IMF Seminars and Conferences -- Islamic Finance: Meeting Global Aspirations, November 11, 2015

Plenary Session

H.E. Dr. Mohammad Y. Al-Hashel, Governor, Central Bank of Kuwait

H.E. Dr. Mohammad Y. Al-HashelDr. Mohammad Yousef Al-Hashel is the Governor and Chairman of the Board of Directors of the Central Bank of Kuwait (CBK). He is also the Alternate Governor of the State of Kuwait at the International Monetary Fund, and the Arab Monetary Fund. Beside that, Dr. Al-Hashel is a member in many Higher Councils in the State of Kuwait, such as: Higher Council of Planning and Development, Higher Petroleum Council, Board of Directors at Kuwait Investment Authority, and Chairman of the Board of Directors at the Institute of Banking Studies. Dr. Al-Hashel is also a member in many regional and international institutions, including the Governing Board of the International Islamic Liquidity Management (IILM), the Council of the Islamic Financial Services Board (IFSB), the Board of Directors of the Gulf Monetary Council, and he is Co-Chairing the FSB Regional Consultative Group for the Middle East and North Africa (MENA). Prior to assuming his position as a Governor, Dr. Al-Hashel had served as Deputy Governor, Executive Director of Supervision Sector, and off-site Supervision Department Director at CBK. Dr. Al-Hashel was a teaching professor at the College of Business Administration, Kuwait University, before joining the Central Bank of Kuwait. Dr. Al-Hashel holds a PhD in Finance.

H.E. Ms. Christine Lagarde, Managing Director, International Monetary Fund

After being admitted as a lawyer to the Paris Bar, Christine Lagarde joined the international law firm of Baker & McKenzie as an associate, specializing in Labor, Anti-trust, and Mergers & Acquisitions. A member of the Executive Committee of the Firm in 1995, Christine Lagarde became the Chairman of the Global Executive Committee of Baker & McKenzie in 1999, and subsequently Chairman of the Global Strategic Committee in 2004. Christine Lagarde joined the French government in June 2005 as Minister for Foreign Trade. After a brief stint as Minister for Agriculture and Fisheries, in June 2007 she became the first woman to hold the post of Finance and Economy Minister of a G-7 country. From July to December 2008, she also chaired the ECOFIN Council, which brings together Economics and Finance Ministers of the European Union. As a member of the G-20, Christine Lagarde was involved in the Group's management of the financial crisis, helping to foster international policies related to financial supervision and regulation and to strengthen global economic governance. As Chairman of the G-20 when France took over its presidency for the year 2011, she launched a wide-ranging work agenda on the reform of the international monetary system. In July 2011, Christine Lagarde became the eleventh Managing Director of the IMF, and the first woman to hold that position. Christine Lagarde was named Officier in the Légion d'honneur in April 2012.

Session I: Increasing Financial Inclusion and Growth through Access to Finance

Islamic finance institutions provide a good platform for increasing financial inclusion of underserved population and access to finance for SMEs, thereby supporting growth and economic development. According to a study conducted by the International Finance Corporation, based on nine countries (Egypt, Iraq, Jordan, Kingdom of Saudi Arabia, Lebanon, Morocco, Pakistan, Tunisia, and Yemen) in the Middle East and North Africa and Pakistan, there is a potential gap of US$8.6 billion to US$13.2 billion for Islamic SME financing, with a corresponding deposit potential of US$9.7 billion to US$15.0 billion across these countries. There is, therefore, a large untapped potential for Islamic financing in this area. Removing regulatory and tax impediments to equity-like financing, and strengthening financial infrastructure would help penetration in this segment.

Mr. Masood Ahmed, Middle East & Central Asia Department, International Monetary Fund

Masood Ahmed has been Director of the Middle East and Central Asia Department since November 1, 2008. He obtained his graduate and post-graduate degrees in Economics from the London School of Economics, where he also served on the economics faculty. He was born and brought up in Pakistan. Before taking up this position, Mr. Ahmed was the Director of the External Relations Department in the IMF since May 1, 2006. Between 2003-06, Mr. Ahmed served as Director General for Policy and International Development at the UK Government's Department for International Development (DFID). Between 2000-03, Mr. Ahmed was Deputy Director in the IMF's Policy Development and Review Department. In this role, he served as the senior staff focal point for taking forward the IMF's policy work in support of low income member countries and its relationship with the World Bank and other development agencies. Between 1979 and 2000, Mr. Ahmed held a number of positions in the World Bank. He worked for about 10 years on country programs and projects in different regions and, for a further 10 years, on international economic policy relating to debt, aid effectiveness, trade and global economic prospects. As Vice President for Poverty Reduction and Economic Management, Mr. Ahmed was the senior World Bank manager responsible for the development of the Poverty Reduction Strategy Paper approach as well as the HIPC Debt Initiative. He also served concurrently for a year as Acting Vice President for Private Sector Development and Infrastructure.

• H.E. Anas Al Saleh, Deputy Prime Minister and Minister of Finance, Kuwait
• H.E. Senator Ishaq Dar, Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization, Pakistan
• H.E. Dr. Fahad Abdullah Al-Mubarak, Governor, Saudi Arabian Monetary Agency
• H.E. Dr.Erdem Basci, Governor, Central Bank of Turkey
• H.E. Dr. Ahmad Mohamed Ali Al-Madani, President, Islamic Development Bank

Session II: Strengthening Regulation and Supervision to Foster Stability

There is a need to tailor regulations to the specifics of Islamic banks and for greater consistency of regulation and supervision. Islamic standard setters, including the Islamic Financial Services Board, have done an impressive job in establishing "rules of the road." However, existing evidence appears to suggest that these standards are not being applied consistently, which could stifle the development of Islamic finance or encourage its growth in a manner that creates systemic vulnerabilities. Therefore, continuous efforts will be needed to improve the extent to which existing standards for Islamic finance are applied, both nationally and internationally. This session will also cover issues related to the challenges with the implementation of the capital and liquidity standards of Basel 3 and macroprudential policies.

Dr. José Viñals,Financial Counsellor and Director, Monetary and Capital Markets Department, International Monetary Fund

José Viñals is currently the Financial Counsellor and Director of the Monetary and Capital Markets Department of the International Monetary Fund (IMF). He is a member of the Financial Stability Board, representing the IMF. His professional career has been closely tied to the Central Bank of Spain, where he served as the Deputy Governor after holding successive positions. He has also held the positions of Chairman of the European Central Bank International Relations Committee; and Chairman of Spain’s Deposit Guarantee Funds. He has been a member of: the Bank for International Settlements (BIS) Committee on the Global Financial System; the European Central Bank Monetary Policy Committee; and the high-level group appointed by the President of the European Commission to examine economic challenges in the European Union. He was also a member of the European Union Economic and Financial Committee and a Board Member of the Spanish Securities Authority, the Comisión Nacional del Mercado de Valores. He holds a Bachelor's degree in Economics from the University of Valencia; a Master’s degree in Economics from the London School of Economics; and Master's and Doctoral (Ph.D.) degrees in Economics from Harvard University. He is a former Faculty Member of the Economics Department at Stanford University. His awards include the Premio Rey Jaime I (King James I Prize) in Economics in 2001.

• H.E. Dr. Zeti Akhtar Aziz, Governor, Bank Negara Malaysia
• H.E. Rasheed Mohammed Al Maraj, Governor, Central Bank of Bahrain
• H.E. Abdellatif Jouahri, Governor, Bank Al-Maghrib
• Mr. Jaseem Ahmed, Secretary-General, Islamic Financial Services Board, Malaysia

Session III: Developing Sukuk and Other Long-Term Islamic Financing for Sustainable Development

Global issuance of Sukuk has grown significantly since 2006, reflecting increasing interest from sovereigns, multilateral institutions, multinational and national corporations from developed and emerging economies, in financing investments in a wide range of economic activities and development projects. The experience thus far shows the potential for Sukuk to help close countries’ infrastructure gaps. Key imperatives to deepen this market are: the development of the legal and regulatory framework, strengthening infrastructure, stepping up sovereign issuance with diversified maturities as part of public debt management plans underpinned by a strong public financial management framework, and developing the secondary market. International standards for accounting and statistical treatment of Sukuk need to be developed as well. Further, it is important to explore the role Islamic finance can play in promoting sustainable development.

Dr. Mahmoud Mohieldin, Corporate Secretary and President's Special Envoy, the World Bank

Mahmoud Mohieldin is the World Bank's Corporate Secretary and President's Special Envoy on Millennium Development Goals, the Post-2015 process, and financial development. He is also in charge of coordinating the World Bank Group’s efforts to strengthen partnerships with the UN and multilateral development institutions. Prior to joining the World Bank, Mr. Mohieldin held numerous leading positions in the government of Egypt and served on several boards of directors in the Central Bank of Egypt and the corporate sector. He was a member of the Commission on Growth and Development and selected a Young Global Leader of the World Economic Forum in 2005. His professional experience extends into the academic arena as a professor of economics at Cairo University, also serving as member of the board of several universities in Egypt and holding leading positions in national and regional research centers and think tanks. He has authored numerous publications and articles in leading journals in the fields of finance and development in English and Arabic. He received his Ph.D. in economics from the University of Warwick, M.Sc in Economic and Social Policy Analysis from the University of York, and B.Sc from Cairo University.

• Dr. Ishrat Husain, Former Governor, State Bank of Pakistan and Dean and Director of Institute of Business Administration, Karachi, Pakistan
• Dr. Mohamed Damak, Global Head of Islamic Finance, Financial Services Research, Standard & Poor’s Ratings Services
• Professor Datuk Rifaat Ahmed Abdel Karim, Chief Executive Officer, International Islamic Liquidity Management Corporation.
• Mr. Mazin Saad Al-Nahedh, Group Chief Executive Officer, Kuwait Finance House, Kuwait
• Mr. Abdulmohsen Abdulaziz Al-Fares, Managing Director/Chief Executive Officer, Alinma Bank, Saudi Arabia