
COURSE BACKGROUND
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 action 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 Tawarruq, Waad and Rahn. 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
- Assess and evaluate recent Shariah requirements and optional practices for Tawarruq-based structures and products
- Examine and evaluate recent Shariah requirements and arrangements for Waad-based structures and products
- Discuss the structure of treasury and retail uses for Waad based products
- Examine and evaluate recent Shariah requirements and arrangements for Rahn
- Ensure Shariah compliance throughout product development and facilitation for Tawarruq, Waad and Rahn and various combinations
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.
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AGENDA
- Reminding ourselves of the structure, workings and uses of Tawarruq
- Assessing the influence and ramifications of pronouncements made by each of the following organisations:
- Shariah Advisory Council of Bank Negara Malaysia
- Shariah Advisory Council of Securities Commission Malaysia
- Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
- OIC Fiqh Academy
Associate Professor Dr Rusni Hassan — Deputy Dean IIUM Institute of Banking & Finance and member, Shariah Advisory Council, Bank Negara Malaysia
- Identifying opportunities for banks to incorporate Tawarruq structures and features
- Examining and evaluating recent Shariah requirements for Tawarruq
- Discussing the arrangement of Tawarruq structures and identifying key Shariah issues
- Assessing the incorporation of Tawarruq with other contracts
- Evaluating Shariah issues associated with dissolution and completion of Tawarruq
- Ensuring Shariah compliance throughout product development and facilitation
Mohd. Johan Lee — Managing Partner, J. Lee & Associates
Mohd. Johan Lee — Managing Partner, J. Lee & Associates
- Unilateral and Bilateral Wa’d and Shariah requirements for both
- Discussing the arrangement of Wa’d structures in various Islamic Banking’s product and salient features
- Assessing the incorporation of Wa’d with other contracts and addressing some key Shariah issues
- Dissolution and completion of Wa’d; evaluating Shariah issues and its implication
- Ensuring Shariah compliance throughout product development
Mohd Faris Ghazali — Deputy Manager, Shariah Risk Management, Bank Islam Malaysia
- Identifying opportunities for banks to incorporate Rahn structures and features
- Examining and evaluating recent Shariah requirements for Rahn
- Discussing the arrangement of Rahn structures and identifying key Shariah issues
- Assessing the incorporation of Rahn with other contracts
- Evaluating Shariah issues associated with dissolution and completion of Rahn
- Ensuring Shariah compliance throughout product development and facilitation
Mohd Faris Ghazali — Deputy Manager, Shariah Risk Management, Bank Islam Malaysia
EXPERT COURSE DIRECTORS

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.

Johan is the managing partner of J. Lee & Associates, a legal firm in Malaysia. He graduated with LLB (Hons) degree from International Islamic University Malaysia. He also holds a Master of Comparative Laws degree, a post-graduate Diploma in Shariah and Legal Practice both of which from International Islamic University Malaysia and, an MA in Economics for Competition Law from King’s Collage London. He is currently a qualified member of the Chartered Institute of Arbitrators, 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 language, Mandarin, he is also the first Chinese origin Shariah practitioner ever admitted by the Shariah court. His current practice includes corporate and commercial law, competition law, compliance and Islamic corporate finance related matters. He is instrumental in developing Islamic banking, Takaful and Islamic corporate finance documents and exercises for several financial institutions as well as corporate and governmental entities in Malaysia. Johan lectured in the law faculty of International Islamic University Malaysia since 1999 for both undergraduate and postgraduate law programmes. He has taught for a special exclusive diploma programme in Islamic Banking, jointly offered by IIUM and the Bar Council. He also lectures occasionally in various other local universities, Bank Negara Malaysia (BNM), as well as Institute Latihan Kehakiman (ILKAP) and Jabatan Kehakiman Syariah Malaysia (JKSM) for both civil courts and Shariah courts judges concerning Islamic banking. In 2006, he was a visiting scholar to the Asian Law Centre of the University of Washington. He is currently a Shariah consultant to governmental agencies as well as government-funded banks. He is the author of the book ‘Legal Documentation for Islamic Banking’ published by the IBFIM, and co-author of an upcoming book ‘Islamic Financial Services Act 2013: Commentaries’ to be published and launched by the Current Law Journal. Johan is now a member of the Shariah Advisory Council (SAC) of the Association of Islamic Banks Malaysia (AIBIM and is a consultant to new law practices in Malaysia, Brunei, Singapore, Indonesia and the UK.

Mr. Mohd Faris Ghazali has been with Bank Islam Malaysia Berhad since February 2012. Prior to joining Bank Islam, Faris worked with Islamic Financial Services Board (IFSB) where he was involved in database projects for Islamic Financial Soundness Indicators. He also worked closely with International bodies such as International Monetary Fund and participated in several workshops to facilitate the national compilers in their compilation exercises. He was also part of working team member in drafting Revised Capital Adequacy Standard IFSB-15 in 2011.
At Bank Islam Faris advises business units in various areas, including treasury operations, commercial, retail and corporate banking. Faris advises on Islamic profit rate swaps, FX spots and forwards, Islamic cross currency swaps, Islamic investment account products, Negotiable Islamic Debt Certificate, (NIDC), letters of credit –i, bank guarantees -i, trades working capital, accepted bills, Inah & Tawarruq based products and their documentation.
Faris obtained his first degree from University of Malaya and holds a Masters Degree from National University of Malaysia (UKM) where he specialized in Islamic Economic and Banking from both universities. He is the recipient of the Global University of Islamic Finance (INCEIF) inaugural scholarship and has qualified as a Chartered Islamic Finance Professional (CIFP) from the INCEIF in 2009.
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.
- Islamic bankers and management
- Islamic bankers and management
- Shariah advisors, 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
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