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.