What exactly is Shariah non-compliance risk and how does it manifest itself within your financial institution? Who is responsible for identifying, measuring and managing Shariah non-compliance risk? What happens in the instance of a potential Shariah non-compliance event, and how is the event triggered? Who should a potential Shariah non-compliance event involve and who is ultimately accountable for what? What steps must be taken with the escalation of a potential Shariah non-compliance event to senior management of a financial institution? What about escalation to the regulator?

As Shariah non-compliance evolves, the answers to these questions become less straightforward. In essence, everyone in an Islamic financial institution has responsibility for being vigilant about Shariah non-compliance. In reality, what is needed is a robust set of operating procedures that everyone is aware of in order to mitigate the consequences of any Shariah non-compliance event.

Over six hours, this two-part online program will help you understand what exactly Shariah non-compliance is, which departments are involved and what tools are available to help you establish proper procedures to mitigate and minimize Shariah non-compliance. Through practical examples and case studies you will gain a detailed understanding of the latest knowledge and industry best practices, to help you protect your financial institution.

• WHAT YOU WILL TAKE AWAY
  • Defining clearly what Shariah non-compliance risk is
  • Providing insight into the importance of ensuring end-to-end Shariah compliance
  • Providing awareness on the governance, role and expectation of BNM in managing SNC risk
  • Sharing best practices towards managing and mitigating SNC
  • Conducting fieldwork and surveys to understand Shariah non-compliance, as well as the standard operating procedures in response to a potential Shariah non-compliance event