DDCAP participated in an Islamic Finance Seminar hosted by Debashis Dey, Partner & Global Head of Islamic Finance at White & Case LLP, the City-based international law firm.
The first panel, comprising Harris Irfan from Gateway LLP, Hyder Jumabhoy, Corporate Partner, White & Case, and Julia Smithers Excell, Regulatory Partner, White & Case, discussed the latest developments in FinTech and its impact on the Islamic finance industry. The panel outlined the definition of FinTech within Islamic finance and its current position in comparison to FinTech in the conventional market. The consensus seems to be that FinTech in Islamic Finance remains some way behind the conventional market in both its application and its effectiveness. FinTech regulation in the industry similarly remains limited at this current time. Standardisation of regulation and entry into the market were also discussed.
The second panel discussed trends and developments in Islamic finance, drawing on experience of recent transactions across Bank Finance, Derivatives, Sukuk and Project Finance. This panel, moderated by Xuan Jin, Counsel, White & Case, comprised Debashis Dey, Claire Matheson Kirton, Sherief Rashed and Ingrid York – all Partners at White & Case – and Faris Al Amoudi, an Associate at the same firm. The panel also discussed case studies including the legislative and legal implications of the Dana Gas Sukuk and the application of AAOFI standards and their impact on Islamic finance.