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Hajah and Darurah:
Key Shariah and Operational Issues for Islamic Financial Institutions

SIDC CPE-approved: 10 CPE Points

Date: 25th September 2023
Venue: Kuala Lumpur

Classroom Training

COURSE BACKGROUND

Hajah and Darurah are increasingly important principles in Islamic finance. Literally translated as ‘need’ and ‘dire necessity’, Hajah and Darurah represent an important and fundamental shift in the thinking surrounding the development and provision of Islamic financial products. Implications for Islamic financial institutions could potentially be far-reaching, with the most significant effects being seen in Shariah, product development, risk management, credit, and recovery.

Following the release of Bank Negara Malaysia’s proactive late-2022 Exposure Draft, it is clear the implementation of Hajah and Darurah is now very much on the regulatory radar. As such, what do banks, Takaful companies and other Islamic financial institutions need to know, and what are the key operational issues of implementing Hajah and Darurah into business lines and product offerings? What is the position and role of risk and Shariah, and how are Hajah and Darurah likely to influence product development and risk management?

In this concise, one-day session we will identify real-life issues, questions and challenges associated with the implementation of Hajah and Darurah. More importantly, the program will offer practical solutions for Islamic financial institutions looking to understand more about the application and implementation of Hajah and Darurah.

  • Key learning Outcomes
    • Understand what the principles of Hajah and Darurah mean, and why they are important for the Islamic financial services industry
    • Examine the current regulatory framework for the implementation of Hajah and Darurah, including salient points of the recent BNM Exposure Draft
    • Discuss the position and role of Shariah regarding the of implementation of Hajah and Darurah in Islamic financial products and services
    • Establish operational frameworks for the assessment, deduction and implementation of Hajah and Darurah
    • Assess real-life product cases and practical implementation of Hajah and Darurah within the business lines of an Islamic financial institution
    • Identify key issues for Shariah compliance, audit and reporting pertaining to Hajah and Darurah

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

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Send me Details

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

seminar logo

Hajah and Darurah:
Key Shariah and Operational Issues for Islamic Financial Institutions

SIDC CPE-approved: 10 CPE Points

Date: 29th May 2023
Venue: Aloft Kuala Lumpur Sentral

Classroom Training

Send me Details

COURSE BACKGROUND

Hajah and Darurah are increasingly important principles in Islamic finance. Literally translated as ‘need’ and ‘dire necessity’, Hajah and Darurah represent an important and fundamental shift in the thinking surrounding the development and provision of Islamic financial products. Implications for Islamic financial institutions could potentially be far-reaching, with the most significant effects being seen in Shariah, product development, risk management, credit, and recovery.

Following the release of Bank Negara Malaysia’s proactive late-2022 Exposure Draft, it is clear the implementation of Hajah and Darurah is now very much on the regulatory radar. As such, what do banks, Takaful companies and other Islamic financial institutions need to know, and what are the key operational issues of implementing Hajah and Darurah into business lines and product offerings? What is the position and role of risk and Shariah, and how are Hajah and Darurah likely to influence product development and risk management?

In this concise, one-day session we will identify real-life issues, questions and challenges associated with the implementation of Hajah and Darurah. More importantly, the program will offer practical solutions for Islamic financial institutions looking to understand more about the application and implementation of Hajah and Darurah.

  • Key learning Outcomes
    • Understand what the principles of Hajah and Darurah mean, and why they are important for the Islamic financial services industry
    • Examine the current regulatory framework for the implementation of Hajah and Darurah, including salient points of the recent BNM Exposure Draft
    • Discuss the position and role of Shariah regarding the of implementation of Hajah and Darurah in Islamic financial products and services
    • Establish operational frameworks for the assessment, deduction and implementation of Hajah and Darurah
    • Assess real-life product cases and practical implementation of Hajah and Darurah within the business lines of an Islamic financial institution
    • Identify key issues for Shariah compliance, audit and reporting pertaining to Hajah and Darurah

Who Will Benefit?

  • This program will be beneficial to anyone within a financial institution responsible for product development, risk management and compliance, and Shariah risk, audit and compliance.
    • Product development professionals
    • Shariah committee and Shariah department
    • Shariah risk, audit and compliance/review professionals
    • Internal audit and compliance
    • Risk management professionals
    • Recovery and credit management professionals
    • Senior management and board directors
    • Regulatory & supervisory professionals

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

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AGENDA

9.00am to 11.00am Session 1
Introduction to Hajah and Darurah – Definitions, Concepts and the Regulatory Environment
  • Identifying and discussing important definitions for understanding Hajah and Darurah
  • The important concepts of Mafsadah and Maslahah and how Hajah and Darurah are related
  • Outlining the BNM exposure draft with reference to Hajah and Darurah, and assessing the evolving regulatory framework
  • Why do banks and financial institutions need to implement Hajah and Darurah into their businesses, and what are the obligations of an Islamic financial institution?
  • What is the position and role of Shariah in the implementation of Hajah and Darurah?
  • Discussing the processes and procedures facilitating Shariah decision making with reference to Hajah and Darurah
11.00am to 11.30am Coffee
11.30am to 1.00pm Session 2
Governance, Operational Issues and Practical Implementation of Hajah and Darurah within an Islamic Financial Institution
  • Assessing the practical implementation of Hajah and Darurah within the business of an Islamic financial institution
  • The role of a financial institution’s board of directors, management and Shariah committee with reference to the practical implementation of Hajah and Darurah
  • How are Hajah and Darurah practically applied to common Islamic financial products and business lines?
  • Establishing operational frameworks for the assessment, deduction and implementation of Hajah and Darurah, including who should be involved
  • Inter-group uses and applications of Hajah and Darurah
1.00pm to 2.00pm Lunch
2.00pm to 3.30pm Session 3
Key Shariah Parameters and Issues for the Implementation of Hajah and Darurah
  • What should be key parameters for the application of internal and external rules with reference to Hajah and Darurah within an Islamic financial institution?
  • Key areas of concern for Shariah risk, audit and Shariah non-compliance reporting with reference to Hajah and Darurah
  • Ensuring Shariah compliance throughout product development and facilitation, with reference to Hajah and Darurah
3.30pm to 3.45pm Coffee
3.45pm to 4.30pm Guest Presentation
Applying Hajah and Darurah – Key Legal Issues

Mohamed Ridza Abdullah, Managing Partner, Mohamed Ridza & Co.

4.30pm to 5.15pm Session 4
Examples of Applying Hajah and Darurah to Islamic Financial Product Structures
  • The application and implementation of Hajah and Darurah to a Takaful operator and Takaful products
  • The application and implementation of Hajah and Darurah to an Islamic bank and banking products:
    • Example: Mudarabah
    • Example: Tawarruq

EXPERT COURSE DIRECTOR


Dr Rusni Hassan
Professor and Dean, IIUM Institute of Islamic Banking and Finance (IIiBF)

Dr Rusni Hassan is a Professor and Dean at the IIUM Institute of Islamic Banking and Finance (IIiBF). She graduated with LLB (Honours) and LLB (Shariah) (First Class), Master of Comparative Laws (MCL) and Ph.D. in Law. Her areas of specialization include Islamic Banking, Finance and Islamic Documentation, Islamic Capital Markets, Takaful and Islamic Law of Transactions.

Dr Rusni was Coordinator for Research and Publications and Course Coordinator for Islamic Law of Transactions and Islamic Banking and Takaful. She was in the Research Committee for Review of Islamic Banking Laws, Central Bank of Malaysia and an examiner for Financial Planner Association of Malaysia. Presently, she is the examiner for Chartered Institute of Management Accountants (CIMA), United Kingdom. She was a member of Shariah Advisory Council Bank Negara Malaysia and a Shariah Advisor for Association of Islamic Banking Institutions Malaysia (AIBIM). She was a member of the Shariah Committee for HSBC Amanah Malaysia, HSBC Amanah (Takaful) Malaysia, and a registered Shariah Advisor with the Securities Commission. Internationally, she is a Shariah Committee member for Housing Development Corporation and Housing Development Finance Corporation Maldives. In this she has advised numerous Islamic Financial Institutions locally and internationally on Shariah compliance aspects on product development and structuring, legal documentations and Shariah audit. She was involved in the establishment of two main associations in Islamic Finance that are Association of Shariah Advisors in Islamic Finance Malaysia (ASAS) and International Council for Islamic Finance Educators (ICIFE) for which she was in the Pro-tem committee and at present the Secretary for both associations. Dr Rusni is also involved in consultancy work with several private institutions such as Bank Muamalat Malaysia Berhad, Public Bank Berhad, Maybank Islamic Berhad and International Shariah Research Academy for Islamic Finance, Permodalan Nasional Selangor. She has presented papers at many international conferences and seminars locally and abroad and has been invited as an expert and guest speaker in seminars, workshops, conferences and trainings on various Islamic Finance issues. Her publications include books on Islamic Banking and Takaful, Islamic Banking under Malaysian Law, Corporate Governance of Islamic Financial Institutions, Shariah Governance for Islamic Finance Institutions in Kuwait, Malaysia and Indonesia. She has written relevant chapters in books on Islamic Finance and articles in journals, Shariah Law Reports and other publications. She is the winner of several Best Paper Awards from various academic conferences. In 2010, a paper that she co-authored won the Best Paper Award at the 3rd Kuala Lumpur Islamic Finance Forum (KLIFF) Essay Competition on Islamic Finance. Her contributions have been given recognition by the IIUM when she was awarded the Promising Researcher Award in IIUM Quality Day in 2012. Her overall contribution to Islamic Finance is also recognized internationally when she was recognized among the Top 10 Women in Islamic Finance 2013 by the CPI International and in 2014 she received an award as the Most Talented Women Professional in Islamic Banking, Asia Islamic Banking Excellence Awards, by CMO Asia.

GUEST SPEAKER


Mohamed Ridza Abdullah
Managing Partner, Mohamed Ridza & Co.

Ridza has advised on a wide variety of corporate, financing and commercial matters including mergers and acquisitions of listed and non-listed entities, listings of public companies, joint venture and consortium agreements involving foreign and multinational companies, venture capitalist transactions, capital markets and real estate projects. He also advises broadly on major state and federal privatisation projects particularly in the oil and gas industry and property development. He has presented many papers in conferences on areas relating to corporate governance, financing, capital markets, mergers and acquisitions. He has written a chapter on “The Contribution and Functions of Independent Directors” for the Malaysian Institute of Corporate Governance (MICG) in collaboration with Securities Commission. Being trained in Shariah as well as common law, Ridza leads one of the largest teams of Islamic finance in his firm where the firm has advised clients locally and internationally on various aspects of Islamic banking and finance utilizing various Shari’ah concepts like Al-Bai Bithamin Ajil, Ijarah, Istisna, Bai’ Inah, Bai’ Al-Dayn, Murabahah, Mudarabah, Musharakah and the issuance of Islamic Private Securities using Al-Bai Bithamin Ajil, Murabahah, Ijarah, Mudarabah and Musharakah. On the international scene, Ridza has advised clients in Singapore, the Middle East, the Philippines, Canada, Brunei, Indonesia, Turkey, Lebanon and Australia on various aspects of Islamic financing. This also includes the area of Islamic Asset Backed Securities. Ridza has advised several financial institutions on drafting standard Islamic corporate, retail and trade financing agreements. Ridza has spoken extensively in various conferences in the areas of Islamic Banking and Islamic Private Debt Securities and has delivered more than 100 papers. He has also given training to several public listed companies, financial institutions and governmental bodies including Bank Negara Malaysia and the Securities Commission. On projects, Ridza has extensive experience negotiating local and international contracts on behalf of both employer and contractor in construction law specialising in oil, gas and petrochemical related contracts, in both the upstream and downstream areas. His experience ranges from the project execution stage which includes feasibility studies, project management, financing, tax planning, procurement, construction, commissioning licensing and operation with flexible schemes using reimbursable, guaranteed maximum price, alliance, risk/reward, reimbursable with ceiling, lump sum or turnkey concepts. This extends to also FPSO, charter party contracts, fabrication etc. In addition, he also advises oil & gas companies in production sharing contracts, risk service contracts and their corporate matters. His experience in negotiating international contracts ranges from countries like Indonesia, Thailand, Singapore, Brunei, Iran, United States of America, France, Venezuela, Vietnam, Oman, Libya, India, Myanmar and Bangladesh. Apart from the oil and gas industry, Ridza has also advised clients on light railway transit system, road projects, building contracts, tunnel contracts, cement plants and factories. Having a background in finance as well, Ridza advises major corporations both local and international on financial and taxation matters particularly on corporate financing and optimising various taxation structures in countries within the Asia Pacific Region.

Who Will Benefit?

  • This program will be beneficial to anyone within a financial institution responsible for product development, risk management and compliance, and Shariah risk, audit and compliance.
    • Product development professionals
    • Shariah committee and Shariah department
    • Shariah risk, audit and compliance/review professionals
    • Internal audit and compliance
    • Risk management professionals
    • Recovery and credit management professionals
    • Senior management and board directors
    • Regulatory & supervisory professionals


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

About Us

REDmoney Events designs, organizes and hosts industry-leading conferences, forums, roadshows and seminars focusing on the Islamic financial markets across a global, regional and national level.

+603 2162 7800
[email protected]

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