Session Two: Sukuk and the Islamic Capital Markets in Japan Identifying developments in the Sukuk market since the reform framework was introduced • What does the tax reform on Sukuk Ijarah mean for the Japanese Islamic financial market? • Market opportunities for Sovereign issuances • The market and appetite for Islamic capital and foreign issuance • Fund raising through corporate Sukuk to aid economic growth • Sukuk rating perspective and criteria Moderator: Stuart Porter - Partner, PwC Japan Panelist: Naoki Ishikawa - Partner, Mori Hamada & Matsumoto Megat Hizaini Hassan - Partner and Head Islamic Finance Practice, Lee Hishammuddin Allen & Gledhill Kazuhiko Tahara - Director, Daiwa Securities Capital Markets Naoko Nemoto- Managing Director, Financial Institutions Ratings, Standard & Poor's Rating Services