Shariah Control, Compliance and Audit for Islamic Financial Institutions

Date: 11^th & 12^th August 2025
Venue: Kuala Lumpur

An Advanced Level Classroom Course

WHY THIS COURSE?

The value proposition of an Islamic financial institution—positioned as an alternative to conventional banking—stems from its adherence to core Shariah principles and prohibitions. These guidelines govern commercial transactions with a strong focus on ethics, justice, eliminating uncertainty, avoiding exploitation, and ensuring fairness in every financial activity. The Shariah Control, Compliance, and Audit (SCCA) framework is designed to confirm that all products, services, processes, operations, features, and transactions fully comply with these Shariah standards.

For professionals within these institutions, it is essential to have a clear and thorough understanding of SCCA requirements. This ensures that all activities remain in strict alignment with Shariah principles through the implementation of effective safeguards. Moreover, any discrepancies or violations must be swiftly identified and remedied. Regular, comprehensive audits are also critical to evaluate the institution’s overall adherence to Shariah standards, confirm that any issues are promptly addressed, and maintain robust internal controls.

This practical and interactive training program offers participants a solid grounding in the concepts of SCCA. Through engaging discussions, practical examples, and hands-on exercises, attendees will develop a deep understanding of how to implement, monitor, and maintain Shariah compliance effectively across all facets of their financial operations.

Key Learning Objectives and Takeaways:

This intensive 2-day course is designed to provide participants with a clear and practical understanding of the Shariah Control, Compliance, and Audit (SCCA) framework as applied within Islamic financial institutions. By the end of the program, participants will be able to:
- Explain the structure and sequential processes involved in SCCA, including how each component—compliance, control, and audit—functions within an Islamic financial institution.
- Identify common challenges, risks, and areas for improvement in Shariah compliance and audit practices, both generally and within specific organizational contexts.
- Gain familiarity with key standards and regulatory frameworks relevant to SCCA, including:
  - AAOIFI Shariah Standards
  - AAOIFI Accounting and Auditing Standards
  - AAOIFI Governance Standards
  - AAOIFI Code of Ethics
  - IFSB standards and guidelines
  - IFRS (formerly IAS)
- Recognize the role and importance of these standards in ensuring effective Shariah compliance, governance, and audit within financial institutions.
- Analyze and discuss how variations in Shariah interpretations across different jurisdictions impact compliance practices and operational strategies.
- Understand the fundamentals of an effective Shariah audit function, including audit planning, execution, reporting, and follow-up procedures.

Fee

Fee per participant: RM5,250/US$1,350

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 Control, Compliance and Audit for Islamic Financial Institutions

Date: 11^th & 12^th August 2025
Venue: Kuala Lumpur

An Advanced Level Classroom Course

WHY THIS COURSE?

Key Learning Objectives and Takeaways:

This intensive 2-day course is designed to provide participants with a clear and practical understanding of the Shariah Control, Compliance, and Audit (SCCA) framework as applied within Islamic financial institutions. By the end of the program, participants will be able to:
- Explain the structure and sequential processes involved in SCCA, including how each component—compliance, control, and audit—functions within an Islamic financial institution.
- Identify common challenges, risks, and areas for improvement in Shariah compliance and audit practices, both generally and within specific organizational contexts.
- Gain familiarity with key standards and regulatory frameworks relevant to SCCA, including:
  - AAOIFI Shariah Standards
  - AAOIFI Accounting and Auditing Standards
  - AAOIFI Governance Standards
  - AAOIFI Code of Ethics
  - IFSB standards and guidelines
  - IFRS (formerly IAS)
- Recognize the role and importance of these standards in ensuring effective Shariah compliance, governance, and audit within financial institutions.
- Analyze and discuss how variations in Shariah interpretations across different jurisdictions impact compliance practices and operational strategies.
- Understand the fundamentals of an effective Shariah audit function, including audit planning, execution, reporting, and follow-up procedures.

Fee

Fee per participant: RM5,250/US$1,350

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

Day One

9.00am to 5.00pm
Day One: Understanding Shariah Control, Compliance, and Audit (SCCA)
Building Practical Expertise in Ensuring Shariah Integrity in Islamic Financial Operations

Session 1: Introduction to SCCA – Foundations for Ethical Financial Governance

Gain a comprehensive overview of the SCCA framework and its vital role in Islamic financial institutions
Understand the ethical and operational significance of Shariah compliance in all areas of financial activity

Session 2: Implementing and Sustaining Shariah Compliance in Daily Operations

Learn practical steps to achieve initial Shariah compliance during product development and approval
Explore how to maintain compliance across operations, systems, and staff actions
Understand procedures for identifying and rectifying non-compliant practices effectively

Session 3: Roles and Responsibilities – Who Ensures Shariah Compliance?

Identify and understand the roles of key stakeholders in the SCCA process, including:
- Shariah boards
- Compliance teams
- Internal audit functions
- Regulators and standard-setting bodies
Discover how coordinated roles ensure consistent compliance and governance

Session 4: End-to-End Shariah Compliance in Product Lifecycle

Step-by-step breakdown of the Shariah ratification process for financial products
Understand jurisdictional differences in rulings and how to navigate them
Explore types of Shariah compliance required for various financial products and services

Session 5: Institutional Systems Supporting Shariah Compliance

Learn how contract structuring, documentation, and workflow align with Shariah principles
Understand how core banking systems and IT infrastructure can be leveraged to support compliance
Discover best practices in system design to prevent and detect non-compliant transactions

Session 6: Real-World Application – Case Studies and Practical Insights

Analyze and discuss real-life examples of Shariah product approvals
- Case Study 1: Approval process for a simple product
- Case Study 2: In-depth look at a more complex product approval involving multiple steps and stakeholders
Learn how institutions solve challenges and ensure Shariah alignment through practical strategies

Day Two

9.00am to 5.00pm
Day Two: Strengthening Shariah Compliance and Audit Practices in Islamic Finance
Ensuring Integrity, Transparency, and Accountability Across Islamic Financial Operations

Session 1: Fatwas as the Foundation of Shariah Compliance

The decisive role of Fatwas in validating Islamic financial products
How to interpret, apply, and align Fatwas with evolving product innovation
The benefits of Fatwa standardization for operational clarity and consistency
Leveraging Fatwas to support Shariah audit and governance efforts

Session 2: Building Strong Shariah Compliance in Operations

Step-by-step compliance procedures to ensure product integrity
Tools and techniques for implementing effective compliance checks and controls
Practical examples of reporting workflows that strengthen institutional Shariah assurance

Session 3: Rectification and Continuous Improvement

How to identify, document, and respond to Shariah non-compliance
Strategies for corrective actions that restore compliance without business disruption
Embedding rectification into long-term institutional resilience

Session 4: Optimizing the Shariah Audit Function

Understanding the Shariah auditor’s responsibilities and value
Insights into designing and executing effective audit procedures
Guidance on handling non-compliance, issuing audit reports, and ensuring accountability
Real-life case studies offering practical audit insights and lessons learned

Session 5: Applying Global Standards and Strengthening Governance

Key international standards (AAOIFI, IFSB, IFRS/IAS) and their practical implications
Developing a harmonized reporting approach across jurisdictions
Enhancing governance structures for better oversight and investor confidence

Session 6: Addressing Broader Shariah Governance Issues

Managing Zakat obligations and social finance commitments effectively
Upholding Shariah values in investment decisions and operational ethics
Ensuring balanced governance that protects all stakeholders: shareholders, depositors, and customers

Session 7: Institutionalizing Shariah Compliance Across the Organization

Training and empowering staff at all levels to uphold Shariah values
Delivering customer service that reflects Islamic ethical principles
Aligning institutional direction, leadership, and strategy with Shariah objectives
Addressing gaps between theoretical frameworks and on-the-ground implementation

EXPERT COURSE DIRECTOR

Dr Salman Khan
Former Head of Shariah Office (Dubai & the Northern Emirates), Abu Dhabi Islamic Bank

Dr. Salman Khan is a seasoned expert in Islamic finance, with over 18 years of experience spanning strategic, regulatory, advisory, and technical roles across banking, capital markets, and economic policy. His work has bridged institutions, regions, and disciplines—making him a uniquely qualified guide for advanced Islamic finance training. Dr. Khan holds a DPhil in Economics from Oxford University, an MPhil in Development Studies from Cambridge University, and a BSc (Hons) in Economics from University College London (UCL). Dr Khan spent seven years as Head of the Shariah Office at a major UAE bank, where he led the Shariah review of legal documentation across a wide spectrum of Islamic retail, commercial, and corporate products. He was also an integral member of the capital markets structuring and execution team, contributing to high-profile transactions in the GCC, Europe, and Asia. Dr. Khan later served as Senior Advisor to the Executive President of the Financial Services Authority in Oman, the country’s apex regulator for capital markets and insurance. His role focused on regulatory reform, capital market development, corporate taxation, and economic policy. Notably, he led a strategic initiative on financial passporting and economic integration across the GCC, delivering a comprehensive concept paper and action plan widely commended by member states. As a consultant and trainer, Dr. Khan has worked with leading organizations including the World Bank, Arab Monetary Fund, UKIFC, Institute of Islamic Banking & Insurance (UK), IFN/REDmoney, and Euromoney, in addition to advising multiple government bodies in the developing world on Islamic finance and economic development.

Who Will Benefit?

This program is designed for professionals across the Islamic finance ecosystem who are directly involved in ensuring Shariah compliance, managing risk, and enhancing governance standards, including:
- Senior executives and decision-makers (CEOs, CFOs, CROs)
- Shariah compliance officers, consultants, and control function teams
- Shariah auditors and internal audit professionals
- Risk management specialists within Islamic financial institutions
- Product developers and structurers working on Shariah-compliant offerings
- Retail, corporate, and commercial banking professionals
- Compliance officers and assurance professionals
- Experts in ethics, corporate governance, and ESG integration
- Central bank officials, regulators, and supervisory authorities

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.

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