The 4th Annual Islamic Finance Conference

The Annual Islamic Finance Conference (The AIFC) is a Ministry of Finance annual event that brings together policy makers, economists, academics, and private sector to discuss various key Islamic finance, economic and development issues particularly for Indonesia. The purpose of AIFC are to discuss and exchange new ideas and information among experts. Previously, the AIFC was held in Jakarta in 2016, Yogyakarta in 2017, and Makassar in 2018.

This year, the 4th AIFC would raise an interesting topic that already became a global interest: impact investing. The topic also in line with the government concern to determine the impact of investment which already spent, in social, finance, and environment. This conference also parallel with call for paper event to gather papers which have a high quality and is expected to become references by the academia and policy makers particularly related in the economy and Islamic finance.

Impact investing refers to investments made into companies, organizations, and funds with the intention to generate a measurable, beneficial social or environmental impact alongside a financial return. Impact investing can provide capital to address the world’s most pressing challenges in sectors that become the focus of Sustainable Development Goals (SDGs) such as sustainable agriculture, renewable energy, conservation, microfinance, and affordable and accessible basic services including housing, healthcare, and education.

Islamic finance is very well-positioned as a framework for impact investing due to its underlying ethical principles and moral considerations. Even, Islamic finance and impact investing can be complementary in some areas - both occupy leading positions in the value-based investment universe, possess rigorous moral and social criteria and share a broader understanding of the relationship between capital and society at large. The reality, however, the contribution of Islamic finance in impact investing is still very limited, including in Indonesia. Currently, impact investing become one of the main programs in Sharia Economic and Financial Master Plan made by the National Development Planning Ministry (Bappenas).

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Speakers

Sri Mulyani Indrawati

Minister of Finance of Indonesia

H.E. Prof. Bambang P.S. Brodjonegoro

Minister of National Development Planning, Republic of Indonesia, Chairman of Indonesian Association of Islamic Economist

Dr. Walid Abdelwahab

Director-General, Country Relations and Services Islamic Development Bank

Christophe Bahuet

Resident Representative UNDP Indonesia

Prof. Suahasil Nazara

Chairman of Fiscal Policy Agency - MOF

Arif Baharuddin

Assistant of Minister for Financial Services and Capital Market Policy and Regulation, Ministry of Finance

Dr. H. Emil Elestianto Dardak, M.Sc

Deputy Governor, Province of East Java

Azam Khan

Country Manager for Indonesia, Malaysia and Timor-Leste - International Finance Corporation (IFC)

David Soukhasing

Director Angel Investment Network Indonesia

Joanne Manda

Senior Advisor for Innovative Financing UNDP

Thierry Sanders

Chief Executive Officer, PT Mekar Investama Sampoerna

Dato’ Prof. Dr Mohd Azmi Omar

President and Chief Executive Officer of the International Centre of Education in Islamic Finance (INCEIF)

Matthew Martin

Founder, Blossom Finance

Dr. Luky Alfirman

Director General of Budget Financing and Risk Management, Ministry of Finance

Adiwarman Azwar Karim

Karim Consulting Indonesia

Gulcin Salingan

Deputy Director of UNDP's Istanbul International Center for Private Sector in Development (IICPSD)

Dr. Mohammed Obaidullah

Lead Research Economist

Shaima Hasan

Research and Product Development Manager, Refinitiv

Dr. Muhammad Maksum, M.A.

National Sharia Board, The Council of Indonesian Ulama (MUI)

Mohamad Ikhsan Modjo

Faculty Member, BINUS University

Prof. Md. Anwarul Azim Arif

Chairman of Social Islami Bank Limited

Dr. Imam Teguh Saptono

Indonesia Waqf Board

Amalia Adininggar Widyasanti, ST, MSi, M.Eng, Ph.D

Expert Staff for Synergy of Economic Affairs and Financing

Arsalaan Ahmed

CEO of HSBC Amanah Malaysia

Discussion Chair

Dr. Raditya Sukmana

Head of Islamic Economic Department, Faculty of Economics and Business, Universitas Airlangga

Iggi H Achsien

Independent Commissioner/Acting as President Commissioner

Dr. Mohamed Ishthiaq Akbar

Country Manager, IsDB Group Regional Hub Indonesia

Dr Rifki Ismail

Indonesian Association of Islamic Economist (IAEI)

Dr. Sutan Emir Hidayat

Director, KNKS

Guest Lecture 24 July

Gulcin Salingan

Deputy Director of UNDP's Istanbul International Center for Private Sector in Development (IICPSD)


Guest Lecture 25 July

Dr. Houssem Eddine Bedoui

Global Lead Islamic Finance Expert Islamic Development Bank

Agenda

08:0008:30

Registration

08:3008:45

Opening

National anthem: Indonesia Raya

Quran recitation

08:4509:15

Welcome Remarks

  • Dr. H. Emil Elestianto Dardak, M.Sc, Deputy Governor, Province of  East Java
  • Ayu Sukorini, S.E., M.A., Director of Center for Financial Sector Policy, Ministry of Finance
09:1509:25

Keynote 1

H.E. Dr. Walid Abdelwahab, Director-General, Country Relations and Services Islamic Development Bank

09:2509:35

Keynote 2

Christophe Bahuet, Country Director of UNDP in Indonesia

09:3509:45

Coffee break

09:4511:25

Panel Session 1: What is The Impact Investing and How It can Help in Achieving SDGs

This session would discuss about the impact investment in general, that includes operating principles, what is needed to scale up,
best practice experience, and also the case in Indonesia.

  1. Operating Principles For Impact Management
    Azam Khan, Country Manager for Indonesia, Malaysia and Timor-Leste - International Finance Corporation (IFC)
  2. Leveraging Private Finance for Public Good: ANGIN Experience 
    David Soukhasing, Director Angel Investment Network Indonesia
  3. Impact Investing: What is Needed to Scale Up 
    Joanne Manda, Senior Advisor for Innovative Financing UNDP
  4. Impact Investing in Indonesia 
    Thierry Sanders, Chief Executive Officer, PT Mekar Investama Sampoerna

Discussion Chair : Dr. Rifki Ismail, Chief of Indonesian Association of Islamic Economist (IAEI)

11:2511:45

Keynote 3

Prof. Dr. Mardiasmo, MBA., Akt., Vice Minister of Finance of Indonesia

11:4512:00

Opening, Photo Session and souvenir presentation

(MoF proceeds to Press Conference Room)

12:0013:30

Dhuhur Prayer & Lunch Break

13:3014:00

Guest Lecture 1 :

Blending Islamic Finance and Impact Investing for The Global Goals

Ms. Gulcin Salingan, Deputy Director of UNDP's Istanbul International Center for Private Sector in Development (IICPSD)

14:0015:40

Panel Session 2: Islamic Finance for Impact Investing: Opportunity and Challenges

This session would review correlation between impact investing and Islamic finance including the similarity, collaboration,
and opportunity both in domestic and international level.

  1. The Similarity between Islamic Finance and Impact Investing 
    Dato’ Prof. Dr Mohd Azmi Omar, President and Chief Executive Officer of
    the International Centre of Education in Islamic Finance (INCEIF)
  2. Profit with Purpose Business: Blossom Finance Experience 
    Matthew Martin, Founder, Blossom Finance
  3. Green Sukuk: Convergence of Islamic Finance And Impact Investing 
    Dr. Luky Alfirman, Director General of Budget Financing and Risk Management, Ministry of Finance
  4. Islamic Finance for Impact Investing in Indonesia 
    Adiwarman Azwar Karim, MBA, MAEP, Karim Consulting Indonesia

Discussion Chair : Dr. Sutan Emir Hidayat, SP, MBA, Director of Research and Education

15:4015:50

Coffee Break

15:5017:20

Call for Paper, Parallel Presentation

PIC: Faculty of Economics and Business, Airlangga University

08:3009:00

Registration

09:0009:05

Opening

09:0509:20

Guest Lecture 2 :
Blockchain Technology and Impact Investing for SDGs
Dr. Houssem Eddine Bedoui, Islamic Finance Sector Development Department, IsDB

09:2009:30

Coffee Break

09:3010:00

Keynote Speech :

H.E. Prof. Dr. Bambang P.S Brodjonegoro, Minister of National Development Planning

10:0010:10

Announcement of Call for Paper Winner and Awards by H.E. Prof. Dr. Bambang P.S Brodjonegoro

(MoDP proceeds to Press Conference Room)

10:1011:50

Panel Session 3: Islamic Finance for Impact Investing: How to Make It Works

This session would elaborate the technical aspect to implement Islamic finance for impact investment,
consist of the platform, instruments, risks, opportunities, mitigation strategies, and fatwa support

  1. Global Islamic Finance And Impact Investing Platform
    Ms. Gulcin Salingan, Deputy Director of UNDP's Istanbul International Center for Private Sector in Development (IICPSD)
  2. Risks, Opportunities, and Mitigation Strategies in Shariah Compliant Impact Investments
    Dr. Mohammed Obaidullah, Lead Research Economist
  3. Making Positive Social Impact Through Islamic Finance: Bahrain Experience
    Shaima Hasan, Research and Product Development Manager, Refinitiv
  4. MUI Fatwa to Support Islamic Finance for Impact Investing
    Dr. Muhammad Maksum, M.A., National Sharia Board, The Council of Indonesian Ulama (MUI)

Discussion Chair : Prof. Raditya Sukmana, Kepala Departemen Ekonomi Syariah Unair

11:5012:00

Photo Session and souvenir presentation

12:0013:00

Dhuhur Prayer & Lunch Break

13:0014:30

Panel Session 4: Islamic Social Finance and Impact Investing

This session would discuss about best practice and implementation of Islamic social finance particularly cash waqf
which have opportunity to support impact investing.

  1. Islamic Socially Responsible Investment
    Mohamad Ikhsan Modjo, Faculty Member, BINUS University
  2. Cash Waqf Deposit Scheme: Social Islami Bank Limited Experience 
    Prof. Md. Anwarul Azim Arif, Chairman of Social Islami Bank Limited
  3. Cash Waqf Funds to Support Social Entrepreneurs 
    Dr. Imam Teguh Saptono, Indonesia Waqf Board

Discussion Chair : Iggi H Achsien (MES)

14:3014:40

Photo Session and souvenir presentation

14:4016:20

Panel Session 5: Role of Government to Support Islamic Finance for Impact Investing

This session would explore the government’s role to support Islamic finance for impact investment that includes Indonesia’s masterplan of
Islamic economic and finance, Malaysia experience, and policy mixed.

  1. Islamic Finance for Impact Investing in Indonesian Master Plan for Islamic Economic and Finance 
    Amalia Adininggar Widyasanti, ST, MSi, M.Eng, Ph.D, Staf Ahli Bidang Sinergi Ekonomi dan Pembiayaan, Bappenas
  2. Government Support for the Development of Impact Investing: Case Study East Java 
    Dr. H. Emil Elestianto Dardak, M.Sc, Deputy Governor of East Java Province
  3. Government Support for the Development of Impact Investing: Case Study Malaysia
    Arsalaan Ahmed, CEO of HSBC Amanah Malaysia
  4. Blending of Islamic Finance and Impact Investing: Role of Government 
    Prof. Dr. Suahasil Nazara, Chairman of Fiscal Policy Agency, Ministry of Finance

Discussion Chair : Dr. Mohamed Ishthiaq Akbar, Country Manager IDB Group Regional Hub Indonesia

 

16:2016:30

Photo Session and souvenir presentation

16:3016:50

Closing

Arif Baharudin, Assistant of Minister for Financial Services and Capital Market Policy and Regulation, Ministry of Finance

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