Developing Best Practice in Managing Shariah Non-Compliance Risk

Developing Best Practice in Managing Shariah Non-Compliance Risk
A Two-Part, Online Course

Date: 23^rd & 24^th August 2021

PROGRAM INTRODUCTION

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

Fee

1 participant: RM1,250
2 participants: RM2,500
3 participants: RM3,750
4 participants: RM5,000
5 participants: RM6,250

Early Payment Discount: Payments made on or before 16^th August 2021 will receive a 7.5% discount. Payments received after this date will be re-invoiced for the full amount.

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

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

PROGRAM INTRODUCTION

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

Who Will Benefit

Shariah Risk Professionals
Shariah Compliance, Audit and Review Professionals
Shariah Advisory Committee and Research Officers
Compliance and In-House Counsel
Risk and Internal Audit Managers
Product Development Professionals
Operations Managers
Consultants and Advisors
Islamic Bankers and Managers
Regulators and supervisory bodies

Program Format

This two-part training program will be delivered online through a stable, secure and free-to-access platform. The program itself will be delivered through lectures, worked examples and case studies in order to ensure a detailed and practical understanding of the program content. Participants will have plenty of opportunity to ask questions and interact with the program director. Login details and program materials will be sent to participants upon receipt of payment

Fee

1 participant: RM1,250
2 participants: RM2,500
3 participants: RM3,750
4 participants: RM5,000
5 participants: RM6,250

Early Payment Discount: Payments made on or before 16^th August 2021 will receive a 7.5% discount. Payments received after this date will be re-invoiced for the full amount.

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

AGENDA AND FORMAT

Each session will be interactive in a seminar format, with participants encouraged to engage with questions throughout.

PLATFORM

AGENDA

Part One

Essentials of Shariah Non-Compliance Risk

What is Shariah non-compliance risk (SNC)?
- Introducing definitions and examples
Shariah Governance Framework:
- Role of Shariah Audit, Shariah Review and Shariah Risk Management at Islamic Financial Institutions
- BNM SNC reporting requirement
Shariah review/audit fieldwork scope
SNC Key Risk Indictors (KRI): measurement and tracking
Shariah risk mapping: identifying hot spot areas that may trigger Shariah non-compliance
- Exercise: Examples from BNM Shariah Policy Document

Part Two

Shariah Non-Compliance Incidents: Case Study Analysis
This session will focus on best practices towards managing and mitigating SNC via case studies:

Case I: Documentation Flaws
Case II: Product Structure & Implementation
Case III: Recovery for Islamic Facilities

Group Discussion:

Do all Shariah non-compliance events require purification?
How do we go about reporting SNC in the Annual Report?

EXPERT COURSE DIRECTOR

Shabnam Mokhtar
Group Executive Vice President, SHAPE Knowledge Services

Shabnam spearheads research and development activities including financial analysis, strategic & business plan formulation, design and implementation of customized survey, research and training for different clients at SHAPE®. Formerly, she was heading the capital markets research for the International Shariah Research Academy (ISRA), an institution established by the Central Bank of Malaysia. Her focus area was case study-based research projects in the Sukuk market.

Her prior positions include a faculty member teaching accounting, finance and bank management courses at University Putra Malaysia. She has conducted various training programs on Islamic banking, Sukuk & Islamic capital market products, risk management and financial reporting for clients in the ASEAN region, GCC and the European market.

Shabnam has contributed chapters in Housing the Nation (Cagamas 2013), Managing Fund Flows, Risks and Derivatives: Applications in Islamic Institutions (Sweet & Maxwell 2012), Islamic Financial System: Principles & Operations Market (ISRA, 2011 and 2015), Sukuk (Sweet & Maxwell 2009), and Partnership Accounting, Principles and Practice (McGraw Hill). She served as a member of the Shariah Board of Malaysian Ratings Corporation (MARC). She is currently a member of the Shariah Committee of RHB Islamic Bank. Shabnam divides her time between Kuala Lumpur and Kuwait.

WHO WILL BENEFIT

Shariah Risk Professionals
Shariah Compliance, Audit and Review Professionals
Shariah Advisory Committee and Research Officers
Compliance and In-House Counsel
Risk and Internal Audit Managers
Product Development Professionals
Operations Managers
Consultants and Advisors
Islamic Bankers and Managers
Regulators and supervisory bodies

REGISTRATION

*Please note there is a fee for attending this program. Please contact us for more details.

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Before completing this registration form please read and understand our booking and cancellation policy. Thank you.

Booking, Payment and Cancellation Policy – important, please read carefully

By completing, signing and revised, sent separately us this registration form you are conﬁrming participants on the program. You are also conﬁrming your understanding of our Booking, Payment and Cancellation Policy.

Cancellation Policy: If participants cannot attend the program, replacement participants are always welcome. Otherwise, participants must notify us any of cancellations or requests to transfer to a diﬀerent program at least 14 days before the program date to be eligible for a refund, less a 5% administration on fee. Participants who cancel within 14 days of the program start date are liable to pay the full program fee and no refunds will be given. Instead fees will be converted to a REDmoney Seminars voucher equivalent to the original fee, less a 10% administration charge. This voucher is transferable within your organization and must be redeemed within one year of issue or become void. If a program is postponed for whatever reason registrations and fees will be automatically transferred to the new program date. Participants who wish to transfer to a diﬀerent program will be subject to the same terms as above and charged any diﬀerence in fees. No refunds or program vouchers will be issued for a no-show.
Payment Terms: All program fees are payable upon invoice. REDmoney shall receive the full program fee with no deductions of any description. All telegraphic transfer fees, taxes and levies (domestic or otherwise) shall be borne by the sponsoring organization.

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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