Transcript of "Islamic Finance 2010 Melbourne Australia"
ISLAMICFINANCE 2010Practical Insights into how to Integrate Islamic Finance intothe Existing Banking and Finance SystemLiquid Learning in partnership with La Trobe University is delighted topresent Australia’s premier industry event on Islamic Finance.featured speakers Dr Salman Syed Ali Senior Economist Islamic Development Bank & IRTI Jeddah, Saudi Arabia Senator the Hon Nick Sherry Assistant Treasurer Commonwealth of Australia Professor Paul Johnson Vice-Chancellor 8 & 9 June 2010 La Trobe University Rendezvous Hotel, Melbourne Associate Professor Ishaq Bhatti Director of Islamic Banking and Finance Program EXPLORE La Trobe University Professor Akhtar Kalam Chairman Muslim Community Co-operative Australia (MCCA) Direct Commentary from the Government on the Future of Geoff Weir Director Australian Financial Centre Forum Islamic Finance in Australia Andrew Gregory Director Integrating Islamic Finance into innovatefp the Conventional Banking and Gerard Kennedy Principal Finance Systems Macpherson+Kelley Lawyers Future Opportunities for New Richard Buchanan Director Greenwoods & Freehills Shariah Compliant Financial Professor Mahmood Ahmad Ghazi Qatar Foundation Professor Products Qatar University, Qatar Emerging Tax and Legal Issues Luhua Tang Senior Industry Adviser, Financial Services Surrounding Islamic Finance Austrade Imran Lum Manager, Community Finance and Development PLUS workshop National Australia Bank One Separately Bookable Half-Day Workshop on 10 June 2010 Lorraine Allan Senior Adviser, Corporations and Financial Services Division The Treasury EARLY BIRD DISCOUNTS Book & Pay by 26 March 2010 to receive Emmanuel Alfieris Head of Trade Westpac additional Super Saver Discounts! Phone: +61 2 9437 1311 Fax: +61 2 9437 1093 www.liquidlearning.com.auLEAD PARTNER SUPPORTERS LEGAL PARTNER
The Opportunit Day One 8 June 2010 include the concept of wealth and property, ownership and possession, transfer of property and modes of transfer,8.15 - 8.45 Registration and Morning Coffee and the basics of valid contracts. This material has been developed down the ages by the renowned jurists of Islam8.45 - 9.00 Official Welcome and Opening Remarks during the past 1300 years. This fund of legal knowledge from the Chair and jurisprudential thought needs to be couched in today’s Professor Paul Johnson Vice-Chancellor legal language in order to be fully and properly utilised. La Trobe University These concepts also include gharar, qimar, riba and similar other prohibitions. Explore:9.00 - 9.45 OPENING KEYNOTE ADDRESS • Nature and basic features of Islamic law of business and The Future of Islamic Finance in Australia finance With Islamic finance gaining more and more traction within • Concepts of wealth and property both Australian markets and the media, and Australia’s • Key concepts of valid business transactions geographic position presenting an important window to a Professor Mahmood Ahmad Ghazi Qatar rapidly growing and accessible Islamic market, now is the Foundation Professor perfect time to seize the opportunity that Islamic finance promises to bring to Australia. In this opening keynote Qatar University, Qatar address, the Assistant Treasurer Nick Sherry will discuss 12.00 - 12.15 Questions and Discussion the future of Islamic finance in Australia, the current barriers that still exist and the opportunities that lie ahead as we 12.15 - 1.15 Networking Lunch move forward. Explore: 1.15 - 2.00 EXPERT ANALYSIS • The Government’s stance on Islamic finance • How Islamic finance fits within the conventional Australian Aligning Product Development with Local and banking systems Global Opportunities / Demand • The opportunities that Islamic finance brings to Australia The growth, breadth and geographic reach of Islamic banking, finance and investment presents the Australian Senator the Hon Nick Sherry Assistant Treasurer financial services sector with both general and specific Commonwealth of Australia opportunities for intermediation. Andrew will discuss: • Factors that may drive the development of local products9.45 - 10.00 Questions and Discussion with both global and local appeal10.00 - 10.15 Morning Tea • The development of specific, Shariah compliant solutions10.15 - 11.00 KEYNOTE EXPERT ANALYSIS Andrew Gregory Director innovatefp Developing Australia as a Financial Centre - The Relevance of Islamic Finance 2.00 - 2.15 Questions and Discussion As a capital importing country, it is vital that Australia has access to offshore savings pools at competitive rates. This 2.15 - 3.00 CASE STUDY was one of the key areas of focus of the Johnson Report. Opportunities for Islamic Investment and The presentation will provide some background to the Finance in the Australian Economy Johnson Report and its objectives, focusing on: There are segments in the Australian Economy that display • The importance of accessing offshore savings pools in characteristics Islamic investors would find attractive. With the broader context of developing Australia as a financial the right structures, investment opportunities are available centre now in commodities, property, capital goods funding and physical trade flows. Emmanuel will cover some of the • The two key recommendations in the Report relating to opportunities in these segments and discuss: this objective, namely: • Advantages of Islamic finance friendly segments of the - abolition of withholding tax on offshore borrowings by Australian economy banks and other financial intermediaries • Market forces supporting the success of potential - ensuring a level tax and regulatory playing field for participants prepared to invest effort in developing Islamic Shariah compliant financial instruments products in Australia Geoff Weir Director • Evolving policy framework - what can be done now and Australian Financial Centre Forum further regulatory changes that will support more rapid development of an Islamic finance sector in Australia11.00 - 11.15 Questions and Discussion Emmanuel Alfieris Head of Trade11.15 - 12.00 CASE STUDY Westpac Fundamentals of the Islamic Law of Business and Finance - Key Shariah Concepts The Islamic Law of Business and Finance is based on a set of principles and concepts which permeate the entire corpus of Shariah Law. Without understanding these fundamental principles and key concepts, true and meaningful application of this law is difficult. These PLUS WORKSHOP! EARLY BIRD DISCOUNT One Post-Forum Half-Day Receive $100 off registration if you Workshop on 10 June 2010 register and pay by 7 May 2010
ties Presented by Islamic Finance Day Two 9 June 20103.00 - 3.15 Questions and Discussion3.15 - 3.30 Afternoon Tea 8.30 - 8.55 Morning Coffee 3.30 - 4.15 CASE STUDY 8.55 - 9.00 Opening Remarks from the Chair Meeting Human Capital Needs in the Islamic Banking and Finance Industry 9.00 - 9.45 OPENING INTERNATIONAL CASE STUDY With enormous recent growth in Islamic finance, due to the International Developments in Islamic Muslim population reaching 2.5 billion and half of the Muslim world practicing Islamic banking and finance, capturing the Finance savings of the global Muslim population around the world This presentation will provide an international perspective provides untold potential for financial institutions across on the issues from an organisation at the heart of the Australia. Furthermore, to maximise this potential it’s imperative Islamic banking world. This session explores: that Australian banks can offer Shariah compliant products • Current state of Islamic finance in the near future. As per Bankers’ Magazine’s recent report • Drivers for international growth in Islamic banking – the Islamic finance industry will require more than 50,000 • Future prospects staff in the next seven to ten years, and La Trobe is taking a leadership role in training Islamic finance to cater to the global Dr Salman Syed Ali Senior Economist growing demand for human capital to meet the future human Islamic Development Bank & IRTI Jeddah, Saudi capital needs. This session will cover: Arabia • Financiers and bankers need to understand the 9.45 - 10.00 Questions and Discussion principles, operations, techniques and mechanism of Islamic finance and financial products as well as the 10.00 - 10.15 Morning Tea dynamics of Islamic financial and capital markets. • Understanding of Shariah / Islamic commercial laws 10.15 - 11.00 CASE STUDY and Shariah board structure Islamic Finance in Australian Commercial • Programs for professional certified qualifications Banks • Preparing students to enter and work in the Islamic In 2009, NAB introduced Shariah compliant loans that financial sector both overseas and in Australia do not charge interest, to comply with Shariah law. Instead, the National Australia Bank structured an Islam- Associate Professor Ishaq Bhatti Director of approved line of finance to make money from alternative Islamic Banking and Finance Program methods; the profit margin is built in from the start and La Trobe University it has the advantage of making the loan immune from future interest rate rises. Although, strictly speaking, this4.15 - 4.30 Questions and Discussion is more of a charitable function from NAB it certainly points to increased interest in Islamic finance from one4.30 Concluding Remarks from the Chair of Australia’s ‘big 4’. In this session, Steve will discuss NAB’s views on Islamic finance and how it can work for a4.30 - 5.30 Networking Reception commercial bank. • NAB’s view of the market • Other potential avenues of interest • Australian commercial banks / Islamic finance and Australia’s role in developing this product Imran Lum Manager, Community Finance and Development National Australia Bank 11.00 - 11.15 Questions and Discussion 11.15 - 12.00 CASE STUDY Shariah Compliant Products within Australia Since beginning operations in 1989, MCCA has cemented its position at the forefront of Shariah compliant finance and investment in Australia. They provide innovative products for individuals and businesses, enabling them to participate fully in economic life without compromising the tenets of their faith. In this session, Chabaan will discuss the opportunities available to financial institutions through offering Shariah compliant products: • Shariah compliant investment • Wealth management services SUPER SAVER DISCOUNT Receive $200 off registration if you register and pay by 26 March 2010
Integrating Islamic Finance into Conventional Banking • Dealing with property financing panellists will discuss the fundamental topics, collate their message and forecast where Islamic finance is heading as Professor Akhtar Kalam Chairman we move onwards. Consolidating the information, the panel Muslim Community Co-operative Australia will give a final overview on how Islamic finance stands to fit in (MCCA) with our existing banking system. Panellists include:12.00 - 12.15 Questions and Discussion Gary Johnston Global Leader, Financial Services12.15 - 1.15 Networking Lunch Austrade Vicky Wilkinson Principal Advisor, Corporations and1.15 - 2.00 EXPERT COMMENTARY Financial Services Division Barriers To Inbound Investment - A Tax Outlook The Treasury While Australia may lay claim to competitive advantages Dr Salman Syed Ali Senior Economist in terms of attracting Islamic capital with the strength of its economy and high quality property, infrastructure and Islamic Development Bank & IRTI Jeddah, Saudi agribusiness assets, it is difficult to imagine that inefficient Arabia tax outcomes will not be a barrier to inbound investment. Dr Hayat Khan Lecturer School of Economics and This was clearly recognised in the recent Johnson Report. Finance As such, this session will focus on: La Trobe University • Whether the current Australian tax system can provide 4.15 Closing Remarks from the Chair and Close of tax neutral outcomes for Islamic Financing structures – specifically Murabaha and Sukuk al-Ijara Forum • What steps are currently being taken by the Australian Taxation Office, Treasury and other industry bodies such as AFMA to progress certainty on the current Australian tax outcomes • What lessons can be learned from the way other jurisdictions have attempted to put Shariah compliant investments on an equal tax footing with traditional forms of investment Richard Buchanan Director Greenwoods & Freehills Pty Ltd2.00 - 2.15 Questions and Discussion2.15 - 2.30 Afternoon Tea2.30 - 3.15 EXPERT COMMENTARY Shariah Financing in Australia Macpherson+Kelley Lawyers (M+K) worked with the MCCA to establish Australia’s first Islamic finance fund. The fund was established to enable the Muslim Community to overcome difficulties it faces in meeting its financial needs in a Western Society in a way that is compliant with Shariah laws. In this session, Gerard will discuss his experiences in dealing with Shariah financing, and remove the daunting image it can often carry, allowing the audience to understand the legal mechanics behind setting up and running an Islamic financial product with a client, exploring: • How the first managed discretionary account was established • Procedures used in creating the first mortgage fund • Techniques involved in laying the legal groundwork • The next step (takaful) Gerard Kennedy Principal M+K Lawyers3.15 - 3.30 Questions and Discussion3.30 - 4.15 ROUNDTABLE PANEL DISCUSSION Taking Stock and Addressing the Challenges Ahead This closing session, including a Q & A, distils the key issues raised over the two days of the forum. Our expert Phone: +61 2 9437 1311 Fax: +61 2 9437 1093 www.liquidlearning.com.au
Workshop 10 June 20109.00 - 12.30 WORKSHOPThe Mechanics of Islamic Finance - The FundamentalsIslamic finance has already announced itself to Australian shores. Companies from various sectors are already pouncing on the vast opportunitiesit brings and over the last two days you will have seen how to ensure that you too, are seizing those opportunities. But what exactly is Islamicfinance and how does it actually work? In this highly interactive session, Dr AbulKhair Jalaluddin will draw on his extensive experience to discussthe workings of Islamic finance in depth, explain how specific Islamic financial products behave and talk about the theory behind Islamic finance.You will leave this session with a thorough understanding of Islamic finance and its mechanics. Explore:• Islamic finance in the contemporary world• Methods of Islamic finance (including Mudharabah [joint venture], Musharakah [partnership], Murabahah [cost plus financing], Ijarah [leasing])• Major products of Islamic finance (Retail Banking, Loans, Sukuk, Project Financing, Superannuation, Insurance [Takaful])• Taxation of Islamic finance in AustraliaExpert Facilitator: Dr AbulKhair Jalaluddin DirectorMuslim Community Co-operative Australia (MCCA)Dr. AbulKhair Jalaluddin is a Director of the Muslim Community Co-operative Australia (MCCA). He has over 10 years of experience in Islamic financeand investments in Malaysia. He published a number of papers in refereed journals including Economic Papers published by the Australian EconomicsSociety. He has also presented research papers on Islamic finance in international seminars and conferences.ABOUT THE EVENT WHO WILL ATTENDThe Government has recently stated that promoting Australia • Commercial Banksas a financial services hub is a key priority. This, together • Investment Bankswith the current review of the tax laws relating to financial • Wealth / Investment Managementtransactions to ensure neutrality for the treatment of Shariah- • Funds Managementcompliant equivalent products (especially bonds [sukuk] and • Lawhome financing), provides us with a picture of how close • Tax / AccountingIslamic finance is to becoming a standard arm of all financial • Insuranceinstitutions. • Property Financiers / Mortgage MarketsThis Forum will provide its audience with a unique opportunity • Finance Advisorsto propel themselves to the forefront of Islamic finance, giving • Debt / Credit Markets • Government / Financial Services Policyyou the best possible chance of fully capitalising on the growthof Islamic finance in Australia and New Zealand. With opendiscussions and insights from key people involved in decisionmaking at a Governmental level, alongside presentations fromindustry players within Australia and international Shariahscholars, this event will allow you to fully appreciate theenormous potential of Islamic finance. Most importantly, it will Please visit our website for program updates:provide the tools and knowledge of how to begin and expandinto new markets.ABOUT THE CONFERENCEABOUT THE LEAD PARTNER La Trobe University is committed to providing quality teaching, informed by research across all our business, economics and finance disciplines and maintaining and enhancing our outstanding international research reputation. La Trobe University is the Australian pioneer in specialist Islamic banking and finance education. ! SPONSOR TODAY! To request an electronic version Limited sponsorship and exhibition opportunities for easy circulation, email available. For your chance to brand yourself as a firstname.lastname@example.org market leader, please call: +61 2 9437 1311 or email: email@example.com