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Shariah Governance, Audit, Risk Management & Reporting

SIDC CPE-approved: 10 CPE Points

Date: 20th April 2016
Venue: DoubleTree Hotel, Kuala Lumpur

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COURSE BACKGROUND

This one day seminar will provide delegates with an in-depth understanding of Shariah risk and review for Islamic financial institutions, highlighting where banks are exposed, what relevant regulations and reporting requirements need to be adhered to and the use of Shariah risk assessment tools.

The seminar will outline the importance of Shariah key risk indicators in managing Shariah risk, as well as the implications of IFSA 2013 on Shariah governance and reporting.

Highlights

  • Shariah and operational risk: tools, scope and key processes in common 
  • Practicalities of Shariah risk assessment tools and importance of Shariah key risk Indicators in managing Shariah risk within an Islamic financial institution 
  • Implications of IFSA 2013 for Shariah audit, Shariah risk management and compliance functions within an Islamic financial institution
  • Ensuring Shariah audit, governance and compliance policies and procedures are in compliance with IFSA 2013
  • Tools, checklists and processes for assessing Shariah key risk indicator and non-compliance within the audit process
  • Internal audit planning, fieldwork and reporting within an Islamic financial institution

For enquiries please contact:

Normariya Sariman
Account Manager, REDmoney Seminars
[email protected]
Direct Line: +603 2162 7800 ext 44

Ramesh Kalimuthu
Events Sales Director
[email protected]
Direct Line: +603 2162 7800 ext 65
Fax: +603 2162 7810

For sponsorship & speaking opportunities:

Andrew Tebbutt

Managing Director
[email protected]
Direct Line: +603 2162 7802

For marketing and media enquiries

Govina Selvanthran

Marketing Manager
[email protected]
Direct Line: +603 2162 7800 ext 22

If you are looking for an in-house training program or wish to send a group to an existing public program, kindly please contact Andrew Tebbutt at [email protected] or +603 2162 7802.
Learn More

AGENDA

Welcome Remarks (9:00 – 9:15)
Session One (9:15 – 10:00): An Overview of Shariah Risk and Review for Islamic Financial Institutions and Highlighting Where Banks are Exposed
  • Main functions of Shariah risk management as required by Shariah Governance Framework and role of Shariah Committee in Islamic financial institutions
  • Shariah Review vs. Audit vs. Risk Management: overlapping and key differences in term of function
  • Types and common examples of Shariah risks inherent in Islamic financial institutions: product flaws in documentation or structure, gap between Islamic banks’ practices & regulatory requirement and potential flashpoints
  • Shariah and operational risk: tools, scope and key processes in common
  • Overview of relevant local regulation and reporting requirements
  • Practicalities of Shariah risk assessment tools and importance of Shariah key risk Indicators in managing Shariah risk within an Islamic financial institution

Associate Professor Dr. Rusni Hassan — Member, Shariah Advisory Council, Bank Negara Malaysia Deputy Dean, IIUM Institute of Islamic Banking and Finance

Session Two (10:00 – 10:50): Update on Regulatory Issues: Shariah Risk, Governance and Compliance with Islamic Financial Services Act 2013
  • Overview of IFSA 2013 and the comprehensive legal framework it establishes for the Islamic banking sector in Malaysia: obligations and responsibilities of Shariah advisors and bank management
  • Implications of the act for Shariah audit, Shariah risk management and compliance functions within an Islamic financial institution
  • Ensuring Shariah audit, governance and compliance policies and procedures are in compliance with IFSA 2013
  • Where do we stand with regards to IFSA 2013 today, in 2016? Towards implementing an effective Shariah risk management, Shariah audit and governance for Islamic banks

Mohd. Johan Lee — Partner, J Lee & Associates

Coffee & Networking (10:50 – 11:20)
Session Three (11:20 – 12:20): Planning and Managing an Effective Shariah Audit Program for an Islamic Financial Institution
  • We invite Sukuk issuers, such as the government of Oman, Omantel and Oman Air, to offer their views on why they chose to raise funds Islamically. Can the Sukuk issuance process be simplified? What are the challenges that need to be addressed and what ultimately contributed to the success of each deal?
    • Aims and objectives of a modern Shariah Audit: features, components, planning
    • Tools, checklists and processes for assessing Shariah key risk indicator and non-compliance within the audit process
    • Shariah audit versus a Shariah review – key similarity and differences
    • Risk identification and mapping in preparation for an effective Shariah audit
    • Reporting procedure for a Shariah audit

Nik Shahrizal Sulaiman — Executive Director, PwC

Luncheon (12:20 – 13:20)
Session Four (13:20 – 14:10): Shariah Non-Compliance Reporting: What it means for Islamic Financial Institutions
  • Responsibilities of an IFI and relevant stakeholders with regards to Shariah non-compliance reporting
  • Reporting requirements in Malaysia: Practical issues with Shariah non-compliance reporting within Islamic Banks
  • Rectification options and procedure, non-halal income management and purification
  • Hot spot areas or activities which will trigger Shariah noncompliant risk in Islamic banks

Ahmad Mukarrami Ab Mumin — Head, Shariah Division, RHB Islamic Bank

Session Five (14:10 – 15:00): The Internal Auditor’s Role in Managing Shariah Risk, Governance & Compliance
  • Where Shariah audit and internal audit meet and overlap
  • Responsibilities and jurisdictions of each function
  • The role of the internal auditor in planning and implementing a Shariah audit
  • Internal audit planning, fieldwork and reporting within an
    Islamic financial institution

Noor Azian Ismail — Head, Group Audit - Islamic Banking, Maybank

Moderated Panel (15:00 – 16:00): The Future Direction, Requirements and Responsibilities of Shariah Governance, Control and Risk Management Function in Malaysia
  • Burden of existing and potential banking legislation
  • Managing and building a team: human capital issues
Coffee and Networking (16:00 – 16:30)
End of Seminar (16:30)

EXPERT COURSE DIRECTORS

Ahmad Mukarrami Ab Mumin Shariah Division, RHB Islamic Bank

Ahmad Mukarrami Ab Mumin is currently heading the Shariah Division, RHB Islamic Bank since 2011. He began his career with CIMB Islamic Bank, and thereafter assumed a managerial position at the Shariah Department in HSBC Amanah before moving to RHB Islamic Bank. Graduated with a Bachelor’s Degree in Shariah & Law from Universiti Malaysia, he pursued and completed LL.M (Business Law) from IIUM before venturing into the industry. More than often, he is invited as a guest speaker and presenter within the area of Islamic Banking and Islamic Capital Market. He also contributes to the education field being an adjunct lecturer for several local and international universities. He has written various articles inwellknown magazines including Islamic Finance News (IFN), Global Islamic Finance Magazine (Ask Shariah Expert Column) and the New Horizon Magazine.

Mohd Johan Lee Partner, J Lee & Associates

Johan Lee is the managing partner of J Lee & Associates, a legal firm in Malaysia. He graduated with a Bachelor of Laws (Hons) degree from International Islamic University Malaysia. He also holds a Master of Comparative Laws degree, a postgraduate diploma in Shariah and legal practice both from International Islamic University Malaysia and a Master of Arts degree in economics for competition law from King’s College London. He is currently a qualified member of the Chartered Institute of Arbitrators in the UK as well as a mediator of the Malaysian Bar. He is an advocate and solicitor of the High Court of Malaya. Proficient in English, Malay and Mandarin, he is also the first Shariah practitioner of Chinese origins ever admitted by the Shariah court. His current practice includes corporate and commercial law, competition law, compliance matters and Islamic corporate finance-related matters.

Noor Azian Ismail Head, Group Audit- Islamic Banking, Maybank

Noor Azian Ismail has 12 years’ vast experience in the audit function for the banking, investment banking and asset management industry. She is currently the Head of Shariah Audit & Process Review Section of the internal audit department at Bank Muamalat Malaysia. Azian began her carrier with Mayban Finance in year 2001 as an Internal Auditor for branch audit functions. In year 2004, due to the merger of Mayban Finance with Maybank Group, she was assigned to audit the head office functions under the Group Internal Audit Division of Maybank. She then later diversified her internal audit skills in Investment Banking and Asset Management audit functions under the same Maybank Group. In year 2009, she left Maybank and expanded her career as an Investment Compliance Manager at RHB Islamic for one year. In year 2010, due to a regulatory requirement imposed by the Bank Negara Malaysia (BNM), she was given the responsibility to establish and lead the Shariah audit functions for Bank Muamalat Malaysia. Since then, she is assisting Bank Muamalat in strengthening the Shariah Governance and Shariah Control functions for the Bank.

Nik Shahrizal Sulaiman Executive Director, PricewaterhouseCoopers (PwC) Malaysia

Nik Shahrizal has over 12 years of experience in the financial sector, both in the UK and in Malaysia. He specializes in the area of Islamic finance and is part of the firm’s Global Islamic Finance Team (GIFT). Nik was the project lead for a Shariah audit engagement in one of the largest banks in Malaysia. He has been involved in the Shariah audit initiatives for PwC, involving Shariah audits and discussions with the regulators and industry players on the Shariah audit framework. In addition, Nik has also been involved in a number of assurance and advisory engagements for Islamic banks. This includes financial due diligence for the acquisition of an Islamic bank in the region, strategic assessment of a new Islamic bank set-up and Basel II assessments for two major Islamic banks in the country. He has also performed an operational assessment for a conventional bank’s transition to an Islamic bank. His experience also includes review of the enterprise-wide risk management (ERM) framework from a Shariah perspective – assessing the Shariahrelated risks in the institution and embedding the Shariah risk assessment process into the existing ERM framework for his client.

Associate Professor Dr Rusni Hassan Member, Shariah Advisory Council, Bank Negara Malaysia Deputy Dean, IIUM Institute of Islamic Banking and Finance

Dr Rusni Hassan is an associate professor and the deputy dean at the IIUM Institute of Islamic Banking and Finance, International Islamic University Malaysia (IIUM). She graduated with a Bachelor of Laws degree (Honors), a Bachelor of Laws degree (Shariah) (First Class), a Master of Comparative Laws degree and a PhD in law. She is a member of the following: Shariah Advisory Council for Bank Negara Malaysia, Association of Islamic Banking Institutions Malaysia, Shariah Committee for HDFC and HDC Maldives. She is a registered Shariah advisor with the Securities Commission Malaysia and is the secretary for the Association of Shariah Advisors in Islamic Finance Malaysia and the International Council of Islamic Finance Educators.

Dr Rusni has spoken extensively in seminars, workshops, conferences and trainings on various Islamic finance issues. Her publications include books on Islamic banking and Takaful, Islamic banking under Malaysian law, corporate governance of Islamic financial institutions and many articles in local and international journals. She has received awards such as ‘Promising Researcher’ at IIUM in 2012. Her works and contribution to Islamic finance have also been recognized internationally when she was listed among the ‘Top 10 Women in Islamic Finance’ by CPI Financial in 2013. She also received the award of ‘Most Talented Women Professional in Islamic Banking’ at the Asia Islamic Banking Excellence Awards, CMO Asia in 2014.

Who Will Benefit?

  • Internal Shariah auditors 
  • Shariah department managers and key staff 
  • Accountants & auditors
  • Compliance managers
  • Product development managers 
  • Regulators and supervisors 
  • Credit & risk management professionals

For enquiries please contact:

Normariya Sariman
Account Manager, REDmoney Seminars
[email protected]
Direct Line: +603 2162 7800 ext 44

Ramesh Kalimuthu
Events Sales Director
[email protected]
Direct Line: +603 2162 7800 ext 65
Fax: +603 2162 7810

For sponsorship & speaking opportunities:

Andrew Tebbutt

Managing Director
[email protected]
Direct Line: +603 2162 7802

For marketing and media enquiries

Govina Selvanthran

Marketing Manager
[email protected]
Direct Line: +603 2162 7800 ext 22

If you are looking for an in-house training program or wish to send a group to an existing public program, kindly please contact Andrew Tebbutt at [email protected] or +603 2162 7802.
Learn More

About Us

REDmoney Events designs, organizes and hosts industry-leading conferences, forums, roadshows and seminars focusing on the Islamic financial markets across a global, regional and national level.

+603 2162 7800
[email protected]

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