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Introduction to IIFM Seminar on Islamic Financial Markets Monday, 8 th May 2018, Kuala Lumpur FinTech and Hosted by Labuan FSA and Labuan IBFC Inc. Smart Contracts Ismail Dadabhoy Advisor, IIFM FinTech The Buzz Word What is Fintech? I

  1. Introduction to IIFM Seminar on Islamic Financial Markets Monday, 8 th May 2018, Kuala Lumpur FinTech and Hosted by Labuan FSA and Labuan IBFC Inc. Smart Contracts Ismail Dadabhoy Advisor, IIFM

  2. FinTech – The Buzz Word What is Fintech? I say, it is Disruptive Technology to provide seamless workflow. It is an overlap of Technology and Finance. Why Disruptive…….. It disrupts the financial system. Shifting current manual and inefficient workflow by eliminating human intervention, eliminating possible human errors and introduces Artificial Intelligence in the equation towards automation. With the fast development of technology, we in the financial market have to be ready to embrace it. Having said that, some banks have already started implementing. Branchless banking is coming!!! Now a days, FinTech is also associated with Mobile wallet, Bitcoin etc . 1 Introduction to FinTech and Smart Contracts, IIFM Seminar, 8 th May 2018, Kuala Lumpur

  3. FinTech Innovation Trends Introduction to FinTech and Smart Contracts, IIFM Seminar, 8 th May 2018, Kuala Lumpur 2

  4. Smart Contracts Is it smart? Is it a contract? Is it smart? Is it a contract? "A smart contract is an agreement whose execution is both automatable "A set of promises, specified and enforceable . Automatable by in digital form, including computer, although some parts may protocols within which the require human input and control. parties perform on the other Enforceable by either legal promises. ” enforcement of rights and obligations or tamper-proof execution." - Nick Szabo, 1994 - Clack, Bakshi and Braine, 2016. Presently we are at the relatively early stage of development in this field ,as there is still a lack of agreement on what a smart contract is in terms of existing Legal 4 Standards and Contracts and will replace current legal contract or simply automate Source: Dr. Peter Werner, ISDA

  5. Is FinTech Really A New Phenomena? • Contract Matching - Trax • Settlement Matching and Clearing - Clearstream and Euroclear • Settlement Cashflow on Bonds and Sukuk • Collateral Management - Tri Party 4 Introduction to FinTech and Smart Contracts, IIFM Seminar, 8 th May 2018, Kuala Lumpur

  6. Source: PC Magazine Image credit: Capgemini 5 Introduction to FinTech and Smart Contracts, IIFM Seminar, 8 th May 2018, Kuala Lumpur

  7. A smart contract summary 10 points on smart contracts. A smart contract To improve Using Making And automates tasks performance. software processes more faster ... code. efficient Works well But they can with distributed work with other ledgers technology too 7 Source: Dr. Peter Werner, ISDA

  8. Smart Contracts  “ Smart legal contract” versus “smart contract code”. The latter refers to elements of legal contract being represented and executed by software. The former is the code designed to execute certain tasks  A smart contract is an automatable and enforceable agreement. Automatable by computer, although some parts may require human input and control. Enforceable either by legal enforcement of rights and obligations or via a tamper-proof execution of computer code  Certain operational clauses within legal contracts lend themselves to being automated. Other non- operational clauses, eg, governing law clauses, are les susceptible to being expressed in machine-readable code. Other legal clauses are subjective or require interpretation  A possible near term application of a smart contract is for the legal contract to remain in natural legal language, but for certain actions to be automated via smart contract  This would require those actions, eg, payments and deliveries, to be represented in a more formal, standard way within the ISDA Definitions, enabling them to be read by machines  Transaction data could be held on a distributed ledger that would be available to regulators. This would ensure there is a single, shared representation of each trade  Industry wide standards are required to ensure smart contracts are interoperable across firms and platforms. ISDA is working on these standards Source:I Dr. Peter Werner, ISDA

  9. Survey Time Is it a Legal Contract Issue OR Smart Coding Issue 8 Introduction to FinTech and Smart Contracts, IIFM Seminar, 8 th May 2018, Kuala Lumpur

  10. ICMA FinTech Directory • European Repo & Collateral Council, Operations WG and FinTech WG Initiative • KYC On Boarding • Matching and Confirmation • Collateral Management • Corporate Action • Exposure Agreement • Reconciliation 9 Introduction to FinTech and Smart Contracts, IIFM Seminar, 8 th May 2018, Kuala Lumpur

  11. Where can Islamic Finance Adopt? • Possible Automation in Islamic Finance • Murabahah • Collateralised Murabahah - Collateral Management and Margining • Wakalah • Tahawwut Master Agreement – Profit Rate Swap etc 10 Introduction to FinTech and Smart Contracts, IIFM Seminar, 8 th May 2018, Kuala Lumpur

  12. We All Are Learning 11 Introduction to FinTech and Smart Contracts, IIFM Seminar, 8 th May 2018, Kuala Lumpur

  13. The Way Forward Like we embraced internet and social media. Think how you can streamline and automate Embrace Fintech and work towards : Standard Enforceable Agreement, Tamper proof execution of Computer code and Automation Smart Contract is Here and it will Catch On! 12 Introduction to FinTech and Smart Contracts, IIFM Seminar, 8 th May 2018, Kuala Lumpur

  14. Shukran Wassalamu Alaikum International Islamic Financial Market (IIFM) Office 72, 7 th Floor, Zamil Tower , Government Avenue, P.O. Box: 11454, Manama, Kingdom of Bahrain Tel: +973 17500161, Fax: +973 17500171, Email: info@iifm.net, Website: www.iifm.net Disclaimer: The information herein has been obtained from sources believed to be reliable but cannot be guaranteed. The views or opinions expressed are subjected to change at any time. Neither the information nor any opinion expressed can be construed as a solicitation for the purchase or sale of any securities. International Islamic Financial Market disclaims liability in this respect.

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