Participation Finance

Participation Finance, mostly referred to as Islamic Finance, Equity-based Finance or Profit and Loss Sharing Finance, is a financial system where the financial institutions offer financial services based on the principle of shared risk and reward. A growing body of literature argues that, implemented fully, Participation Finance is more stable, equitable, inclusive and growth-friendly, and therefore, can better serve sustainable development.

The global growth of Participation Finance, on the other hand, continued its fast-track trajectory over the past years despite the uncertainty in the health of the global financial system. Worldwide, the assets of participation finance --about $1.4 trillion at year-end 2011-- are likely to continue their impressive streak of double-digit growth in the coming years. As the industry matures, equity-based instruments of Participation Finance are becoming specific asset classes in their own right. The expansion of this emerging market in both depth and breadth, implied by both the increase in the number of new entrants and the growing sophistication of existing players, is likely to pave the way for the coming of age of a truly global Participation Finance industry.

As the primary research and training organ of the Organisation of Islamic Cooperation (OIC), SESRIC is fully dedicated to the advancement and welfare of its member countries through developing implementable and research-based policies and technical cooperation programmes. To that end, the Centre is an active contributor to the development of Participation Finance in OIC member countries through a broad spectrum of activities including, inter alia, various international academic and practitioner events, landmark industry projects, as well as technical research studies. The Centre is also engaged through an intensive cooperation agenda with various multilateral development and standard-setter institutions specialized in Participation Finance.

Planned / Implemented Meetings

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SESRIC has been elected to host the 9th International Conference on Islamic Economics and Finance
Date : 19-21 December 2011 Venue : Doha Qatar

At the closing ceremony of the 8th International Conference on Islamic Economics and Finance, which was held in Doha, Qatar on 19-21 December 2011, the Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC) has been elected to host the 9th edition of this prestigious research conference in the field of Islamic Economics and Finance.

Eighth International Conference on Islamic Economics and Finance - Sustainable Growth and Inclusive Economic Development from an Islamic Perspective
Date : 19-21 December 2011 Venue : Doha Qatar

The global economy continues to face the perennial problems of poverty, persistent youth unemployment, excessive inequalities of income and wealth, high levels of inflation, large macroeconomic and budgetary imbalances, exorbitant debt-servicing burdens, inadequate and aging public utilities and infrastructure, skyrocketing energy prices, and growing food insecurity. The reoccurring regional and global financial crises further intensify and magnify these problems particularly for the underprivileged segments of the world population. As a result, many countries are at the risk of failing to achieve the Millennium Development Goals set by the United Nations. However, some countries also present optimistic experiences to share, and from which useful lessons can be drawn for shaping the future economic scene in other countries.

Launch of the Islamic Interbank Benchmark Rate (IIBR)
Date : 21-23 November 2011 Venue : Manama Bahrain

Thomson Reuters and Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), in association with a consortium of Islamic banks, financial industry associations, including Islamic Development Bank (IDB) and SESRIC, and a group of Shariah scholars, launched the industry's first international Islamic interbank rate, the Islamic Interbank Benchmark Rate (IIBR), offering a sharia-compliant alternative to traditional interest-based benchmarks. IIBR was announced officially on 22nd November 2011 during a special session at the 18th World Islamic Banking Conference, which was held on 21-23 November 2011 in Kingdom of Bahrain. Mr. Khalid Hamad Abdul Rahman, Executive Director for Banking Supervision at the Central Bank of Bahrain, inaugurated the new benchmark. The Centre was represented at the launch session by Dr. Savaş Alpay, Director General of SESRIC and Member of the IIBR Islamic Benchmark Committee, and Mr. Nadi Serhan Aydin, Researcher.

World Islamic Banking Conference
Date : 21-23 November 2011 Venue : Bahrain

The 18th Annual World Islamic Banking Conference (WIBC 2011) was held on 21-23 November 2011 in Kingdom of Bahrain under the patronage of HRH Prince Khalifa Bin Salman Al Khalifa, the Prime Minister of the Kingdom of Bahrain, and with the official support of the Central Bank of Bahrain. More than 1300 industry leaders from over 50 countries gathered in full force at the 18th WIBC to discuss the future of the Islamic banking industry. The conference aimed to give the international Islamic finance industry a collaborative platform to highlight the key issues the industry is facing across the globe. The Centre was represented at the event by Dr. Savas Alpay, Director General, and Mr. Nadi Serhan Aydin, Researcher.

Business Seminar on Islamic Finance
Date : 28-29 September 2011 Venue : Istanbul Turkey

Bank Negara Malaysia, in support of the Malaysia International Islamic Financial Centre (MIFC) initiative, organized a Seminar on Islamic Finance on 28-29 September 2011 in Istanbul, Turkey. The Seminar was well attended by over 180 delegates, comprising senior business and financial leaders from Turkey and Malaysia. Interests were also shown from financial and business delegates from the Asian, European and Middle East regions. The Centre was represented by Mr. Nadi Serhan Aydın, Researcher at the Centre.

5th Meeting of the OIC Member States' Stock Exchanges Forum
Date : 17-18 September 2011 Venue : Istanbul Turkey

5th Meeting of the OIC Member States' Stock Exchanges Forum was held on 17-18 September 2011 in Istanbul, Turkey. The meeting was hosted by the Istanbul Stock Exchange. Representatives from 23 stock exchanges and 6 central depositories, registry and clearing institutions of the OIC member states, and 14 related organizations, including SESRIC and IDB, attended the meeting. The Centre was represented at the Forum by Mr. Nadi Serhan Aydın, Researcher at the Centre.

COMCEC Capital Markets Regulatory Authorities Conference and Roundtable
Date : 16 September 2011 Venue : Istanbul Turkey

COMCEC Capital Markets Regulatory Authorities Conference and Roundtable was held on 16 September 2011 in Istanbul, Turkey. The meeting was hosted jointly by the Capital Markets Board of Turkey (CMBT) and the Istanbul Stock Exchange (ISE). Representatives from 13 regulatory authorities of the OIC member states and 4 related institutions, including SESRIC, attended the meeting. The Centre was represented at the Conference and Roundtable by Mr. Nadi Serhan Aydın, Researcher at the Centre.

Seminar on Managing Liquidity in the Islamic Financial Services Industry
Date : 06-07 April 2011 Venue : Istanbul Turkey

The Islamic Financial Services Board (IFSB) organised a seminar on Managing Liquidity in the Islamic Financial Services Industry. It was held on 6-7 April 2011 in Istanbul, Turkey. The Central Bank of the Republic of Turkey (CBRT) hosted the event. The Centre was represented at the seminar by Mr. Nadi Serhan Aydin, Researcher at the Centre.

Policy Dialogue Workshop on Islamic Monetary Policy
Date : 08-09 January 2011 Venue : Tehran Iran

A Policy Dialogue Workshop on “Islamic Monetary Policy” was held in Tehran, Islamic Republic of Iran on 8-9 January 2011. The workshop was jointly organized by Islamic Research and Training Institute (IRTI), which is a member of the Islamic Development Bank (IDB) Group, and the Monetary and Banking Academy (MBRA) of the Central Bank of Islamic Republic of Iran. The workshop brought together officials from the Central Banks of some OIC member countries, academicians, researchers, and other experts from the OIC member countries. SESRIC was represented at the workshop by Mr. Murat Atlamaz, Senior Researcher at the Centre. Islamic finance and its implications for the monetary policies of some OIC member countries were the main theme of the workshop.