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About The Seminar

Tawarruq is the preferred choice of contract for bankers not just for working capital requirements, but also for asset financing, mortgages, trade financing, fixed deposits, structured investments, and even savings account. In the last decade, Malaysia has experienced a rapid growth in Tawarruq based products for this reason. Hence, ensuring Shariah compliance with the policy document of Bank Negara is of paramount importance for all Islamic financial institutions (IFIs). This seminar offers comprehensive, concise and insightful update on the Shariah standards and operational requirements as well as legal documentation of Tawarruq and Tawarruq-based products. On the contrary, Tawarruq has also attracted criticisms as it imitates the conventional structures. Hence, we explore on how we can move beyond Tawarruq by evaluating some alternatives in the final session of the seminar to ignite further discussion amongst industry practitioners to drive innovation in the industry.

KEY LEARNING OUTCOMES

By the end of this course delegates will be able to:

  • Assess the key Shariah and operational requirements for Tawarruq
  • Examine the legal documentations for Tawarruq
  • Formulate Tawarruq-based products with other contracts/concepts
  • Identify the gap between the Shariah standards and the existing practices
  • Prepare actionable steps to deal with Shariah non-compliance incidents in Tawarruq
  • Explore alternative concepts to move beyond Tawarruq

Seminar Agenda

8:30 am – 9:00 am
Registration & Coffee
9:00 am – 10:30 am
Session 1: Overview & Application of Tawarruq in Islamic Financial Institutions
  • Tawarruq phenomenon in IFIs
  • Overview of Tawarruq Concept
  • Contemporary Shariah resolution on Tawarruq
  • Application of Tawarruq in IFIs
10:30 am – 11:00 am
Coffee
11:00 am – 1:00 pm
Session 2: Shariah & Operational Requirements of Tawarruq
  • Structure of BNM’s Policy Document on Tawarruq
  • Shariah Requirements
  • Arrangement of Tawarruq with other contracts/concepts
    • Wakalah
    • Dual agency
    • Wa’d
    • Ibra’
    • Ta’widh and gharamah
  • Operational Requirements
1:00 pm – 2:00 pm
Lunch & Prayer Break
2:00 pm – 3:30 pm
Session 3: Legal Documentation & Shariah Non-Compliance Risk in Tawarruq
  • Legal documentation in Tawarruq
  • Common pitfall in Tawarruq legal documentation
  • Shariah non-compliance risk in Tawarruq
  • Dealing with Shariah non-compliance incidents in Tawarruq
3:30 pm – 3:45 pm
Coffee
3:45 pm – 5:00 pm
Session 4: Criticisms over the Practice of Tawarruq and its Alternatives
  • Criticisms over the practice of Tawarruq
  • Exploring alternative concepts of Tawarruq:
    • Moving beyond CASA Tawarruq – CASA-based Salam
    • Moving beyond Tawarruq personal financing: Case study of education financing based on Ijarah al-khadamat
    • Moving beyond Tawarruq home financing
    • Moving beyond Tawarruq-based corporate financing

Where & When

Date: 20th February 2019
Venue: InterContinental, Kuala Lumpur

Who Should Attend?

  • Product Development Staff
  • Shariah Committee and Shariah Department
  • Shariah Audit & Shariah Compliance Review Team
  • Internal Audit
  • Risk Management
  • Corporate lawyers
  • Senior company management
  • Regulatory authorities

Fee

Early bird : RM 1,799
Register before 21st January 2019
Standard : RM1,999 per delegate
2 delegates (5% Discount) : RM1,899 per delegate
3 delegates (15% Discount) : RM1,699 per delegate
4 delegates (20% Discount) : RM1,599 per delegate
5 delegates (30% Discount) : RM1,399 per delegate

In-house/group training

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

Manual Registration

Kindly complete the registration form and email to [email protected] or fax +603 2162 7810

For enquiries please contact:

Mathias Sosovele
Account Manager, REDmoney Seminars
[email protected]
Direct Line: +603 2162 7800 ext 25

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

Anna Rozana Ramli
Marketing Director
[email protected]
Direct Line: +603 2162 7800 ext 22

Where & When

Date: 20th February 2019
Venue: InterContinental, Kuala Lumpur

Who Should Attend?

  • Product Development Staff
  • Shariah Committee and Shariah Department
  • Shariah Audit & Shariah Compliance Review Team
  • Internal Audit
  • Risk Management
  • Corporate lawyers
  • Senior company management
  • Regulatory authorities

Fee

Early bird : RM 1,799
Register before 21st January 2019
Standard : RM1,999 per delegate
2 delegates (5% Discount) : RM1,899 per delegate
3 delegates (15% Discount) : RM1,699 per delegate
4 delegates (20% Discount) : RM1,599 per delegate
5 delegates (30% Discount) : RM1,399 per delegate

In-house/group training

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./p>

Manual Registration

Kindly complete the registration form and email to [email protected] or fax +603 2162 7810

Register Online

About The Seminar

Tawarruq is the preferred choice of contract for bankers not just for working capital requirements, but also for asset financing, mortgages, trade financing, fixed deposits, structured investments, and even savings account. In the last decade, Malaysia has experienced a rapid growth in Tawarruq based products for this reason. Hence, ensuring Shariah compliance with the policy document of Bank Negara is of paramount importance for all Islamic financial institutions (IFIs). This seminar offers comprehensive, concise and insightful update on the Shariah standards and operational requirements as well as legal documentation of Tawarruq and Tawarruq-based products. On the contrary, Tawarruq has also attracted criticisms as it imitates the conventional structures. Hence, we explore on how we can move beyond Tawarruq by evaluating some alternatives in the final session of the seminar to ignite further discussion amongst industry practitioners to drive innovation in the industry.

KEY LEARNING OUTCOMES

By the end of this course delegates will be able to:

  • Assess the key Shariah and operational requirements for Tawarruq
  • Examine the legal documentations for Tawarruq
  • Formulate Tawarruq-based products with other contracts/concepts
  • Identify the gap between the Shariah standards and the existing practices
  • Prepare actionable steps to deal with Shariah non-compliance incidents in Tawarruq
  • Explore alternative concepts to move beyond Tawarruq

Seminar Agenda

8:30 am – 9:00 am
Registration & Coffee
9:00 am – 10:30 am
Session 1: Overview & Application of Tawarruq in Islamic Financial Institutions
  • Tawarruq phenomenon in IFIs
  • Overview of Tawarruq Concept
  • Contemporary Shariah resolution on Tawarruq
  • Application of Tawarruq in IFIs
10:30 am – 11:00 am
Coffee
11:00 am – 1:00 pm
Session 2: Shariah & Operational Requirements of Tawarruq
  • Structure of BNM’s Policy Document on Tawarruq
  • Shariah Requirements
  • Arrangement of Tawarruq with other contracts/concepts
    • Wakalah
    • Dual agency
    • Wa’d
    • Ibra’
    • Ta’widh and gharamah
  • Operational Requirements
1:00 pm – 2:00 pm
Lunch & Prayer Break
2:00 pm – 3:30 pm
Session 3: Legal Documentation & Shariah Non-Compliance Risk in Tawarruq
  • Legal documentation in Tawarruq
  • Common pitfall in Tawarruq legal documentation
  • Shariah non-compliance risk in Tawarruq
  • Dealing with Shariah non-compliance incidents in Tawarruq
3:30 pm – 3:45 pm
Coffee
3:45 pm – 5:00 pm
Session 4: Criticisms over the Practice of Tawarruq and its Alternatives
  • Criticisms over the practice of Tawarruq
  • Exploring alternative concepts of Tawarruq:
    • Moving beyond CASA Tawarruq – CASA-based Salam
    • Moving beyond Tawarruq personal financing: Case study of education financing based on Ijarah al-khadamat
    • Moving beyond Tawarruq home financing
    • Moving beyond Tawarruq-based corporate financing

Seminar Speaker


Dr. Mohammad Mahbubi Ali 
Head of Economics, Finance, Awqaf and Zakat Unit International Institute of Advanced Islamic Studies (IAIS) Malaysia

Dr. Mohammad Mahbubi Ali is head of economics, finance, awqaf and zakat unit cum research fellow at the International Institute of Advanced Islamic Studies (IAIS) Malaysia. He also serves as a Shariah committee member of Affin Islamic Bank. Previously, he was a researcher at the International Shariah Research Academy for Islamic Finance (ISRA). During his stint at ISRA, he had contributed to numerous ISRA’s research publications, mainly involving in the drafting of BNM Shariah Standards. He also served as Shariah consultant for ZICO Shariah Advisory Bhd and Roosdiono & Partners, Jakarta. He was a lecturer at the University of Kuala Lumpur and Unitar International University. He received a PhD in Islamic Banking and Finance from the IIUM Institute of Islamic Banking and Finance, Malaysia. He holds a bachelor degree in Shariah Business and Financial Management from the Islamic Business School, Tazkia Indonesia and Chartered Islamic Finance Professional (CIFP) from INCEIF, The Global University in Islamic Finance, Malaysia.

For enquiries please contact:

Mathias Sosovele
Account Manager, REDmoney Seminars
[email protected]
Direct Line: +603 2162 7800 ext 25

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

Anna Rozana Ramli
Marketing Director
[email protected]
Direct Line: +603 2162 7800 ext 22