Shariah Risk & Governance for Islamic Financial Institutions

Date: 25^th November 2024
Venue: DoubleTree by Hilton Kuala Lumpur

Classroom Training

COURSE OVERVIEW

With the maturation of the Islamic finance industry, financial institutions face constant pressure for the development, implementation and refinement of optimal internal Shariah control and governance. This entails enhancing oversight functions, fostering effective Shariah compliance cultures, and optimizing internal control mechanisms. Islamic financial institutions (IFIs) are fundamentally obligated to operate within Shariah principles. A robust Shariah control, risk, and governance framework are indispensable to ensure compliance at every stage of operation, approving products and services initially and ensuring ongoing Shariah compliance.

This comprehensive course provides practical knowledge on the very latest issues associated with Shariah risk and governance for Islamic banking and finance, focusing on key updates in the latest Shariah governance frameworks and policies. The course covers the relevant scope, procedures, and potential challenges in developing an effective Shariah risk and governance program. The program also integrates vital regulatory updates, including insights into the implications of the Islamic Financial Services Act 2013, the 2019 Shariah Governance Policy Document and other important initiatives on Shariah risk management and governance functions.

Key learning Objectives:
- Review Islamic finance principles and Shariah compliance.
- Comprehend important regulatory guidelines from Bank Negara Malaysia.
- Implement effective Shariah governance structures and roles.
- Manage Shariah risk within an integrated risk management framework.
- Enhance internal controls to ensure Shariah compliance.
- Fine tune stakeholders reporting and disclosure procedures.
- Prepare for future regulatory changes and trends.
Key Highlights:
- Key recent updated elements of Shariah risk and governance for Islamic financial institutions.
- Understand Shariah risk versus Shariah non-compliance risk.
- Essentials of Shariah governance for Islamic financial institutions.
- Improve governance for Islamic banks and the implications of updated regulatory frameworks.

Fee

Fee per participant: RM2,400/$800

Please note that the Ringgit price is applicable to Malaysia-domiciled participants only. 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 Risk & Governance for Islamic Financial Institutions

SIDC CPE-approved: 10 CPE Points

Date: 25^th November 2024
Venue: DoubleTree by Hilton Kuala Lumpur

Classroom Training

COURSE OVERVIEW

Key learning Objectives:
- Review Islamic finance principles and Shariah compliance.
- Comprehend important regulatory guidelines from Bank Negara Malaysia.
- Implement effective Shariah governance structures and roles.
- Manage Shariah risk within an integrated risk management framework.
- Enhance internal controls to ensure Shariah compliance.
- Fine tune stakeholders reporting and disclosure procedures.
- Prepare for future regulatory changes and trends.
Key Highlights:
- Key recent updated elements of Shariah risk and governance for Islamic financial institutions.
- Understand Shariah risk versus Shariah non-compliance risk.
- Essentials of Shariah governance for Islamic financial institutions.
- Improve governance for Islamic banks and the implications of updated regulatory frameworks.

Fee

Fee per participant: RM2,400/$800

Please note that the Ringgit price is applicable to Malaysia-domiciled participants only. 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

9:00 AM - 5:00 PM

Session 1: Introduction and Regulatory Frameworks

Shariah Governance Framework, Culture & Internal Control
- Core Shariah principles and their application to governance and risk.
- 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 the board of directors, Shariah committee and management.
- Regulator’s expectation of Shariah governance.
- Strengthening Shariah compliance risk culture.
- Q&A.
Regulatory Framework in Malaysia: Recent Updates and Policy Documents
- Overview and review of key regulatory frameworks:
  - Islamic Financial Services Act 2013.
  - Bank Negara Malaysia Shariah Governance Policy Document 2019.
- Implications of regulatory frameworks for Shariah governance and risk management.
- Other important regulatory considerations for Islamic financial institutions.

Session 2: Shariah Risk Management for Islamic Financial Institutions

Understanding Shariah Risk
- Definition and types of Shariah risk.
- Case studies of Shariah non-compliance.
Shariah Risk Management Process
- Identification, assessment, and mitigation of Shariah risk.
- Integration od Shariah risk within a wider enterprise risk management framework.
Internal Controls and Compliance
- Role of internal controls in managing Shariah risk.
- Compliance function and Shariah audit.
BNM's Shariah Non-Compliance Risk Management Guidelines
- Detailed review of BNM's guidelines and what this means in practice.
- Implementation strategies for Islamic financial institutions.

Session 3: Governance and Best Practices

The Role of the Shariah Board
- How is this evolving?
- Composition, roles and responsibilities of the Shariah advisory board.
- Enhancing the effectiveness of Shariah boards.
Stakeholder Engagement and Reporting
- Engaging stakeholders in Shariah governance.
- Reporting and disclosure requirements.
Case Studies and Group Discussion
- Real-world examples of Shariah governance challenges.
- Group discussion and presentations.

Session 4: Advanced Topics and Practical Implementation

Stress Testing and Shariah Compliance
- How is this evolving?
- Stress testing frameworks for Shariah compliance.
- Practical examples and exercises.
Integrating ESG and Shariah Principles
- Environmental, social, and governance considerations.
- Aligning ESG with Shariah compliance.
Future Proofing the Shariah Risk Function
- Likely future trends and developments in Shariah governance.
- Preparing for upcoming regulatory changes.

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 Should Attend?

This course is designed for individuals responsible for providing Shariah compliance guidance and oversight in Islamic financial institutions, including:
- Senior financial institution management
- Shariah advisors
- Shariah auditors, risk and compliance professionals
- Risk management professionals
- Compliance officers
- Financial control and internal audit professionals
- Product development managers
- Regulators and supervisors
- Financial analysts and consultants
- Academics and researchers

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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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