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Islamic Finance 2010 Melbourne Australia
1. ISLAMIC
FINANCE 2010
Practical Insights into how to Integrate Islamic Finance into
the Existing Banking and Finance System
Liquid Learning in partnership with La Trobe University is delighted to
present 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.au
LEAD PARTNER
SUPPORTERS LEGAL PARTNER
2. 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 Islam
8.45 - 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 products
9.45 - 10.00 Questions and Discussion
with both global and local appeal
10.00 - 10.15 Morning Tea • The development of specific, Shariah compliant solutions
10.15 - 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 Australia
11.00 - 11.15 Questions and Discussion
Emmanuel Alfieris Head of Trade
11.15 - 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
3. ties Presented by Islamic Finance
Day Two 9 June 2010
3.00 - 3.15 Questions and Discussion
3.15 - 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, this
4.15 - 4.30 Questions and Discussion is more of a charitable function from NAB it certainly
points to increased interest in Islamic finance from one
4.30 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 a
4.30 - 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
4. 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 Services
12.15 - 1.15 Networking Lunch Austrade
Vicky Wilkinson Principal Advisor, Corporations and
1.15 - 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 Ltd
2.00 - 2.15 Questions and Discussion
2.15 - 2.30 Afternoon Tea
2.30 - 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 Lawyers
3.15 - 3.30 Questions and Discussion
3.30 - 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
5. Workshop 10 June 2010
9.00 - 12.30 WORKSHOP
The Mechanics of Islamic Finance - The Fundamentals
Islamic finance has already announced itself to Australian shores. Companies from various sectors are already pouncing on the vast opportunities
it 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 Islamic
finance and how does it actually work? In this highly interactive session, Dr AbulKhair Jalaluddin will draw on his extensive experience to discuss
the 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 Australia
Expert Facilitator: Dr AbulKhair Jalaluddin Director
Muslim 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 finance
and investments in Malaysia. He published a number of papers in refereed journals including Economic Papers published by the Australian Economics
Society. He has also presented research papers on Islamic finance in international seminars and conferences.
ABOUT THE EVENT WHO WILL ATTEND
The Government has recently stated that promoting Australia • Commercial Banks
as a financial services hub is a key priority. This, together • Investment Banks
with the current review of the tax laws relating to financial • Wealth / Investment Management
transactions to ensure neutrality for the treatment of Shariah- • Funds Management
compliant equivalent products (especially bonds [sukuk] and • Law
home financing), provides us with a picture of how close • Tax / Accounting
Islamic finance is to becoming a standard arm of all financial • Insurance
institutions. • Property Financiers / Mortgage Markets
This Forum will provide its audience with a unique opportunity • Finance Advisors
to propel themselves to the forefront of Islamic finance, giving
• Debt / Credit Markets
• Government / Financial Services Policy
you the best possible chance of fully capitalising on the growth
of Islamic finance in Australia and New Zealand. With open
discussions and insights from key people involved in decision
making at a Governmental level, alongside presentations from
industry players within Australia and international Shariah
scholars, this event will allow you to fully appreciate the
enormous 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 expand
into new markets.
ABOUT THE CONFERENCE
ABOUT 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.
!
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