Session 1: Shariah Audit, Compliance and Governance Requirements for Shariah Non-Compliance Risk Management and Reporting
Examining recent regulatory requirements on Shariah audit, compliance and Shariah non-compliance reporting under the following:
Central Bank Act 2009
Islamic Financial Services Act 2013
AAOIFI
IFSB
Shariah Governance Framework and recent revisions
Implications of each of the above for Shariah audit, risk management and Shariah non-compliance reporting functions within an Islamic financial institution
Revisions to the Shariah Governance Framework and disclosure requirements in 2017 from an audit, compliance and non-compliance reporting perspective
Recent regulatory revisions to the role of the Shariah officer in an Islamic financial institution
Obligations, responsibilities of boards and directors and senior bank management, and penalties for Shariah non-compliance infringement
Associate Professor Dr Rusni Hassan — Deputy Dean IIUM Institute of Banking & Finance and former member, Shariah Advisory Council, Bank Negara Malaysia
11.15am – 11.45am
Coffee
11.45am – 1.00pm
Session 2: Examining the Roles and Responsibilities of Shariah Audit & Shariah Compliance Units in Islamic Financial Institutions
Undertaking and building effective Shariah audit and risk assessment and management practices: people, systems, procedures and documentation
Types and common examples of Shariah risks inherent in Islamic financial institutions: product flaws in documentation or structure, Islamic banks’ practices vs. regulatory requirements and other potential flashpoints
Analysing product endorsement and approval procedures from a Shariah audit and compliance perspective
Audit, disclosure and reporting requirements in Malaysia: Practical issues with Shariah audit and non-compliance reporting within Islamic Banks
Hot spot areas or activities which will trigger Shariah non-compliant risk in Islamic banks
Shabnam Mokhtar — Group EVP, SHAPE Knowledge Services
1.00pm – 2.00pm
Lunch
2.00pm – 3.00pm
Session 2 (continued)
Shabnam Mokhtar — Group EVP, SHAPE Knowledge Services
3.00pm – 3.30pm
Coffee
3.30pm – 4.45pm
Session 3: Assessing Procedures, Obligations and Responsibilities of Shariah Non-Compliance Reporting
Identifying the obligations of Islamic Financial Institutions for Shariah non-compliance reporting
Discussing practical issues and procedures for SNC reporting
Evaluating information disclosure requirements for SNC
Understanding rectification measures open to an Islamic financial institution: options and procedure, non-halal income management and purification
Assessing the consequences of failure to report SNC
Ahmad Nazri Ismail — Head, Group Shariah Risk Management, RHB Banking Group
