The 2nd Annual Islamic Finance Summit

ACHIEVING GROWTH THROUGH DEDICATED INNOVATION
21st & 22nd January, The Langham Hilton, London

Plus a separately bookable one-day pre-conference workshop on:
Islamic banking, finance and investment management
Monday 20th January 2003

Euromoney Seminars are proud to present the 2nd Annual Islamic Finance Summit: an unrivalled opportunity to explore the enormous potential for growth in Islamic banking. Innovative products of increasing scope and complexity are attracting greater numbers of investors to Shari’ah compliant instruments and the volume of capital under Islamic management only looks set to increase fast.

This Summit gives you a ‘questions and answers’ forum in which you can learn more about the screening of products from the world’s foremost Shari’ah scholars. Keynote addresses from some of the industry’s leading figures will deliver a cutting-edge assessment of the achievements of Islamic banking and the challenges that it faces today. In addition, highly focussed presentations from senior industry players will ensure that you are fully briefed on the most significant deals and the most exciting prospects. The range of topics includes:

• The Islamic economic system
• Successful strategies for Islamic fund management
• New Shari’ah compliant products and services
• Creating an Islamic secondary market
• Trends in Middle Eastern investment in western based Islamic products
• Conventional banks and the Islamic system
• The growing market for Islamic retail financial services
• Islamic sukuk issues

The summit will also offer a great environment for networking with the industry professionals that matter most, and for sharing ideas on an informal basis. For learning, debate and business opportunities, the 2nd Annual Islamic Finance Summit will be a vital experience for both established professionals and those interested in understanding the sector better.

Gold Sponsor: First Islamic Investment Bank
Silver Sponsor: Oasis Asset Management (Guernsey)
Bronze Sponsors: First Investment, Dawnay, Day Global Investment
iHilal Financial Services, Global Securities House
The International Association for Islamic Economics

Plus a separately bookable one-day pre-conference workshop on:
Islamic banking, finance and investment management
Monday 20th January 2003
Workshop leader: Stella Cox, Managing Director, Dawnay, Day Global Investment, United Kingdom

Also featuring:
Abdelhak El Kafsi, Managing Director, Islamic Finance Consultants, Bahrain
Bryan Kraty, Independent Consultant
Topics will include:
• Shari’ah compliant structured finance deals
• The application of Shari’ah compliant financial contracts to investment and financing opportunities
• Identifying and expanding acceptable asset classes for Islamic investment funds
• Interacting with Shari’ah authorities
• Islamic securitisation
• The Islamic markets

DAY ONE

08.15 Coffee and Registration

08.45 Chairman’s welcome and opening remarks

George Kardouche, Senior Advisor, Arab Bankers Association, United Kingdom

09.00 Keynote address

HE Abdulla Hassan Saif, Minister for Finance and National Economy, Bahrain

09.30 Keynote address: Creating an Islamic economic system

• Developing Industry
• Developing welfare of people
• Creation of jobs
• The essence of Islamic banking and the Islamic system

Sheikh Saleh Kamel, President, Dallah Al Baraka Group, Saudi Arabia

10.00 Development of the Islamic banking industry

• Growth in Islamic investment banking
• New entrants into the market
• New products
• Alternative investments
• Islamic retail banking: expanding into Europe and North America
• Industry consolidation through mergers and acquisitions between older Islamic banks
• Development of an Islamic capital market in the Gulf and Malaysia

Atif A. Abdulmalik, CEO, First Islamic Investment Bank, Bahrain

10.30 Morning Coffee

11.00 Successful strategies for Islamic fund management

• Addressing clients’ priorities
• Overcoming practical difficulties
• Making the best of Islamic limitations on investment options
• Comparing different markets around the world
• Marketing your fund to private and institutional investors

Basil Al-Nakeeb, Senior Executive Director, First Investment, Kuwait

11.30 A review of Islamic finance in 2002 and prospects for 2003

• A period of re-assessment and re-focusing
• More conventional bank interest in Islamic finance – from HSBC Amanah to UBS Noriba Bank
• Islamic bank responses to growing conventional presence in the Islamic finance industry
• Challenges facing Islamic equity funds
• Switching from western to Muslim markets
• Risk management through Islamic capital protected funds

Professor Rodney Wilson, Centre for Middle Eastern & Islamic Studies, University of Durham, United Kingdom

12.00 The global regulatory environment for Islamic finance

• AAOIFI and the move towards regularisation for Islamic institutions
• Regulatory requirements in accounting and documentation for Islamic banks and investors in:
• The Middle East
• The Far East
• Europe
• The United States

Professor Rifaat Abdel Karim, Secretary General, Accounting & Auditing Organisation for Islamic Financial Institutions (AAOIFI), Bahrain

12.30 The First Annual Awards Ceremony for Innovation in Islamic Banking, hosted by EUROMONEY Magazine

12.45 Lunch

14.00 Panel discussion – developing new Islamic products and services

• Addressing the restrictions that product limitation places on the Islamic finance industry
• The challenges of developing instruments based on Islamic principles
• Gaining a competitive edge through diversification in product and service options
• Meeting the liquidity mismatch problem
• Documentation for new products
Ramzi Abukhadra, CEO, iHilal Financial Services, UAE
Henry Thompson, Executive Director, First Islamic Investment Bank, Bahrain
Dr Mohd Daud Bakar, Shari’ah Scholar, International Islamic University, Malaysia
Angus Blair, Head of Investments, Al-Rajhi Bank, Saudi Arabia*

14.45 Trends in Islamic banking and finance

• Retail and private banking
• Institutional/corporate banking
• How clients’ requirements are changing
• Different and new asset classes

Iqbal Khan, CEO, HSBC Amanah Finance

15.15 Islamic equity funds – the long term solution

• Growth of Islamic investment funds
• Different asset classes
• Shari’ah guidelines for investing and benchmarking
• Portfolio management
• Smaller investment universe does not necessarily imply lower return

Adam Ismail Ebrahim, CEO, Oasis Asset Mangement (Guernsey), South Africa

15.45 Afternoon Tea

16.15 Creating an Islamic secondary market

• Review of current Islamic secondary markets
• Developing tradeable Shari’ah compliant instruments
• How to create a market with:
• Liquidity
• Rapid, reliable and secure clearing and processing
• A harmonised regulatory regime
• Assessing structures for short-term deposits

Duncan Smith, CEO, ABC International Bank Islamic Asset Management, UK

16.45 Panel discussion – Can there be an Islamic hedge fund?

• What are the mechanics of a traditional hedge fund?
• What challenges do they present?
• What would be the benefits for investors of creating an Islamic hedge fund?
• Approving short-selling and greater levels of leverage
• Legal and regulatory issues: disclosure and accounting standards in relation to Shari’ah

Moderator: Michael McMillen, Partner, King & Spalding, USA
Eric Meyer, Senior Managing Partner, Meyer Capital Partners, USA
Eric R. Roper, Partner, Gersten, Savage, Kaplowitz, Wolf & Marcus, USA
Sheikh Yusuf Talal DeLorenzo, Shari’ah Supervisor, and Director, Yassar Ltd, USA

17.35 Chairman’s closing remarks

17.45 Close of Day One

DAY TWO

08.15 Coffee and Registration

08.45 Chairman’s welcome and opening remarks

Michael McMillen, Partner, King & Spalding, USA

09.00 Keynote address: The Islamic financial sector: a Malaysian perspective

Mohd Razif Abd Kadir, Associate Governor, Bank Negara, Malaysia*

09.30 Open Fatwa and Shari’ah panel discussion

• Each scholar will give a brief address on contemporary issues of importance for Islamic finance
• The scholars will give responses to audience questions concerning Islamic finance and economics
• The scholars will clarify any doubts participants may have regarding contracts and Shari’ah related matters

Moderator: Sheikh Nizam Yaquby, Member of Global Securities House Limited, Shari’ah Supervisory Board, Kuwait

Justice ® Muhammad Taqi Usmani, Vice President, Darul Uloom Karachi, Pakistan
Sheikh Yusuf Talal DeLorenzo, Shari’ah Supervisor, and Partner, Yassar Ltd, USA
Dr Mohamed A. Elgari, Director of the Centre for Research in Islamic Economics, King Abdulaziz University, Saudi Arabia

10.20 Morning Coffee

10.50 Examining elements of Shari’ah contracts in comparison to western legal and regulatory practices

• Regulatory issues for Islamic mutual funds in the EU
• Contract law questions in the EU and US
• Islamic mudariba structures and partnership law

Glenn M. Stewart, General Manager, Algosaibi Trading Co., Bahrain

11.20 Changing Times? Shari’ah compliant investment in the international financial environment

• Assessing opportunities for Islamic investors
• Maximising the appeal of international asset classes
• What barriers/ disincentives are there for Islamic investors seeking cross-border investments?
• Trends in capital flow
• Is there a global market for Islamic financial services?

Stella Cox, Managing Director, Dawnay, Day Global Investment, United Kingdom

11.50The growth of Islamic banking in the Saudi financial markets

• Baseline size of Islamic versus conventional banking
• Consumer products, corporate banking and project finance
• Growth of different Islamic vehicles
• What is driving the growth of the Islamic sector?
• Looking at prospective developments

Brad Bourland, Chief Economist, Saudi American Bank, Saudi Arabia
Naveed Khan, Head of Islamic Banking, Saudi American Bank, Saudi Arabia

12.20 Lunch

13.50 Islamic funds and indexes: prospects and problems

• Islamic funds and indexes: a symbiotic relationship
• More is needed: a peer review
• Constraints on investing Islamically
• Consolidation: too many funds chasing too few assets
• How and why did Islamic funds fail in the UK and US?
• Do scholars need to revisit the Shari’ah criteria?
• Lessons from Socially Responsible Investing (SRI)

Rushdi Siddiqui, Director, Islamic Market Index, Dow Jones, USA

14.20 Conventional banks and Islamic finance

• Analysing the decision to develop an Islamic finance division
• Selecting an implementation team and advisory body
• Competitive advantage of Islamic products within a conventional set-up
• Successfully marketing Islamic products and services
• Creating strategic partnerships for competitive growth and development in the sector

John Voss, Vice President, Merrill Lynch, United Kingdom

14.50 Growth in the market for retail Islamic financial services

• Islamic mortgage alternatives
• Charge and debit cards
• Auto and other consumer transactions
• Crossover opportunities
• Credit issues
• Securitization tools

Abdulkader Thomas, President & CEO, SAMAD American Holding Corp, Principal, AJIF.org, LLC, USA

15.20 Afternoon Tea

15.50 Panel discussion: Islamic Project Finance and Structured Finance in the Middle East

• Evolution of Project Finance / Structured Finance in the Middle East: the last five years
• Recent significant transactions: elements that are / are not Shari’ah compliant
• Collateral structures
• Leveraged leases
• Trade and construction finance
• Justification of non-Shari’ah compliant elements in integrated project structures

Moderator: Craig Hart, Associate, O’Melveny Myers, USA
Nadim Khan, Senior Associate, Banking and Project Finance, Norton Rose, Bahrain
Michael Duncan, Partner, Allen & Overy, United Kingdom

16.35 Islamic sukuk issues

• Principles of an Islamic sukuk
• Looking at Recent sovereign sukuks
• Advantages of issuing an Islamic euro-sukuk
• Various Formats of Sukuks from listing perspective
• Rating sukuk certificates
• Listing Requirements for Sukuk on international exchanges
• Assessing the need for high Investment grade Sukuks as alternate liquidity management instrument
• Developing the secondary market

Saad Zaman, Managing Director, Citi Islamic Investment Bank, Bahrain
Saad Ashraf, Unit Head, Global Islamic Finance, Citigroup, UK

17.05 Case study: Islamic leasing to Emirates airlines

• The natural place of leasing within the principles of Islamic economics
• Differences in documentation between Islamic and conventional leases
• Scope for development in Islamic leasing structures

Riyaz Peermohamed, Corporate Treasurer, Emirates Airlines, UAE
Javed Ahmad, Associate Director, HSBC Amanah Finance, United Kingdom

17.35 Chairman’s closing remarks

17.40 Close of Summit*

*To be finally confirmed

REGISTRATION FORM:
2nd Annual Islamic Finance Summit
21 – 22 JANUARY 2003, THE LANGHAM HILTON, LONDON

FURTHER INFORMATION REQUEST
Please tick box for more detailed information
Euro. Inv. Grade Corporate Bonds Conf. 
2nd Annual European Hedge Funds Conf. 
Forming the Future of Finance / Euroland 
Islamic Finance: A Partnership for Growth 
Islamic Finance: Innovation & Growth 
The Full Range of titles 

All bookings are considered binding on the receipt of the registration form. The registration fee includes participation at the conference and documentation material. Delegates are responsible for their own travel and accommodation arrangements.
The programme may change due to unforeseen circumstances. Euromoney Seminars reserves the right to alter the venue and/or speakers’
CANCELLATION POLICY
Should you be unable to attend, a substitute delegate may attend the seminar in your place at no extra charge. Otherwise the originally registered delegate will be subject to the following refund policy. Full refunds less 10% handling charge are available for all cancellations received in writing (letter or fax) by 3rd January 2003. Subsequently no refund will be given.

The course fee includes all tuition, course documentation, luncheon, midmorning and afternoon refreshments. Hotel accommodation is not included.

DISCOUNTS –
3rd/4th delegate each receive £100 off registration fee
5 or more delegates each receive £150 off registration fee

Cannot Attend? Please pass on the brochure to a colleague or you can purchase the documentation material.

4 EASY WAYS TO REGISTER
FAX: +44 (0)-207-779-8300
TEL: +44 (0)- 207-779-8999
POST: Complete and Return Application Form with cheque to: Julian Davies, Hotline, Euromoney Institutional Investor PLC, Nestor House, Playhouse Yard, London, EC4V 5EX
E-Mail: hotlinecampaigns@euromoney.com

COURSE REGISTRATION
 I would like to register for Islamic Finance 2003
REGISTRATION FEES:
 Conference only = £1095
 Conference and Workshop = £1495
 Workshop only = £495
 Email registration = SAVE £100 (please quote ref id on mail to qualify) *(does not apply to workshop-only registrants)
Payment must be received before the conference date to guarantee your place.

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