This one day, fully-updated seminar will provide delegates with an in-depth understanding of Shariah governance, advisory risk and review for Islamic financial institutions, highlighting where banks are exposed, what relevant regulations and reporting requirements need to be adhered to and the use of Shariah risk assessment tools. The seminar will outline the importance of Shariah key risk indicators in managing Shariah risk, as well as the implications of IFSA 2013 on Shariah governance and reporting, and recent Bank Negara Malaysia requirements concerning Shariah advisory boards.
HIGHLIGHTS
Shariah and operational risk: tools, scope and key processes in common
Practicalities of Shariah risk assessment tools and importance of Shariah key risk Indicators in managing Shariah risk within an Islamic financial institution
Implications of IFSA 2013 for Shariah audit, Shariah risk management and compliance functions within an Islamic financial institution
Assessing recent Bank Negara Malaysia requirements: Islamic Financial Institutions Reference Manual for Shariah Advisory Boards
Ensuring Shariah audit, governance and compliance policies and procedures are in compliance with IFSA 2013
Tools, checklists and processes for assessing Shariah key risk indicator and non-compliance within the audit process
Internal audit planning, fieldwork and reporting within an Islamic financial institution
Who should attend?
Internal Shariah auditors
Shariah department managers and key staff
Accountants & auditors
Compliance managers
Product development managers
Regulators and supervisors
Credit & risk management professionals
Agenda
09:00 – 09:15
Welcome Remarks
09:15 – 10:15
An Overview of Shariah Risk and Review for Islamic Financial Institutions and Highlighting Where Banks are Exposed
Main functions of Shariah risk management as required by Shariah Governance Framework and role of Shariah Committee in Islamic financial institutions
Overview of recent Bank Negara Malaysia requirements for Shariah advisory boards
Shariah Review vs. Audit vs. Risk Management: overlapping and key differences in term of function
Types and common examples of Shariah risks inherent in Islamic financial institutions: product flaws in documentation or structure, gap between Islamic banks’ practices & regulatory requirement and potential flashpoints
Shariah and operational risk: tools, scope and key processes in common
Practicalities of Shariah risk assessment tools and importance of Shariah key risk Indicators in managing Shariah risk within an Islamic financial institution
Mohd Nazri Chik — Group Chief Shariah Officer, BIMB Holdings Berhad
10:15 – 11:15
Update on Regulatory Issues: Shariah Risk, Governance and Compliance with Islamic Financial Services Act 2013
Bank Negara Malaysia: Islamic Financial Institutions Reference Manual for Shariah Advisory Boards – should this be reflected in the title? It’s new.
Overview of IFSA 2013 and the comprehensive legal framework it establishes for the Islamic banking sector in Malaysia: obligations and responsibilities of Shariah advisors and bank management
Implications of the act for Shariah audit, Shariah risk management and compliance functions within an Islamic financial institution
Ensuring Shariah audit, governance and compliance policies and procedures are in compliance with IFSA 2013
Where do we stand with regards to IFSA 2013 today, in 2016? Towards implementing an effective Shariah risk management, Shariah audit and governance for Islamic banks
Mohd. Johan Lee — Partner, J Lee & Associates
11:15 – 11:30
Coffee & Networking
11:30 – 12:30
Planning and Managing an Effective Shariah Audit Program for an Islamic Financial Institution
Aims and objectives of a modern Shariah Audit: features, components, planning
Tools, checklists and processes for assessing Shariah key risk indicator and non-compliance within the audit process
Shariah audit versus a Shariah review – key similarity and differences
Risk identification and mapping in preparation for an effective Shariah audit
