Bank Negara Malaysia recently released detailed Shariah guidelines, requirements and optional practices and arrangements for various Islamic financial contracts, products and features. Following on from this, banks and financial institutions will be required to submit actions plans based around these requirements and practices. As such, a great deal of important information gathering and analysis will have to take place in a relatively short period of time.
REDmoney Seminars is pleased to offer an insightful, concise and incisive update on the Shariah standards and requirements, optional practices and arrangements for Hibah, Wadiah, Qard, Rahn, Wakalah and Kafalah. Industry experts will cover the most important elements of each, and will identify key areas for attention and action.
KEY LEARNING OUTCOMES
Identify and understand the announcement and implementation timetable for regulatory and Shariah standards and requirements
Examine and evaluate recent Shariah requirements and arrangements for Hibah, Wadiah, Qard and Rahn
Assess and evaluate recent Shariah requirements and optional practices for Istisnah-based structures and products
Assess and evaluate recent Shariah requirements and optional practices for Wakalah and Kafalah-based structures and products
Understand and absorb the key to effective Shariah review for Islamic banking operations offering Hibah, Wadiah, Qard, Rahn, Wakalah and Kafalah contracts and features
Understand Shariah issues associated with dissolution and completion
Ensure Shariah compliance throughout product development and facilitation for Hibah, Wadiah, Qard, Rahn, Wakalah, Kafalah and various combinations
Who Will Benefit?
The seminar will be highly beneficial to anyone in a bank or financial institution involved in the structuring, development, marketing and risk management of Islamic financial products.
Identify and understand the announcement and implementation timetable for regulatory and Shariah standards and requirements
Islamic bankers and management
Shariah advisers, officers, control and review staff
Compliance officers and in-house counsel
Risk managers
Product development officers
Operations managers
Consultants and advisors
Financial audit and review team members
Regulators and supervisory bodies
Agenda
9:00 – 11:15
Session 1: Shariah Requirements, Optional Practices and Arrangement for Hibah, Wadiah, Qard & Rahn
Identifying opportunities for banks to incorporate Hibah, Wadiah, Qard and Rahn structures and features
Examining and evaluating recent Shariah requirements for Hibah, Wadiah, Qard and Rahn
Discussing the arrangement of Hibah, Wadiah, Qard and Rahn structures and identifying key Shariah issues
Assessing the incorporation of Hibah, Wadiah, Qard and Rahn with each other as well as other contracts
Evaluating Shariah issues associated with dissolution and completion of Hibah, Wadiah, Qard and Rahn
Ensuring Shariah compliance throughout product development and facilitation
Associate Professor Dr Rusni Hassan —Deputy Dean IIUM Institute of Banking & Finance and member, Shariah Advisory Council, Bank Negara Malaysia
11:15 – 11:45
Coffee and Networking
11:45 – 1:00
Session 2: Shariah Requirements, Optional Practices and Arrangement for Wakalah & Kafalah
Identifying opportunities for banks to incorporate Istisnah and assessing its convertibility into Tawarruq structures
Examining and evaluating recent Shariah requirements for Istisnah
Discussing the arrangement of Istisnah and identifying key Shariah issues
Assessing the incorporation of Istisnah with other contracts
Evaluating Shariah issues associated with dissolution and completion of Istisnah
Ensuring Shariah compliance throughout product development and facilitation
Associate Professor Dr Aishath Muneeza — International Centre for Education in Islamic Finance
1:00 – 2:15
Luncheon
2:15 – 3:30
Session 2: Shariah Requirements, Optional Practices and Arrangement for Wakalah & Kafalah(continued) Associate Professor Dr Aishath Muneeza — International Centre for Education in Islamic Finance
3:30 – 4.00
Coffee and Networking
4:00 – 5:00
Session 3: Addressing Shariah Audit Issues and Management for Hibah, Wadiah, Qard, Rahn, Wakalah & Kafalah
Identifying real-life Shariah audit hotspots in Islamic banking operations for the above products and features
Effectively undertaking steps towards Shariah risk management and mitigation
Incorporating Shariah compliance and Shariah non-compliance reporting
Wan Rizaidy Wan Sauf — Advisor, Capital Markets Unit, Monetary Authority of Brunei Darussalam
