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Background

Development of Islamic finance would ideally promote financial transactions with underlying asset that attached

to the goods market or productive economic activities. The application of this ideal is perhaps entails considerable

challenge to Islamic financial institutions particularly in creating some sharia-compliant but economically feasible

financial products. Yet, the actual stage of economic development in Indonesia, and possibly in other emerging

countries, demand alternate solutions to channel available financial resources to productive economic sectors

which not only offer growth opportunities, but expectedly would also fundamentally improve the output andstructure ofcountrys economy.

Currently, the Indonesian Islamic Banking industry is characterized by a significant financing to deposit ratio, while

placement to financial market products still relatively low. Nevertheless, the tendency towards the use of larger

financial markets products continues to grow, as it may improve banks efficiency. Thus, the trend of

disintermediation following the improving performance of financial markets and investment rating, are inevitably

will affect the future shape of Islamic banking. However, the fact of repeated financial crises including the most

recent financial market and debt crisis, seem to confirm risk pertinent to this tendency.

The experience from the latest financial crisis has, in general, changed the landscape of regulatory and supervisoryframework of central banks, relevant authorities and development agencies. The changes referred to, among

others, a tendency toward stricter regulation and monitoring especially for systemic financial institutions,

restrictions on certain business activities, as well as enhanced transparency to reduce the potential for moral

hazard. In some respects, these changes may not be relevant to the current state of the Islamic financial industry,

though the nature of these policies still need to be understood by regulators. Perhaps more important is to

reconsider the effectiveness of such solutions and any other alternatives in crisis prevention and what should

authorities do, by exploring solutions which are more appropriate for more balanced and sustainable financial

institution and economic growth from the perspective of Islamic financial system.

Development of Islamic financial system is inextricably associated to the interest of the state and developmentagencies to reduce poverty and improve various parameters of welfare for more balanced economic growth.

These objectives can be achieved by involving the large part of communities in the process of economic

development, which in the context of the financial system is done by making financial services acceptable by, as

well as accessible to, the public. In this regard, it is important for Islamic finance stakeholders to adopt more

effective strategy to strengthen the role of the Islamic financial institutions to improve public awareness and

access to financial services.

With regard to the abovementioned issues, this seminar will address various topics related to the role of Islamic

finance in supporting the development of real sector, while improving social welfare and enhancing financial

system stability.

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Welcoming remarks : HE Governor of West Java Province

Opening remarks : HE. Dr. Halim Alamsyah, Deputy Governor, Bank Indonesia

Keynote Adress : HE. Dr. Ahmad Mohammed Ali, President, Islamic Development Bank

HE. Dr. Darmin Nasution, Governor, Bank Indonesia

Topics will be discussed :Islamic Finance, Financial Stability and Sustainable Economic Growth: bringing virtues into reality throughregulatory incentivesContemporary approach of the central bank role in stimulating real sectors growth: a step towardsimplementation of an Islamic economics compatible role of central bankEuro area debt crisis: lesson learn from imbalance spending on productive economic investment and what shouldauthorities doIncreasing awareness of Islamic finance for economic development practices and concept by regionalmultilateral agencyThe role of Islamic FSAP to support financial stability in the economy

Speakers :

IMF (tbc) Prof. Dr. Iwan Jaya Aziz, Head of Office of Regional Economic Integration, Asian Development Bank Dr. Dadang Muljawan, Islamic Development Bank Dr. Mehmet Asutay, Durham University Bank Indonesia

Moderator : Mr. Tirta Segara (Bank Indonesia)

Topics will be discussed :

The close relations between optimal banking lending with economic productive activities

Enhancing support of Islamic banks to corporate and SMEs financing activities: lesson from Turkish Islamic

banking model

The future model of Islamic banking business: industry perspectives

Integrating ZIS and awqaf with Islamic financial servicesIntegrating real sector indices into Islamic banking pricing: an effort to enhance the Islamic banking bussines

model to real sector.

Speakers :

Dr. Eli Remolona, Head of Bank for International Settlements - Hongkong Dr. Lokman Gunduz, Board Member Central Bank of Turkey Mr. Yuslam Fauzi, CEO Bank Syariah Mandiri (tbc) Mr. Ahmad Juwaini, Executive Director, Dompet Dhuafa Dr. Rifki Ismal, Directorate of Islamic Banking, Bank Indonesia Dr. Bambang Hermanto, University of Indonesia

Moderator : Dr. Dadang Muljawan, Islamic Development Bank

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Topics will be discussed :

Expanding Islamic Financial Services Access to Indonesias Small and Medium Enterprises

The role and practices of Islamic banking in empowering lower income communitiesThe role of ICT to facilitate broader communities access to financial services

Challenges in improving financial literacy and potential role of Islamic financial institutions

Speakers :

Dr. Thomas Timberg and Prof. Iraj Toutounchian, World Bank Bank Indonesia Mr. Moch. Hadi Santoso, CEO Bank Rakyat Indonesia Syariah CEO Bank Tabungan Pensiunan Nasional (tbc) Ms. Mike Rini, Mike Rini Associate & Financial Planning and Education

Moderator : Prof. Nen Amran, PhD (Padjajaran University)

(11.00 AM - 12.30 PM)

Topics will be discussed are the experience, background, values and opportunities of bussines practitioners and entities

which using Islamic finance for their operating and/or expanding their activities from various bussines sectors.

Speakers :

Mr. Faizal Mansor, CFO Malaysia Airports Holdings Berhad, KLIA airport Malaysia (infrastructure sector) Mr. Bobby Gafur Umar, CEO Bakrie & Brothers (holding company of various business) PT. Indah Kiat (manufacture sector) (tbc) PT. Bersaudara Simalungun Energi (energy sector)

Moderator : Dr. Suryani S.F. Motik, President Director of Prima Group (tbc)

Topics will be discussed :

Enhancing role of financial market to support the development of productive sectors through sharia compliance

instruments

Developing a project-linked Sukuk: market and regulator perspectives

Developing comprehensive line of products for trade& financing

Structuring sharia compliant hedging instruments

Speakers :

Mr. Dahlan Siamat, Director of Islamic Finance Policy, Debt Management Office - Ministry of Finance Ms. Friderica Widyasari Dewi, Director of Bussiness Development, Indonesian Stock Exchange Mr. Ijlal Alvi, CEO International Islamic Financial Market , Bahrain Mr. Razi Fakih, Deputy CEO HSBC Amanah, Dubai Mr. Adrian A. Gunadi, Director of PT. Bank Muamalat Indonesia CEO Kuwait Finance House (tbc)

Moderator : Mr. Rizqullah, CEO BNI Syariah (tbc)

Contact Person : irfan@bi.go.id