3rd Bank of Indonesia International Seminar on Islamic Finance.
WRITING up a paper based on the Islamic Regulation talk (co-author Wijdan Tariq)
Four sessions of four talks each, two on each day. I gave presentations in First & Last Sessions:
10.15 – 12.00 Session 1: Economics of Norms
14.00 – 16.30 Session 4: Macroprudential Policy Framework for Islamic Finance towards a whole Financial System Stability
One key point in my talk was REGULATORY CAPTURE, which is of the essence in discussing MacroPrudential Policy. A very interesting issue/reading proving this point is LINKED HERE This shows how regulatory capture works.
Powerpoint slides and some reference materials for each slide are attached below. Complete recorded audio plus slides [made later] are available HERE.
One of the references provides extensive details about the Savings and Loans crisis of 1980's, initiated by the Garn-St. Germain Act of 1982. This is the book
Inside Job: The Looting of America's Savings and Loans by Pizzo, Fricker and Muolo. Full text is available from
Larry Summers had a lot to do with de-regulation which led to financial crises. Some links documenting this are given here:
Larry Summers & the Subversion of Economics, in the Chronicle of Higher Education. Excerpt:
Summers remained close to Rubin and to Alan Greenspan, a former chairman of the Federal Reserve. When other economists began warning of abuses and systemic risk in the financial system deriving from the environment that Summers, Greenspan, and Rubin had created, Summers mocked and dismissed those warnings. In 2005, at the annual Jackson Hole, Wyo., conference of the world's leading central bankers, the chief economist of the International Monetary Fund, Raghuram Rajan, presented a brilliant paper that constituted the first prominent warning of the coming crisis. Rajan pointed out that the structure of financial-sector compensation, in combination with complex financial products, gave bankers huge cash incentives to take risks with other people's money, while imposing no penalties for any subsequent losses. Rajan warned that this bonus culture rewarded bankers for actions that could destroy their own institutions, or even the entire system, and that this could generate a "full-blown financial crisis" and a "catastrophic meltdown."
Summers disinformation at Davos:
PROGRAM of Conference
THURSDAY, May 30th, 2013
08.00 – 09.00 Registration and refreshments
09.00 – 10.00 Opening Session
Welcoming Remarks : Made Mangku Pastika, Governor of Bali Province
Opening Address : Dr. Darmin Nasution, Governor, Bank Indonesia
Keynote Speech : Ir. Hatta Rajasa MSc, Coordinating Minister for Economic Affairs, Indonesia
10.00 – 10.15 Networking and resfreshments
10.15 – 12.00 Session 1: Economics of Norms
Topics will be discussed:
1. Improving the quality of Islamic finance: Maqasid value and falah
2. Islamic financial stability
3. Social aspect and financial inclusion
4. Government role on Islamic finance
Panelists:
1. Prof. Dr. Tahir Mansoori, International Islamic University, Islamabad, Pakistan
2. Prof. Dr. Asad Zaman, International Islamic University Islamabad, Pakistan
3. Dr. Mohamed Elgari, King Abdul Aziz University, Saudi Arabia
4. Dr. Muhammad Syafi’i Antonio, National Sharia Board, Indonesia
Moderator: Dr. Irfan Sauqi Beik, Head of Islamic Economics Program, IPB, Indonesia
12.00 – 14.00 Lunch Break
14.00 – 16.30 Session 2: Government Sector and Islamic Infrastructure Financing
Topics will be discussed:
1. Government policy to support Islamic finance through Public Private Partnership (PPP)
2. Restructuring Islamic funds to finance infrastructure project
Panelists:
1. Dr. Anggito Abimanyu, Director General Hajj and Umrah Affairs, Ministry of Religion, Indonesia
2. Mr. Stefan G. Koeberle, Country Director, World Bank
3. Mr. Waheed Qaiser, President & Vice Chairman, Maxim Corporate Finance LLP, United Kingdom
4. Dr. Sami Al-Suwailem, Islamic Development Bank
Moderator: Dr. Muslimin Anwar, Senior Researcher, Bank Indonesia
16.30 – 19.00 Afternoon Break
19.00 – 21.00 Gala Dinner
Presentation and Announcement survey result of Global Islamic Finance Report (GIFR) 2013
by Prof. Humayon A. Dar, CEO BMB Islamic, UK.
SECOND DAY: FRIDAY, May 31st, 2013
08.30 – 09.00 Refreshments
09.00 – 11.30 Session 3: Islamic Social Sector
Topics will be discussed:
1. Mitigating the poor: Institutional Model
2. Islamic Social Fund
3. Islamic Microfinance Institution
4. Islamic Banks Role
Panelist:
1. Dr. Peter Van Dierman, National Team for Accelerating Poverty Reduction (TNP2K)
2. Mr. Arup Chatterjee, Asian Development Bank
3. Mr. Muhammad Ashraf Khan, Executive Director, State Bank of Pakistan
4. Ir. Arviyan Arifin, President Director, Bank Muamalat Indonesia
Moderator: Dr. Ronald Rulindo, Islamic Financial Services Board (IFSB)
11.30 – 14.00 Lunch and Friday Pray
14.00 – 16.30 Session 4: Macroprudential Policy Framework for Islamic Finance towards a whole Financial System Stability
Topics will be discussed:
1. Positioning Islamic finance on macroprudential policy: concept and framework in iFSAP
2. Malaysia Experience: Implementing macroprudential policy on Islamic finance
3. International Guidance on Macroprudential policy on Islamic Finance
4. Best practice and development of macroprudential policy
Panelist:
1. Dr. Dadang Muljawan, Senior Economist, IDB
2. Mr. Bakarudin Ishak, Assistant Governor, Bank Negara Malaysia
3. Prof. Dr. Asad Zaman, International Islamic University Islamabad, Pakistan
4. Dr. Ben Bingham, International Monetary Fund (IMF)
Moderator: Dr. Mulya E. Siregar, Assistant Governor, Bank Indonesia
16.30 – 17.00 Closing Ceremony
Ir. Edy Setiadi, MSc, Executive Director, Islamic Banking Department, Bank Indonesia
Ir. Dwi Pranoto, Head of Regional Office III (Bali and Nusa Tenggara), Bank Indonesia
19.00 – 21.00 Farewell Dinner
Traditional Performance and Dinner
Regulation of Financial Markets: An Islamic Perspective - You-Tube Video 71m:
Regulation of Financial Markets - Abstract+Video on AZ Seminars (bit.do/azrfm)
Paper on Islamic Macro-Prudential Regulation - Prepared on basis of Conference talk
Islamic Views of Poverty and Inequality - Draft of DISCUSSION paper for JKAU-IE
3rd Bank of Indonesia International Seminar on Islamic Banking - CENTRAL listing within all seminars/conferences