IIFM Virtual Industry Consultative Meeting on Global Benchmark Rate Reforms and Implications of IBOR Transition for Islamic Finance (Challenges & Proposed Solutions)

10:00 - 10:10

Welcome Remarks and Introductory Briefing

Ijlal Ahmed Alvi, Chief Executive, IIFM

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10:10 - 10:25

Introduction to London Inter-Bank Offered Rate (LIBOR) and Transition to Risk Free Rates (RFR)

– The need to Transition from LIBOR to RFR
– The Difference between Inter-Bank Offered Rates (IBOR) and RFR
– Methodologies for Tenor Rates

Alessandro Vaselli, Global Head of Legal, Islamic Banking, Standard Chartered, Dubai

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10:25 - 10:35

RFR Regulations and Administrators (Europe, UK, North America, Japan) and Global Transition Implementation Timelines

Mustafa Adil, Head of Islamic Finance, Refinitiv, Bahrain

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10:35 - 10:45

IBOR Transition from Fixed Income Market Perspective

– Risk and Regulation related issues

Paul Richards, Head of Market Practice and Regulatory Policy, International Capital Market Association (ICMA), London

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10:45 - 11:00

ISDA Definitions and Protocol

– IBOR and Legacy Contracts
– RFR Fallbacks

Key Points to be Addressed and Developed for the Islamic Finance Industry

Habib Motani, Consultant, Clifford Chance LLP, London

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11:00 - 11:10

Impact on Profitability due to IBOR Transition & Accounting Issues

Muhammad Muzammil Kasbati, Associate Partner – Financial Accounting Advisory Services, MENA, Ernst & Young-Middle East, Bahrain

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11:10 - 11:30

Implications and Structuring Challenges for Islamic Finance

– Developing Unified Remedies and Possible Solutions
– Impact on Legal Documentation (Legacy and New Contracts)

Usama Umar, Director, Head of Islamic Financial Market Products, Standard Chartered, Dubai

Mian Muhammad Nazir, Chief Executive Officer, Dar Al Sharia Islamic Finance Consultancy, Dubai

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11:3 - 12:00

Meeting Discussion

Led by IIFM

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12:00 - 12:15

Wrap-up of Discussions and Recommendations

Ijlal Ahmed Alvi, Chief Executive, IIFM

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12:15

END OF MEETING