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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First Interim Meeting of the Working Group on Liquidity Management in Islamic Finance
Date : 20 December 2012 Venue : Kuala Lumpur Malaysia

SESRIC and Bank Negara Malaysia (BNM) organised the First Interim Meeting of the Working Group on Liquidity Management in Islamic Finance. The Meeting was held on 20 December 2012 in Kuala Lumpur, Malaysia, under the hospitality of BNM. A total of 8 representatives from 5 central banks and monetary authorities of Organisation of Islamic Cooperation (OIC) member countries, and SESRIC, attended the Meeting. SESRIC was represented in the Meeting by Mr. Nadi Serhan Aydin, Centre’s Researcher.

The 19th Annual World Islamic Banking Conference (WIBC 2012)
Date : 09-11 December 2012 Venue : Manama Saudi Arabia

The 19th Annual World Islamic Banking Conference (WIBC 2012) was held from 9 to 11 December 2012 in Manama, 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. WIBC 2012 was themed “Islamic Finance: Adapting to the New Dynamics of Global Finance” and attended by over 1,000 industry leaders from over 50 countries representing some 260 international and regional organizations. Almost a hundred international speakers and industry thought leaders discussed critical issues that the global Islamic finance industry is currently facing and how Islamic finance can adapt to the new dynamics of global finance.

8th World Islamic Economic Forum
Date : 04-06 December 2012 Venue : Johor Bahru Malaysia

The World Islamic Economic Forum (WIEF) Foundation organised the Eight World Islamic Economic Forum (WIEF) on 4-6 December 2012, in Iskandar Development Region of the state of Johor Bahru, Malaysia – the fastest growing economic region in the country and one of the most significant business districts in Southeast Asia. The Forum was held on the theme “Changing Trends, New Opportunities”. The Eight WIEF discussed the changing dynamics in global business today after the Arab uprisings and Eurozone crisis which left many doors open to new business opportunities elsewhere across the globe.

Director-General of SESRIC addressed the Global Islamic Finance Forum 2012
Date : 18-20 September 2012 Venue : Kuala Lumpur Malaysia

Bank Negara Malaysia (BNM) hosted the 3rd Global Islamic Finance Forum (GIFF) in Kuala Lumpur from 18th to 20th September 2012. Themed "Internationalisation of Islamic Finance: Bridging Economies" in recognition of the tremendous international prospect surrounding the thriving Islamic finance industry, GIFF 2012 congregated financial industry practitioners, regulators, shariah scholars and business communities from around the globe to discuss the prospects for Islamic finance industry in bridging economies and strengthening connectivity. The Forum was organised in collaboration with the Securities Commission Malaysia, Association of Islamic Banking Institutions Malaysia (AIBIM), Islamic Banking and Finance Institute Malaysia (IBFIM), Malaysian Takaful Association (MTA), International Shariah Research Academy for Islamic Finance (ISRA) and Bursa Malaysia. SESRIC was represented at the Forum by Dr. Savas Alpay, Director-General, and Mr. Nadi Serhan Aydin, Centre’s Researcher.

Training Course on Risk Management in Islamic Financial Instruments in Tajikistan
Date : 11-12 July 2012 Venue : Dushanbe Tajikistan

Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC) organized a training programme on “Risk Management in Islamic Financial Instruments” at the National Bank of Republic of Tajikistan on 11-12 July 2012 within the framework of OIC Central Banks Capacity Building Programme. The Course has been provided by Dr. Rifki Ismal, Researcher at Directorate of Islamic Banking from the Bank Indonesia, and was attended by relevant members of the National Bank of Republic of Tajikistan.

Training Course on Islamic Financial Instruments in Turkey
Date : 26-28 June 2012 Venue : Ankara Turkey

Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC) organized a training programme on “Islamic Financial Instruments” at the Central Bank of Turkey on 26-28 June 2012 within the framework of OIC Central Banks Capacity Building Programme. The Course was provided by Dr. Eko Adi Irianto, Manager in Department of Islamic Banking and Mr. Agung Bayu Purwoko, Manager in Department of Monetary Operation from the Bank Indonesia, and was attended by relevant members of the Central Bank of Turkey.

Launch of the S&P/OIC COMCEC 50 Shariah Index
Date : 22 June 2012 Venue : Istanbul Turkey

S&P/OIC COMCEC 50 Shariah Index has been launched during a press conference held on 22 June 2012, in Istanbul, Turkey. The index has been designed by Standard & Poor’s (S&P) in partnership with the Organization of Islamic Cooperation (OIC) Stock Exchanges Forum. Mr. Mehmet Metin Eker, Director General of the COMCEC Coordination Office, and Mr. Vefahan Ocak, Director-General of the OIC Cabinet and Principal Advisor and representatives of the OIC Member States' Stock Exchanges, were present at the launch ceremony. The SESRIC was represented at the index inauguration by Mr. Nadi Serhan Aydin, the Centre’s Researcher.

 

Conference on the Role of Sukuk in Development
Date : 18 May 2012 Venue : Istanbul Turkey

The World Bank, in partnership with Capital Markets Board of Turkey, and Albaraka Banking Group organized a conference entitled “The Role of Sukuk in Development”. The conference, held on 18 May 2012 in Istanbul, Turkey, brought together policy-makers, standard-setters, market practitioners, and international organizations to discuss how best to unlock the potential of the Islamic securitization, known as ‘Sukuk’, in support of growth and development. The SESRIC was represented in the conference by Mr. Nadi Serhan Aydin, Researcher.

9th Islamic Financial Services Board (IFSB) Summit
Date : 16-17 May 2012 Venue : Istanbul Turkey

The Ninth Islamic Financial Services Board (IFSB) Summit was held on 16-17 May 2012 in Istanbul, Turkey. The Summit was hosted by the Central Bank of the Republic of Turkey. The one and a half day Summit brought together an experienced international group of chairpersons and speakers, with an estimated audience of over 200 delegates from all sectors of the financial services industry across the globe.

SESRIC and IFSB Signed Training and Research Collaboration MoU to Promote Islamic Economics and Finance
Date : 16-17 May 2012 Venue : Istanbul Turkey

An agreement to facilitate international cooperation between the two organisations in providing relevant activities relating to training and education in Islamic economics and finance was signed on 15 May 2012 between the SESRIC and the Islamic Financial Services Board (IFSB).

Meeting of the Central Banks and Monetary Authorities of the OIC Member Countries
Date : 14-15 May 2012 Venue : Istanbul Turkey

The 2012 Meeting of the Central Banks and Monetary Authorities of the OIC Member Countries has been organized by SESRIC, in collaboration with the Central Bank of Turkey (TCMB), and held in Istanbul, Turkey on 15 May 2012 under the theme “Promoting Strong and Stable Capital Flows among OIC Countries: Roles of the Financial Sector and Central Banks”.

Dr. Savaş Alpay, Director-General of SESRIC, addressed the 10th Harvard University Forum on Islamic Finance
Date : 24-25 March 2012 Venue : Massachusetts - USA

The Tenth Harvard University Forum on Islamic Finance, hosted by Harvard Law School’s Islamic Finance Project (IFP), was held at Harvard Law School in Cambridge, Massachusetts, during March 24-25, 2012, under the theme “Islamic Finance and Development”.