IIFM-WGC Industry Consultative Meeting On Gold Documentation And Products Standardization, Istanbul

8:30 AM - 9:00 AM

REGISTRATION AND MORNING COFFEE

9:00 AM - 9:05 AM

RECITATION OF THE HOLY QURAN

9:05 AM - 9:15 AM

OVERVIEW/UPDATE ON USE OF GOLD IN ISLAMIC FINANCE AND THE IMPACT OF AAOIFI SHARI’AH STANDARD ON GOLD

Andrew Naylor, Director, Central Banks & Public Policy, World Gold Council, Singapore

9:15 AM - 9:20 AM

PURPOSE OF THE MEETING

Ijlal Ahmed Alvi, Chief Executive, IIFM

Commencement of Meeting – Deliberation on Priority Areas of Focus

9:20 AM - 10:10 AM

ALLOCATED GOLD AGREEMENT

– Use of Standard Allocated Gold Agreement in the Conventional Market
– Deliberation on Key Issues from Islamic Finance Prespective
– Considerations
– Action Plan to Develop Islamic Allocated Gold Agreement (depending on participants input and recommendations)

10:10 AM - 10:15 AM

VAULTED GOLD (PRODUCT CONFIRMATION)

– Use of Vaulted Gold Product Confirmation by Banks in Conventional Market
– Deliberation on Key Issues from Islamic Finance Prespective
– Considerations
– Action Plan to Develop Islamic Vaulted Gold Confirmation (subject to participants recommendations and Standardization Process and Policies)

10:15 AM - 11:30 AM

GOLD CONSIGNMENT AGREEMENT

– Use of Gold Consignment Agreement in the Conventional Market
– Deliberation on Key Issues from Islamic Finance Prespective
– Considerations
– Action Plan to Develop Islamic Gold Consignment Agreement (depending on participants input and recommendations)

11:30 AM - 12:00 PM

REFRESHMENT BREAK

12:00 PM - 12:45 PM

GOLD FORWARDS AND SWAPS (PRODUCT CONFIRMATIONS)

– Gold Swap Product Confirmation Structure and Use in Conventional Market
– Deliberation on Key Issues from Islamic Finance Prespective
– Considerations
– Action Plan to Develop Islamic Gold Swap Confirmation (depending on participants input and recommendations)

12:45 PM - 1:15 PM

GOLD ETFS

– General Discussion on Islamic Gold ETF and Structures
– Considerations
– Assess the requirements and scope of work for future course of action

1:15 PM - 1:45 PM

GOLD RELATED SUKUK

– General Discussion on Gold related Sukuk
– Discussion on Gold Indexed Ijarah Sukuk issed by the Turkish Treasury
– Assess the requirements and scope of work for future course of action

1:45 PM - 2:15 PM

WRAP-UP OF DISCUSSIONS AND KEY TAKE AWAYS (NEXT STEPS)

2:15 PM - 3:00 PM

END OF MEETING AND LUNCH