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There are areas of opportunities in the Islamic private equity and venture capital space, particularly in the GCC and Southeast Asian regions, where Lim Say Cheong, the CEO of Saudi Venture Capital Investment Company, has focused on in the last decade. He shares his insights with IFN in this episode with Nessreen Tamano.

UK-headquartered Autarky Sukuk's latest offering serves investors looking for a Shariah compliant investment based on real estate in the UK. Co-founders Shoaib Bux and Yasin Patel speak to IFN's Nessreen Tamano about the challenges and opportunities in the market.

The past few years have seen some landmark deals and transactions in the Omani Islamic finance and Sukuk markets, and this trend can be expected to continue, Asad Qayyum, a managing partner at MAQ Legal, tells IFN's Nessreen Tamano in this podcast episode.

Ahmed Ali Al Maamari, Executive Vice-President, Capital Market Authority, Sultanate of Oman

• Evaluating opportunities for crowdfunding in Oman, with nine current providers and potential amendments to crowdfunding legislation.
• Unique to Oman: new opportunities for private equity and venture capital players in the crowdfunding ecosystem.
• Implications and reach of the proposed new digital and virtual assets regulatory framework.
• Building a digital marketplace and ecosystem: tokenization, ICOs, regulation and Shariah principles.
• Potential developments for standalone Islamic digital banks in Oman.

Moderator:

Dr Muhammad Suhail Rizwan, Assistant Professor and Team Head: FinTech Professional Certificate, College of Banking and Financial Studies, Oman

Panelists:

Kemal Rizadi Arbi, Expert/Advisor, Capital Market Authority, Sultanate of Oman
Khalid Howladar, Chairman, MRHB DeFi
Dr Khalid Tahhan, Co-founder, Easy Coins
Mayan Al Asfoor, Country Manager, Beehive Oman
Saleh Al-Tamami, Co-Founder and CEO, Mamun

The Capital Market Authority of Oman is working on new and updated regulations for virtual assets and the bond and Sukuk markets of the Sultanate, advisor Kemal Rizadi Arbi tells IFN's Nessreen Tamano in this episode. 

• Building on the success of Shariah compliant real estate investment funds and trusts domiciled in Oman, as well as direct investment into real estate assets in the Sultanate.
• Opportunities for regional Shariah compliant funds domiciled in Oman: equity, Sukuk and private equity funds.
• Private equity and venture capital investment — framework enhancements, cross-border and foreign direct investment opportunities.
• Changes to fund regulatory frameworks resulting from the executive regulations to the Securities Law, and implications for various fund structures.
• Exploring the potential for the application of Waqf to Islamic funds in Oman.
• The prospects for Islamic sustainable investing in the Sultanate.

Moderator:

Mike Tirman, Partner, Ice Miller

Panelists:

Anand Raghavendran, Head of Asset Management, BankDhofar
Hassan Ali Ansari, CFO, Takaful Oman
Salman Kabani, Sr. Head of Enterprise Risk and Strategy, Bank Nizwa
Shahariah Shaharudin, President, Saturna Malaysia
Talha Ahmed Khan, Country Manager and Head of Global Investment Unit, Pak Oman Investment Company

Kumail Ali Moosa, Senior Specialist, Fund and Portfolio Management, Sohar International Bank

• Reviewing the 10-year journey of formalized Islamic finance in Oman and navigating the coming years through the strategic development of the Omani Islamic financial services ecosystem.
• The role of Islamic finance in the development of the private sector in Oman.
• Key market developments: remunerative deposit accounts, a potential treasury Sukuk and the introduction of Wakalah money market liquidity management tools.
• Key regulatory issues: the treatment of Islamic banks after mergers with conventional institutions, and the Shariah governance framework and audit guidelines.
• An overview of new regulations for the issuance of bonds and Sukuk in Oman.
• The year of endowment: how Waqf can be further applied to Islamic financial services in Oman.

Moderator:

Asad Qayyum, Managing Partner, MAQ Legal

Panelists:

Ali Hassan Moosa, CEO, Oman Banks Association
Khalid Al Kayed, CEO, Bank Nizwa
Kemal Rizadi Arbi, Expert/Advisor, Capital Market Authority, Sultanate of Oman
Sharifatul Hanizah Said Ali, Executive Director, Islamic Capital Market Development, Securities Commission Malaysia
Thamer Al Shahry, Partner, Said Al Shahry & Partners

The nexus of UK Islamic finance and the path to COP28 — what role should the UK government and financial institutions be playing? How do we further encourage UK Islamic financial institutions to develop Shariah compliant social and sustainable products, including mortgages? Adopting climate risk ratings and external review — what more can companies and financial institutions do to measure climate risk, while developing credible strategies to mitigate such risks? What is UK Islamic finance’s role in innovative initiatives such as the global market for voluntary carbon credits? With carbon credits being recognized as Halal, what financial structures could fossil fuel-dependent OIC countries use to raise financing? How do thriving sectors such as the European hydrogen market secure access to UK Shariah compliant capital? Finally, how can Islamic capital market transactions continue to be structured in accordance with domestic and international regulator-driven sustainability frameworks?

Moderator:

Farmida Bi, Chair, Europe, Middle East and Asia, Norton Rose Fulbright

Panelists:

Khaled Khalifa, Senior Advisor and Representative to the Gulf Cooperation Council Countries, United Nations High Commissioner for Refugees
Luma Saqqaf, CEO, Ajyal Sustainability Consulting
Dr Mohammed Kroessin, Head of Global Islamic Microfinance Unit, Islamic Relief Worldwide
Munirah Khairuddin, Global Head of Shariah Business, Principal and Country Head and CEO, Principal Malaysia
Dr Sutan Emir Hidayat, Director of Islamic Economy Supporting Ecosystem, National Committee for Islamic Economy and Finance

Does the UK still enjoy a competitive advantage in the facilitation of ethically and socially responsible investment management? Where and how do faith-based investment solutions play a role in today’s UK market? What are recent innovations in Islamic investment products based on assets such as gold, and what potential do such innovations offer? What is the continuing role of Shariah compliant fintech in the development of investment management solutions? How will the development of fully Shariah compliant ISAs [individual savings accounts] influence the UK investment management sector? How do systematic tilts in portfolio allocation as a result of Shariah screens affect how ESG integration is approached? How are UK investors encouraging portfolio companies to consider and manage long-term climate-related risk and social impact? What are investment managers doing to address green, social and impact washing? Finally, what is the impact of the Sustainable Finance Disclosure Regulation (SFDR) and changing materiality thresholds for achieving Article 8 and 9 classifications? We ask an expert panel.

Moderator:

Dr Natalie Schoon, CEO, REDmoney Consulting

Panelists:

Dr Martina Macpherson, Head of ESG Product Management, SIX
Omar Shaikh, CEO, Cocoa Invest
Simon Meldrum, Innovative Finance, Private Sector and Innovation Unit, Partnerships and Resource Development, International Federation of Red Cross and Red Crescent Societies
Zalina Shamsudin, Head of International Programmes, Climate Bonds Initiative

The sustainable finance space is beginning to mature with new regulations being introduced. Marlena Kareem from ISFI speaks to Salmah Bee Mohd Mydin, the executive director of market development responsible for sustainability from the Securities Commission Malaysia (SC), about the SC’s role in the development and implementation of sustainability regulations in Malaysia. 

How will the design, development and distribution of digital Islamic financial services continue to evolve in the near term? How important are regulatory frameworks in creating an environment for the enhancement of the financial services sector’s digital infrastructure? How can digital Islamic financial offerings be effectively scaled, and how is technology helping deliver financial products to underserved and untapped segments such as the young, SMEs and B2B markets? Finally, is a new, technology-driven banking model based on simpler, customer-centric services a reality? We ask a respected panel.

Moderator:

Vineeta Tan, Managing Editor and Director, Islamic Finance news

Panelists:

Areeb Siddiqui, Founder and CEO, Kestrl
Lawrence Oliver, Executive Director, Deputy CEO, DDCAP Group
Rafiza Ghazali, Director, Digital Banking, KAF Investment Bank
Raza Ullah, CEO, Pfida

The UK as an investment destination for Shariah compliant direct investment – an update of active sectors and activities. What is the continued role and scale of Shariah compliant real estate assets in the UK? How do we position the UK as a center for originating alternative asset classes, and what opportunities are on offer? Structuring co-investments between domestic UK investors with international Shariah compliant investors — the potential for real estate and direct investment transactions. Building on the success of the Battersea redevelopment: structuring deals that incorporate elements of real estate, capital markets and cross-border investment. With Tawarruq enjoying a privileged tax position for cross-border UK investment, is it now a funding structure of choice?

Moderator:

Mike Tirman, Partner, Ice Miller

Panelists:

Ahmad Shahizam Mohd Shariff, General Partner, Mekar Capital
Nick Edmondes, Partner, Trowers & Hamlins
Dr Scott Levy, Founder, Al Waseelah
Shakeel Adli, Founder and CEO, Zunikh

The UK achieved several firsts, including the first Sukuk issuance backed by an export credit agency. What was the legacy of this transaction for UK Islamic financial services? How can the UK fully leverage on its reputation for innovative structured financial products and services and cement its position as an arranging center for international Shariah compliant transactions? Assessing the potential for Shariah compliant securitization in the UK market — identifying suitable underlying assets and employing innovative structures. Does the UK regulatory and tax environment still require modification for Islamic capital markets and structured finance activities? Can structures such as Tawarruq and Wakalah be further deployed in Shariah compliant capital-raising? Examining further innovation in Shariah compliant structured products and where they might be applied: the example of repo and repo to maturity. We ask a respected panel to assess the development of this key market.

Moderator:

Nitish Bhojnagarwala, Senior Vice-President, Financial Institutions Group, Moody’s Investors Service

Panelists:

Ahsan Ali, Managing Director and Head, Islamic Origination, Standard Chartered Saadiq
Asal Saghari, Counsel, King & Spalding
Lim Say Cheong, CEO, Saudi Venture Capital Investment Company
Mohammed Saifullah Khan, CEO, Dar Al Sharia
Nasser Al-Thekair, General Manager, Trade & Business Development, International Islamic Trade Finance Corporation

How do we collectively ensure the continued development of UK financial architecture as a platform for the creation and support of new Islamic financial services and Halal economy-focused businesses? How does the UK build on its competitiveness as a global Islamic finance hub and a center for regulatory and legislative developments for Islamic fintech? How can Islamic finance in the UK help develop public/private sector funding for SMEs, start-ups and early-stage businesses? How do we encourage the expansion of core Islamic retail financial services, including extending savings options, pension and Takaful solutions, and student financing schemes? Would UK Islamic finance benefit from the development of specific alternative finance legislation, and if so, what form would this take? Would the sector benefit from a modified regulatory model with less capital constraints? Finally, how do we measure and evaluate tangible recent progress achieved by the UK Islamic financial services sector? We seek the views of an expert panel.

Moderator:
Vineeta Tan, Managing Editor and Director, Islamic Finance news

Panelists:
Arshadur Rahman, Senior Manager, Bank of England
Dr Mohamed Damak, Senior Director, Global Head of Islamic Finance, S&P Global Ratings
Sultan Choudhury, Advisory Board Member, Islamic Finance Council UK
Dr Usman Chaudry, Chief Risk Officer and Executive Director, Gatehouse Bank
Zakky Bantan, Head of Funding, IsDB

Fabrice Susini, CEO of Saudi Real Estate Refinance Company, talks to IFN's Nessreen Tamano about the Sukuk and Islamic finance strategy of the company, whose mandate includes providing liquidity to the real estate finance market, as well as sustainable financing solutions to Saudi homebuyers. 

Keynote Address

Lord Johnson, Minister of State, Department for Business and Trade

Welcome Address

Alderman Vincent Keaveny, Representative of the Lord Mayor of the City of London

Blue finance is making waves in the sustainable finance space. Marlena Kareem from ISFI speaks to Christina Ongoma, the manager of financial institutions group for upstream advisory services at the World Bank Group's private sector development arm, the International Finance Corporation (IFC), about how the IFC develops blue and thematic Sukuk in emerging markets.