DDCAP Group Managing Director, Stella Cox, was honoured to serve as a member of the Nominations Committee for ‘The Royal Award for Islamic Finance TM’.
The Royal Award is jointly organised by the Securities Commission Malaysia and Bank Negara Malaysia, under the Malaysian International Islamic Financial Centre (MIFC) initiative. The Award is given out once every two years.
The Nomination Committee is comprised of a group of select individuals with experience and knowledge in Islamic finance and was introduced with the objective of strengthening the nomination process of candidates for the Royal Award. Thereafter, a specially selected panel of independent jury members is responsible for evaluating and selecting the Royal Award recipient. The jury is comprised of industry experts from diverse professional backgrounds and geographies.
Overseeing this process is the Steering Committee, which consists of an appointed group of individuals with established industry experience. The Royal Award for Islamic Finance 2018 was bestowed upon Tan Sri Dr Zeti Akhtar Aziz, former Governor of Bank Negara, Malaysia, on 3rd October. DDCAP extends warm congratulations to Tan Sri Dr Zeti.
IFN Indonesia Forum 2018 discussed and debated emerging opportunities, issues and potential solutions for Indonesia’s Sharia’a finance industry. DDCAP Group had both Lawrence Oliver, Director and Deputy CEO, and Cassim Docrat, Director, DDCAP (DIFC), as moderators for two of the sessions.
Cassim Docrat led his panel in the discussion of ‘Developing the Islamic Asset Management Industry in Indonesia’ discussing how Badan Pengeloia Keuangan Haji (BPKH) will be a hugely important investor, and how its emergence is a significant boom for the local asset management industry. The panel proceeded to highlight what BPKH’s entrance will mean for Sharia’a compliant investment in Indonesia as well as debating what more could be done to further develop this important sector.
Lawrence Oliver moderated a panel on Green, Sustainable and Responsible Finance and Investment in Indonesia and included Lawrence Oliver as moderator. The discussion focused on the significant local and regional interest in responsible finance and investment from Indonesia, including setting the notable precedent of the issuance of the world’s first green sovereign sukuk, which was issued in benchmark size of US$1.25bln. In addition, the panel considered what was needed to take green finance and socially responsible investment mainstream and whether sectors such as infrastructure would potentially benefit from its growth.
The event showed that there was potential and appetite for Islamic finance in Indonesia, the world’s most populous Muslim nation. The push for greater IF in Indonesia follows on from recent events in the summer, where on 27th July the country’s president inaugurated the National Committee for Shariah Finance, or KNKS for its abbreviated Indonesian name, as part of the government’s push to make Indonesia a global hub for the Islamic financial industry.
Paradoxically, Indonesia, a nation which has the highest number of Sharia’a-compliant banking institutions of any country in the world, is home to an Islamic finance sector which maintained a meagre market share of just 5.3% of the country’s total banking assets as of 2016, compared to 51.1% in Saudi Arabia, 33% in Qatar, 23.8% in Malaysia and 19.6% in the UAE. It also has just 23mn customers out of a total population of around 260mn.
DDCAP Group receives “Market Leadership Award 2018 (Facilitation & Support)” award at the Global Islamic Finance Awards (GIFA) in Sarajevo, the capital of Bosnia and Herzegovina
The 8th Global Islamic Finance Awards were held on 29th September in Sarajevo, the capital of Bosnia and Herzegovina. DDCAP were the winners of the prestigious ‘GIFA Market Leadership Award 2018 (Facilitation & Support)’, and were represented at the awards ceremony and following Gala dinner by David Testa, Executive Director. Stella Cox CBE, Managing Director of DDCAP, said on the news of the award “DDCAP Group is honoured and privileged to be announced as the winner of the GIFA Market Leadership Award 2018 (Facilitation & Support). We are truly delighted to receive the recognition of the GIFA Committee again this year with its validation of the commitment and investment that DDCAP has made, for more than twenty years, to provide intermediary asset facilitation services to support Islamic financial market requirement. These, combined with the robust, responsible, automated financial technology solutions that we have been delivering to our clients endorses our mission to assist the further development of our industry. We are proud of our unique business model and humbled that GIFA should consider that we are a market leader.”
The GIFA Leadership Award for 2018 was awarded to the President of Bosnia and Herzegovina, His Excellency Bakar Izetbegović, and the keynote address was made by Lisa Doughten, Chief of the Secretariat for the UN Central Emergency Response Fund. Ms Doughten highlighted the global reach of the emergency funding provided under this United Nations initiative, which has deployed over US$5bn since its inception in 2006, including in many Muslim-majority countries.”
DDCAP Group joined over 300 companies to celebrate volunteering and philanthropy in the City of London with various fundraising activities on Tuesday, 25 September 2018.
The funds raised will be donated to the Lord Mayor’s Appeal charity, which supports the ‘Samaritans’, ‘Place2Be’ and ‘On Side Youth Zones’. These charities address social issues by delivering programmes to help children with mental health issues and help keep young people off the streets by transforming high deprivation areas into Youth Zones.
DDCAPs funds were raised from the following activities:
- Bake sale
- ‘Tour de City’ static bike challenge, which involved 46 teams from 32 companies
- Raffle to win a luxury hamper or dinner gift experience
Through the generosity and enthusiasm of our employees, we raised over £1k in charitable donations for the Lord Mayor’s Appeal Charity.
The IFN Forum Turkey, held in Istanbul on 10th September, focused on key issues relevant to the country’s 2023 Vision, the economic development of the Republic of Turkey and the growth of participation banking. Panellists discussed the Turkish financial markets, focusing on geopolitical and financial risks as well as regulation, growth and evolution of the participation banking sector, competition and consolidation within the industry and the role of foreign investors.
Innovation in the Turkish capital markets and the role of Shariah compliant products were additional topics covered. Speakers discussed the recent regulatory developments for Sukuk and the latest situation regarding corporate Sukuk and Tier 1 financial institution issuance, particularly in the context of the current challenges facing the Turkish Lira (there was a general expectation of a significant increase in benchmark rates, an increase which was announced by the central bank later that week, on 13th September).
Leilya Shamel, Associate Director of DDCAP, spoke in the final session, which focused on fintech development in Islamic Finance. Main discussions centred around the role of fintech, digital platforms and tokenization in today’s financial industry in Turkey, as well as the development of smart contracts and blockchains.
Over 400 delegates from across the world gathered for the UK Islamic Finance Week to discuss issues facing the global Shari’a finance industry. The Mansion House event was organised by IFN and opened by Charles Bowman, Lord Mayor of the City of London, who confirmed the City’s commitment to ensure London remains the leading Islamic Finance Hub of the Western World.
Managing Director, Stella Cox CBE, moderated the opening panel sessions at the main event with ‘Mega Trends: Global and Regional Influencers for Islamic Finance and Investment’, which included discussions on the impact of Brexit on UK Islamic Investment. Senior industry leaders commented that Brexit currently had little impact on inward investment into the UK, with the summer still being very busy. There was continued demand in certain areas, for example financing commercial real estate in the North of England as investors look for better yields, whilst opportunities exist in developing banking services for the domestic Islamic community. Nicholas Judd, Founder and Head of Investment for 90 North Real Estate Partners, offered a note of caution, however, stating that a no-deal Brexit will impact the pound and may cause concern with large currency losses on existing investments.
Lawrence Oliver, Director and Deputy CEO, moderated the afternoon panel session on Liquidity Issues and Supervision of Islamic Financial Institutions in Western Europe, which identified operational and regulatory challenges facing Islamic financial institutions. In particular, discussion focused on the UK government and its on-going evaluation of the potential re-issue of its landmark 2014 Sukuk, part of which includes exploring alternative Sukuk structures. It was also noted that the Bank of England is continuing with its efforts to launch a new Shari’a compliant liquidity management facility.
Other panel discussions included those on creating government support, liquidity issues, supervision of Islamic financial institutions in Europe, Islamic asset management, Shari’a-compliant gold products and responsible investing.
Running concurrently with the main event were a number of closed door sessions. Lawrence attended the Investment Management meeting, an exclusive dialogue discussing key issues in investment and asset management whilst, on the morning of the second day, Jennifer Schwalbenberg, Associate Director, attended the Real Estate event hosted by Ashurst LLP. Stella attended the IFN FinTech Huddle, which took place in the afternoon.
Stella was also prominently involved in other events during the week, notably, chairing the HMG Forum, a roundtable discussion on Catalysing Development with Islamic Finance, a forum which took place immediately prior to the IFN event and involving a panel of senior public and private sector figures. Stella also participated with 11:FS in the first Islamic FinTech podcast on FinTech Insider, which is one of the most popular business podcasts in the FinTech market. Other participants included Sarah Kocianski, the show’s host, Abdul Haseeb Basit, Co-Founder & Principal of Elipses, Harris Irfan, Chair of the UK Islamic FinTech Panel, Irfan Khan, CEO of Yielders, and Sheeza Shah, CEO of UpEffect.
‘DDCAP Group is pleased to announce the appointment of Kazi Hussain. Kazi is based in Dubai, at the offices of DDCAP (DIFC) Limited, where he will direct specific business development initiatives.
Kazi has previously held senior executive roles at HSBC Global Capital Markets in Dubai, Europe Arab Bank and at Islamic Corporation for the Development of Private Sector (“ICD”), which is a member of the Islamic Development Bank Group, where he was Head of Coverage & Partnerships’
We are pleased to announce that our Managing Director, Stella Cox CBE, will lead the opening panel session at the main event of the IFN UK Islamic Finance Week, which will take place at Mansion House in the City of London on Wednesday, 5th September 2018. She will moderate discussions on Mega Trends: Global and Regional Influencers for Islamic Finance and Investment, which will explore key political and economical issues, and regional and global trends influencing the Islamic finance and investment industry. Stella’s panel includes Charles Bowman – Lord Mayor of London, Charles Haresnape – CEO of Gatehouse Bank, Marco Lichtfous – Partner at Deloitte Tax & Consulting, Bruno Martorano – CEO of ADIB UK, Nikhil Rathi – CEO of the London Stock Exchange plc, and Duncan Steele-Bodger – CEO of QIB UK.
Lawrence Oliver, Director and Deputy CEO, will be moderating the afternoon panel session on Liquidity Issues and Supervision of Islamic Financial Institution in Western Europe, which will identify operational and regulatory challenges and solutions facing the Islamic financial institutions. The panelists in this session include Amir Firdaus – Treasurer of Al Rayan Bank, Arshadur Rahman – Manager of the Sharia Compliant Project at the Bank of England, Mohamed Damak- Senior Director and Global Head of Islamic Finance S&P Global Ratings, and Mohammad Faiz Azmi – Executive Chairman of PwC Malaysia.
David Testa, Executive Director, and Leilya Shamel, Associate Director, from DDCAP were attendees at the official opening of the Astana International Financial Centre (AIFC) in early July. This was a well-organised and well-attended event, with approximately 5,000 delegates travelling to Kazakhstan’s capital city, including prominent regional political and financial leaders, perhaps most notably HH Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, the president of the Islamic Development Bank, Dr Ahmad Mohamed Ali Al-Madani, and Sean Kidney, CEO of Climate Bonds.
Islamic finance was one of the key themes that ran through discussions and presentations during the event, particularly in the context of developing the AIFC as a regional hub for equity and debt capital markets. The Chinese “Belt and Road” initiative was heavily featured, and there were also successful sessions on socially responsible investing and FinTech.
In addition to gaining particular insights from the successful opening of the AIFC, including meeting Governor H.E. Kairat Kelimbetov and other senior AIFC representatives, David and Leilya were also able to catch up with DDCAP’s Kazakh and regional clients, as well as maintaining our positive contacts with the British Ambassador to Kazakhstan, Michael Gifford, and members of his embassy staff.
Leilya Shamel, Associate Director of DDCAP, attended the Durham University Islamic Finance Summer Course from 16th to 20th July 2018. The syllabus included a background on the evolution of Islamic finance and addressed practical issues facing the industry. The sessions covered profit distribution, risk management, syndicated/project finance, Takaful and liquidity management.
The presenters were from academia and the Islamic Finance industry. The course was organized and led by Professor Mehmet Asutay, Director of Durham Centre for Islamic Economics & Finance. Around 60 participants, studying either MBA or PhD programmes in Durham University or other universities worldwide, and several market players from Turkey, Malaysia, Indonesia and UAE were in attendance.