Monitoring, Managing & Reporting Shariah Non-Compliance Risk

Monitoring, Managing & Reporting Shariah Non-Compliance Risk
A Three-part, Online Course

Date: 28^th - 30^th November 2022

COURSE INTRODUCTION

Shariah non-compliance risk is an important and unique risk in Islamic financial institutions (IFIs). Ensuring Shariah rules and principles are adhered to is one of the ultimate responsibilities of IFIs. IFIs carry out this responsibility through establishing Shariah review and audit functions within their institutions. The role of the Shariah compliance monitoring and advisory provides independent assessment and objective risk management designed to value-add and improve the level of confidence of IFIs compliance with Shariah. It includes examination of contracts and agreements, policies, products and transactions, reporting to Shariah boards, as well as circulars 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 examining complex financial instruments and products from a Shariah perspective, such as various structures of Sukuk, syndications, financial market contracts, derivatives and hedging (Tahawut) retail and commercial products, and capital raising instruments. This training program will provide participants in the Shariah compliance monitoring and advisory sector with the necessary knowledge and skills in the area of advanced Shariah assessment and judgement. Also, how IFIs manage this important and unique risk, and what challenges they will need to overcome.

This course has been designed for IFIs practitioners who need to know how to conduct Shariah non-compliance risk monitoring, measurement, management and reporting for all types of IFIs and products. The course provides instruction on how to establish and design the appropriate risk management framework. The program 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:
- Understand where and how Shariah non-compliance risk fits in the enterprise risk wide framework of Islamic banks.
- Identify and manage Shariah non-compliance risk in banking systems and financial technologies.
- Gain a critical understanding of how Shariah non-compliance risk monitoring, measurement, management and reporting for all types of financial products will impact your institution.
- Learn how to formulate and implement an effective Shariah non-compliance risk monitoring, measurement, management and reporting framework.

Fee

1 participant: RM2,250/$600
2 participants: RM4,500/$1,200
3 participants: RM6,750/$1,800
4 participants: RM9,000/$2,400
5 participants: RM11,250/$3,000

Discounts are available for group bookings. Please contact us for more details.

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:

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

Monitoring, Managing & Reporting Shariah Non-Compliance Risk
A Three-Part, Online Course

Date: 28^th - 30^th November 2022

6.00am - 9.00am
UK

10.00am - 1.00pm
UAE

2.00pm - 5.00pm
Singapore/KL

COURSE INTRODUCTION

Key Highlights:
- Understand where and how Shariah non-compliance risk fits in the enterprise risk wide framework of Islamic banks.
- Identify and manage Shariah non-compliance risk in banking systems and financial technologies.
- Gain a critical understanding of how Shariah non-compliance risk monitoring, measurement, management and reporting for all types of financial products will impact your institution.
- Learn how to formulate and implement an effective Shariah non-compliance risk monitoring, measurement, management and reporting framework.

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
- 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: RM2,250/$600
2 participants: RM4,500/$1,200
3 participants: RM6,750/$1,800
4 participants: RM9,000/$2,400
5 participants: RM11,250/$3,000

Discounts are available for group bookings. Please contact us for more details.

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

The course duration is nine hours in total, with each part being three hours in length.

Part 1: Shariah Non-Compliance Risk Text and Context (3 hours)

Definition of issues and risks in the Islamic context
Shariah non-compliance risk identification
Shariah non-compliance risk monitoring and selection methodology
Typical and non-typical transactions and contracts
Detection versus retrospective identification of Shariah breaches
Required reporting and disclosure of Shariah non-compliance issues

Part 2: Shariah Auditing of Structured Instruments (3 hours)

Identifying product types and Islamic structures

Classification of Islamic finance contracts

Shariah non-compliance operational risk

Making Shariah judgements

Shariah non-compliance risk in banking systems and financial technologies

Identifying Shariah operational failures and remedies according to Fiqh principles

Part 3: Money Market Products and its Challenges (3 hours)

Which products are in scope for the Shariah compliance monitoring?
How to design risk-based Shariah non-compliance approaches?
Where and how does Shariah non-compliance risk fit in the enterprise risk wide framework of Islamic banks?
Shariah non-compliance risk monitoring, measurement, management and reporting process
Shariah Adjustment Action (SAA) method in relation to contract validity
Current challenges and case studies, conflict, tension and restructuring of contracts

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.