than membership. Is support within Turkey for accession waning amid hostility from some EU members?

Moderator: Dr. Adnan Büyükdeniz, General Manager, Albaraka Türk Participation Bank, Turkey Panellists: Piraye Antika, Chief Executive Officer, Group General Manager, HSBC Bank A.S. Turkey, Turkey Michael Baldwin, Managing Director, D’Arblay Ltd., Turkey

Study: Impact Of Politics On The Underdevelopment Of Islamic Finance In Turkey Dr. Mehmet Asutay, Lecturer in Political Economy, School of Government and International Affairs, Durham University, UK

12:30 Lunch For Delegates And Speakers

14:00 Identifying And Capturing New Markets

Increase your competitive advantage through this brand new session on New Markets to reach out and network with industry leaders, key decision makers in government bodies and international organisations. This session will summarise the trends, opportunities and potential to be seen in new markets such as Turkey, Kazakhstan, Latin America and Africa and many other untapped markets to reach out to. Our endeavour is to support New Markets with The International Islamic Finance Forum and go more in depth and detail country by country.

Moderator: Rushdi Siddiqui, Global Director, Dow Jones Islamic Indexes, USA

Transformation Of Middle East Investment Strategies: Looking At Destination Latin America • The impact of globalisation and open markets • The impact of technology and communication revolution • Regional development strategy vs. recycling petrodollar strategy • Latin America: Cultural similarity and economic opportunities • Brazil and Middle East investments: An enduring climate change Fehmy Saddy, President, FS International Partners, Switzerland

Uniqueness And Diversity Of The African Market - The Kenya Experience In Islamic Banking • Perception of Islamic banking in the African markets, at infant stage but with great potential • Where conventional banks can go wrong • Blind following of the market players • Market entry strategies • Product innovation and market segmentation • Corporate governance • Using winning strategie by understanding needs and culture of the people • Getting diversities right • Competitors response • Standing the test of timesy Omar Sheikh, Head of Islamic Banking, Barclays Bank of Kenya,

Forum Day One


Monday, 13 October 2008

Islamic Banking In Non-Islamic World: A New Reality • Looking at Islamic finance entering new markets? • Value of becoming a center for Islamic finance • Which countries have a great potential? • How can a country acquire a comparative advantage in Islamic finance? • The effects of geographic spread of Islamic finance • The role of the Emirates Islamic bank in new markets – case study Dr. Mabid Ali Al-Jarhi, President, International Association for Islamic Economics & Head of Training & Financial Expert, Emirates Islamic Bank, UAE

15:30 Networking Break For Delegates And Speakers

16:00 Sukuk: Addressing The Potential And Opportunities For Sukuk In New Territories

This panel is designed to look at new opportunities for Sukuk outside the traditional regions of issuance in the GCC and South East Asia. Where do the challenges lie in developing this exciting product? Is it the regulatory environment that makes it unviable or the lack of understanding from potential issuers, or does the uncertainty arise from the Shari’ah guidelines? All of these could potentially have a part to play. Moderator: Saad Rahman, Head of Financing, Global Islamic Banking, Calyon, Bahrain Panellists: Rafe Haneef, Managing Director, Fajr Capital plc, Malaysia Mohammad Shaheed Khan, Senior Vice President, Head of Product Development and Shariah, Islamic Finance Co., UAE Ali Zaidi, Global Head of Islamic Sales, Deutsche Bank, UAE

New Sectors And Markets For Sukuk Issuance: Identifying The Challenges And Opportunities Samad Sirohey, Global Head, Citi Islamic, UAE

Sukuk Development In The Far East – Capturing New Markets • Sukuk development in South East Asia • Sukuk development in other parts of the Far East • What next for the Islamic capital markets in the Far East? Ahmad Nazmi Camalxaman, Manager – Global Markets, CIMB Islamic, CIMB Bank Berhad, London Branch, UK

17:00 Takaful: Exploring New Markets

The Takaful and Re-Takaful markets are expected to grow at least 20% per annum for the next three to five years. The growing demand comes as insurance penetration in the Middle East increases from historically low levels and Islamic insurance companies start up to serve Muslims in Europe. A growing youthful global Muslim population can be seen as a further driver of growth.

Moderator: Sohail Zubari, Chief Executive Officer, Dar Al Sharia Legal & Financial Consultancy (a subsidiary of Dubai Islamic Bank), UAE Panellists: Ajmal Bhatty, Chief Executive Officer, Takaful, Tokia Marine Middle East, UAE Zainudin Ishak, Chief Executive Officer, CIMB Aviva Takaful Berhad, Malaysia • Looking at high growth rates and potentials for expansion in the Takaful industry • Hybrid nature through combination of profit motives and solidarity concepts • Corporate governance issues due to separation of ownership and management of funds • Emergence of a supervisory and regulatory framework Prof. Dr. Volker Nienhaus, President, University of Marburg, Germany

18:00 Chairman’s Closing Remarks Rushdi Siddiqui, Global Director, Dow Jones Islamic Indexes, USA

18:10 Close Of Forum Day One


09.00 Morning Coffee

09.30 Chairman’s Opening Remarks Rushdi Siddiqui, Global Director, Dow Jones Islamic Indexes, USA

09:40 Islamic Jurisprudence: Whose Law Is It Anyway?

With western institutions and governments looking to the Middle East for capital and the explosion in Islamic compliant financing worldwide, no major international law firm can afford not to have its own panel of Islamic finance experts. But are they up to the job? Law firms are out to grab their share of the Islamic compliant structuring market but are finding the pool of talent limited. Conventional finance lawyers cannot be turned into Islamic financial law experts overnight. Specialist consultancies are offering the services of scholars. But are there enough of them? Leading Islamic finance scholars from around the world will be cross- examined and their opinions sought in a crucial debate on the development of Islamic jurisprudence.

Panellists: Dr. Mohamed Ali Elgari is a professor of Islamic Economics at King Abdul Aziz University, Saudi Arabia. He is an expert at the Islamic Jurisprudence Academies of the Organisation of Islamic Countries and the Islamic World League. Dr Elgari is member of Shari’ah Boards of many Islamic banks and Takaful companies including Dow Jones, International Islamic Fund Market, Citi Islamic Investment Bank, Merrill Lynch and Saudi American Bank.

Sheikh Nizam Yaquby, Bahrain, is an internationally acclaimed scholar. He advises a number of banks and financial institutions including Abu Dhabi Islamic Bank, BNP Paribas, Dow Jones, Lloyds TSB, Citi Islamic Investment Bank E.C. Bahrain and Standard Chartered.

Prof. Dr. Mohammed Daud Bakar is a member of the Central Shari’ah Advisory Council of the Central Bank of Malaysia and Securities Commission of Malaysia. He also serves as a member of the Shari’ah board of Accounting and Auditing Organisation for Islamic Financial Institutions, International Islamic Financial Market, Dow Jones Islamic Market Index, Unicorn Investment Bank and BNP Paribas.

Jawad I. Ali, Partner, King & Spalding LLP, UAE

Rahail Ali, Partner, Global Head – Islamic Finance, Lovells (Middle East) LLP, UAE


11:15 Global Economic And Investment Outlook: Confronting The Challenges And Unlocking The Opportunities • Global macro-economic dynamics and emerging market trends • Islamic investment landscape and opportunities • Emerging markets and prospects within Islamic finance • Capital markets and investment outlook Baljeet Kaur Grewal, Group Chief Economist Kuwait Finance House, Malaysia

Forum Day Two Tuesday, 14 October 2008

11:30 New World Of Opportunities For Islamic Alternative Asset Classes

The world of Islamically-compliant funds keeps on growing. A detailed look at how international and regional funds, including hedge, equity, real estate and alternatives, have awakened latent demand in investors. This session will explore the new Islamic alternative asset management classes including: • Private equity • Real estate Rapid Islamic Finance Product Development – Key To Fast Deployment • Exploring and developing and launching Islamic finance products • Highlighting comprehensive perspective on rapid Islamic finance product developments • Key to fast deployment of Islamic finance products in retail and corporate environment • Identifying the fundamental difference in the nature of a product manager’s job in new vs. mature Islamic financial institutions Furqan Ahmad, Head of Retail Liability Products, ADCB Meethaq - Islamic Banking, UAE

Emergence Of Islamic Real Estate In France – Boom Or Hype? • The potential of Islamic products in France • Regulation barriers for Islamic products Zoubeir Ben Terdeyet, Founder and Consultant, Isla-Invest Consulting, France

Shari’ah Compliant Real Estate Funds And Private Equity – Fuelling The Growth Of Islamic Finance • Why are alternative investments becoming popular among Islamic investors? • What needs to be developed in terms of the distribution of such products? • A look at real estate funds currently being offered (income producing and return at maturity) • Potential structures in terms of Shari’ah compliant real estate funds • Role of pure Islamic private equity funds in the region • Key challenges for pure Islamic private equity funds Naveed I. Ahmad, Head of Investments, Wealth Management, Dubai Islamic Bank, UAE

Turkey As A Private Equity Hub For The Neighbouring Region • Cross selling opportunities between private equity sponsored companies in the MENASA region • The benefits of direct involvement by sponsors in a private equity owned company Selcuk Yorgancioglu, Executive Director, Abraaj Capital, UAE

12:45 Lunch For Delegates And Speakers

14:00 Sustainability: The Greening Of Islamic Finance

Market-based solutions are emerging to help deal with the global consequences of climate change – carbon credits being a major example. Sustainability is also the buzzword of the decade for responsible organisations and companies, both the conventional and those run on Islamic principles. But is enough being done? This session is designed as a scene setter for a wider debate on the role of Islamic finance in green investment. Your input and suggestions for action are encouraged to set the agenda for the next International Islamic Finance Forum. The session will also examine the structuring of a new Islamic “green index” which marries the negative screening of companies for their compliance with Islamic principles with a positive screen of their green credentials.

Panellists: Michael Gassner, Division Head – Islamic Banking Group, Bank AlJazira, KSA Majid Dawood, Chief Executive Officer, Yasaar and Director, BRR Investments, UAE

14:30 Spotlight On UK And Europe

The Middle East and the Gulf states have taken an international lead but London is making a strong pitch as the western centre for Islamic finance. With more than 20 banks, nine fund managers and numerous law firms offering Islamic finance, UK Islamic compliant assets are estimated to be comfortably north of $22 billion. But there are those who wonder if enough is being done by UK-based Islamic financial institutions to grow the industry.

Panellists: Michael Gassner, Division Head – Islamic Banking Group, Bank AlJazira, KSA Mohammed Robbani, Chairman & Chief Executive Officer, Robbani & Co., UK The European Commission key concept/policy of ‘financial inclusion’ for all European citizens must translate for the Muslim European community, which is historically an integral and vibrant part of the EU society, is the availability of Shari’ah-compliant products. Currently Europe does not have, with the exception of the UK, a suitable offer to those who wish to invest in conformity with Islam. The recent launch of a common Italian, Spanish, French initiative for the constitution of a Mediterranean Development Bank is an opportunity for the IFSI. This presentation will highlight the need of an EU shared jurist, legal and practical approach with the creation of a common platform. Alberto Brugnoni, President and Founding Member, Association for the Development of Alternative Instruments and Innovative Finance (ASSAIF), Italy


15:45 The Road Ahead

A highly interactive and sometimes controversial session. Provocative and challenging questions as well as short contributions are welcomed from all participants. The aim is to continually reinforce advances and openness in Islamic finance. Moderator: Rushdi Siddiqui, Global Director, Dow Jones Islamic Indexes, USA

16:30 Chairman’s Closing Remarks Rushdi Siddiqui, Global Director, Dow Jones Islamic Indexes, USA

16:45 End Of Forum


Sponsorship:Sponsoring the International Islamic Finance Forum (IIFF) – New Markets provides a targeted approach to promoting your corporate image, products and services as well as creating greater market awareness.

Sponsorship And Exhibition OpportunitiesExhibition:International Islamic Finance Forum (IIFF) is the ultimate networking arena within this industry. Through the exhibition, you will have the opportunity to associate your brand with this exceptional and exclusive event, and present your new products and services to new as well as existing clients that will attend this forum.

For more information on sponsorship and exhibition opportunities please contact: Charlie Bark-Jones on [email protected] or Tel +971-4-4072442

Hear What Past Delegates Have Said About IIFF – Dubai 2008

“Very well organised. A great networking opportunity.”M.K. Zaman, Consultant, CBI, UAE

“A truly exceptional forum. A perfect platform to catch up with what is happening in the Islamic finance world.”

Ganesh Iyer, Manager Product Development, HSBC Bank, UAE

Workshop Timings: Registration will be at 08:30 and the workshops will commence at 09:00 and conclude at 15:00 followed by lunch. There will be networking and refreshment breaks at approximately

10:30 and 12:30

Structuring Islamic Real Estate Deals

Introduction

Property development is currently experiencing rapid economic growth globally. Simultaneously, Islamic finance is recognised as one of the fastest growing areas of international finance today. It is therefore important to see how these two fast growing sectors can be combined to produce a highly competitive alternative to the conventional interest-based finance structures.

Hence this unique workshop has been specifically designed to provide you with a better understanding of Islamic finance and structures for real estate development. You will examine the foundations of Islamic finance and its particularities for real estate and develop a detailed understanding on securitisation of real estate transactions.

This intensive one day workshop will take you from essential concepts to advanced, practical issues by reviewing Shari’ah compliant real estate products with examples, case studies, and interactive discussions.

Agenda

• Demystifying Islamic banking/finance • General principles of Islamic finance • Introduction to real estate development• REITs: Understanding the nature, purpose and benefits of REITS• REITs in a global context• Islamic REIT principles• Understanding REITs in the context of Islamic finance • Shari’ah compliant requirements for REITs• Legal and tax issues in Islamic REITs• Structuring Islamic finance deals • Sukuk for real estate development• Applications • Interactive case study• Application of products in different scenarios - Interactive case studies - Class exercises

Led By: Mohammad Shaheed Khan, Senior Vice President, Head of Product Development and Shariah, Islamic Finance Co., UAE

Meet Your Expert Workshop Leader

Mohammad Shaheed Khan recently joined Islamic Finance Company as a Senior Vice President. Previously he was the Senior Manager at Saudi Hollandi Bank where he managed product and business development of Islamic consumers, corporate and structured

finance businesses. He also served as the Secretary to ABN AMRO banks Global Shariah Advisory Board. For ABN AMRO bank, Shaheed has worked in a number of countries (Malaysia, Singapore, UAE) on developing and launching various Islamic banking products and structures. He has also served at various large organisations accumulating a diversified Islamic banking experience in the fields of treasury, corporate banking, structured finance, retail banking and wealth management. Shaheed has a BBA and an MBA in finance.

Post-Forum Workshop AWednesday, 15 October 2008



10:30 and 12:30.

Understanding Investment Funds And Structured ProductsAgenda

• Introduction• Concept of wealth in Islam, role of Zakat• Islamic financial planning • Islamic asset allocation • Wakala or Mudaraba – the basic Shari’ah framework• Shari’ah screening criteria for stock market funds• Approaches of Dow Jones, Footsie and S&P

• Real estate funds• Structuring issues• Challenges in tax-driven investment regions • Sukuk fund• Structuring issues • Money market funds• Shari’ah concerns • Hedge funds• Exploring various strategies• Long/short and their Islamic equivalents

• Structured products• Murabaha/Arbun• Bilateral Wads

Led By: Michael Gassner, Division Head – Islamic Banking Group, Bank AlJazira, KSA

Meet Your Expert Workshop Leader

Michael Gassner, Division Head – Islamic Banking Group, Bank AlJazira, KSA

Michael finalised his master studies in business administration at the University of Siegen. Prior to his

assignment with Bank AlJazira Michael worked as independent consultant for Islamic finance. He writes frequently about related issues in leading industry magazines and is the founding editor of the industry’s newsletter “IslamicFinance.de – Executive News”. He speaks frequently at conferences, including The International Islamic Finance Forum in Dubai and Zürich, Islamic wealth management event in Geneva, Islamic Real Estate Finance in London and Dubai, LeasingLife London, Harvard Forum and several others. He is also a member of the editorial team for International Journal of Islamic and Middle Eastern Finance and Management and a member of the editorial board of the Dow Jones Islamic Market Indexes newsletter.

Post-Forum Workshop BThursday, 16 October 2008


10:30 and 12:30.

Sukuk: Understanding The Structures And Their Fit

In Capital Markets Agenda

• An introduction to Sukuk – analysing the Shari’ah origin of Sukuk, current market trends and the Shari’ah restrictions relating to issuing Sukuk• Examining Sukuk structures – detailed analysis of Sukuk structures, covering Sukuk-Al-Ijara, Sukuk-Al-Musharaka and Sukuk-Al-Mudarabah, together with recent case studies• Deal origination and execution – examining the practicalities of bringing a Sukuk to market and achieving a successful financial close• Legal and documentary aspects of Sukuk – exploring the legal and regulatory issues which arise when structuring and documenting Sukuk

Led By: Imran Mufti, Of Counsel, Lovells (Middle East) LLP, UAERustum Shah, Partner, Lovells (Middle East) LLP, UAE

Meet Your Expert Workshop Leaders

Imran Mufti is Of Counsel in the Dubai office of Lovells. He has practiced in Dubai for almost four years, primarily concentrating on the areas of Islamic capital markets and structured finance. He is a regular speaker at conferences and seminars

which focus on Islamic capital markets. Imran holds a LLB (Hons) degree from the University of London. He is qualified as a solicitor in England and Wales and an Attorney-at-law in New York.

Rustum Shah is a Partner in Lovells’ Dubai office. He specialises in Islamic and structured finance and Sukuk and has worked on numerous high profile Sukuk transactions and corporate Islamic financing including for the government of Qatar,

governments of Dubai and Ras Al Khaimah. Rustum has received accreditation for his Islamic finance expertise in a number of publications.

Post-Forum Workshop CFriday, 17 October 2008


Istanbul is the city where east meets west. The ancient mosques, museums and bazaars reflect its diverse history.

It is now diverting its full attention towards Islamic finance, making it a perfect destination for the International Islamic Finance Forum (IIFF) – New Markets. Be sure to plan an extra day or two after the event to enjoy some of Istanbul’s most beautiful sights.

Famous Attractions Of Istanbul:

The Blue Mosque, famous for its Iznik tiles and six minarets.

The Suleymaniye Mosque, built by Sinan, the chief architect of the Ottoman Empire in the name of Suleyman the Magnificent.

Hagia Sophia, a product of east – west synthesis which inspired the Ottoman mosques on the basis of thoughts. This piece of art is one of the most important monuments remaining today of world architectural history.

Topkapi Palace, the imperial residence of Ottoman Sultans, exhibiting Chinese porcelain, weapons and an exquisite calligraphy section.

Grand Covered Bazaar, the most attractive shopping center and biggest souk in the world with nearly 4000 shops.

Sponsor

Istanbul

Kuwait Finance House is the largest Islamic banking institution in the world with its diversified range of products and services, covering full-scale corporate and investment banking, commercial banking, retail banking, asset management and direct investments in various sectors. Kuwait Finance House was voted the Worlds’ 2nd Best Islamic Bank in the industry in 2006. Malaysia’s first foreign Islamic Bank, Kuwait Finance House (Malaysia) Berhad was simultaneously voted Best New Islamic Bank and the second Most Innovative Islamic Bank for 2006.

Research Partner

About ZawyaZawya is an online business information and community platform focused on the Middle East. Headquartered in Dubai, Zawya has a global user base of over 350,000+ high-end business professionals.

Zawya covers detailed information on the top 12,000+ companies in the Middle East with comprehensive live news coverage through the exclusive Zawya Dow Jones newswire service. Furthermore, the service provides industry news, macroeconomic reports, country statistics, stock market data as well as specialized databases such as IPO, Sukuk, Mutual Funds, Projects and Private Equity monitors.

In addition to subscription services, Zawya offers advertisers the ability to target the most affluent online audience with an interest in the MENA region. Zawya’s online service caters to and attracts only serious professional users and decision makers as it has the only fee paying user base in the region. Visit us today at www.zawya.com

Investment Community Partner

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PaymentsA confirmation letter and invoice will be sent upon receipt of your registration. Please note that full payment must be made upon receipt of the invoice and prior to the event. Only those delegates whose fees have been paid in full will be admitted to the event. You can pay by company cheques or bankers draft in Dirhams or US$. Please note that all US$ cheques and drafts should be drawn on a New York bank and an extra amount of US$ 6 per payment should be added to cover bank clearing charges. All payments should be made in favour of IIR Holdings Ltd.

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CancellationIf you are unable to attend, a substitute delegate will be welcome in your place. If this is not suitable, a US$ 200 service charge will be payable. Registrations cancelled less than seven days before the event must be paid in full.

Visas Please contact the Turkish Consulate in your country of residence to find out about your visa requirements. Due to unforeseen circumstances, the programme may change and IIR reserves the right to alter the venue and/or speakers.

© COPYRIGHT I.I.R. HOLDINGS B.V.ISLAMIC FINANCEKU PG F352

Forum fees include documentation, luncheon and refreshments. Delegates who attend all sessions will receive a Certificate of Attendance.

Event Datesn The International Islamic Finance Forum (Two Days) 13 – 14 October 2008 n Post-Forum Workshop A: Structuring Islamic Real Estate Deals 15 October 2008n Post-Forum Workshop B: Understanding Investment Funds And Structured Products 16 October 2008n Post-Forum Workshop C: Sukuk 17 October 2008

13 – 17 October 2008 ÇiraganPalace

KempinskiHotelIstanbul,Turkey

FIVEEASYWAYSTOREGISTER971-4-3352437 971-4-3352438 [email protected]

www.iiff.com

IIR Holdings Ltd.PO Box 21743, Dubai, UAE

GCS/IIR Holdings Ltd.P O Box 13977, Muharraq, Kingdom of Bahrain

For further information and Group Discounts contact 971-4-3352483 or email: [email protected]

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Event VenueÇiragan Palace Kempinski HotelIstanbul, TurkeyTel: +90-212-3264646

Accommodation DetailsWe highly recommend you secure your room reservation at the earliest to avoid last minute inconvenience. You can contact the IIR Hospitality Desk for assistance on:Tel: 971-4-4072693Fax: 971-4-4072517Email: [email protected]

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Loyalty• All IIFF loyalty members get 15% off Original Price• A limited number of places are available on a first come, first served basis to Bona fide Academics and Scholars at a very special discount of 50% on the original price

Early Bird Discount

The International Islamic Finance Forum (IIFF) Price before Price between Price after 3 August 2008 3 August and 17 August 2008 17 August 2008

Entire Event US$ 4,195 (Save US$ 2,190) US$ 4,445 (Save US$ 1,940) US$ 4,695 (Save US$ 1,690)

Two-Day Forum and 2 Workshops US$ 3,785 (Save US$ 1,345) US$ 3,985 (Save US$ 1,145) US$ 4,185 (Save US$ 945)

Two-Day Forum and 1 Workshop US$ 3,155 (Save US$ 720) US$ 3,305 (Save US$ 570) US$ 3,455 (Save US$ 420)

Two-Day Forum US$ 2,420 (Save US$ 200) US$ 2,520 (Save US$ 100) US$ 2,620

One Forum Workshop US$ 1,155 (Save US$ 100) US$ 1,205 (Save US$ 50) US$ 1,255

The Growth Imperative

new markets - assaif

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