Shariah Governance & Culture for Islamic Financial Institutions

Date: 26^th February 2024
Venue: Kuala Lumpur

Classroom Training

COURSE BACKGROUND

With the growth and maturity of the Islamic finance industry, the board, Shariah committee and senior management of a financial institution are increasingly expected to optimise the quality of internal Shariah control and governance functions. This includes refining the efficacy of oversight functions and key organs with regards to Shariah compliance, promoting an effective Shariah compliance culture and optimizing the quality of internal control functions.

This course will provide participants with a comprehensive understanding of the essential principles, regulatory requirements, and best practices in Shariah governance within the context of Islamic financial institutions. It will explore the critical role of Shariah compliance in ensuring stability and public confidence in the operations of Islamic financial institutions. As well as key governance issues, participants will gain insights into recent regulatory developments, the role of key stakeholders, and how a strong institution-wide Shariah compliance culture can be built and developed.

Key learning Objectives and Takeaways:
- Understand the latest Shariah compliance regulations and their implications.
- Identify key roles in Shariah governance and their responsibilities.
- Comprehend regulators' expectations for Islamic financial institutions.
- Build and strengthen Shariah risk culture within the organization.
- Explore Shariah audit, risk management, and compliance control functions.
- Build an effective Internal Shariah audit framework.
- Develop and maintain a Shariah compliance risk culture strategy.
- Apply behavioural bias mitigation and Shariah non-compliance risk management.

Fee

Fee per participant: RM2,400/$800

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

Shariah Governance & Culture for Islamic Financial Institutions

Date: 26^th February 2024
Venue: Kuala Lumpur

Classroom Training

COURSE BACKGROUND

Key learning Objectives and Takeaways:
- Understand the latest Shariah compliance regulations and their implications.
- Identify key roles in Shariah governance and their responsibilities.
- Comprehend regulators' expectations for Islamic financial institutions.
- Build and strengthen Shariah risk culture within the organization.
- Explore Shariah audit, risk management, and compliance control functions.
- Build an effective Internal Shariah audit framework.
- Develop and maintain a Shariah compliance risk culture strategy.
- Apply behavioural bias mitigation and Shariah non-compliance risk management.

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

Fee per participant: RM2,400/$800

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

Session 1: Shariah Governance, Culture & Internal Control

Examining recent regulatory requirements on Shariah governance, audit and compliance
Implications of the regulatory requirements for Shariah audit, risk management and Shariah non-compliance reporting functions
Role of board of directors, Shariah committee and management
Regulator’s expectation on Shariah governance
Strengthening Shariah compliance risk culture
Q&A

Sesson 2: Shariah Governance and Control Functions

Shariah governance control functions
Shariah review, Shariah audit, Shariah risk management
Framework for implementing effective Shariah governance
Internal Shariah Audit Framework - what is this and why is it important?
Building and maintaining Shariah compliance risk culture
Q&A

Building an Effective Shariah Compliance Culture

Shariah compliance risk culture: establishing internal policies and initiatives
Setting the tone from the top: policies set by senior management
Practical issues when developing and implementing Shariah culture across a financial institution:
- Processes and product related considerations
- People and behavioural considerations
- The importance of the HRM function
Integrating Shariah governance across all functions
Defeating behavioural bias
Developing rewards and incentives policy for ensuring Shariah compliance
Shariah non-compliance risk reporting and management
Q&A

Wrap-up

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.

Who Will Benefit?

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

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:

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