Shariah Audit for Corporate, Hedging and Financial Market Products

Shariah Audit for Corporate, Hedging and Financial Market Products
Tools and Methodologies
A Three-Part, Online Course

Date: 13^th - 15^th December 2021

WHY THIS COURSE?

Ensuring Shariah rules and principles are adhered to is one of the ultimate responsibilities of Islamic financial institutions (IFIs). IFIs carry out this responsibility through establishing Shariah review and audit functions within their institutions. The role of the Shariah compliance audit provides independent assessment and objective assurance designed to value-add and improve the level of confidence of the IFI’s compliance with Shariah. It includes examination of contracts and agreements, policies, products and transactions, reporting to Shariah boards, as well as circular and reports for inspections performed by central banks. Specific knowledge and skills are required for professionals to carry out this responsibility in the most efficient manner, particularly when auditing complex financial instruments, such as various structures of sukuk, syndication, financial market contracts, derivatives and hedging (Tahawut) Islamic swaps and forward products, and capital raising instruments. This training program is designed to provide participants with the necessary knowledge and skills in the area of advanced Shariah auditing. Also how IFIs manage this important audit and what challenges will they need to overcome.

This course has been designed for IFIs practitioners who need to know how to conduct Shariah compliance audit for sophisticated financial contracts and instruments. The course provides instruction on how to establish and design the appropriate audit plan, manage the audit review process and its challenges, as well as auditing legacy contracts, and new contracts, legal documentation, intended and unintended consequences of financial instruments. The course is highly interactive with case studies and real-life challenges and provides delegates ample opportunity to raise questions and discuss challenges and solutions.

Key Highlights and Learning Objectives:
- Gain a critical understanding of how Shariah audit of sophisticated product structures will impact your institution.
- Learn how to formulate and implement an effective institution-wide Shariah audit plan and review across structured and money market products and auditing impacted business functions.

Fee

1 participant: RM1,995/$550
2 participants: RM3,990/$1,100
3 participants: RM5,985/$1,650
4 participants: RM7,980/$2,200
5 participants: RM9,975/$2,750

Early Payment Discount: Payments made on or before 6^th December 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

Yuggeswary Sundranathan
Events & Publishing Marketing Manager
[email protected]
Direct Line: +603 2162 7800 ext 22

WHY THIS COURSE?

Key Highlights and Learning Objectives:
- Gain a critical understanding of how Shariah audit of sophisticated product structures will impact your institution.
- Learn how to formulate and implement an effective institution-wide Shariah audit plan and review across structured and money market products and auditing impacted business functions.

WHO WILL BENEFIT?

Practitioners most likely to directly benefit from the course include:
- Heads of Shariah compliance and audit
- Shariah auditors internal/external
- Shariah review team members
- Chief risk officers
- Shariah compliance officers
- Treasurers
- Corporate bankers
- Legal advisors
- In-house counsel
- Investment bankers
- Internal auditors
- Central bankers, regulators and supervisors
- Shariah advisory committee members

Program Format

This three-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: RM1,995/$550
2 participants: RM3,990/$1,100
3 participants: RM5,985/$1,650
4 participants: RM7,980/$2,200
5 participants: RM9,975/$2,750

Early Payment Discount: Payments made on or before 6^th December 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 1

Shariah Auditing Framework for Corporate Banking and Financial Markets

Audit sampling and selection methodology
How to design risk-based Shariah audit approaches?
Typical and non-typical transactions and contracts
Detection vs. retrospective identification of Shariah breaches
Designing audit plans to suit the IFI operating structure
Required reporting and disclosure of Shariah non-compliance issues
Quiz
Wrap-up and discussion

Part 2

Shariah Auditing of Structured Instruments

Identifying product types and Islamic structures
Auditing financial derivatives contracts
Auditing inter-bank transactions
Auditing banking systems and financial technologies
Identifying Shariah operational failures and remedies according to Fiqh principles
Addressing key current challenges for Shariah audit review:
- Auditing legacy contracts following LIBOR transition
Quiz
Wrap-up and discussion

Part 3

Money Market Products and their Challenges

Which products are in the scope of the Shariah audit?
Auditing various Sukuk structures
Asset-backed vs. asset-based Sukuk issuance
Shariah Adjustment Action (SAA) method for term products in relation to contract validity
Shariah review of additional Tier 1 and Tier 2 capital funding instruments
Current challenges and case studies, conflict, tension and restructuring of contracts
Who is responsible and what is the way forward using the three-lines of defense methodology?
Quiz
Wrap-up and discussion

EXPERT COURSE DIRECTOR

Dr Samir Alamad
Advisor to the UK Government and Bank of England on Islamic Finance

Dr Samir Alamad is a highly qualified practitioner and expert in the Islamic banking and finance industry, and a published author. He has over 15 years’ work experience in Islamic financial services in the UK, and a track record of Islamic finance expertise in developing, structuring and launching Shariah compliant financial products of all types. As an academic, he also possesses a scholarly knowledge of Shariah advisory and audit, financial product development, and strong specialty in Islamic economics and jurisprudence, Islamic commercial law, and an in-depth experience and understanding of all areas of Shariah governance, audit and financial services.

Dr Samir gained his PhD in financial engineering from Aston University Business School and has 20 years’ work experience. He is an AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) Certified Shariah Advisor and Auditor (CSAA) with an excellent knowledge of all operational areas of the financial services sector. He has advised and worked extensively with the UK Government on financial and social inclusion, in relation to advancing Islamic finance in the UK. Dr Samir served as a board member of the UK Government Help to Buy Mortgage Guarantee senior monitoring board; worked with the HM Treasury as a member of the Help to Buy ISA working group of experts to develop the scheme and its rules; structured for the UK Government the Takaful Alternative Student Finance scheme (TASF); and advised the Bank of England on the structure of the Wakalah-based Shariah compliant central bank liquidity facility. This is in addition to many other Islamic finance initiatives that Dr Samir delivered for and with the UK Government.

Dr Samir has a significant publication portfolio, including papers in three-star academic journals, such as the British Accounting Review. He is also a visiting lecturer at the University of Birmingham in the UK, also advised academic institutions, such as Plymouth and GSM universities on structuring MBA courses and academic modules for different academic programs. He is a regular speaker at international conferences, has delivered numerous lectures and taken part in many Islamic finance TV and radio shows.

WHO WILL BENEFIT?

Practitioners most likely to directly benefit from the course include:

Heads of Shariah compliance and audit
Shariah auditors internal/external
Shariah review team members
Chief risk officers
Shariah compliance officers
Treasurers
Corporate bankers
Legal advisors
In-house counsel
Investment bankers
Internal auditors
Central bankers, regulators and supervisors
Shariah advisory committee members

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.

Presentation materials: – important, please read carefully

as part of our sustainability drive, we offer standard access to an electronic version of the course materials. A hard copy of the materials can be provided for a fee: RM100 per copy for Malaysia-based participants; US$150 per copy for all other locations.

Please tick here should you wish to receive a hard copy of the course materials.

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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CPE/CPD Applicable:

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

Yuggeswary Sundranathan
Events & Publishing Marketing Manager
[email protected]
Direct Line: +603 2162 7800 ext 22